证券研究报告·公司点评报告·半导体 中微公司（688012） 2024 年半年报点评：订单持续高增，平台化 布局加速 2024 年 08 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4740 | 6264 | 8124 | 10464 | 13319 | | 同比（%） | 52.50 | 32.15 | 29.70 | 28.81 | 27.29 | | 归母净利润（百万元） | 1170 | 1786 | 2083 | 2581 | 3637 | | 同比（%） | 15.66 | 52.67 | 16.66 | 23.87 | 40.92 | | EPS-最新摊薄（元/股） | 1.88 | 2.87 | 3.35 | 4.15 | 5.85 | | ...

业绩简评 公司 2024 年 8 月 22 日披露半年报，上半年实现营收 34.48 亿元， 同比增长 36.46%；实现归母净利润 5.17 亿元，同比减少 48.48%。 其中，Q2 实现营收 18.43 亿元，同比增长 41.37%；实现归母净利 润 2.68 亿元，同比减少 63.23%。归母净利润出现下滑原因主要 系： 23 年公司出售了部分拓荆科技股票，24 年公司并无该项股 权处置收益。此外，公司显著加大研发力度，24 年上半年研发投 入为 9.70 亿，同比大幅增长 110.84%，研发费用率跃升至 16.47%。 经营分析 合同负债快速增长，奠定公司成长动力。24 年上半年公司共生产 专用设备 833 腔，同比增长 420%，为本年度出货打下了较好的基 础。本期末发出商品余额约 27.66 亿，较期初余额的 8.68 亿增长 18.98 亿；本期末合同负债余额约 25.35 亿，较期初余额的 7.72 亿增长约 17.64 亿，当前订单饱满，看好全年业绩释放。 刻蚀设备优势显著、持续突破。公司目前针对逻辑和存储芯片制 造中最关键刻蚀工艺的多款设备已进入量产验证阶段，针对超高 深宽比刻蚀的大功 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 23 日 中微公司(688012.SH) 刻蚀设备份额快速提高，24H1 订单同 比延续高增长 事件： 1.公司发布 2024 半年度报告，2024H1 实现营收 34.48 亿元，同比增 加 36.46%；实现归母净利润 5.17 亿元，同比减少 48.48%；实现扣非 归母净利润 4.83 亿元，同比减少 6.88%。 2.从 Q2 单季度业绩来看，实现营收 18.42 亿元，同比增加 41.37%， 环比增加 14.81%；实现归母净利润 2.67 亿元，同比减少 63.23%，环 比增加 7.39%；实现扣非归母净利润 2.20 亿元，同比减少 24.32%， 环比减少 16.23%。 24H1 营收同比高增，刻蚀设备份额快速提高： 24H1 营收 34.48 亿元，同比增长 36.46%，，主要系针对先进逻辑和存 储器件制造中关键刻蚀工艺的高端产品新增下运量显著提升，CCP 和 ICP 刻蚀设备的销售增长和在国内主要客户芯片生产线上市占率均 大幅提升。从营收结构来看，24H1 刻蚀设备收入为 26.98 亿元，同 ...

