证券研究报告·公司点评报告·半导体 中微公司（688012） 2023 年报点评：业绩稳健增长，刻蚀&薄膜 2024年 03月 20日 沉积等多产品加速推进 证券分析师 周尔双 买入（维持） 执业证书：S0600515110002 021-60199784 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zhouersh@dwzq.com.cn 研究助理 李文意 营业总收入（百万元） 4,740 6,264 8,124 10,464 13,319 执业证书：S0600122080043 同比 52.50% 32.15% 29.70% 28.81% 27.29% liwenyi@dwzq.com.cn 归母净利润（百万元） 1,170 1,786 2,083 2,581 3,637 同比 15.66% 52.67% 16.66% 23.87% 40.92% 股价走势 EPS-最新摊薄（元/股） 1.89 2.88 3.36 4.17 5.87 中微公司 沪深300 P/E（现价&最新摊薄） 81.30 53.26 45.65 36.85 26.15 ...

公司研 究 证 券研究 报 告 半导体设备 2024年03月19日 中 微公司（688012）2023年报点评 强 推 （维持） 目标价：203.3元 业绩保持高增态势，拓宽产品矩阵未来可期 当前价：155.09元 事项： 华创证券研究所  2024年3月18日，公司发布2023年年度报告： 证券分析师：耿琛  1）2023年：营业收入62.64亿元，同比增长32.15%；归母净利润17.86亿元， 电话：0755-82755859 同比增长52.67%；扣非后归母净利润11.91亿元，同比增长29.58%； 邮箱：gengchen@hcyjs.com  2）2023Q4：营业收入22.22亿元，同比增长30.97%，环比增长46.71%；归母 执业编号：S0360517100004 净利润 6.26亿元，同比增长 66.14%，环比增长 299.11%；扣非后归母净利润 证券分析师：岳阳 4.58亿元，同比增长66.13%，环比增长113.18%。 评论： 邮箱：yueyang@hcyjs.com 执业编 号：S0360521120002  刻蚀设备业务持续高增长，半导体设备龙头盈利能力保持高水平。 ...

Financial Performance - AMEC's 2023 revenue reached approximately 6.26 billion yuan, a year-on-year increase of 32.2%[4] - Net profit attributable to the parent company in 2023 was approximately 1.79 billion yuan, a year-on-year increase of 52.7%[5] - Revenue for the fiscal year 2023 reached RMB 10.2 billion, representing a year-over-year growth of 25%[50] - Net profit for the year stood at RMB 2.3 billion, marking a 30% increase compared to the previous year[50] - Revenue in 2023 reached RMB 6.26 billion, a year-on-year increase of 32.15%[57] - Net profit attributable to shareholders in 2023 was RMB 1.79 billion, up 52.67% year-on-year[57] - Revenue in 2023 reached approximately 6.264 billion yuan, an increase of 1.524 billion yuan compared to 2022, representing a year-on-year growth of 32.15%[155] - Operating income increased by 32.15% to 4,739,830,997.55 yuan, while operating costs rose by 31.93% to 2,571,933,469.82 yuan[156] - The company's revenue for the fiscal year 2023 reached $96.77 billion, driven by strong performance in the Chinese market[200] - The company's net income increased by 15% year-over-year, reaching $12.34 billion[200] Revenue Breakdown - Plasma etching equipment accounted for 75.1% of the company's revenue, with a year-on-year growth of 49.4% to 4.7 billion yuan in 2023[4] - Etching equipment sales in 2023 were RMB 4.70 billion, up 49.43% year-on-year[58] - MOCVD equipment sales in 2023 were RMB 462 million, down 33.95% year-on-year[58] - Semiconductor equipment revenue grew by 32.15% to 6.26 billion yuan, with a gross margin of 45.83%[158] - Revenue from dedicated equipment increased by 34.26% to 5.17 billion yuan, with a gross margin of 45.17%[158] - Revenue from the mainland region increased by 37.27% to 5.76 billion yuan, accounting for the majority of the company's income[159] - Revenue from spare parts increased by 16.32% to 971.17 million yuan, with a gross margin of 48.30%[158] - The company's new product line contributed $5.6 billion in revenue, accounting for 15% of total sales[200] Orders and Market Share - New orders in 2023 totaled approximately 8.36 billion yuan, a 32.3% increase from 2022, with etching equipment orders reaching 6.95 billion yuan, up 60.1%[5] - New orders in 2023 amounted to RMB 8.36 billion, a year-on-year increase of 32.3%[59] - The company's CCP and ICP etching equipment can cover over 95% of domestic etching application needs[5] - The company's MOCVD equipment holds over 80% market share in the global GaN-based LED lighting MOCVD equipment market, contributing significantly to global energy savings and carbon emission reduction[6] - The company expanded its market share in the semiconductor equipment sector to 12%, up from 10% in 2022[51] - The company's CCP and ICP etching equipment significantly increased market share in domestic major customer chip production lines in 2023[69] - The company's market share in the semiconductor sector