Core Viewpoint - The article highlights the journey of Yin Zhiyao, a prominent figure in the semiconductor industry, who transitioned from Silicon Valley to lead a domestic company in China, contributing significantly to the country's semiconductor self-sufficiency and innovation [2][15]. Group 1: Historical Context and Contributions - In 1984, Yin Zhiyao joined Intel, where he made significant improvements in plasma etching technology, enhancing uniformity from ±15% to ±5%, which became an industry standard [5]. - Yin's move to Lam Research in 1986 marked a pivotal point in his career, where he led the development of the "Rainbow" project, resulting in the world's first etching machine capable of 0.5-micron processes, significantly increasing market share [6][8]. - The "Rainbow" project not only showcased the capabilities of Chinese engineers but also disrupted the semiconductor equipment market, proving that Eastern innovation could set global standards [8]. Group 2: Transition to Strategic Leadership - In 1991, Yin Zhiyao became Vice President at Applied Materials, where he transformed the company's etching business by focusing on customer needs and integrating equipment with process solutions, leading to a significant market share increase [10][12]. - His strategic shift towards customization and collaboration with major clients like Samsung and TSMC helped Applied Materials regain its competitive edge, with etching equipment market share rising to 42% by 2004 [12][13]. Group 3: Founding of Zhongwei Company - In 2004, at the age of 60, Yin Zhiyao returned to China to establish Zhongwei Company, focusing on domestic semiconductor equipment production amidst international technological barriers [15]. - Zhongwei's first dry etching machine launched in 2005 filled a critical gap in China's high-end semiconductor equipment market, challenging the dominance of Western firms [16]. - The company faced legal challenges from American firms but successfully built a supply chain that reduced reliance on U.S. components, demonstrating strategic foresight [17]. Group 4: Technological Advancements and Market Impact - By 2017, Zhongwei delivered its first 5nm etching machine, significantly advancing the capabilities of Chinese semiconductor manufacturers and contributing to a rise in domestic chip self-sufficiency from 5% in 2016 to 20% in 2023 [18]. - Zhongwei's innovations in etching technology have begun to dismantle the market monopolies held by major players like Lam Research and Applied Materials, fostering vertical integration within China's semiconductor industry [18]. Group 5: Philosophical Insights and Future Directions - The article concludes with reflections on the nature of technological advancement, emphasizing the importance of deep understanding and persistent effort in overcoming challenges in the semiconductor field [20][21]. - Yin Zhiyao's journey illustrates a broader narrative of China's technological evolution, highlighting the shift from dependency to self-reliance and innovation in the global semiconductor landscape [21].

在2025年全国两会召开之际，科创板也迎来"提质增效重回报"专项行动实施一周年。 一年来，超八成科创板公司积极响应，发布相关行动方案并持续评估落实，科创50、科创100成份股公司全覆盖，以投资者为本的市场文化加速形成。 作为落实"科创板八条"的一项重要举措，上交所持续推动"提质增效重回报"专项行动常态化、长效化开展，近期已引导全体科创板公司继续开展2025年度专项行 动，并于上交所官网、上交所APP上线 "提质增效重回报"专栏，便利投资者等各方了解最新进展。 新"国九条"明确要求上市公司聚焦主业、提升发展质量。科创板公司积极响应，从行动方案来看，公司在对以往经营情况分析的基础上，提出了一系列可操作、可 落实、可检验的具体举措，提高产能利用率、净资产收益率等经营指标，推动公司提升经营质量。近四成科创板公司明确募投项目年度预计目标和推进计划。同 时，在专项行动倡议下，更多科创板公司开始从仅关注发展规模，向更多关注经营效率和盈利能力转变。 强本固基：聚焦主业提升经营质量 威胜信息是科创板首批披露行动方案的公司，行动方案注重价值创造和投资者回报。公司2024年提出，将落实"三增三去"：增合同，增回款，增市场份额；去浪 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [34]. Core Insights - The Chinese ICT market is projected to grow to $751.76 billion by 2028, with the enterprise-level ICT market expected to reach approximately $269.36 billion in 2024, reflecting an 11.7% increase from 2023 [2][5]. - In 2024, global AI PCs are anticipated to account for 17% of total PC shipments, with Apple leading the market at 54% share, followed by Lenovo and HP at 12% each. The fourth quarter of 2024 is expected to see AI PC shipments reach 15.4 million units, a quarter-on-quarter increase of 18% [2][10]. - The global DRAM industry revenue is projected to reach $28.6 billion in the fourth quarter of 2024, with a quarter-on-quarter increase of 9.9%. Samsung holds the largest market share at 39.3%, followed by SK Hynix and Micron [2][15]. Summary by Sections Industry News and Commentary - The semiconductor industry is currently in a recovery phase, driven by a rebound in consumer electronics, which is expected to initiate a new upward cycle for semiconductors. Key investment lines include wafer fab expansion and the A1 industry chain [2][28]. - The semiconductor industry index has shown a year-to-date increase of 37.6%, outperforming the CSI 300 index by 24.2 percentage points [21]. Market Performance - The semiconductor industry index experienced a weekly decline of 3.62%, underperforming the CSI 300 index by 1.4 percentage points [21]. - As of the last trading day of the week, the overall P/E ratio for the semiconductor industry was 84.2 times, with 34 stocks rising, 1 remaining flat, and 126 declining [24]. Investment Recommendations - Recommended stocks include Northern Huachuang, Zhongwei Company, Tuojing Technology, and Dinglong Co., with a focus on A1+ semiconductor investment opportunities such as Haiguang Information, Shengke Communication, Hengxuan Technology, and Shenghong Technology [28][32].

