一、董事会会议召开情况 中微半导体设备（上海）股份有限公司（以下简称"中微公司"或"公司"）于 2025 年 4 月 17 日召开了第三届董事会第二次会议（以下简称"本次会议"）。本次 会议的通知于 2025 年 4 月 8 日通过邮件方式送达全体董事。会议应出席董事 9 人，实际到会董事 9 人，会议由公司董事长尹志尧先生主持。会议的召集和召开 程序符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。会议 决议合法、有效。 证券代码：688012 证券简称:中微公司 公告编号：2025-010 中微半导体设备（上海）股份有限公司 第三届董事会第二次会议决议公告 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。 二、董事会会议审议情况 会议经全体参会董事表决，形成决议如下： （一）审议通过《关于公司 2024 年年度报告及摘要的议案》 根据《公开发行证券的公司信息披露内容与格式准则第 2 号——年度报告的 内容与格式（2021 年修订）》《公开发行证券的公司信息披露编报规则第 15 号— —财务报告的一般规定（20 ...

中微半导体设备（上海）股份有限公司 中微半导体设备（上海）股份有限公司（以下简称"公司"）董事会薪酬 与考核委员会依据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司股权激励 管理办法》（2025 修正）（以下简称"《管理办法》"）《上海证券交易所科 创板股票上市规则》（以下简称"《上市规则》"）等相关法律、法规及规范 性文件和《中微半导体设备（上海）股份有限公司章程》（以下简称"《公司 章程》"）的有关规定，对公司《2025 年限制性股票激励计划（草案）》（以 下简称"《激励计划（草案）》"）进行了核查，发表核查意见如下： 1．公司不存在《管理办法》等法律、法规规定的禁止实施股权激励计划的 情形，包括：（1）最近一个会计年度财务会计报告被注册会计师出具否定意见 或者无法表示意见的审计报告；（2）最近一个会计年度财务报告内部控制被注 册会计师出具否定意见或无法表示意见的审计报告；（3）上市后最近 36 个月 内出现过未按法律法规、公司章程、公开承诺进行利润分配的情形；（4）法律 法规规定不得实行股权激励的；（5）中国证监会认定的其他情形。公司具备 ...

证券代码：688012 证券简称：中微公司 公告编号：2025-012 中微半导体设备（上海）股份有限公司 2024 年年度利润分配方案公告 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： 每股分配比例：每10股派发现金红利人民币3.00元（含税），不送红股， 不进行公积金转增股本。 本次利润分配以实施权益分派股权登记日登记的总股本扣除公司回购专 户的股份余额为基数，具体日期将在权益分派实施公告中明确。 如在本公告披露之日起至实施权益分派股权登记日期间公司总股本发生 变动的，公司拟维持每股分配比例不变，相应调整分配总额，并将另行公告具体 调整情况。 公司未触及《上海证券交易所科创板股票上市规则》（以下简称"《科 创板股票上市规则》"）第12.9.1条第一款第（八）项规定的可能被实施其他风 险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经普华永道中天会计师事务所（特殊普通合伙）审计确认，中微半导体设备 （上海）股份有限公司（以下简称"中微公司"或"公司"）2024 年度实现归属 于上市公 ...

1 / 268 中微半导体设备（上海）股份有限公司 2024 年年度报告 会 AMEC 2024 年年度报告 董事长致辞 尹志尧 中微公司董事长、总经理 尊敬的各位股东、各位朋友们: 大家好!我谨代表中微公司董事会、公司管理层和全体员工,向各 位股东和社会各界对中微公司的信任和大力支持表示衷心的感谢! 近年来,随着人工智能、云计算、大数据、自动驾驶等数码技术相 关的产业进一步加速发展,半导体微观制造设备作为数码产业的基石, 其市场高速发展。更多的人越来越清楚地认识到"工欲善其事,必先利 其器"的道理。没有能加工微米及纳米级微观器件的光刻机、等离子体 刻蚀机、薄膜沉积等设备,就没有集成电路和微观器件产业,数码产业 的发展也将受到极大的制约。而复杂的国际局势更凸显了"数码强，则 国强，数码弱，则国弱"，及"设备强，则数码强，设备弱，则数码弱" 的道理和半导体设备自主可控的重要性。 面对复杂多变的外部环境,中微公司站在先进制程工艺发展的最前 沿,坚持技术的创新、产品的差异化和知识产权保护的基本原则。坚持 原创的设计，和国际领先的半导体客户公司同步前行。凭借强有力的研 发团队和深厚的客户关系,我们开发出一个又一个成功 ...

中微公司：2024年净利润16.16亿元，同比下降9.53% 拟10派3元 金十数据4月17日讯，中微公司公告，2024年营业收入为90.65亿元，同比增长44.73%。归属于上市公司 股东的净利润16.16亿元，同比下降9.53%。拟向全体股东每10股派发现金红利3元(含税)。 订阅A股市场资讯 +订阅 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company is positioned as a leader in domestic high-end semiconductor equipment, focusing on etching and MOCVD equipment, with a strong emphasis on R&D and innovation to drive growth [12][18]. - The company has demonstrated robust revenue growth, with revenue and net profit expected to continue increasing significantly in the coming years [3][24]. Summary by Sections Company Overview - Established in May 2004, the company has developed a platform-based growth model centered on etching and MOCVD equipment, expanding into thin film deposition and measurement equipment [1]. - The company's plasma etching technology has reached below 5nm, with increasing market share and substantial orders from leading clients [1][12]. Market Position and Technology - The company has delivered over 3,800 CCP reaction chambers and has more than 700 ICP reaction chambers in production, covering over 95% of etching applications [2]. - The company’s MOCVD equipment leads the market in GaN-based devices, with ongoing development for new applications in power devices and Micro-LED manufacturing [1][3]. Financial Performance - Revenue and net profit have shown a compound annual growth rate (CAGR) of 33.0% and 61.7% respectively from 2018 to 2024, with projected revenues of approximately 120.7 billion and 158.0 billion for 2025 and 2026 [1][3]. - The company achieved a revenue of 62.64 billion in 2023, a year-on-year increase of 32.15%, with a net profit of 17.86 billion, up 52.67% year-on-year [24]. Future Projections - The company is expected to achieve revenues of 120.7 billion and 158.0 billion in 2025 and 2026, with corresponding net profits of 25.5 billion and 35.6 billion [3]. - The gross margin is projected to be 42.9% in 2025 and 43.9% in 2026, indicating a favorable valuation with a PE ratio of 49x and 35x for the respective years [3].

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]

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 | | ...