grew by 3% to reach 25% globally[200] R&D and Innovation - R&D investment in 2023 reached 1.262 billion yuan, a year-on-year increase of 35.89%, accounting for 20.15% of total revenue[27] - The company's R&D expenditure for 2023 was RMB 1.5 billion, accounting for 14.7% of total revenue[50] - R&D investment accounted for 20.15% of revenue in 2023, an increase of 0.56 percentage points year-on-year[58] - R&D expenses grew by 34.91% to 605,343,887.13 yuan, reflecting the company's continued investment in innovation[156] - The company's R&D expenditure for the year was $2.56 billion, representing 10% of total revenue[200] - The company plans to invest $1.5 billion in new product development and technology innovation over the next two years[200] Equipment and Technology - The company's CCP and ICP etching equipment can cover over 95% of domestic etching application needs[5] - AMEC's dual-reactor etching system has nearly 600 units in use at the most advanced chip manufacturing customer production lines, with half used for 5nm and more advanced processes[5] - The company's LPCVD and ALD equipment for conductor film deposition has four products in the market, with three already certified by customers and receiving repeat orders[5] - The company's MOCVD equipment holds over 80% market share in the global GaN-based LED lighting MOCVD equipment market, contributing significantly to global energy savings and carbon emission reduction[6] - The company's new double-chamber etching machine saves over 30% of total manufacturing parts, reducing carbon emissions[6] - The company's CCP etching equipment has been sold in bulk for advanced 5nm and below integrated circuit production lines, with over 200 reaction chambers operating in production lines[108] - The company's MOCVD equipment PRISMO UniMax is widely used in leading customers' Mini-LED epitaxial production lines, dominating the industry[114] - The company's Micro-LED MOCVD equipment has achieved excellent wavelength uniformity in lab results and delivered prototypes to leading domestic customers for production verification[114] - The company's PRISMO PD5 MOCVD equipment for GaN power devices has been delivered to customers for production verification and received repeat orders[114] - The company is developing next-generation MOCVD equipment for GaN power devices to further improve performance and reduce customer production costs[114] - The company is optimizing MOCVD equipment for SiC power devices to meet the transition to 8-inch substrates, with promising lab results and plans for customer collaboration[114] Global Operations and Supply Chain - AMEC is a China-based global leader in advanced micro-processing equipment, serving customers in regions including Mainland China, Taiwan, Singapore, South Korea, Germany, and Italy[22] - The company has over 4,000 plasma etching and chemical thin film reaction stations, supporting mass production and repeat sales across 120 production lines in China, Asia, and Europe[6] - The company has developed a global supply chain with approximately 600 suppliers, ensuring a more self-controllable supply chain[6] - The company has 15 regional offices and 6 overseas subsidiaries, with total factory and office space reaching approximately 450,000 square meters[38] - The company's global sales are managed through direct sales, with the exception of the European market, which is handled through agents[102] - The company has established a global procurement system with approximately 600 suppliers and has cultivated numerous domestic component suppliers[137] Future Plans and Investments - The company plans to launch over 10 new thin film deposition equipment models in 2024, expanding product coverage in the thin film deposition field[70] - The company plans to invest RMB 1 billion in R&D for 2024, focusing on next-generation semiconductor manufacturing technologies[50] - The company is developing specialized MOCVD equipment for Micro-LED