Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 127.45 CNY per share [1]. Core Views - The company has shown significant revenue growth, with a forecasted increase in new orders for 2024, indicating a strong upward trend in performance [4][10]. - The company is experiencing pressure on net profit margins due to increased R&D expenses, but the overall order growth and production capacity suggest a positive outlook for future earnings [6][10]. Summary by Sections Financial Performance - For the first half of 2024 (24H1), the company reported revenue of 3.448 billion CNY, a year-on-year increase of 36%. However, the net profit attributable to shareholders was 517 million CNY, a decrease of 48% year-on-year [5]. - The gross margin for 24H1 was 41.32%, down 2.59 percentage points from the previous year, primarily due to fluctuations in customer and product mix [5]. - The company expects new orders for 2024 to be between 11 billion and 13 billion CNY, representing a growth of 32% to 56% compared to 2023 [5]. Orders and Production - The company signed new orders worth 4.7 billion CNY in 24H1, a 40% increase year-on-year. The total new orders for the first three quarters of 2024 exceeded 7.5 billion CNY, up over 50% year-on-year [6]. - The company’s contract liabilities (prepayments) at the end of 24H1 were 2.535 billion CNY, showing a significant increase from 772 million CNY at the end of 2023 [6]. R&D and Technological Advancements - The company has made significant breakthroughs in advanced equipment development, including successful validation and mass production of high aspect ratio etching equipment [7]. - The R&D expenses for 24H1 reached 568 million CNY, a 95% increase year-on-year, accounting for 16.47% of revenue [6]. Profit Forecast - The net profit forecast for 2024-2026 has been adjusted to 1.8 billion, 2.42 billion, and 3.34 billion CNY respectively, reflecting the impact of fluctuating gross margins on net profit [10].

Financial Performance - The company's revenue for the first half of 2024 reached 3.448 billion CNY, a year-on-year increase of 36.46% [1] - Plasma etching equipment revenue was 2.698 billion CNY, up approximately 56.68% year-on-year [1] - MOCVD equipment revenue was 152 million CNY, a decrease of about 49.04% compared to the same period last year [1] - The net profit attributable to shareholders for the first half of 2024 was 517 million CNY, a decrease of approximately 48.48% year-on-year [2] - R&D investment for the first half of 2024 was 970 million CNY, a significant increase of 110.84% [2] Order and Market Outlook - New orders for the first half of 2024 totaled 4.7 billion CNY, a year-on-year increase of approximately 40.3% [2] - The company expects cumulative new orders for the first three quarters of 2024 to exceed 7.5 billion CNY, with a year-on-year growth of over 50% [2] - Advanced process orders accounted for over 70% of new orders in the first half of 2024 [2] R&D and Innovation - The company is focusing on six categories of equipment with over 20 new devices under development [2] - R&D expenses accounted for 28.2% of operating revenue in the first half of 2024 [4] - The company is actively developing new MOCVD products and has made good progress in the market [2] Industry Trends - The dry etching equipment market has an average annual growth rate of over 15% from 2013 to 2023, while chemical film equipment has an average growth rate of over 14% [3] - The transition from 2D to 3D memory devices requires significant use of multilayer film deposition and high aspect ratio etching [3] Strategic Focus - The company is enhancing its competitive edge in the detection industry, including optical and electron beam detection [5] - The company aims to balance short-term profitability with long-term development through continuous innovation and market expansion [3]