Revenue Growth - The company's 2024 revenue reached approximately 9.07 billion CNY, an increase of about 2.80 billion CNY compared to 2023, representing a year-on-year growth of approximately 44.73%[1] - Revenue from etching equipment in 2024 was approximately 7.28 billion CNY, showing a year-on-year increase of about 54.73%[1] R&D Investment - R&D investment for 2024 was approximately 2.45 billion CNY, an increase of 1.19 billion CNY from the previous year, reflecting a year-on-year growth of approximately 94.31%[2] - The company has developed over 20 new devices across six categories, significantly accelerating the new product development cycle to two years or less[2] Profitability - The net profit attributable to the parent company for 2024 was approximately 1.63 billion CNY, a decrease of about 8.93% compared to the previous year[5] - The net profit attributable to the parent company after deducting non-recurring gains and losses was approximately 1.39 billion CNY, an increase of about 16.52% year-on-year[5] Sales Performance - The company achieved a per capita sales figure exceeding 4 million CNY in 2024, up from 3.5 million CNY in 2022[3] Asset Growth - Total assets at the end of the reporting period were approximately 262.29 billion CNY, an increase of 21.85% from the beginning of the period[10] Market Expansion - The company has successfully entered the market with six types of LPCVD film equipment, receiving bulk orders worth approximately 476 million CNY[1] - The company is actively expanding its production and R&D bases, with facilities in Nanchang and Shanghai totaling approximately 320,000 square meters[11]

Core Viewpoint - The article emphasizes the importance of the semiconductor industry in China's new industrialization, highlighting the role of the Science and Technology Innovation Board (STAR Market) in supporting the growth and innovation of this sector through capital and policy initiatives [1][2]. Group 1: Industry Support and Development - The China Securities Regulatory Commission (CSRC) aims to enhance support for key industries such as integrated circuits, industrial mother machines, and medical equipment, recognizing the semiconductor industry as a strategic and foundational sector for economic development [1]. - Since its establishment, the STAR Market has become the preferred platform for semiconductor companies to go public, with 116 semiconductor firms listed, accounting for 60% of A-share semiconductor companies [1][2]. - The STAR Market has facilitated significant capital inflow, with 116 semiconductor companies raising a total of 298.9 billion yuan through IPOs, representing over 80% of the total IPO fundraising in the A-share semiconductor sector [2]. Group 2: Capital Utilization and R&D Investment - The average capital utilization rate among the 116 semiconductor companies is 66%, indicating high efficiency in fund usage [2]. - In the first three quarters of 2024, these companies invested a total of 32.9 billion yuan in R&D, with a median R&D intensity of 17%, significantly higher than the overall A-share level of 4% [2]. - Notable advancements include the development of a new generation of CPUs by Loongson Technology and the introduction of domestically produced CMP equipment by Huahai Qingshi, showcasing the impact of increased R&D investment [2]. Group 3: Policy Innovations and Talent Attraction - The STAR Market has implemented flexible stock incentive mechanisms to attract and retain high-end talent, with 77 semiconductor companies launching 150 stock incentive plans, covering approximately 66% of the sector [3]. - The introduction of policies to support mergers and acquisitions has led to a surge in high-quality industry consolidations, with 76 disclosed equity acquisitions since the "Eight Measures" policy, totaling over 19 billion yuan [4]. Group 4: Market Mechanisms and Investment Products - The STAR Market has established a market-friendly environment for venture capital and institutional investors, including the introduction of a market-making system to enhance liquidity and price stability [6]. - The STAR Market has also launched thematic indices and ETFs focused on the semiconductor industry, catering to investor demand and facilitating participation in the sector's growth [6].