Revenue and Financial Performance - Revenue increased by 36.46% YoY to 3.448 billion yuan in the first half of 2024, with plasma etching equipment revenue reaching 2.698 billion yuan, up 56.68% YoY[3] - Revenue for the first half of 2024 reached RMB 3.45 billion, a year-on-year increase of 36.46%[36] - Revenue for the first half of 2024 reached 3.448 billion yuan, a year-on-year increase of 36.46%[119] - Revenue for the first half of 2024 reached 3.45 billion yuan, a year-on-year increase of 36.46%[120] - Total operating revenue for the first half of 2024 reached 3,447,712,750.84 yuan, a significant increase from 2,526,501,011.91 yuan in the same period last year[190] - Revenue for the first half of 2024 reached 2,836,824,604.18 RMB, a significant increase from 1,716,090,759.78 RMB in the same period of 2023[193] Plasma Etching Equipment - Plasma etching equipment revenue grew by 56.68% to RMB 2.70 billion, contributing 78.26% of total revenue[39] - The company's plasma etching equipment is widely used in advanced integrated circuit manufacturing lines, ranging from 65nm to 5nm and beyond[48] - The company's 12-inch high-end etching equipment has been widely adopted in the production of logic chips from 65nm to 5nm and more advanced nodes[59] - The company's plasma etching equipment is extensively used in the production of advanced 3D NAND and DRAM memory chips[59] - The company's CCP etching equipment shipments in the first half of 2024 exceeded the total shipments for the entire year of 2023, with over 3,600 CCP etching reaction chambers delivered by June 2024[84] - The Primo AD-RIE-e CCP etching equipment shipments in the first half of 2024 were more than double the total shipments for 2023[84] - The company's ICP etching equipment is in mass production on over 60 customer production lines, with the Primo Nanova® series achieving a >70% CAGR in installed chambers over the past three years[86] MOCVD Equipment - MOCVD equipment revenue decreased by 49.04% YoY to 152 million yuan due to declining demand in the blue-green LED and Mini-LED markets[3] - MOCVD equipment revenue decreased by 49.04% to RMB 152 million due to market decline in blue-green LED and Mini-LED sectors[39] - The company's MOCVD equipment is in mass production at leading customer facilities, making it a top-tier GaN-based LED equipment manufacturer globally[48] - The company's PRISMO A7® MOCVD equipment holds a leading position in the global GaN-based LED MOCVD market[61] - The company's PRISMO UniMax® MOCVD equipment for Mini-LED production has started large-scale production at leading clients[61] - The company has shipped over 500 MOCVD chambers, maintaining a leading position in the international GaN-based MOCVD equipment market[88] - The PRISMO UniMax® MOCVD equipment has shipped nearly 150 chambers, leading the international market for Mini-LED display epitaxial wafer production equipment[88] R&D Investment and Innovation - R&D investment in the first half of 2024 surged by 110.84% YoY to 970 million yuan, focusing on six categories of equipment and over 20 new device developments[3] - R&D investment increased by 110.84% to RMB 970 million, accounting for 28.15% of total revenue[38][39] - Total R&D investment in the current period reached 970.49 million yuan, a 110.84% increase compared to the same period last year[66] - R&D investment as a percentage of revenue increased by 9.93 percentage points to 28.15%[66] - Capitalized R&D investment increased by 177.92% to 384.39 million yuan, accounting for 39.61% of total R&D investment[66] - The significant increase in R&D investment is attributed to the expansion of R&D projects, increased material costs, and higher employee compensation[67] - In the first half of 2024, the company's R&D expenditure was 970.49 million yuan, with government subsidies reducing R&D expenses by 18.41 million yuan[68] - The company's R&D investment in the first half of 2024 reached 970 million yuan, a year-on-year increase of 110.84%, accounting for 28.15% of total revenue[84] New Orders and Production - New orders in the first half of 2024 totaled 4.7 billion yuan, a 40.3% YoY