Group 1: Market Performance - As of May 9, 2025, the CSI Semiconductor Industry Index (931865) decreased by 2.42% [3] - Major component stocks such as SMIC (688981) and Huahai Chengke (688535) saw declines of 4.26% and 4.16% respectively [3] - The Semiconductor Industry ETF (159582) fell by 2.32%, with the latest price at 1.43 yuan [3] Group 2: Industry Trends - The semiconductor industry has entered a recovery cycle since the second half of 2023, driven by AI demand and domestic substitution trends [4] - Revenue and net profit are expected to maintain growth in Q1 2024 and Q1 2025, with profitability gradually recovering from the second half of 2024 [4] Group 3: ETF Performance - The Semiconductor Industry ETF has seen a net value increase of 42.67% over the past year, ranking 113 out of 2785 index equity funds [5] - The ETF's highest monthly return since inception was 20.82%, with a historical one-year profit probability of 100% [5] - The ETF's management fee is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [5] Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the CSI Semiconductor Industry Index accounted for 76.35% of the index [6] - The top stocks include Northern Huachuang (002371) and Zhongwei Company (688012), with respective weights of 15.51% and 12.80% [8]

Core Viewpoint - The semiconductor wet process equipment ultra-pure tank is a critical component for holding wafers, chemical cleaning solutions, and deionized water, with increasing costs and market growth projected for 2024 [1][4][6]. Industry Definition and Characteristics - The ultra-pure tank is essential for ensuring the cleanliness of wafers during wet processing, characterized by ultra-high purity, corrosion resistance, temperature control, and sealing properties [2][4]. Current Industry Development Status - The cost of ultra-pure tanks in China's semiconductor cleaning equipment is expected to reach 210,000 yuan in 2024, an increase of 35,000 yuan from 2023 [4][6]. The market size for ultra-pure tanks is projected to be approximately 303 million yuan in 2024, growing by 22 million yuan from 2023 [6]. Industry Value Chain - The upstream of the ultra-pure tank industry includes raw materials like FTFE, PFA, and PVDF, as well as processing equipment such as injection molding machines and extrusion machines [8]. The midstream involves the manufacturing of ultra-pure tanks, while the downstream applications are primarily in semiconductor cleaning equipment [8]. Market Size and Growth - The PVDF market is projected to reach approximately 35 billion yuan in 2024, reflecting a growing trend in the semiconductor industry [10]. The semiconductor cleaning equipment market in China is expected to grow to 15.882 billion yuan in 2024, an increase of 3.071 billion yuan from 2023, with a forecast of reaching 19.5 billion yuan by 2025 [12]. Competitive Landscape - The ultra-pure tank market is dominated by a few key players, with Japanese firm DNS leading the market. Domestic companies such as Wokai Fluor, Water Huaben, and Nijiass are also significant contributors [15]. The industry is moving towards higher purity, intelligent monitoring, and longer lifespan products, with increased R&D efforts from domestic firms like Zhichun Technology and Beifang Huachuang [15].