applications and epitaxial equipment for silicon-based GaN and SiC power devices[181] - The company aims to hire over 500 domestic and international professionals and provide over 20,000 training sessions totaling 50,000 hours in 2024[182] - The company will participate in major industry events such as Semicon China and IC China, supporting over 10 domestic and international academic conferences in 2024[183] - The company is considering investments and mergers with high-end semiconductor equipment and key component manufacturers to expand product coverage and market share[184] - The company plans to advance smart factory projects and lean management at its Zhongwei Lingang production base to improve personnel and operational efficiency and shorten equipment delivery cycles[186] - The company expects to achieve a revenue growth rate of 10-12% in the next fiscal year[200] Risks and Challenges - The company faces risks from downstream customers' capital expenditure fluctuations, which could impact sales and profitability[141] - Potential risks from downstream customers' expansion plans falling short of expectations, which may reduce equipment procurement demand[142] - Risks associated with changes in government subsidies and tax incentives, particularly the 15% preferential corporate income tax rate for high-tech enterprises[144] - International trade friction risks, especially with increased export control restrictions on semiconductors by certain countries[146] - Supply chain risks due to global semiconductor industry capacity constraints, which could affect equipment delivery timelines[147] - The global semiconductor equipment market is highly cyclical, influenced by economic conditions, semiconductor market trends, and end-consumer demand[103] ESG and Sustainability - The company is committed to ESG (Environmental, Social, and Governance) initiatives, focusing on green production, employee rights, and social development, aiming to become an international leader in these areas[186] - In 2024, the company will focus on reducing energy consumption, lowering the use of fluorine-containing chemicals, and increasing the proportion of renewable energy usage[186] - The company will continue to integrate into international sustainability organizations such as the Responsible Business Alliance (RBA) and the Semiconductor Climate Consortium (SCC) in 2024[186] - The company will continue its public welfare activities, including supporting education and the "Chip Liver Baby Plan," and expand collaborations with renowned universities to cultivate new industry talent[186] Corporate Governance and Leadership - The company has developed a comprehensive management culture, including ten principles for product development, ten strategies for sales, and ten methods for operational management[138] - Zhang Wei, born in 1968, holds a bachelor's, master's, and doctoral degree from Xi'an Jiaotong University. He has served as a professor and executive dean at Fudan University's Microelectronics Institute since 2017[199] - Chen Shimin, born in 1958, holds a bachelor's and master's degree from Shanghai University of Finance and Economics and a Ph.D. from the University of Georgia. He has been a professor at CEIBS since 2008[199] - Kong Wei, born in 1971, holds a bachelor's degree from Gansu Political Science and Law Institute. He has been a partner at Zhong Lun Law Firm since 2001[199] - Zhang Yu, born in 1972, holds a master's degree from the University of Hawaii. He has served as an independent director at AMEC since 2014[199] - Du Zhiyou, born in 1959, holds a bachelor's degree from Shanghai Jiao Tong University and a master's and doctoral degree from MIT. He served as COO at AMEC from 2004 until his departure[199] - Ouyang Yiyun, born in 1994, holds a master's degree from Johns Hopkins University. She previously served as a manager at China Integrated Circuit Industry Investment Fund[199] - Chen Datong, born in 1955, holds a