increase, with plasma etching equipment orders accounting for 3.94 billion yuan, up 50.7% YoY[3] - New orders in the first half of 2024 totaled RMB 4.70 billion, a year-on-year increase of 40.3%, with etching equipment orders accounting for RMB 3.94 billion[39] - Production of 833 chambers in the first half of 2024, a 420% YoY increase, with a corresponding output value of 6.865 billion yuan[3] - Production of specialized equipment increased by 420% to 833 chambers, with a corresponding output value of RMB 6.87 billion[41] Net Profit and Financial Metrics - Net profit attributable to shareholders decreased by 48.48% YoY to 517 million yuan, primarily due to the absence of a one-time gain from the sale of shares in 2023[3] - Net profit attributable to shareholders decreased by 48.48% to RMB 516.69 million, primarily due to the absence of a one-time gain from the sale of shares in 2023[37] - Adjusted net profit attributable to shareholders, excluding the impact of share-based payments, increased by 11.65% year-on-year to RMB 69,415.23 million[44] - Net profit for the first half of 2024 was 516,250,546.94 yuan, a decrease from 1,002,304,157.67 yuan in the first half of 2023[191] - Net profit attributable to the parent company's owners in the first half of 2024 was 516,998,259.17 RMB, compared to 1,005,234,735.78 RMB in the same period of 2023[192] Subsidiaries and Business Expansion - The company's subsidiaries include 中微亚洲, 中微南昌, 中微临港, 中微汇链, and 中微惠创[28] - The company's subsidiaries, including Zhongwei Huilian, Zhongwei Huichuang, and Xinhui Kang, have made significant progress in new business expansion[104] - The company's subsidiary, Zhongwei Huichuang, has successfully applied purification equipment in various client sites and is actively exploring research in the new energy field[95] - The company's subsidiary, Zhongwei Huilian, has developed a distributed ecological industrial internet platform, covering over 70 industrial scenarios and offering more than 600 microservices for subscription[96] Environmental and Social Responsibility - The company's report includes a section on environmental and social responsibility[25] - The company invested 1,136 million yuan in environmental protection during the reporting period[138] - The company reduced carbon dioxide equivalent emissions by 237 tons through measures such as lowering operational energy consumption[142] - The company achieved green power supply at its Shanghai Jinqiao and Lingang bases by signing renewable electricity procurement agreements[141] - The company aims to achieve carbon neutrality by 2035 and has implemented multiple measures to advance climate change governance[141] - The company joined industry associations such as the Responsible Business Alliance (RBA) and Semiconductor Climate Consortium (SCC) to promote sustainable development[141] Risks and Challenges - The company faces risks from potential changes in government support and tax incentives, which could impact profitability[109] - Supply chain risks persist due to prolonged procurement cycles for key components and materials, potentially affecting equipment delivery and sales[110] - The company is exposed to risks from international trade friction, particularly between China and the US, which could impact operations[112] - Intellectual property disputes and potential infringement pose risks to the company's normal business operations[113] - The company has implemented a comprehensive employee stock ownership plan to retain key technical personnel, but faces risks from increasing competition for talent[114] - The company plans to expand its business through equity investments and mergers and acquisitions, but faces associated risks[115] - The company's R&D investment is significantly lower than that of leading international semiconductor companies, posing a risk of technological obsolescence[118] Shareholder and Equity Information - The company's registered address is at No. 188 Taihua Road, Jinqiao Export Processing Zone (South), Pudong New Area, Shanghai[30] - The company's legal representative is Yin Zhiyao[30] - The company's foreign name is