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]

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]

营收持续高增，打造设备平台化布局 中微公司 688012.SH 公司研究 | 年报点评 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年归母净利润分别为 24.3、33.6、44.6 亿元（原 25-26 年预测 为 23.1、31.3 亿元，主要调整了主营业务收入），采用 DCF 估值法，给予 226.67 元目标价，维持买入评级。 风险提示 ⚫ 研发费用增长影响盈利；晶圆厂扩产进度影响后续新增订单增长；业绩不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 6,264 | 9,065 | 12,049 | 15,624 | 20,009 | | 同比增长 (%) | 32% | 45% | 33% | 30% | 28% | | 营业利润(百万元) | 1,980 | 1,704 | 2,584 | 3,715 | 5,083 | | 同比增长 (%) | 57% | -14% | 52% | 44% | 37% | | 归 ...

Flash | 17 Apr 2025 13:58:19 ET │ 12 pages Advanced Micro-Fabrication Eq (688012.SS) 2024 Results In-Line with Preliminary, Etcher Revenue Up 55% YoY CITI'S TAKE AMEC today (17 Apr) released its 2024 official results, with revenue and gross profit up 45% and 36% YoY in 2024, both of which are in line with its 2024 preliminary results. Despite strong gross profit growth, net profit dropped by 9% YoY to Rmb1.61bn in 2024, mainly due to lower investment incomes. GPM also contracted by 2.8pp YoY to 41.1% in 202 ...

电子/半导体 中微公司（688012.SH） 收入实现高增，高端化+平台化战略稳步推进 2025 年 04 月 20 日 投资评级：买入（维持） | 日期 | 2025/4/20 | | --- | --- | | 当前股价(元) | 190.00 | | 一年最高最低(元) | 256.99/115.50 | | 总市值(亿元) | 1,182.49 | | 流通市值(亿元) | 1,182.49 | | 总股本(亿股) | 6.22 | | 流通股本(亿股) | 6.22 | | 近 3 个月换手率(%) | 82.17 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 2025-04 中微公司 沪深300 相关研究报告 《Q3 业绩同环比高增，刻蚀龙头高端 产品加速放量—公司信息更新报告》 -2024.10.31 《高研发助力长期成长，2024H1 新签 订单加速放量—公司信息更新报告》 -2024.8.24 《2024Q1 营收同比持续增长，高端刻 蚀设备快速放量—公司信息更新报 告》-2024.4.28 陈蓉芳（分析师） 陈瑜熙（ ...

电子/半导体 中微公司（688012.SH） 收入实现高增，高端化+平台化战略稳步推进 | 日期 | 2025/4/20 | | --- | --- | | 当前股价(元) | 190.00 | | 一年最高最低(元) | 256.99/115.50 | | 总市值(亿元) | 1,182.49 | | 流通市值(亿元) | 1,182.49 | | 总股本(亿股) | 6.22 | | 流通股本(亿股) | 6.22 | | 近 3 个月换手率(%) | 82.17 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 2025-04 中微公司 沪深300 相关研究报告 《Q3 业绩同环比高增，刻蚀龙头高端 产品加速放量—公司信息更新报告》 -2024.10.31 《高研发助力长期成长，2024H1 新签 订单加速放量—公司信息更新报告》 -2024.8.24 《2024Q1 营收同比持续增长，高端刻 蚀设备快速放量—公司信息更新报 告》-2024.4.28 陈蓉芳（分析师） 陈瑜熙（分析师） chenrongfang@kysec.cn 证书 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [1][12] Core Views - The company achieved a revenue of 9.065 billion yuan in 2024, representing a year-on-year growth of 44.73%, while the net profit attributable to shareholders was 1.616 billion yuan, down 9.53% year-on-year [4][7] - The company continues to invest heavily in research and development, with R&D expenses increasing by approximately 73.59% year-on-year to 1.418 billion yuan in 2024 [7][8] - The company is expanding its production and R&D bases in multiple locations, including Nanchang and Shanghai, to meet future demand [7][8] Financial Performance Summary - Revenue and Profit Forecasts: - 2024: Revenue of 9.065 billion yuan, net profit of 1.616 billion yuan [4][9] - 2025: Expected revenue of 11.785 billion yuan, net profit of 2.363 billion yuan [6][9] - 2026: Expected revenue of 15.320 billion yuan, net profit of 3.084 billion yuan [6][9] - 2027: Expected revenue of 19.916 billion yuan, net profit of 4.059 billion yuan [6][9] - Profitability Ratios: - Gross margin for 2024 is 41.1%, and net margin is 17.8% [7][10] - Return on equity (ROE) is projected to improve from 8.2% in 2024 to 14.1% in 2027 [10] Product Development and Market Position - The company has a leading position in the MOCVD equipment market, with successful product launches for various applications, including blue light and deep ultraviolet LEDs [8] - The company has developed multiple new products in the etching equipment line, with significant sales growth expected [7][8] - The company is also advancing in the development of thin film deposition products, which have received positive validation from key clients [8]