Investment Rating - The report assigns a "Buy" rating for the company [4]. Core Insights - The company is a leading domestic semiconductor equipment manufacturer with significant revenue growth, achieving a compound annual growth rate (CAGR) of 33.93% from 2019 to 2023 [1][24]. - The semiconductor equipment market is expected to grow significantly, with a projected market size of $128 billion by 2025, driven by advancements in technology and increased demand for AI and cloud computing applications [2][38]. - The company has a diversified product portfolio, focusing on plasma etching equipment and MOCVD technology, which positions it well to benefit from the trend of domestic equipment autonomy [3][4]. Summary by Sections Section 1: Company Overview - The company specializes in high-end semiconductor micro-processing equipment and has established itself as a leader in the domestic market [17]. - Its core products include plasma etching equipment, which is widely used in advanced semiconductor manufacturing processes [18]. Section 2: Market Opportunities - The semiconductor industry is experiencing a recovery, with AI and HPC driving demand, leading to a forecasted global semiconductor sales increase of 16% in 2024 [33]. - The domestic equipment market is expected to reach $35 billion in sales by 2024, highlighting the growth potential for local manufacturers [39]. Section 3: Product Development and Strategy - The company is enhancing its product offerings through both internal development and external partnerships, aiming to cover a broader range of semiconductor manufacturing processes [3]. - It has made significant advancements in its etching and MOCVD equipment, which are critical for the production of advanced semiconductor devices [18][19]. Section 4: Financial Projections - Revenue projections for 2024-2026 are estimated at 9.065 billion, 12.269 billion, and 15.213 billion yuan, respectively, with corresponding year-on-year growth rates of 44.72%, 35.35%, and 24.00% [4][9]. - The company's net profit is expected to fluctuate, with a projected decline in 2024 followed by substantial growth in subsequent years [4][9].

中国 证券研究 2025 年 2 月 20 日 中微公司 - A 强劲势头有望延续；维持"增持"评级 根据我们近期的供应链调研，得益于先进制程晶圆代工厂资本开支高企 ，2025 年中国晶圆加工设备（WFE）需求远好于之前担忧。加上新建成 熟制程产能在国产化率方面的追赶，我们认为国内企业或将继续大幅扩 大市占率。我们预计中微公司等头部企业将跑赢，得益于其产品组合和 客户群不断扩大。我们目前预计公司 2025-27 年收入/盈利年复合增长率 为 52%/69%，且我们截至 2026 年 6 月的新目标价为 220.0 元，基于 20 倍的一年动态市盈率。维持"增持"评级。 增持 688012.SS, 688012 CH 股价（2025 年 2 月 20 日）： 205.10 元 ▲ 目标价（2026 年 6 月）： 220.00 元 之前（2025 年 12 月）： 195.00 元 证券研究报告 科技 证券分析师: 冯令天 AC (86-21) 6106 6359 billy.feng@jpmorgan.com 登记编号: S1730520030005 证券分析师: 许日 (86-21) 6106 6318 r ...