bachelor's, master's, and doctoral degree from Tsinghua University. He co-founded OmniVision and Spreadtrum Communications and served as a founding partner at Hua Capital[199] - Fan Xiaoning, born in 1983, holds a graduate degree in economic law from Renmin University of China. He previously served as a general manager at China Integrated Circuit Industry Investment Fund[199] - Huang Qing, born in 1962, holds a bachelor's degree in physics from UC Berkeley and a master's and doctoral degree in electrical engineering. He has served as a managing director at Walden International since 2005[199] - Zou Fei, born in 1985, holds a bachelor's degree from Peking University. She has served in various roles at China Development Bank Capital and China International Capital Corporation[199] Industry Trends and Market Outlook - Etching and thin film equipment each account for approximately 22% of the total integrated circuit equipment market, with continued growth expected[4] - The company's inspection equipment sector, accounting for about 11% of the total equipment market, is growing rapidly, with the company expanding its coverage in this area[6] - Global semiconductor industry sales in 2023 were $526.8 billion, an 8.2% decrease from 2022's $574.1 billion, with a recovery expected in 2024[177] - Global semiconductor manufacturing equipment sales are projected to reach $100 billion in 2023, a 6.1% decline from 2022's $107.4 billion, with a rebound anticipated by 2025 to $124 billion[177] - China's semiconductor equipment market is expected to grow to $30 billion in 2023, accounting for 30% of the global market[177] - The semiconductor equipment industry's development indirectly promotes the emergence of new industries such as AI, big data, wearables, autonomous vehicles, and smart robots[117] Employee and Workforce - The company's new employees in 2023 totaled 461, bringing the total workforce to 1,722, with R&D personnel accounting for 45.76%[7] - The company has 788 R&D personnel, accounting for 45.76% of the total workforce, covering various specialized fields such as plasma physics, RF and microwave science, and vacuum mechanical transmission[133] - The company has achieved 100% employee training coverage and maintains an annualized revenue per employee exceeding 3.5 million yuan[33] - The company hired 461 new employees in 2023 and granted 5.5 million restricted shares to 1,361 incentive recipients[89] - Total compensation for core technical personnel amounted to 6,756.23 thousand units[196] Acquisitions and Strategic Partnerships - The company invested in over 30 upstream and downstream enterprises, achieving good economic benefits and strategic synergies, with some investees completing IPOs on the STAR Market in 2023[7] - A strategic partnership was formed with a leading global semiconductor manufacturer, expected to contribute RMB 500 million in revenue in 2024[51] - The company completed two strategic acquisitions, totaling $3.2 billion, to enhance its product portfolio and market reach[200] Facilities and Infrastructure - The company's new facilities in Nanchang (140,000 sqm) and Shanghai Lingang (180,000 sqm) are partially operational, supporting rapid sales growth[6] - The company's headquarters building in Lingang Dishui Lake, covering approximately 100,000 sqm, is nearing completion, providing optimal conditions for high-speed development[7] - The company's production and R&D base in Nanchang, covering approximately 140,000 square meters, became operational in July 2023[71] - Part of the company's production facilities and finished product warehouses in the Shanghai Lingang base, covering approximately 180,000 square meters, became operational in October 2023[71] - The company's R&D center and headquarters building in Shanghai Lingang, covering approximately 100,000 square meters, is nearing completion[71] - The company has completed a 140,000 square meter production and R&D base in Nanchang, which became