Advanced Micro-Fabrication Equipment Inc. China, abbreviated as AMEC[30] - The company's Chinese name is 中微半导体设备（上海）股份有限公司, abbreviated as 中微公司[30] - The company's main financial indicators and company profile are detailed in Section 2 of the report[30] - The company's report includes a section on changes in shares and shareholder situations[25] - The company's total number of ordinary shareholders at the end of the reporting period was 36,600[172] - Shanghai Venture Capital Co., Ltd. holds 93,483,533 shares, accounting for 15.05% of the total shares[173] - Xunxin (Shanghai) Investment Co., Ltd. holds 80,996,822 shares, representing 13.04% of the total shares[173] - Hong Kong Securities Clearing Company Limited increased its holdings by 5,093,239 shares, totaling 32,939,937 shares, or 5.30% of the total shares[173] - China Merchants Bank Co., Ltd. - ChinaAMC SSE STAR Market 50 ETF holds 29,591,336 shares, accounting for 4.76% of the total shares[173] - China Integrated Circuit Industry Investment Fund Phase II holds 24,440,316 shares, representing 3.93% of the total shares[173] - Industrial and Commercial Bank of China - E Fund SSE STAR Market 50 ETF holds 16,117,546 shares, accounting for 2.59% of the total shares[173] - China Construction Bank - ChinaAMC Semiconductor Chip ETF holds 9,721,241 shares, representing 1.56% of the total shares[174] - Industrial and Commercial Bank of China - Noah Growth Hybrid Fund holds 7,867,231 shares, accounting for 1.27% of the total shares[174] - The total number of shares held by the top 10 shareholders and the top 10 unrestricted shareholders decreased due to share lending/returning activities, with specific changes noted for each shareholder[175] - The company's strategic investor, Huaxin Investment Management Co., Ltd., holds shares with a lock-up period of 4 days, which expired on January 2022[178] - Key executives and core technical personnel, including Chairman and CEO Yin Zhiyao, reduced their shareholdings during the reporting period, with a total reduction of 130,000 shares[179] - The company granted a total of 691,700 restricted shares to key executives and core technical personnel during the reporting period, with a cumulative total of 1,377,059 restricted shares granted[181] Cash Flow and Financial Position - Net cash flow from operating activities in the first half of 2024 was 381.92 million yuan, compared to -685.02 million yuan in the same period last year[120] - Operating cash flow for the period was RMB 381.92 million, compared to a negative RMB 685.02 million in the same period last year[199] - Investment cash inflow totaled RMB 7.21 billion, a decrease from RMB 10.35 billion in the previous year[199] - Investment cash outflow was RMB 5.37 billion, down from RMB 8.70 billion year-over-year[199] - Net cash flow from investment activities increased to RMB 1.84 billion from RMB 1.65 billion[199] - Financing cash inflow decreased to RMB 350.53 million from RMB 210.37 million[199] - Net cash flow from financing activities was negative RMB 399.20 million, compared to positive RMB 197.46 million in the prior year[199] - The company's cash and cash equivalents increased by RMB 1.83 billion during the period[200] - Ending cash and cash equivalents balance reached RMB 5.37 billion, up from RMB 3.65 billion at the start of the period[200] Assets and Liabilities - Total assets increased to 24,241,626,255.77 RMB, up from 21,525,546,561.69 RMB at the end of 2023[184][186] - Cash and cash equivalents rose to 7,649,070,420.06 RMB, compared to 7,090,409,172.79 RMB at the end of 2023[184] - Inventory surged to 6,777,933,020.27 RMB, a significant increase from 4,260,340,245.57 RMB at the end of 2023[184] - Accounts receivable grew to 1,439,491,392.88 RMB, up from 1,164,908,187.07 RMB at the end of 2023[184] - Total liabilities increased to 6,070,931,541.88 RMB, compared to 3,702,441,375.24 RMB at the end of 2023[185][186] - Contract liabilities jumped to 2,535,147,967.53 RMB, a substantial rise from 771,596,755.32 RMB at the end of 2023[185] - Development expenditure increased to 751,875,080.13 RMB, up from 505,792,998.61 RMB at the end of 