Investment Rating - The report maintains a "Buy" rating for the company [1][5][7] Core Insights - The company's revenue for H1 2024 was 694 million yuan, a slight decrease of 0.29% year-on-year, while the net profit attributable to shareholders dropped by 43.88% to 76 million yuan [1][2] - New orders signed in H1 2024 reached 1.219 billion yuan, reflecting a robust year-on-year growth of approximately 30%, with significant increases in orders for advanced packaging and new products in the Chiplet field [2][5] - The company’s gross margin for H1 2024 was 40.54%, down 3.22 percentage points year-on-year, while the net profit margin was 10.77%, a decrease of 8.73 percentage points [2][3] Financial Performance Summary - For Q2 2024, the company reported revenue of 449 million yuan, a year-on-year increase of 10.31% and a quarter-on-quarter increase of 84.02% [2] - The company’s gross margin for Q2 2024 was 40.18%, with a net profit margin of 13.15% [2][3] - The company’s operating expenses increased, with R&D expenses rising by 52% year-on-year to 117 million yuan [2][3] Order and Product Development - The company has successfully upgraded its coating and developing equipment, receiving bulk repeat orders from downstream customers [3][5] - The company has established deep cooperation with several domestic 2.5D and HBM customers, with over ten units of mass production or verification orders in hand [5][6] Earnings Forecast - The company is expected to achieve revenues of 2.275 billion, 2.993 billion, and 3.842 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 322 million, 445 million, and 607 million yuan [5][6][7] - The current price corresponds to a P/E ratio of 36, 26, and 19 for the years 2024, 2025, and 2026 respectively [5][6]

证券代码：688037 证券简称：芯源微 沈阳芯源微电子设备股份有限公司投资者关系活动记录表 编号：2024-05 | --- | --- | --- | |----------------|----------------------------|--------------------------------| | | £ | 特定对象调研 £分析师会议 | | 投资者关系活动 | £ 媒体采访 | £ 业绩说明会 | | 类别 | £ 新闻发布会 | £ 路演活动 | | | £现场参观 | R 其他 | | 参与单位名称 | 霸菱资产管理 | (亚洲) 有限公司 | | | | 百川财富(北京)投资管理有限公司 | | | 百嘉基金管理有限公司 | | | | 北大方正人寿保险有限公司 | | | | | 北京东方睿石投资管理有限公司 | | | 北京富智投资管理有限公司 | | | | | 北京神农投资管理股份有限公司 | | | | 北京盛曦投资管理有限责任公司 | | | 北京市星石投资管理有限公司 | | | | 北京泰康投资管理有限公司 | | | | | 北京中承东方资产管理有限公司 | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 83.2 CNY, compared to the current price of 62.17 CNY [1]. Core Insights - The company achieved a steady revenue growth in Q2 2024, with a revenue of 449 million CNY, representing a year-on-year increase of 10.31% and a quarter-on-quarter increase of 84.02%. The gross margin was 40.18%, slightly down from the previous year [2][1]. - The company signed new orders worth 1.219 billion CNY in H1 2024, a year-on-year growth of approximately 30%. The backlog of orders exceeded 2.6 billion CNY, marking a historical high [2]. - The domestic semiconductor equipment market is experiencing accelerated localization, with the company positioned as a leading provider of mid-to-high-end production-type coating and developing equipment, which is expected to enhance its market share [2]. - The company is increasing its R&D investment to build core competitive advantages and expand its product matrix, which is anticipated to open up growth opportunities [2]. Financial Summary - For H1 2024, the company reported total revenue of 694 million CNY, a slight decrease of 0.29% year-on-year. The net profit attributable to the parent company was 76 million CNY, down 43.88% year-on-year [1]. - The financial projections for the company are as follows: - Total revenue is expected to grow from 2.088 billion CNY in 2024 to 3.777 billion CNY in 2026, with year-on-year growth rates of 21.6% and 35.1% respectively [3]. - Net profit is projected to increase from 298 million CNY in 2024 to 562 million CNY in 2026, with corresponding growth rates of 19.0% and 36.5% [3].