Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company is expected to significantly increase its market share among large wafer fab customers, leading to substantial order elasticity and revenue contributions from multiple new equipment launches [2][3] - The company's Q3 performance was temporarily impacted by delivery schedules, with a notable decline in revenue and net profit [1][3] Financial Summary - Revenue for 2022 was 1,385 million, projected to grow to 1,717 million in 2023, and further to 1,804 million in 2024, reflecting a growth rate of 24% year-on-year [1] - Net profit for 2022 was 200 million, expected to rise to 251 million in 2023, but projected to decline to 198 million in 2024, indicating a -21% year-on-year change [1] - Earnings per share (EPS) was 1.00 in 2022, expected to be 1.25 in 2023, and projected to decrease to 0.98 in 2024 [1] - The company reported a Q3 revenue of 441 million, down 19.55% year-on-year and 8.54% quarter-on-quarter, with a net profit of 31 million, down 62.74% year-on-year [1] Operational Insights - The company has seen a historical high in its order backlog, with significant growth in new orders for advanced packaging and small-size equipment [1][2] - The company is actively expanding its product offerings in the advanced packaging sector, with successful R&D progress on several new products [1][3] - The company has established multiple subsidiaries in Japan, Guangzhou, and Shenyang to enhance resource acquisition and new product development [3]

证 券 研 究 报 告 芯源微（688037）2024 年三季报点评 强推（维持） 短期业绩有所波动，化学清洗设备进展顺利 目标价：100.6 元 事项： 2024 年 10 月 22 日，公司发布 2024 年第三季度报告： 1）2024Q1-Q3：公司实现营业收入 11.05 亿元，同比-8.44%；毛利率 42.46%， 同比持平;归母/扣非归母净利润 1.08/0.40 亿元，同比-51.12%/-77.97%； 2）2024Q3：公司实现营业收入 4.11 亿元，同比/环比-19.55%/-8.54%；毛利率 46.22%，同比/环比+5.10pct/6.04pct；归母净利润 0.31 亿元，同比/环比-62.74%/- 47.61%；扣非归母净利润 0.04 亿元，同比/环比-94.53%/-84.27%。 评论： 24Q3 短期业绩承压，在手订单充沛有望助力公司业绩快速修复。受订单结构、 排产及交付周期和客户验收计划等因素影响，2024Q3 公司收入有所波动；产 品结构调整带动公司毛利率同比/环比+5.10pct/6.04pct 至 46.22%；净利润部分 受到研发投入等期间费用增加影响。现 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under pressure in the short term, primarily due to upfront expenses, but there is optimism regarding the continued breakthrough and acceleration of its diversified business [1] - Revenue for the first three quarters of 2024 was 1.105 billion yuan, a year-on-year decrease of 8.44%, while net profit attributable to the parent company was 108 million yuan, down 51.12% year-on-year [1] - The company has seen significant growth in R&D investment, which increased by 58% year-on-year, contributing to the decline in profits [1] - The gross margin improved significantly in Q3 2024, reaching 46.22%, up 5.10 percentage points year-on-year, while the net profit margin decreased due to increased expense ratios [1] - The company has a strong order backlog, with new orders signed in H1 2024 amounting to 1.219 billion yuan, a year-on-year increase of 31% [1] - The company is positioned well in the semiconductor industry, particularly in the front-end track and cleaning equipment sectors, with ongoing development of new products [1] Summary by Sections Financial Performance - Total revenue for 2022 was 1.385 billion yuan, with a year-on-year growth of 67.12%. For 2023, revenue is projected at 1.717 billion yuan, a growth of 23.98% [1] - The net profit attributable to the parent company for 2022 was 200.16 million yuan, with a year-on-year increase of 158.77%. The forecast for 2024 is a decrease to 206.32 million yuan, down 17.68% year-on-year [1] - The latest diluted EPS for 2023 is projected at 1.25 yuan per share, with a P/E ratio of 69.54 [1] Order and Market Position - As of Q3 2024, the company had inventory valued at 1.876 billion yuan, a year-on-year increase of 12%, and contract liabilities of 470 million yuan, up 31% year-on-year [1] - The company has achieved significant breakthroughs in various fields, leading to a continuous increase in new orders [1] - The company is the only domestic provider of mass production front-end track equipment, with full coverage in wafer manufacturing processes of 28nm and above [1] Future Outlook - The company has adjusted its net profit forecasts for 2024-2026, now estimating 210 million yuan for 2024, 330 million yuan for 2025, and 500 million yuan for 2026 [1] - The current market capitalization corresponds to a dynamic P/E of 84 for 2024, 53 for 2025, and 35 for 2026, reflecting the company's growth potential in the front-end track and cleaning sectors [1]