2023[185] - Fixed assets grew to 2,568,337,527.18 RMB, compared to 1,987,606,137.52 RMB at the end of 2023[184] - Long-term loans stood at 250,000,000.00 RMB, a new addition compared to no long-term loans at the end of 2023[185] - Shareholders' equity increased to 18,170,694,713.89 RMB, up from 17,823,105,186.45 RMB at the end of 2023[186] - Total assets as of the end of the first half of 2024 were 21,487,529,952.56 yuan, up from 18,876,304,430.38 yuan at the end of the first half of 2023[188] - Long-term equity investments increased to 3,019,743,770.10 yuan in the first half of 2024, compared to 2,802,289,825.07 yuan in the same period last year[188] - Contract liabilities surged to 1,613,807,968.08 yuan in the first half of 2024, a significant rise from 230,419,951.67 yuan in the first half of 2023[188] - Total liabilities for the first half of 2024 were 4,509,389,138.38 yuan, up from 1,971,273,266.98 yuan in the first half of 2023[189] - Shareholders' equity increased to 16,978,140,814.18 yuan in the first half of 2024, compared to 16,905,031,163.40 yuan in the same period last year[189] - The company's total non-current assets reached 5,300,356,823.50 yuan in the first half of 2024, up from 4,991,324,756.29 yuan in the first half of 2023[188] Other Financial Metrics - Non-recurring gains and losses amounted to RMB 33,463,805.67, including gains from the disposal of non-current financial assets of RMB 9,886,212.19 and government subsidies of RMB 30,367,126.05[42][43] - The company's contract liabilities increased significantly by 228.56% to 2.54 billion RMB, driven by sustained order growth and increased production and shipment volumes[124] - Accounts payable rose by 68.42% to 2.20 billion RMB due to increased procurement activities[124] - Overseas assets amounted to 674 million RMB, accounting for 2.78% of total assets[125] - The company's investment in external equity increased by 21.55% to 98.33 million RMB compared to the same period last year[126] - The fair value of trading financial assets, primarily bank wealth management products, decreased to 493 million RMB from 1.87 billion RMB at the beginning of the period[127] - Other non-current financial assets increased by 3.51% to 1.24 billion RMB, with a significant 164.36% increase in prepaid rental subscription balances[124] - The company added 250 million RMB in long-term loans during the reporting period[124] - The fair value of the company's equity investments in listed companies decreased by 0.40 billion RMB, with a total ending book value of 4.70 billion RMB[128] - The company invested 35 million RMB in private equity fund A, representing a 2.35% ownership stake, with a cumulative profit impact of 15 million RMB[130] - Zhongwei Lingang, a subsidiary, reported total assets of 1,010,883.23 million yuan, net assets of 139,376.35 million yuan, operating income of 200,442.02 million yuan, and net profit of 15,063.79 million yuan[131] - Zhongwei Nanchang, another subsidiary, reported total assets of 435,433.25 million yuan, net assets of 173,096.83 million yuan, operating income of 147,456.12 million yuan, and net profit of 25,693.79 million yuan[131] - Zhongwei International, responsible for overseas sales, reported total assets of 74,141.41 million yuan, net assets of 5,350.79 million yuan, operating income of 21,705.13 million yuan, and a net loss of 5,271.60 million yuan[131] Corporate Governance and Shareholder Commitments - The company held its 2023 Annual General Meeting on April 17, 2024, with resolutions published on the Shanghai Stock Exchange website[132] - The company approved a

特别声明本会议为光大证券专业机构投资者设计任何情形下会议内容不构成对任何人的投资建议 参会者应当充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险嘉宾发言内容仅代表嘉宾的个人观点和立场研究人员发言内容来自于以外发报告或对研报的跟踪解读观点仅代表报告发布当日的判断本会议内容的知识产权仅归光大证券所有 北京书面许可任何机构和客人不得以任何形式任何目的进行转发翻版复制刷布或沿用会议全部或部分内容亦不得擅自录音制作会议机要对外传播 【观众】好的 谢谢 我是光大电子渊龙 今天给领导汇报一下我们第十期的系列联合会议 这期的主题是中美公司 包括设备这块我们其实前面讲了一次北方华创 然后今天讲中微公司然后从今年以来从去年底以来就是我们设备板块其实主要核心推的两家公司一个就是华创 一个就是中微北方华创其实前面也讲过了中微其实我们认为是目前国内的第二家的平台型公司除了华创之外这是我们在设备里面核心推荐的两家设备公司 我们这个PPT主要包含了这么四部分内容吧第一部分就是整体的一个半导体设备的市场的这个介绍就是一个最新的更新吧然后第二部分是关于中文公司的一个整体的布局的这个介绍就是立足于科室设备然后拓展整体的其他的一 ...