Core Viewpoint - The semiconductor wet processing equipment market is experiencing robust growth, driven by the rapid development of the global semiconductor industry, with significant increases in market size projected for both global and Chinese markets in the coming years [1][6][27]. Group 1: Market Size and Growth - The global semiconductor cleaning equipment market is expected to reach approximately 79.407 billion yuan in 2024, an increase of 8.235 billion yuan from 2023 [4]. - The Chinese semiconductor cleaning equipment market is projected to grow to 15.882 billion yuan in 2024, up by 3.071 billion yuan from 2023 [6]. - By 2025, the global semiconductor cleaning equipment market is anticipated to reach 88 billion yuan, while the Chinese market is expected to grow to 19.5 billion yuan [1][6]. Group 2: Industry Definition and Classification - Semiconductor wet processing equipment is essential for various processes in chip manufacturing, including cleaning, etching, and stripping, utilizing chemical solutions to achieve specific objectives [2]. - The main categories of semiconductor wet processing equipment include wet cleaning, wet etching, and stripping equipment, with single-wafer and batch cleaning systems being the most prevalent [2]. Group 3: Industry Chain Structure - The upstream of the semiconductor wet processing equipment industry includes high-purity chemicals, ultra-pure water systems, and precision mechanical components, with significant technological barriers dominated by companies from Europe, the United States, and Japan [8]. - The midstream involves the manufacturing of semiconductor wet processing equipment, while the downstream applications are in semiconductor manufacturing, serving sectors like consumer electronics, automotive electronics, and AI/data centers [8]. Group 4: Competitive Landscape - The global semiconductor wet processing equipment market is highly concentrated, with major players like SCREEN, Tokyo Electron, Lam Research, and SEMES holding over 90% of the market share [17]. - Domestic companies such as Zhichun Technology, North Huachuang, Shengmei Shanghai, and Chip Source are rapidly developing, with some achieving mass production and entering the supply chains of leading domestic wafer manufacturers [17][20]. Group 5: Company Performance - Shengmei Shanghai is projected to achieve a revenue of 5.618 billion yuan in 2024, a year-on-year increase of 44.48%, with net profit reaching 1.153 billion yuan, up 26.65% [23]. - Zhichun Technology has become a leader in high-purity process systems and wet processing equipment in China, reporting a total revenue of 2.639 billion yuan in the first three quarters of 2024, a year-on-year increase of 20.04% [25]. Group 6: Future Trends - The expansion of domestic wafer production capacity and technological advancements are expected to enhance the role of Chinese semiconductor wet processing equipment companies in the global supply chain [27]. - Continuous innovation and accelerated domestic substitution are anticipated to lead to higher cleanliness and integration in equipment, with an expanding share in international markets [27].

Core Viewpoint - The company reported mixed financial results for 2024, with revenue growth but a significant decline in net profit, primarily due to increased R&D expenses and government subsidies impacting profitability [1][3]. Financial Performance - In 2024, the company achieved revenue of 1.754 billion yuan, a year-on-year increase of 2.13%, while net profit attributable to shareholders was 203 million yuan, down 19% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 649 million yuan, a year-on-year increase of 27% and a quarter-on-quarter increase of 58%, with net profit reaching a record high of 95 million yuan, up 213% year-on-year [1]. - For Q1 2025, revenue was 275 million yuan, a 13% increase year-on-year, but net profit dropped to 5 million yuan, down 71% year-on-year [2]. R&D Investment - The company significantly increased R&D investment in 2024, totaling 297 million yuan, a 50% year-on-year increase, with an R&D expense ratio of 16.9% [3]. - The number of employees grew to 1,366, a 22% increase year-on-year, contributing to rising personnel costs [3]. Product Performance - The company's product segments showed varied performance, with the Track equipment generating 1.05 billion yuan in revenue, a slight decline of 1.52% year-on-year, but with a gross margin of 34.81% [4]. - The bonding machine segment saw revenue growth of 13.75%, with a high gross margin of 78.60%, indicating strong performance from new products [4]. Order Growth and New Products - New orders signed in 2024 reached approximately 2.4 billion yuan, a 10% year-on-year increase, indicating robust demand [5]. - The introduction of new products, such as the chemical cleaning machine and bonding machine, is expected to enhance market share and revenue potential [6][7]. Strategic Partnerships - The company is in discussions with Northern Huachuang to transfer control, which could lead to synergies in product offerings and accelerate domestic semiconductor equipment replacement [8]. Future Projections - Revenue forecasts for 2025-2027 are projected at 2.053 billion, 2.701 billion, and 3.622 billion yuan, with net profits expected to grow significantly during this period [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 1.754 billion yuan for 2024, a year-on-year increase of 2.13%, while the net profit attributable to the parent company was 203 million yuan, a decrease of 19.08% [2][6] - In Q1 2025, the company achieved a revenue of 275 million yuan, representing a year-on-year increase of 12.74%, but the net profit attributable to the parent company dropped to 5 million yuan, a decrease of 70.89% [2][6] - The company signed new orders worth 2.4 billion yuan, a year-on-year growth of 10%, with significant growth in front-end chemical cleaning and bonding equipment [13] - The introduction of new products, such as the FTEX high-capacity coating and developing machine, is progressing well and is expected to meet future high-end lithography machine capacity demands [13] - The potential acquisition of a controlling stake by Northern Huachuang is expected to enhance collaboration across various fields, leveraging strong customer resources and R&D capabilities [13] - The competitive landscape remains favorable, with the company leading in domestic market share for front-end coating and developing equipment, and the advanced packaging demand is anticipated to drive growth in the back-end product portfolio [13] Financial Summary - For 2024, the company is projected to achieve total revenue of 1.754 billion yuan, with a gross profit margin of 38% [18] - The net profit attributable to the parent company is expected to grow to 285 million yuan by 2025 and reach 597 million yuan by 2027 [18] - The company’s earnings per share (EPS) is projected to increase from 1.01 yuan in 2024 to 2.97 yuan in 2027 [18]