证券研究报告 电子 | 半导体 非金融|首次覆盖报告 hyzqdatemark 2025 年 02 月 18 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | | | 日 | | 17 | | | | 02 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 193.21 | | | | | | | | | | | 一 年 内 | 最 | 高 | | | | | | 最 | | 低 | / | 256.99/115.50 | | | | | （元） | | | | | | | | | | | | | | | | | 总市值（百万元） | | | | | 120,246.90 | | | | | | | | | | | | 流通市值（百万元） | | | | | 120,246.90 | | ...

Summary of Zhongwei Company Conference Call Company Overview - **Company**: Zhongwei Company - **Industry**: Semiconductor Equipment Manufacturing Key Financial Projections - **2024 Revenue**: Expected to be approximately 9.065 billion yuan, a year-on-year increase of 44.73% [4] - **Earnings**: Projected net profit attributable to shareholders between 1.5 billion to 1.7 billion yuan, a decrease of 16% to 4.81% year-on-year [6] - **R&D Investment**: R&D expenses expected to reach 2.45 billion yuan, a significant increase of 94.13% year-on-year [2][4] Product Development and Market Strategy - **Product Focus**: Major investments in etching equipment and thin film deposition, with over 20 new devices planned for market launch in 2025 [2][5] - **Customer Base**: Anticipated shift in customer structure, with storage clients' revenue share expected to rise significantly [9] - **Supply Chain Strategy**: Achieved 100% non-American components since 2023, aiming for a diversified supply chain to mitigate geopolitical risks [6][12] Market Trends and Customer Dynamics - **Geopolitical Impact**: Increased acceptance of domestic semiconductor equipment among clients since the second half of 2024, driven by geopolitical factors [6][8] - **Client Structure**: The company expects a more balanced client structure, reducing reliance on a few major clients [6][9] Growth Opportunities - **CVD and Thin Film Equipment**: Optimistic outlook for growth in CVD and thin film equipment, with plans to expand product offerings from three to six to eight types by 2025 [15][16] - **Advanced Logic Chips**: Focus on advanced process technologies, with significant potential for growth once production lines are optimized [17][18] Challenges and Risk Management - **Supply Chain Stability**: Currently no supply chain shortages reported, maintaining a diverse supplier network [13] - **R&D Adjustments**: R&D investments will be adjusted based on the company's performance throughout 2025 [22] Additional Insights - **New Product Launches**: New products in the measurement and detection category expected to be ready for demo by 2025, with full maturity anticipated by 2026 [23] - **Employee Incentives**: Annual stock incentive programs for employees, integrated into compensation packages [27] - **Order Composition**: Advanced process orders currently account for approximately 80% of total orders, indicating a strong position in the high-end market [28]

Core Viewpoint - Shanghai Ximi Technology Co., Ltd. has submitted an IPO counseling record, indicating its intention to go public and expand its production capacity in the semiconductor industry [1][2] Company Overview - Ximi Technology was established in January 2020 and focuses on high-end sealing materials and product solutions for the semiconductor and LCD panel industries [1] - The company began mass production in 2020, offering various types of perfluorinated seals essential for integrated circuit manufacturing [1][2] Production Capacity Expansion - The company launched its third-phase project on June 28, 2023, in the Lingang Industrial Zone, which will increase its production capacity by approximately 60% [1] - Post-expansion, the total production capacity will reach 1 million seals of various sizes, fulfilling about 70% of the domestic semiconductor industry's demand for perfluorinated sealing components [1] Market Position and Competition - Ximi Technology aims to capture market share from leading international brands and become the top domestic player in the perfluorinated seal market [2] - The company has established a strong foothold in the market, with many well-known domestic integrated circuit companies using its products [2] Financial and Ownership Structure - The company has secured nearly 300 million RMB in investments, with significant shareholders including IDG Capital, Ruijing Capital, and Shen Chuang Investment [2] - The actual controller of the company, Chairman Xie Changjie, holds a 20.26% stake [2] Industry Trends - There is a noticeable increase in IPO activities among integrated circuit-related companies, with other firms like Mu Xi Integrated Circuit and Mo Er Thread also pursuing public listings [3] - The semiconductor industry is witnessing a surge in domestic companies aiming to enhance their market presence and technological capabilities [3]