中微半导体设备（上海）股份有限公司（以下简称"公司"）近日收到上海创 投通知，国资监管机构决定将上海科创集团持有的上海浦东科创集团有限公司 46%股权无偿划转给上海市浦东新区国有资产监督管理委员会。后续上海创投与 浦东新产投不再是一致行动关系。现将有关权益变动情况公告如下： 一、信息披露义务人及本次权益变动基本情况 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。 证券代码：688012 证券简称：中微公司 公告编号：2024-059 中微半导体设备（上海）股份有限公司 关于大股东权益变动的提示性公告 重要内容提示： 上海创投与浦东新产投为一致行动关系。 本次股权划转完成后，浦东新产投控股股东不变，实际控制人变更为上海市 浦东新区国有资产监督管理委员会。变更后浦东新产投股权结构图如下： 上海创投与浦东新产投不再是一致行动关系。 1、信息披露义务人基本情况 | 信息披露义务人 | 上海创业投资有限公司 | | | | --- | --- | --- | --- | | 注册地址 | 上海市静安区新闸路 号 669 39 | 层 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6][9]. Core Views - The company has experienced significant revenue growth due to increased demand for etching equipment, although profitability is under short-term pressure due to rising costs and increased R&D expenses [4][5]. - The company's etching equipment revenue reached 2.698 billion yuan in the first half of 2024, a year-on-year increase of approximately 56.68%, with its share of total revenue rising from 68.16% in the first half of 2023 to 78.26% in the first half of 2024 [5]. - The company is expected to benefit from the ongoing upgrades in advanced logic processes and storage technologies, leading to stable revenue and profit growth in the future [9]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 3.448 billion yuan, a year-on-year increase of 36.46%, while net profit attributable to shareholders decreased by 48.48% to 517 million yuan [3][4]. - The company's gross margin has declined due to new accounting standards affecting warranty costs and increased operating expenses, particularly a 94.58% rise in R&D expenses [4]. Equipment Sales and Market Position - The company’s MOCVD equipment sales were approximately 152 million yuan, down about 49.04% year-on-year, but it maintains a leading position in the international market for GaN-based MOCVD equipment [6]. - The company has developed new products that have been validated by clients, indicating potential for future growth in the MOCVD market, which is projected to exceed 800 units annually by 2026 [6]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 8.154 billion yuan, 10.767 billion yuan, and 14.121 billion yuan respectively, with corresponding EPS estimates of 2.94 yuan, 3.58 yuan, and 4.49 yuan [8][9]. - The company is expected to maintain a stable growth trajectory, with projected net profit growth rates of 2.2% in 2024 and 21.7% in 2025 [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][5]. Core Insights - The company reported significant growth in orders and revenue in H1 2024, with a total revenue of 3.448 billion yuan, representing a year-on-year increase of 36.46%. However, the net profit attributable to shareholders decreased by 48.48% to 517 million yuan due to the absence of stock disposal gains that were present in the previous year [2][3]. - The company achieved its first sales of LPCVD equipment, contributing 28 million yuan to revenue. The etching equipment segment saw a revenue increase of 56.68% to 2.698 billion yuan, while MOCVD equipment revenue fell by 49.04% to 152 million yuan [2][3]. - The company added new orders worth 4.7 billion yuan in H1 2024, a growth of approximately 40.3%, with etching equipment orders increasing by 50.7% to 3.94 billion yuan [2][3]. Summary by Sections Financial Performance - In H1 2024, the company's gross margin was 41.32%, down 4.57 percentage points year-on-year. If calculated under previous accounting standards, the gross margin would have been 44.07% [2][3]. - The net profit margin for H1 2024 was 14.97%, a decrease of 24.70% year-on-year. The company’s operating expenses increased, with R&D expenses rising by 94.58% to 568 million yuan [2][3]. Market Position and Strategy - The company is a leader in plasma etching equipment and is actively expanding its portfolio in thin film deposition and inspection equipment. It aims to cover 50%-60% of the semiconductor equipment market in the next five to ten years [3][5]. - The company is developing advanced etching technologies and has successfully validated multiple new equipment products in customer production lines [3][5]. Earnings Forecast - The company is projected to achieve revenues of 8.367 billion yuan in 2024, 10.865 billion yuan in 2025, and 13.994 billion yuan in 2026, with corresponding net profits of 2.081 billion yuan, 2.660 billion yuan, and 3.514 billion yuan respectively [3][5].

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][4]. Core Views - The company achieved a revenue of 3.448 billion yuan in the first half of 2024, representing a year-on-year increase of 36.46%. However, the net profit attributable to shareholders decreased by 48.48% year-on-year to 517 million yuan, primarily due to the absence of gains from the sale of shares in 2023 [3][4]. - The company continues to invest heavily in research and development, with R&D expenses reaching 970 million yuan in the first half of 2024, a 110.84% increase from the previous year [4][5]. - New orders surged to 4.7 billion yuan in the first half of 2024, a year-on-year growth of approximately 40.3%, with etching equipment orders increasing by 50.7% [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company's overall gross margin was 41.32%, down 4.57 percentage points year-on-year, and the net margin was 14.97%, down 24.7 percentage points year-on-year [4]. - The revenue from etching equipment was 2.698 billion yuan, a 56.68% increase year-on-year, while revenue from MOCVD equipment fell by 49.04% to 152 million yuan [4][5]. Market Position and Product Development - The company is a leader in etching equipment, with a comprehensive range of products that are widely used by top-tier clients in the semiconductor industry [5]. - The company is also making progress in developing MOCVD equipment for third-generation semiconductor applications, with successful initial results in Micro-LED applications [5]. Future Outlook - The report forecasts net profits for the company to be 2.073 billion yuan, 2.565 billion yuan, and 3.160 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 42x, 34x, and 27x [5][7].

