芯源微 20250428 摘要 • 新元科技 2024 年营收增长，但小尺寸产品收入因行业景气度下降。新签 订单 24 亿元，同比增长 10%，前道化学清洗机、键合机等新产品增长迅 速，高温硫酸清洗设备打破国外垄断，获国内领先逻辑客户认可。 • 2024 年公司规模利润 2 亿元，同比下降 19%，主要因研发投入和人员成 本增加。研发投入同比增长 1 亿元，管理和销售费用增长超 8,000 万元。 综合毛利率与去年基本持平，但会计政策调整影响报表显示。 • 2024 年经营活动现金流量净额 4.4 亿元，同比大幅转正，得益于销售回 款和政府补助增加，以及库存管理和采购付款节奏优化。预付款制度对订 单确认收入及合同负债产生影响。 • 2025 年一季度收入 2.75 亿元，同比增长 13%，但归母利润同比下降 70%，因研发费用和人员成本增加。一季度新签订单良好，全年订单和收 入增长有信心。 • 新元科技与北方华创在干法和湿法设备领域形成互补优势，双方在研发、 生产、供应链、销售等方面进行对接，共享客户资源，共同开发共性技术 和零部件，以降低成本，提高效率。 Q&A 公司 2024 年度的财务表现如何？ 202 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 25Q1 业绩点评：新接订单较好，Track、化学 清洗机等加速突破 [Table_Title2] 芯源微(688037) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688037 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 120.0/56.18 | | 目标价格： | | 总市值(亿) | 200.54 | | 最新收盘价： | 99.7 | 自由流通市值(亿) | 200.54 | | | | 自由流通股数(百万) | 201.14 | [Table_Summary] 事件概述 公司发布 2025 年一季报。 ► 25Q1 新接订单良好，化学清洗、先进封装等新品开始放量 2025Q1 公司实现营收 2.75 亿元，同比+12.74%，Q1 为传统淡季，保持稳健增长。1）分产品看， 我们判断前道 Track、前道物理清洗和后道先进封装设备仍为主要收入来源，保持较好增长；新 品化学清洗机、键 ...

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 行业|深度|研究报告 2025年4月28日 半导体设备行业深度:驱动因素、发展趋势、 产业链及相关公司深度梳理 半导体设备作为半导体产业链的基石,其发展不仅直接影响芯片制造的效率与质量,更是国家科技实力 与产业安全的关键所在。近年来,全球半导体设备市场规模屡创新高,而中国大陆凭借持续加大的资本 投入,已成为全球最重要的半导体设备市场之一。然而,美系厂商在半导体设备领域的长期垄断,使得 国产设备的崛起之路充满艰辛。在外部压力与内部需求的双重驱动下,国产半导体设备企业正加速技术 突破与市场替代进程,从光刻机、刻蚀设备到薄膜沉积设备、清洗设备等关键领域,国产设备的竞争力 不断提升,市场份额逐步扩大。 本报告将深入剖析半导体设备行业的驱动因素、市场现状、产业链格局以及相关核心企业的发展态势, 旨在为读者了解半导体产业发展提供一份全面、深入的行业洞察。 目录 | 一、行业概述 . | | --- | | 二、市场现状 . | | 三、驱动因素 . | | 四、行业发展趋势 | | 五、产业链分析 | | 六、相关公司 . | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to see performance improvement in Q4 2024, driven by its dual focus on chemical cleaning and coating development products [1] - The revenue for 2024 is projected to be 1.754 billion yuan, with a year-on-year growth of 2.13% [1] - The net profit attributable to the parent company for 2024 is forecasted to be 202.81 million yuan, reflecting a year-on-year decline of 19.08% [1] - The company is focusing on enhancing its leading position in the chemical cleaning and coating development equipment market, with significant orders from major domestic clients [1] Financial Performance Summary - The total revenue for 2023 was 1.717 billion yuan, with a year-on-year increase of 23.98% [1] - The projected revenue for 2025 is 1.980 billion yuan, representing a year-on-year growth of 12.89% [1] - The projected net profit for 2025 is 232.61 million yuan, indicating a recovery with a year-on-year growth of 14.69% [1] - The earnings per share (EPS) for 2024 is expected to be 1.01 yuan, with a projected increase to 1.16 yuan in 2025 [1] Market Position and Strategy - The company has secured significant orders for its advanced offline coating and development machines, indicating strong customer recognition and market acceptance [1] - The company is actively working on the introduction and validation of ArF immersion coating and development machines [1] - The company is planning a change in control, which may lead to synergies with Northern Huachuang, enhancing its integrated circuit equipment solutions [1]

Financial Performance - The company's operating revenue for Q1 2025 was ¥275,316,424.15, representing a 12.74% increase compared to ¥244,210,948.51 in the same period last year[4] - Net profit attributable to shareholders decreased by 70.89% to ¥4,660,009.98 from ¥16,010,992.51 year-on-year[4] - The net profit after deducting non-recurring gains and losses was -¥40,067,978.58, a decline of 564.25% compared to ¥8,630,690.28 in the previous year[4] - The basic earnings per share decreased by 83.33% to ¥0.02 from ¥0.12 in the same period last year[4] - The diluted earnings per share also fell by 83.33% to ¥0.02 from ¥0.12 year-on-year[5] - Net