operational in July 2023[85] - A 180,000 square meter production and R&D base in Shanghai's Lingang area partially became operational in October 2023[85] Intellectual Property and Patents - The company filed 292 new patent applications in 2023, including 224 invention patents, bringing the total to 2,551 patents with 84.7% being invention patents[88] - The company successfully registered 23 new trademarks in 2023, increasing the total number of registered trademarks to 164[88] - The company has applied for 2,551 patents, including 2,161 invention patents, and has been granted 1,547 patents, including 1,329 invention patents as of December 2023[134] Cash Flow and Financial Position - Net cash flow from operating activities decreased by 258.20% to 617,523,432.12 yuan, indicating significant changes in cash management[156] - Net cash flow from investing activities dropped by 163.29% to -2,887,158,945.92 yuan, highlighting increased investment activities[156] - Operating cash flow decreased by 258.20% to -976,926,439.66 RMB, primarily due to delayed payments from new etching equipment orders and increased raw material procurement[167] - Net investment cash flow increased by 163.29% to 1,827,328,883.23 RMB, mainly due to reduced purchases of bank financial products[167] - Net financing cash flow decreased by 53.78% to 222,595,710.06 RMB, primarily due to dividend distribution of 123 million RMB[167] - Non-recurring gains from the sale of equity in Tuojing contributed 477 million RMB to the company's investment income[168] Shareholder and Equity Information - The company proposed a cash dividend of 3.00 yuan per 10 shares, totaling approximately 185.67 million yuan[44] - Total shares held by core technical personnel decreased by 2,939,058 shares, representing a 20.1% reduction from 14,602,445 to 11,663,387 shares[196] - Ni Tuqiang, a core technical personnel, reduced his holdings by 205,000 shares, decreasing from 1,139,358 to 934,358 shares[195] - Chen Weiwen, the financial officer, reduced his holdings by 217,900 shares, decreasing from 872,142 to 654,242 shares[195] - Yang Wei, a core technical personnel, reduced his holdings by 416,253 shares, decreasing from 1,001,770 to 585,517 shares[195] - Li Tianxiao, a core technical personnel, reduced his holdings by 273,375 shares, decreasing from 1,937,157 to 1,663,782 shares[196] - Mai Shiyi, a core technical personnel, reduced his holdings by 360,780 shares, decreasing from 2,212,106 to 1,851,326 shares[196] - Chen Huanglin, a core technical personnel, increased his holdings by 5,790 shares, rising from 2,030 to 7,820 shares[195] - Liu Zhiqiang, a core technical personnel, increased his holdings by 5,790 shares, rising from 0 to 5,790 shares[195] Customer and Supplier Information - Top 5 customers accounted for 33.71% of total annual sales, with Customer One contributing 73,577.23 million RMB, representing 11.75% of total

电子/半导体 公 司 研 中微公司（688012.SH） 刻蚀设备市占率加速提升，平台化布局初显成效 究 2024年03月19日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 刘书珣（联系人） luotong@kysec.cn liushuxun@kysec.cn 证 书编号：S0790522070002 证书编号： S0790122030106 日期 2024/3/19 当前股价(元) 153.58  公司2023年业绩持续高增长，维持“买入”评级 公 一年最高最低(元) 199.81/104.92 公司发布2023年度报告，2023年公司实现营收62.6亿元，YoY+32.15%；实现 司 归母净利润17.86亿元，YoY+52.67%；扣非净利润11.91亿元，YoY+29.58%； 信 总市值(亿元) 951.09 息 流通市值(亿元) 951.09 毛利率 45.83%，YoY+0.09pcts；净利率 28.48%，YoY+3.84pcts；非经常损益约 更 总股本(亿股) 6.19 5.94 亿元，同比+137.6%，主要系公司 2023 年出售部分持有的拓荆科技股票， 新 报 ...

中微公司（688012.SH）2023年年报点评 业绩坚实，多种产品突破先进工艺 2024年03月19日 事件概述：3月18日，中微公司发布2023年报。公司2023年实现营收62.64 推荐 维持评级 亿元，同比增长 32.15%；实现归母净利润 17.86 亿元，同比增长 52.67%，实 当前价格： 155.09元 现扣非净利润11.91亿元，同比增长29.58%。 ➢ 刻蚀收入强劲增长，订单饱满。公司作为国内半导体设备龙头，在2023年 以来不断拓宽工艺覆盖率，实现收入的稳健高增。2023 年 Q4 单季度，公司实 [Table_Author] 现营业收入 22.22 亿元，同比增长 30.94%，环比增长 46.67%；实现归母净利 润 6.26 亿元，同比增长 66.05%，环比增长 298.73%。2023 年整体毛利率 45.83%，23Q4单季度毛利率45.82%，均稳定保持在较高的水平。 从收入结构上看，2023年公司刻蚀设备收入47.03亿元，同比增长49.43%， 贡献主要收入增量；MOCVD 业务收入 4.62 亿元，同比下降 33.95%。订单方 面，2023年公司全年新签订单83 ...