公司研究 证 券 研 究 报 告 芯源微（688037）2024 年报&2025 年一季报点评 强推（维持） 订单稳健增长，化学清洗&Track 进展顺利 目标价：122.0 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,754 | 2,046 | 2,748 | 3,598 | | 同比增速(%) | 2.1% | 16.7% | 34.3% | 30.9% | | 归母净利润(百万) | 203 | 261 | 418 | 606 | | 同比增速(%) | -19.1% | 28.7% | 60.2% | 45.0% | | 每股盈利(元) | 1.01 | 1.30 | 2.08 | 3.01 | | 市盈率(倍) | 95 | 73 | 46 | 32 | | 市净率(倍) | 7.1 | 6.7 | 6.0 | 5.3 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 30 日 ...

Core Insights - The company reported a revenue of 1.754 billion yuan for the year 2024, reflecting a year-on-year increase of 2.13%, while the net profit attributable to shareholders was 203 million yuan, down 19.08% year-on-year [1] - In Q1 2025, the company achieved a revenue of 275 million yuan, representing a year-on-year increase of 12.74%, but the net profit attributable to shareholders dropped significantly by 70.89% to 5 million yuan [2][3] - The company is focusing on new product development and collaboration with Northern Huachuang, anticipating synergies in R&D, supply chain, and customer resources [3] Financial Performance - For 2024, the gross margin was 37.67%, a decrease of 4.85 percentage points year-on-year, and the net profit margin was 11.57%, down 3.03 percentage points year-on-year [1] - In Q1 2025, the gross margin further declined to 34.29%, a drop of 6.00 percentage points year-on-year, attributed to changes in product mix and accounting standards [3] - R&D expenses in Q1 2025 were 64 million yuan, an increase of 40.52% year-on-year, contributing to the pressure on profit performance [3] Product and Market Development - In 2024, the company signed new orders worth 2.4 billion yuan, a year-on-year growth of 10%, indicating a positive market demand [3] - The company is actively advancing the introduction and validation of ArF immersion high-capacity coating and developing cleaning machines, achieving an 80% process coverage with major domestic clients [3] - New products in the 2.5D/3D advanced packaging sector, such as Frame cleaning equipment, have successfully passed customer validation and entered small-scale sales [3] Future Outlook - Revenue projections for 2025-2027 are estimated at 2.08 billion, 2.715 billion, and 3.424 billion yuan, respectively, with net profits expected to be 245 million, 391 million, and 620 million yuan [4] - The company maintains a PE ratio of 78X for the current year and holds a "recommended" rating for investors [4]