Financial Performance - Revenue for Q3 2024 was approximately ¥411 million, a decrease of 19.55% year-over-year[2] - Net profit attributable to shareholders for Q3 2024 was approximately ¥31.5 million, down 62.74% compared to the same period last year[2] - The net profit excluding non-recurring gains and losses for Q3 2024 was approximately ¥4.3 million, a decline of 94.53% year-over-year[2] - The basic earnings per share for Q3 2024 was ¥0.16, down 73.77% from the same period last year[3] - In Q3 2024, the company's net profit was CNY 105,025,056.60, a decrease of 52.3% compared to CNY 220,228,079.32 in the same period last year[15] - The total profit for the period was CNY 121,577,354.32, down from CNY 250,041,100.25, reflecting a decline of 51.4% year-over-year[15] - Operating profit for Q3 2024 was CNY 118,514,600.61, compared to CNY 249,885,985.00 in Q3 2023, indicating a decrease of 52.5%[15] - The total comprehensive income for Q3 2024 was CNY 104,689,802.18, compared to CNY 219,909,675.33 in Q3 2023, reflecting a decline of 52.4%[15] Research and Development - R&D expenses for the year-to-date period reached approximately ¥191.9 million, an increase of 57.77% compared to the previous year[3] - R&D expenses accounted for 18.22% of revenue in Q3 2024, an increase of 9.48 percentage points year-over-year[3] - Research and development expenses rose significantly to CNY 191,903,421.65, compared to CNY 121,634,204.67, marking an increase of approximately 57.7%[14] Assets and Liabilities - Total assets as of the end of Q3 2024 were approximately ¥5.02 billion, an increase of 16.81% from the end of the previous year[3] - Total assets increased to CNY 5,024,817,553.99 as of September 30, 2024, compared to CNY 4,301,555,628.29 at the end of 2023, reflecting a growth of approximately 16.8%[12] - The company's total liabilities reached CNY 2,491,937,178.29, up from CNY 1,918,589,289.96, indicating a growth of about 29.8%[14] - The total non-current liabilities amounted to CNY 1,061,272,242.99, up from CNY 540,903,577.94, indicating an increase of approximately 96.1%[14] - Shareholders' equity attributable to the parent company increased to CNY 2,524,968,070.55 from CNY 2,380,440,281.77, representing a growth of approximately 6.1%[14] Cash Flow - The company reported a net cash flow from operating activities of approximately ¥189.8 million year-to-date, a significant improvement compared to the previous year[6] - Cash flow from operating activities for the first nine months of 2024 was CNY 1,327,396,095.32, up 41.5% from CNY 937,469,247.63 in the same period of 2023[17] - The net cash flow from investing activities was negative CNY 86,512,079.69, an improvement from negative CNY 635,827,758.96 in the previous year[18] - The company's cash and cash equivalents position remains strong, supporting ongoing operations and potential future investments[13] - Cash and cash equivalents amounted to CNY 1,155,237,392.83, compared to CNY 742,950,819.48, marking an increase of around 55.5%[11] - The cash and cash equivalents at the end of the period increased to CNY 1,102,617,645.66 from CNY 480,198,031.78, showing a significant improvement[18] Shareholder Information - The company reported a total of 15,984 common shareholders at the end of the reporting period[8] - The largest shareholder, Liaoning Kefa Industrial Co., Ltd., holds 21,315,832 shares, accounting for 10.61% of total shares[9] - The company has no restricted shares held by the top ten shareholders[10] - The report indicates no significant changes in the participation of major shareholders in securities lending or margin trading activities[11] Operating Performance - Total operating revenue for the first three quarters of 2024 was CNY 1,104,608,445.34, a decrease of approximately 8.4% compared to CNY 1,206,481,033.91 in the same period of 2023[14] - Total operating costs increased to CNY 1,131,226,214.32, up from CNY 1,023,137,827.04, reflecting a rise of about 10.6%[14] - The company reported a significant increase in sales expenses, which rose to CNY 123,274,743.88 from CNY 95,551,901.96, reflecting a growth of about 29.0%[14] Other Information - The company did not report any net profit from subsidiaries under common control during the current or previous periods[16] - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the current year[19] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[13]

证券代码：688037 证券简称：芯源微 公告编号：2024-069 沈阳芯源微电子设备股份有限公司 关于募投项目延期的公告 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。 沈阳芯源微电子设备股份有限公司（以下简称"公司"或"芯源微"）于 2024 年 10 月 22 日召开第二届董事会第二十六次会议及第二届监事会第二十四 次会议，审议通过了《关于公司募投项目延期的议案》，综合考虑当前募投项目 的实施进度等因素，公司决定对募投项目达到预定可使用状态的日期进行延期。 根据中国证券监督管理委员会（以下简称"中国证监会"出具的《关于同意 沈阳芯源微电子设备股份有限公司向特定对象发行股票注册的批复》（证监许可 [2022]498 号），公司于 2022 年 6 月向特定对象发行人民币普通股股票 8,045,699 股，每股面值 1 元，发行价格为人民币 124.29 元/股，募集资金总额为人民币 999,999,928.71 元，扣除不含税的发行费用人民币 9,915,093.67 元，实际募集资 金净额为人民币 990,084, ...