profit for Q1 2025 was a loss of ¥2,229,285.30, compared to a profit of ¥15,624,535.55 in Q1 2024, representing a significant decline[22] - The company reported a total comprehensive income of -¥1,623,467.87 for Q1 2025, compared to ¥15,280,139.03 in Q1 2024[23] Cash Flow - The net cash flow from operating activities was -¥198,551,777.89, a decrease of 927.95% from ¥23,981,234.25 in the same period last year[4] - Cash flow from operating activities in Q1 2025 was ¥380,163,369.74, down from ¥415,801,437.23 in Q1 2024[24] - The net cash flow from operating activities was -$198.55 million, a decrease from $23.98 million in the previous period[25] - Total cash inflow from investment activities was $1.27 billion, significantly higher than $566.51 million in the prior period[25] - Cash outflow for investment activities totaled $1.30 billion, compared to $740.21 million previously, resulting in a net cash flow of -$23.17 million from investment activities[25] - Cash inflow from financing activities was $113.06 million, up from $71.31 million in the previous period[27] - The net cash flow from financing activities was $63.96 million, an increase from $24.20 million in the prior period[27] - The ending balance of cash and cash equivalents was $1.36 billion, down from $1.51 billion at the beginning of the period[27] - The company has seen a decrease in cash and cash equivalents, which fell to approximately CNY 1.44 billion from CNY 1.58 billion, a decline of about 8.99%[16][18] Research and Development - Research and development expenses totaled ¥63,822,147.50, an increase of 40.52% from ¥45,419,325.19 year-on-year[5] - The proportion of R&D expenses to operating revenue rose to 23.18%, up by 4.58 percentage points from 18.60% in the previous year[5] - Research and development expenses increased to ¥63,822,147.50 in Q1 2025, up 40.49% from ¥45,419,325.19 in Q1 2024[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,709,168,285.35, reflecting a 2.01% increase from ¥5,596,873,243.71 at the end of the previous year[5] - The equity attributable to shareholders increased by 0.70% to ¥2,709,913,283.03 from ¥2,691,127,435.30 year-on-year[5] - The company's total assets amounted to ¥5,709,168,285.35, an increase from ¥5,596,873,243.71 year-over-year[19] - The company's current assets totaled approximately CNY 4.31 billion, up from CNY 4.26 billion, indicating a growth of around 1.93%[16][18] - The company's inventory increased to approximately CNY 1.99 billion from CNY 1.82 billion, reflecting a rise of about 9.43%[17][18] - The total liabilities of the company were approximately CNY 2.87 billion, compared to CNY 2.78 billion, marking an increase of about 3.52%[18] - The company reported a significant increase in accounts receivable, which rose to approximately CNY 545.59 million from CNY 529.81 million, a growth of about 2.97%[17] Shareholder and Partnership Developments - The company is in the process of transferring shares from major shareholders to Northern Huachuang, which could result in Northern Huachuang holding 17.88% of the company, making it the largest shareholder[13] - The partnership with Northern Huachuang is expected to enhance collaboration in R&D, supply chain, and customer resources, potentially improving competitiveness and shareholder returns[14] - The company reported a total of 10 major shareholders, with the largest shareholder holding approximately 21.32 million shares, representing 10.66% of the total shares[11] Operating Costs - Total operating costs for Q1 2025 were ¥335,644,509.77, up 28.42% from ¥261,285,811.66 in Q1 2024[21] - The company reported a significant increase in cash paid for purchasing goods and services, totaling $381.41 million, compared to $273.41 million previously[25] - Cash paid to employees increased to $147.03 million from $115.28 million in the prior period[25] - The company experienced a cash outflow of $39.15 million for taxes, up from $22.04 million previously[25] Product Development - The company plans to continue its focus on integrating different equipment processes and enhancing product offerings in the semiconductor equipment sector[14] - The company did not report any significant new product launches or technological advancements during this period[26]