中微公司 20240806_原文 2024 年 08 月 06 日 23:48 发言人 00:03 大家好，欢迎参加光大电子通信科技龙头系列电话会第十七之中微公司电话会议。目前所有参会者均处于 静音状态，下面开始播报免责声明，声明完毕后主持人可以直接 18 页，谢谢。特别声明，本会议为光大证 券专业机构投资者设计，任何情形下，会议内容不构成对任何人的投资建议，参会者应当充分了解各类投 资风险，根据自身情况自主做出投资决策，并自行承担投资风险。嘉宾发言内容仅代表嘉宾的个人观点和 立场，研究人员发言内容来自于以外发报告或对研报的跟踪解读，观点仅代表报告发布当日的判断。本会 议内容的知识产权仅归光大证券所有。未经书面许可，任何机构和个人不得以任何形式、任何目的进行转 发、翻反复制、发布或引用会议全部或部分内容，亦不得擅自录音、制作会议纪要，对外传播。 发言人 01:11 好的，谢谢。然后我是光大电子云龙，今天给领导汇报一下，我们第十期的这个系列电话会议。然后这期 的主题是中微公司，包括设备这块，我们其实前面讲了一次北方华创，然后今天讲中医公司。然后从今年 以来，去年从去年第一以来，我们设备板块其实主要核心推的两家公 ...

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证券研究报告 | 公司动态点评 2024 年 06月 11日 中微公司（688012.SH） 业绩表现持续亮眼，前瞻性布局高端设备 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 4,740 6,264 8,360 11,210 14,286 股票信息 增长率yoy（%） 52.5 32.1 33.5 34.1 27.4 归母净利润（百万元） 1,170 1,786 2,010 2,611 3,340 行业 电子 增长率yoy（%） 15.7 52.7 12.6 29.9 27.9 2024年6月7日收盘价（元） 142.25 ROE（%） 7.5 10.0 10.2 11.7 13.1 总市值（百万元） 88,205.42 EPS最新摊薄（元） 1.89 2.88 3.24 4.21 5.39 流通市值（百万元） 88,205.42 P/E（倍） 74.1 48.6 43.1 33.2 26.0 总股本（百万股） 620.07 P/B（倍） 5.6 4.9 4.4 3.9 3.4 流通股本（百万股） 620.07 资料来源：公司财报，长城证券产业金 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 阿 2024年6月3日 中微公司(688012.SH) Buy 买进 朱吉翔 C0044@capitalcom.tw 目标价(元) 165 大基金成立、入上证50指数成分，短期多重利好 结论与建议： 公司基本资讯 产业别 机械设备 中国半导体大基金三期成立，规模为前两期的总和，幷且我们预计大基 A股价(2024/5/31) 129.75 金三期将针对半导体领域高端产品、设备、材料进行投资，以进一步增强中 上证指数(2024/5/31) 3086.81 国本土半导体产业的话语权。公司作为国内领先的半导体刻蚀设备厂商，近 股价12个月高/低 184.82/104.68 期不断扩充薄膜沉积设备产品（12寸高深宽比金属钨沉积设备、12寸原子层 总发行股数(百万) 620.07 A股数(百万) 620.07 金属钨沉积设备），其在高端半导体设备领域的竞争力进一步提升，也将充 A市值(亿元) 804.55 分受益于大基金直接或简介投资所带来的产业机会。同时， 6月14日上证 主要股东 上海创业投资 50指数调整，公司即将纳入成分， ...

%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨中微公司（ ） 688012.SH [中Ta微b公le_司Ti2tl0e2] 4Q1 点评：刻蚀设备竞争力突出， 薄膜设备开发取得成效 报告要点 [2T0a2b4leQ_1S，um公m司a实ry]现营业收入 16.05 亿元，同比+31.23%，实现归母净利润 2.49 亿元，同比- 9.53%，实现扣非归母净利润2.63亿元，同比+15.40%。 ...