Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 2.173 billion yuan in Q1 2025, achieving a year-on-year growth of 35.40%, continuing its trend of over 35% annual growth in revenue over the past 14 years [2] - The net profit attributable to the parent company reached 313 million yuan, with a year-on-year increase of 25.67% [2] - The significant revenue growth is attributed to a notable increase in shipment volumes of high-end products in advanced logic and memory device manufacturing, with successful mass production of key etching processes [2] - The company has increased its R&D investment, with R&D expenses reaching 687 million yuan in Q1 2025, a year-on-year increase of 90.53%, representing approximately 31.60% of its revenue, significantly higher than industry peers [3] - The company has successfully launched six types of LPCVD film deposition equipment for advanced memory and logic devices, receiving bulk orders worth approximately 476 million yuan in 2024 [3] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 2.173 billion yuan, with a year-on-year growth of 35.40% and a net profit of 313 million yuan, up 25.67% [2] Operational Analysis - The company is focusing on R&D, with over 20 new equipment projects under development, and has reduced the time to market for competitive new devices to two years or less [3] - The revenue from etching equipment in 2024 was 7.277 billion yuan, reflecting a year-on-year increase of 54.73% [3] - The company has established a subsidiary for the layout of measurement equipment, indicating a strategic expansion into this segment [3] Profit Forecast, Valuation, and Rating - Revenue projections for 2025-2027 are 11.8 billion, 15.2 billion, and 19.8 billion yuan, with expected year-on-year growth rates of 30%, 29%, and 30% respectively [4] - Net profit forecasts for the same period are 2.2 billion, 3.1 billion, and 4.2 billion yuan, with growth rates of 36%, 41%, and 35% respectively, leading to P/E ratios of 53, 37, and 28 times [4]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 2.173 billion yuan in Q1 2025, achieving a year-on-year growth of 35.40%, continuing its trend of over 35% annual revenue growth over the past 14 years. The net profit attributable to the parent company was 313 million yuan, up 25.67% year-on-year [2] - The significant revenue growth is attributed to a notable increase in shipment volumes of high-end products in advanced logic and memory device manufacturing, with key etching processes and ultra-high aspect ratio etching processes entering mass production [2] - The company has increased its R&D investment, with R&D expenses reaching 687 million yuan in Q1 2025, a 90.53% increase year-on-year, representing approximately 31.60% of its revenue, significantly higher than its peers [3] - The company has successfully launched six types of LPCVD film equipment for advanced memory and logic devices, receiving bulk orders worth approximately 476 million yuan in 2024, with sales revenue reaching 156 million yuan [3] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 2.173 billion yuan, with a year-on-year growth of 35.40%, and a net profit of 313 million yuan, up 25.67% [2] Operational Analysis - The company is focusing on R&D, with over 20 new devices under development, and has reduced the time to market for competitive products to two years or less [3] - The revenue from etching equipment in 2024 was 7.277 billion yuan, a year-on-year increase of 54.73% [3] - The company has established a subsidiary for the layout of measurement equipment, indicating a strategic expansion into this segment [3] Profit Forecast, Valuation, and Rating - Revenue projections for 2025-2027 are 11.8 billion, 15.2 billion, and 19.8 billion yuan, with year-on-year growth rates of 30%, 29%, and 30% respectively. Net profit forecasts are 2.2 billion, 3.1 billion, and 4.2 billion yuan, with corresponding P/E ratios of 53, 37, and 28 [4]

证券代码：688012 证券简称：中微公司 公告编号：2025-025 中微半导体设备（上海）股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 （二） 股东大会召集人：董事会 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 5 月 28 日 14 点 30 分 召开地点：上海市浦东新区泰华路 188 号中微公司二号楼三楼 2303 会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 28 日 至2025 年 5 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年5月28日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30 ...

证券代码：688012 证券简称：中微公司 公告编号：2025-023 第三个归属期归属结果暨股份上市的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为755,028 股。 本次股票上市流通总数为755,028股。 本次股票上市流通日期为2025 年 4 月 29 日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分公 司有关业务规则的规定，中微半导体设备（上海）股份有限公司于 2025 年 4 月 24 日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》， 公司于 2025 年 4 月 23 日完成了 2022 年限制性股票激励计划第三个归属期的股份 登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 中微半导体设备（上海）股份有限公司 关于 2022 年限制性股票激励计划 （1）2022 年 3 月 9 日，公司召开第二届董事会第三次会议，会议审议通过了 《关于公司< ...