S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 超配（维持） 国产替代持续推进，下游扩产拉动需求增长 深 度 半导体设备专题报告 2025 年 4 月 28 日 SAC 执业证书编号： S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：Wind，东莞证券研究所 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 推荐 分析师：刘梦麟 SAC 执业证书编号： 分析师：陈伟光 半导体设备是产业链上游支撑性环节，晶圆厂扩产拉动需求增长。 半导体设备位于半导体产业链最上游，其技术水平直接决定芯片制 造的工艺能力与良率水平，是行业发展的支撑性环节。在一条集成 电路产线中，设备投资的资本开支占比可达70%-80%，其市场规模跟 随全球半导体市场规模实现提升，且增速高于同期半导体市场整体 增速。近年来，受益半导体市场规模增长、下游晶圆厂扩产以及内 资晶圆厂话语权提升 ...

半导体材料ETF紧密跟踪中证半导体材料设备主题指数，中证半导体材料设备主题指数选取40只业务涉及半导体材料和半导体设备等领域的上市公司证券作 为指数样本，反映半导体材料和设备上市公司证券的整体表现。 数据显示，截至2025年3月31日，中证半导体材料设备主题指数(931743)前十大权重股分别为北方华创(002371)、中微公司(688012)、沪硅产业(688126)、华 海清科(688120)、拓荆科技(688072)、南大光电(300346)、长川科技(300604)、鼎龙股份(300054)、雅克科技(002409)、TCL科技(000100)，前十大权重股合计 占比60.82%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 002371 | 北方华创 | 0.93% | 16.44% | | 688012 | 中微公司 | 0.22% | 13.55% | | 688126 | 沪硅产业 | -1.71% | 5.61% | | 688120 | 华海清科 | -0.15% | 4.31% | | 688072 | 拓荆科技 | 1. ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 115.85 CNY per share, maintaining the rating [5][9]. Core Views - The company achieved record high performance in Q4 2024, with revenue of 6.49 billion CNY, a year-on-year increase of 27.13%, and a net profit of 0.95 billion CNY, a year-on-year increase of 213.09% [1]. - The company has made significant breakthroughs in the semiconductor equipment sector, securing orders from leading domestic clients in both front-end and back-end equipment [2][3]. - The strategic investment from Northern Huachuang, which will become the largest shareholder with a 17.88% stake, is expected to enhance the company's competitiveness in the semiconductor industry [4]. Financial Performance - In 2024, the company reported total revenue of 1.754 billion CNY, a slight increase of 2.13% year-on-year, and a net profit of 203 million CNY, a decrease of 19.08% year-on-year [1][11]. - The projected revenues for 2025, 2026, and 2027 are 2.648 billion CNY, 3.429 billion CNY, and 4.183 billion CNY respectively, with net profits expected to be 339 million CNY, 493 million CNY, and 653 million CNY [9][11]. Market Position and Growth Potential - The company has established itself as a leader in the domestic semiconductor equipment market, particularly in photoresist coating and developing products, with strong order growth from both domestic and international clients [2][3]. - The introduction of new products, such as the KS-CM300/200 chemical cleaning machine, has broken foreign monopolies and is expected to drive further growth [3]. Valuation Metrics - The company is valued at a price-to-sales (PS) ratio of 8.8 for 2025, reflecting its leading position in the front-end equipment market and promising growth in back-end products [9][12].