%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨中微公司（ ） 688012.SH [中Ta微b公le_司Ti2tl0e2] 3 年业绩快报点评：刻蚀设备市占 率提升，驱动新签订单高增 报告要点 [发Ta布ble2_0S2u3m年m业ar绩y]快报，预计2023年营业收入同比+32.15%，归母净利润同比+52.67%，扣非 归母净利润同比+29.58%。对应2023Q4实现营业收入同比+31.0%，归母净利润同比+66.1%， 扣非归母净利润同比+66.1%。 ...

公司研 究 证 券研究 报 告 半导体设备 2024年03月01日 中 微公司（688012）2023年业绩快报点评 强 推 （维持） 目标价：203.3元 业绩订单保持高增长，平台化布局进展顺利 当前价：146.79元 事项： 华创证券研究所  2024年2月28日，公司发布2023年度业绩快报： 证券分析师：耿琛  1）2023年：营业收入62.64亿元，同比增长32.15%；归母净利润17.86亿元， 电话：0755-82755859 同比增长52.67%；扣非后归母净利润11.91亿元，同比增长29.58%； 邮箱：gengchen@hcyjs.com  2）2023Q4：营业收入22.22亿元，同比增长30.97%，环比增长46.71%；归母 执业编号：S0360517100004 净利润 6.26亿元，同比增长 66.14%，环比增长 299.11%；扣非后归母净利润 证券分析师：岳阳 4.58亿元，同比增长66.13%，环比增长113.18%。 邮箱：yueyang@hcyjs.com 评论： 执业编 号：S0360521120002  刻蚀设备业务保持高增态势，规模效应下公司盈利能力不 ...

[Table_Page] 公告点评|半导体 证券研究报告 [中Table_微Title] 公司（688012.SH） [公Tab司le_I评nves级t] 买入 当前价格 133.41元 23 年订单快速增长，平台化布局加速推进 合理价值 222.62元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-02-29 ⚫ 半导体设备龙头23年订单、业绩快速增长。公司发布23年业绩快报。 相[Ta对ble市_Pi场cQu表ote现] 23年，公司营收约62.64亿元，yoy+32.15%。其中，23 年刻蚀设备 销售约 47.03 亿元，yoy+ 49.43%，MOCVD 设备销售约 4.62 亿元， 83% yoy-33.95%。公司从 12 年到 23 年超过十年的平均年营业收入增长 62% 率超过 35%；公司23年归母净利润为17.86亿元，yoy+52.67%；公 41% 司扣非归母净利润为 11.91 亿元，同比增长约 29.58%。23 年公司新 20% 增订单约83.6亿元，yoy+32.3%。其中，刻蚀设备新增订单约69.5亿 -1% 02/23 04/23 ...

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中微半导体设备（上海）股份有限公司 投资者关系活动记录表 股票名称：中微公司 股票代码：688012 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 投资者关系活动类别 □现场参观 □其他（请文字说明其他活动内容） Comgest Far East Limited 参与单位名称 Fidelity Management & Research (Hong Kong) Limited Lazard Asset Management (Hong Kong) Limited LIBRARY GROUP MarcoPoloFund MARSHALL WACE ASIA LIMITED OAKWISE CAPITAL MANAGEMENT LIMITED Point72 HongKong Limited UOB投资管理(上海)有限公司 ...