Financial Performance - The company's revenue for Q1 2025 reached CNY 2.173 billion, representing a year-on-year growth of 35.40%[4] - Net profit attributable to shareholders was CNY 313 million, an increase of 25.67% compared to the same period last year[7] - Operating profit for Q1 2025 was ¥294,467,825.63, compared to ¥254,409,633.95 in Q1 2024, reflecting a growth of 15.7%[22] - Net profit for Q1 2025 was ¥308,245,968.10, up from ¥248,855,112.06 in Q1 2024, marking a 23.9% increase[22] - The total comprehensive income for Q1 2025 was ¥316,757,327.16, compared to ¥246,253,314.81 in Q1 2024, showing a growth of 28.5%[23] - The company reported a basic earnings per share of ¥0.50 for Q1 2025, compared to ¥0.40 in Q1 2024, indicating improved profitability per share[23] Research and Development - R&D investment totaled CNY 687 million, up 90.53% year-on-year, accounting for 31.60% of revenue, significantly higher than the average of 10%-15% for companies listed on the Sci-Tech Innovation Board[3] - The company successfully launched six new thin-film devices for advanced storage and logic devices, achieving international leading performance[2] - The company aims to accelerate the development of competitive new devices, reducing the typical development time from three to five years to two years or less[3] - Research and development expenses in Q1 2025 amounted to ¥464,353,795.33, significantly higher than ¥214,189,022.44 in Q1 2024, indicating a focus on innovation[21] Cash Flow and Liquidity - Cash flow from operating activities was CNY 377 million, a significant recovery from a negative cash flow of CNY 586 million in the previous year[4] - Cash flow from operating activities for Q1 2025 was ¥2,925,165,528.78, compared to ¥1,743,700,132.21 in Q1 2024, representing a 67.8% increase[25] - The net cash flow from operating activities was 376,808,177.47, compared to a negative cash flow of 586,440,411.60 in the previous period, indicating a significant improvement[26] - The total cash and cash equivalents at the end of the period amounted to 5,936,043,895.92, an increase from 5,207,023,770.05 in the prior period[27] Assets and Liabilities - Total assets as of March 31, 2025, amounted to CNY 27,118,584,850.11, an increase from CNY 26,217,544,719.07 as of December 31, 2024, reflecting a growth of approximately 3.43%[17] - Total liabilities as of the end of the reporting period were ¥6,980,583,129.65, up from ¥6,482,002,827.11 in the previous period[20] - Total equity attributable to shareholders increased to ¥20,144,123,516.91 from ¥19,736,912,284.36, reflecting a growth of 2.1%[20] Shareholder Information - The company reported a total of 45,640 common shareholders at the end of the reporting period[13] - The largest shareholder, Shanghai Chuangye Investment Co., Ltd., holds 93,483,533 shares, representing 15.02% of total shares[13] - The second-largest shareholder, Xunxin (Shanghai) Investment Co., Ltd., owns 80,996,822 shares, accounting for 13.01%[13] - The company has not reported any significant changes in shareholder participation in margin trading or securities lending activities[16] Investment Activities - The total cash inflow from investment activities was 1,698,861,184.27, down from 4,817,822,502.46 in the prior period, reflecting a decrease of approximately 64.7%[26] - The cash outflow from investment activities totaled 1,779,693,358.10, compared to 2,367,634,196.95 previously, showing a reduction of about 25%[26] - The net cash flow from investment activities was -80,832,173.83, contrasting with a positive cash flow of 2,450,188,305.51 in the last period, indicating a significant decline[26] Employee Compensation and Taxes - The cash outflow for employee compensation was 563,717,826.76, up from 395,203,021.59, indicating an increase of approximately 42.5%[26] - The cash paid for taxes was 258,714,301.73, compared to 161,208,019.68 previously, reflecting an increase of about 60.5%[26]

一、并购 1、纳微科技：投资1576.92万元取得纳信科技51.25%股权。 5、三联锻造：设立机器人及航空部件研究院分公司。 6、金杨股份：投资不超9000万美元建设马来西亚锂电池精密结构件项目。 7、中毅达：公司生产产能保持稳定，近期无新建计划。 二、回购、增持 1、古越龙山：拟2亿元-3亿元回购。 2、凯撒旅业：控股股东拟0.7亿元-1.1亿元增持。 三、对外投资，日常经营 1、星网宇达：公司与吉林省仿生机器人创新中心签署战略合作协议。 2、中国平安：计划发行不超过500亿元人民币的境内债券融资工具。 3、纽威数控：拟投资8.5亿元建设五期高端智能数控装备项目。 4、元利科技：拟投资7.6亿元建设年产25000吨受阻胺类光稳定剂项目。 1、恒玄科技：2024年净利润4.60亿，同比增长272% 拟每10股派发12元并转增4股。 四、业绩变动 2、中微公司：一季度净利润3.13亿元 同比增长25.67%；公司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付运量显著提升，六种薄膜设备已顺利进入市场。 3、惠而浦：一季度净利润1.16亿元，同比增长1029%；主要系外销订单增加。 4、甘李药业：一季 ...