证券代码：688037 证券简称：芯源微 公告编号：2024-068 沈阳芯源微电子设备股份有限公司 关于调整 2021 年限制性股票激励计划授予价格及授 予数量的公告 5、2021 年 4 月 26 日，公司召开第一届董事会第二十五次会议与第一届监 事会第十五次会议，审议通过了《关于向激励对象首次授予限制性股票的议案》。 公司独立董事对该事项发表了独立意见，认为授予条件已经成就，激励对象主体 资格合法有效，确定的授予日符合相关规定。监事会对授予日的激励对象名单进 行核实并发表了核查意见。 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。 沈阳芯源微电子设备股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日召开的第二届董事会第二十六次会议、第二届监事会第二十四次会议，审 议通过了《关于调整 2021 年限制性股票激励计划授予价格及授予数量的议案》， 现将有关事项说明如下： 一、公司 2021 年限制性股票激励计划已履行的决策程序和信息披露情况 1、2021 年 4 月 9 日，公司召开第一届董事会第二十四次 ...

北京市中伦律师事务所 关于沈阳芯源微电子设备股份有限公司 2021 年限制性股票激励计划授予价格及授予数量 调整事项的法律意见书 2024 年 10 月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于沈阳芯源微电子设备股份有限公司 2021 年限制性股票激励计划授予价格及授予数量调整事项的 对本法律意见书，本所律师作出如下声明： 1．本所律师在工作过程中，已得到公司的保证：即公司已向本所律师提供 了本所律师认为制作法律意见书所必需的原始书面材料、副本材料和口头证言， 其所提 ...

证券代码：688037 证券简称：芯源微 公告编号：2024-067 沈阳芯源微电子设备股份有限公司 第二届监事会第二十四次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 具体内容详见同日刊载于上海证券交易所网站（www.sse.com.cn）的《沈阳 芯源微电子设备股份有限公司 2024 年第三季度报告》。 同意：3 票；反对 0 票；弃权：0 票。 （二）审议通过了《关于调整 2021 年限制性股票激励计划授予价格及授予 数量的议案》 公司监事会就本次调整激励计划授予价格及数量的议案进行核查，认为：公 司董事会根据2021年第二次临时股东大会的授权对2021年限制性股票激励计划 的授予价格及数量进行调整，审议程序合法、合规，符合《上市公司股权激励管 理办法》等有关法律、法规、规范性文件和公司《2021 年限制性股票激励计划 （草案）》的相关规定，不存在损害公司及全体股东利益的情形。因此，监事会 同意将 2021 年限制性股票激励计划授予价格由 26.42 元/股调整为 18.08 ...

中国国际金融股份有限公司 关于沈阳芯源微电子设备股份有限公司 募投项目延期的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 沈阳芯源微电子设备股份有限公司（以下简称"芯源微"或"公司"）2021 年度 向特定对象发行 A 股股票项目的保荐机构，根据《证券发行上市保荐业务管理 办法》《上海证券交易所科创板股票上市规则》《上市公司监管指引第 2 号—— 上市公司募集资金管理和使用的监管要求》和《上海证券交易所科创板上市公司 自律监管指引第 1 号——规范运作》等有关规定，对芯源微募投项目延期的事项 进行了核查，核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"出具的《关于同意 沈阳芯源微电子设备股份有限公司向特定对象发行股票注册的批复》（证监许可 [2022]498 号），公司于 2022 年 6 月向特定对象发行人民币普通股股票 8,045,699 股，每股面值 1 元，发行价格为人民币 124.29 元/股，募集资金总额为人民币 999,999,928.71 元，扣除不含税的发行费用人民币 9,915,093.67 元，实际募集资 金净额为人 ...

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。 一、董事会会议召开情况 沈阳芯源微电子设备股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日在公司会议室以现场和通讯相结合的方式召开了第二届董事会第二十六次 会议（以下简称"本次会议"）。本次会议的通知于 2024 年 10 月 17 日送达全 体董事。会议应出席董事 9 人，实际出席董事 9 人，会议由董事长宗润福先生主 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。 二、董事会会议审议情况 本次会议由董事长宗润福先生主持，经与会董事审议，形成决议如下： 证券代码：688037 证券简称：芯源微 公告编号：2024-066 沈阳芯源微电子设备股份有限公司 第二届董事会第二十六次会议决议公告 （二）审议通过了《关于调整 2021 年限制性股票激励计划授予价格及授予 数量的议案》 鉴于公司 2023 年年度利润分配及资本公积转增股本方案已实施完成，根据 《上市公司股权激励管理办法》、公司《2021 ...