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported significant performance improvement in Q4 2024, with revenue growth driven by new products such as chemical cleaning and advanced packaging [3] - The company faces profit pressure due to increased R&D expenses, with a notable decline in net profit for the year [4] - The upcoming control change with Beifang Huachuang is expected to enhance the company's business development and accelerate domestic substitution of equipment [5] Revenue Performance - In 2024, the company achieved revenue of 1.754 billion yuan, a year-on-year increase of 2.1%. Q4 revenue was 649 million yuan, up 27.13% year-on-year and 57.91% quarter-on-quarter [3] - The revenue breakdown shows that coating and developing equipment generated 1.05 billion yuan, down 1.52% year-on-year, while single-wafer wet processing equipment revenue was 640 million yuan, up 7.43% year-on-year [3] Profitability Analysis - The company reported a net profit of 203 million yuan for 2024, a decrease of 19% year-on-year, with a significant improvement in Q4 net profit [4] - The overall gross margin for 2024 was 37.7%, a slight decline of 0.9 percentage points year-on-year, with R&D expenses rising to 297 million yuan, an increase of 49.93% [4] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 2.096 billion yuan and 2.693 billion yuan, representing year-on-year growth of 19.5% and 28.5% respectively [7] - The projected net profit for 2025 is 264 million yuan, with an expected increase of 30% year-on-year [7] Market Position and Product Development - The company has secured orders from leading domestic clients for its coating and developing equipment, indicating strong market demand [5] - New products in advanced packaging, such as temporary bonding and debonding machines, are entering the volume production stage, with nearly 20 units on order [6]

Core Insights - The company reported a slight increase in revenue but a significant decline in net profit for the year 2024, indicating challenges in maintaining profitability amidst rising costs and increased R&D investments [1][2]. Financial Performance - Revenue for 2024 reached ¥1,753,605,965.73, a 2.13% increase from ¥1,716,969,907.58 in the previous year, demonstrating stability in a competitive semiconductor equipment market [2]. - Net profit attributable to shareholders was ¥202,811,998.36, down 19.08% year-on-year, primarily due to increased R&D spending and rising operational costs [2]. - The company's non-recurring net profit fell by 60.83% to ¥73,306,592.00, highlighting challenges in core business profitability [2]. Earnings Per Share - Basic earnings per share decreased to ¥1.01, a 44.51% drop from ¥1.82, influenced by lower net profit and an increase in total shares due to stock incentives [3]. - The non-recurring earnings per share fell by 72.79% to ¥0.37, indicating a significant decline in core business profitability [3]. Cost and Expense Analysis - Sales expenses rose by 22.44% to ¥89,833,591.30, driven by increased employee compensation and service fees as the company expanded [4]. - Management expenses increased by 36.93% to ¥249,302,182.63, reflecting higher costs associated with business expansion [4]. - R&D expenses surged by 49.93% to ¥296,653,098.59, representing 16.92% of revenue, up from 11.52% the previous year, indicating a strong focus on innovation [4][6]. Cash Flow and Financial Health - Net cash flow from operating activities improved to ¥441,809,413.08, a turnaround from a negative cash flow of ¥562,876,699.27 the previous year, indicating enhanced cash generation capabilities [5]. - Net cash flow from investing activities was -¥201,463,591.83, an improvement from -¥504,561,073.41, suggesting a slowdown in fixed asset investments [5]. - Net cash flow from financing activities decreased by 12.80% to ¥609,966,263.66, primarily due to increased short-term loan repayments [5]. R&D and Personnel Growth - R&D expenses reached ¥297 million, a 49.93% increase, with R&D investment as a percentage of revenue rising by 5.40 percentage points [6]. - The number of R&D personnel increased by 28.57% to 459, with total R&D personnel compensation rising to ¥103.37 million, reflecting the company's commitment to innovation [7].