Investment Rating - Strong Buy (Maintained) with a target price of 189.2 RMB, compared to the current price of 131.01 RMB [1] Core Views - The company's revenue in H1 2024 reached 3.448 billion RMB, a year-on-year increase of 36.46%, with a gross margin of 41.32%, down 4.57 percentage points year-on-year [1] - Net profit attributable to the parent company in H1 2024 was 517 million RMB, a year-on-year decrease of 48.48%, while non-GAAP net profit was 483 million RMB, down 6.88% year-on-year [1] - In Q2 2024, the company achieved revenue of 1.843 billion RMB, up 41.37% year-on-year and 14.81% quarter-on-quarter, with a gross margin of 38.17%, down 7.73 percentage points year-on-year and 6.77 percentage points quarter-on-quarter [1] - The company's etching equipment revenue in H1 2024 was 2.698 billion RMB, a year-on-year increase of 56.68%, driven by the acceleration of semiconductor equipment localization [2] - New orders in H1 2024 reached 4.7 billion RMB, a year-on-year increase of approximately 40.3%, with expected cumulative new orders for 2024 projected to be between 11-13 billion RMB [2] - The company's ICP and CCP equipment are rapidly advancing, with 12-inch high-end etching equipment already in mass production for nodes ranging from 65nm to 5nm and beyond [2] - R&D investment in H1 2024 increased by 110.84% year-on-year to 970 million RMB, accounting for 28.15% of revenue, supporting the company's platform-based development [2] Financial Forecasts - Revenue forecasts for 2024-2026 are 8.395 billion RMB, 11.823 billion RMB, and 15.043 billion RMB, respectively [2] - Net profit attributable to the parent company is expected to be 1.8 billion RMB, 2.737 billion RMB, and 3.608 billion RMB for 2024-2026, respectively [2] - The company's gross margin is projected to remain stable at around 46.3%-46.9% from 2024 to 2026 [7] - ROE is expected to increase from 9.3% in 2024 to 14.5% in 2026, reflecting improved profitability [7] Industry and Market Context - The semiconductor equipment industry is benefiting from accelerated localization due to changes in international trade dynamics, with the company well-positioned to capitalize on this trend [2] - The company's etching equipment is gaining market share in both logic and 3D NAND production lines, with successful validation of new ICP and CCP equipment for high-aspect-ratio etching [2] - The company's platform-based strategy and high R&D investment are expected to drive long-term growth, particularly in advanced logic and memory production lines [2]

电子/半导体 公 司 研 究 高研发助力长期成长，2024H1 新签订单加速放量 中微公司（688012.SH） 2024 年 08 月 24 日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） luotong@kysec.cn 证书编号：S0790522070002 | --- | --- | |--------------------|---------------| | 日期 | 2024/8/23 | | 当前股价(元) | 131.01 | | 一年最高最低(元) | 176.00/104.92 | | 总市值(亿元) | 813.97 | | 流通市值(亿元) | 813.97 | | 总股本(亿股) | 6.21 | | 流通股本(亿股) | 6.21 | | 近 3 个月换手率(%) | 67.16 | 股价走势图 中微公司 沪深300 -24% -12% 0% 12% 24% 36% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《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 《刻蚀设备市占率加 ...

2024 年 8 月 23 日 公司研究 研发投入力度显著加大，新签订单持续高增长 ——中微公司（688012.SH）跟踪报告之九 要点 事件： 公司发布 2024 年半年报，营业收入 34.48 亿元，同比增长 36.46%；归母净利 润 5.17 亿元，同比减少 48.48%；扣非归母净利润 4.83 亿元，同比减少 6.88%。 点评： 2024H1 公司收入快速增长，研发支出较高使得扣非归母净利润同比略有下滑。 2024H1 公司营业收入同比增长 36.46%达到 34.48 亿元，其中等离子体刻蚀设 备收入 26.98 亿元，同比增长约 56.68%；MOCVD 设备收入 1.52 亿元，较上年 同期减少约 49.04%，主要因为公司在蓝绿光 LED 生产线和 Mini-LED 产业化中 保持绝对领先的地位，该终端市场近两年处于下降趋势。 2024H1 归母净利润为 5.17 亿元，较上年同期下降约 4.86 亿元，同比减少约 48.48%，主要由于 2023 年公司出售了持有的部分拓荆科技股份有限公司股票， 产生税后净收益约 4.06 亿元，而 2024 年公司并无该项股权处置收益。2024H1 ...

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 | | ...