智通财经4月24日电，中微公司(688012.SH)公告称，中微公司2025年第一季度营业收入为21.73亿元，同 比增长35.40%。归属于上市公司股东的净利润为3.13亿元，同比增长25.67%。公司在先进制程工艺方面 持续创新，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付运量显著提升，六种薄膜设 备已顺利进入市场。同时，公司加大研发力度，研发投入约6.87亿元，同比增长约90.53%。 中微公司：一季度净利润3.13亿元 同比增长25.67% ...

金融界2025年4月23日消息，万家经济新动能混合C(005312) 最新净值1.6754元，下跌0.66%。该基金近1 个月收益率3.35%，同类排名200|4491；近3个月收益率32.05%，同类排名29|4444；今年来收益率 33.98%，同类排名34|4418。 万家经济新动能混合C股票持仓前十占比合计75.95%，分别为：瑞芯微（9.12%）、百济神州-U （8.80%）、深信服（8.64%）、诺诚健华-U（7.88%）、寒武纪-U（7.65%）、科大讯飞（7.51%）、 思瑞浦（7.46%）、圣邦股份（6.89%）、华大智造（6.18%）、中微公司（5.82%）。 来源：金融界 公开资料显示，万家经济新动能混合C基金成立于2018年2月7日，截至2025年3月31日，万家经济新动 能混合C规模12.23亿元，基金经理为黄兴亮。 简历显示：黄兴亮先生:中国国籍,清华大学博士。2002年毕业于清华大学电机系电气工程及自动化专 业,2007年获得清华大学计算机系计算机应用技术专业博士学位。2007年8月至2011年5月在交银施罗德 基金管理有限公司投研部担任研究员;2011年6月至2018年10月在 ...

机构观点显示，高盛维持亚太股市 "增持" 评级，建议超配半导体（SK 海力士、北方华创）和消费电子（立讯精密）；摩根士丹利下调澳大利亚股市评级 至 "中性"，建议转向金融（CBA）和医疗（CSL）板块；中信证券提示 A 股短期关注 3300 点突破力度，若放量站稳可加仓科技股，反之需减仓防御，等 待回调至 3250 点支撑位。 总体来看，今日亚太股市在美股反弹和中国经济数据支撑下普涨，但量能不足制约 A 股突破空间。投资者需关注美联储政策预期、地缘政治风险及市场 估值压力，短期可把握科技与消费双主线轮动机会，中长期布局高景气赛道（AI、半导体、智能汽车）及防御性资产（黄金、高股息）。关键数据与事 件方面，需关注 4 月 PMI 数据（4 月 30 日公布）、5 年期 LPR 调整（5 月 20 日）、美联储 5 月 FOMC 会议（5 月 14-15 日）及美国 4 月非农就业报告 （5 月 3 日）。 2025 年 4 月 23 日亚太股市延续震荡上行态势，日经 225 指数涨 1.72% 报 34808.8 点，韩国 KOSPI 指数涨 1.47% 报 2523.3 点，澳大利亚 ASX200 指数涨 1 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 226.67 CNY [3][5][9] Core Insights - The company has shown continuous high revenue growth, with a projected revenue of 90.7 billion CNY in 2024, representing a 45% year-on-year increase [8] - The company significantly increased its R&D investment to approximately 2.45 billion CNY in 2024, a 94% increase compared to the previous year, driven by the rising demand for new equipment [8] - The company's contract liabilities surged by 235% to approximately 2.59 billion CNY by the end of 2024, indicating strong order expectations [8] Financial Performance Summary - Revenue (in million CNY) is projected to grow from 6,264 in 2023 to 20,009 in 2027, with year-on-year growth rates of 32%, 45%, 33%, 30%, and 28% respectively [4] - The net profit attributable to the parent company is expected to rise from 1,786 million CNY in 2023 to 4,463 million CNY in 2027, with growth rates of 53%, -10%, 51%, 38%, and 33% [4] - The gross margin is projected to decline from 45.8% in 2023 to 41.1% in 2024, primarily due to structural changes in customer composition and discounts offered [8] Equipment Sales and Market Position - The company experienced significant growth in etching equipment sales, with over 1,200 reaction chambers shipped in 2024, marking a historical high [8] - The company's new deposition equipment, including LPCVD and ALD, has successfully entered the market, with over 150 reaction chambers shipped in 2024 [8] - The ICP etching equipment has been installed in over 1,025 reaction chambers across more than 50 customer production lines, achieving an average annual growth rate exceeding 100% over the past four years [8]