Summary of the Conference Call for New Yuan Technology Company Overview - **Company**: New Yuan Technology - **Industry**: Semiconductor Equipment Manufacturing Key Financial Performance - **2024 Revenue**: 17.54 billion RMB, a year-on-year increase of 2.13% [3] - **2024 Gross Profit**: 2 billion RMB, a year-on-year decrease of 19% due to increased R&D and personnel costs [5] - **2024 Operating Cash Flow**: 4.4 billion RMB, a significant improvement from -5.6 billion RMB the previous year, attributed to better sales collection and government subsidies [6] - **Q1 2025 Revenue**: 2.75 billion RMB, a year-on-year increase of 13%, but net profit down 70% due to rising costs [7] Product and Market Insights - **New Product Development**: Rapid growth in new products like front-end chemical cleaning machines and bonding machines, with high-temperature sulfuric acid cleaning equipment breaking foreign monopolies [2][3] - **Order Growth**: New signed orders totaled 24 billion RMB in 2024, a 10% increase year-on-year [2][3] - **Market Expansion**: Benefiting from overseas clients' expansion, with expectations for 2025 overseas orders to be at least equal to 2024 [4][15] Collaboration and Synergies - **Partnership with Northern Huachuang**: Strong complementary advantages in dry and wet equipment sectors, focusing on shared resources and joint technology development to reduce costs and improve efficiency [8] R&D and Product Launches - **New Generation Coating and Developing Machine**: Development on schedule, expected to be sent for client validation in Q3 2025 [9] - **Chemical Vapor Cleaning Equipment**: Strong order signing performance in Q1 2025, with expectations to exceed annual targets [10] Financial Adjustments and Challenges - **Gross Margin Impact**: Adjustments in accounting policies have affected reported gross margins, which are expected to stabilize around 40% [11][21] - **Cost Pressures**: New product launches are exerting pressure on margins, particularly for high-end products [16] Future Outlook - **2025 Expectations**: Overall order growth is expected to remain stable, with significant growth anticipated in chemical cleaning machines and bonding machines [24] - **Market Strategy**: Focus on high-temperature sulfuric acid and supercritical cleaning equipment to drive sales in the front-end market, which is seen as a blue ocean opportunity [19][25] Conclusion - **Strategic Positioning**: New Yuan Technology is well-positioned to leverage its R&D capabilities and partnerships to navigate market challenges and capitalize on growth opportunities in the semiconductor equipment sector. The company aims to maintain operational stability while enhancing its competitive edge through innovation and collaboration.

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported good new orders in Q1 2025, with revenue reaching 275 million yuan, a year-on-year increase of 12.74%, despite being a traditional off-season [3] - The company is experiencing a significant decline in net profit due to high R&D expenses, with a net profit of 4.66 million yuan in Q1 2025, down 71% year-on-year [4] - The acquisition of shares by Northern Huachuang will empower the company's business development, accelerating the domestic substitution of equipment [5] - Revenue forecasts for 2025-2027 are set at 2.096 billion, 2.693 billion, and 3.462 billion yuan, with corresponding net profit predictions of 264 million, 449 million, and 711 million yuan [6] Summary by Sections Event Overview - The company released its Q1 2025 financial report [2] New Orders and Revenue Growth - New orders are strong, with a total of approximately 2.4 billion yuan signed by the end of 2024, a year-on-year increase of 10% [3] - The company’s inventory and contract liabilities increased by 11.86% and 32.38% year-on-year, respectively [3] Profitability and R&D Investment - The overall gross margin for Q1 2025 was 34.29%, remaining stable year-on-year after adjusting for warranty costs [4] - R&D expenses reached 63.82 million yuan, a year-on-year increase of 41% [4] Business Development and Equipment Substitution - Northern Huachuang's acquisition will enhance the company's capabilities in track, cleaning, and bonding equipment [5] - The company has successfully secured orders from leading domestic clients for its front-end coating and developing equipment [5] Financial Forecasts - Revenue projections for 2025-2027 are 2.096 billion, 2.693 billion, and 3.462 billion yuan, with net profit forecasts of 264 million, 449 million, and 711 million yuan [6] - The expected EPS for 2025, 2026, and 2027 is 1.31, 2.23, and 3.53 yuan, respectively [6]

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]