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 81.50 CNY [4][8]. Core Insights - The company reported a revenue of 694 million CNY for H1 2024, a slight decrease of 0.29% year-on-year, and a net profit of 76 million CNY, down 43.88% year-on-year [1][2]. - In Q2 2024, the company achieved a revenue of 449 million CNY, an increase of 10.31% year-on-year and a significant increase of 84.02% quarter-on-quarter [1][2]. - The company signed new orders worth 1.219 billion CNY in H1 2024, representing a year-on-year growth of 30% [3]. Financial Performance Summary - For H1 2024, the company’s revenue was 694 million CNY, with a net profit of 76 million CNY and a non-recurring net profit of 36 million CNY, reflecting declines of 43.88% and 65.52% year-on-year respectively [1][2]. - The company’s Q2 2024 performance showed a revenue of 449 million CNY, with a net profit of 60 million CNY and a non-recurring net profit of 27 million CNY, indicating a year-on-year decrease but a substantial quarter-on-quarter increase [1][2]. - The company’s R&D expenses increased by 52% year-on-year to 117 million CNY, contributing to the rise in management and sales expenses by 35.87% [2]. Order and Market Position - The company is a leader in the domestic coating and developing equipment sector, with successful coverage of 28nm and above mature process nodes and ongoing validation for advanced processes below 14nm [3]. - As of June 2024, the company had a record high order backlog exceeding 2.6 billion CNY, driven by strong demand in various segments including advanced packaging and semiconductor applications [3][7]. - The company’s new high-temperature sulfuric acid cleaning equipment is expected to break foreign monopolies in this technology, providing a stable growth point for future performance [7]. Future Projections - Revenue projections for the company are estimated at 2.232 billion CNY, 3.192 billion CNY, and 4.149 billion CNY for 2024, 2025, and 2026 respectively, with net profits expected to reach 328 million CNY, 486 million CNY, and 584 million CNY in the same years [8][10]. - The company is expected to benefit from a recovery in the semiconductor industry and an increase in new orders for its front-end coating and developing equipment [8].

证券代码：688037 证券简称：芯源微 公告编号：2024-062 1、本次股份质押基本情况 单位：股 | | 是否为控 | | 是否为 限售股 | 是否 | | | | 占其所 | 占公司 | 质押融 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东及 | 本次质押 | | | 质押起 | 质押到 | | | | | | 名称 | 其一致行 | 股数 | （如是， | 补充 | 始日 | 期日 | 质权人 | 持股份 | 总股本 | 资资金 | | | | | 注明限 | 质押 | | | | 比例 | 比例 | 用途 | | | 动人 | | 售类型） | | | | | | | | | 沈阳先 | 否 | 9,800,000 | 否 | 否 | 2024/8 | 2025/9 | 华能贵 | 51.40% | 4.88% | 注 | | 进制造 | | | | | /28 | /28 | 诚 | | | | | 合计 | | 9,800,000 | | | | | | 51.40% | 4. ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 500 million RMB, representing a 25% growth compared to the same period last year[1]. - The company's operating revenue for the first half of 2024 was CNY 693.61 million, a slight decrease of 0.29% compared to CNY 695.60 million in the same period last year[16]. - Net profit attributable to shareholders was CNY 76.14 million, down 43.88% from CNY 135.68 million year-on-year[16]. - The net profit after deducting non-recurring gains and losses was CNY 35.78 million, a decrease of 65.52% compared to CNY 103.75 million in the previous year[16]. - The company experienced a 15.27% decline in revenue in Q1 due to factors such as order structure and delivery cycles, but saw a recovery with a 10.31% growth in Q2[17]. - The company reported a net profit of CNY 741,520,425.80 for the first half of 2024, compared to CNY 596,675,865.60 in the same period of 2023, marking an increase of 24.24%[147]. - The company’s net profit for the first half of 2024 was CNY 48,522,003.25, demonstrating strong operational performance[159]. User and Market Growth - User data indicates that the number of active users has reached 1 million, marking a 40% increase year-over-year[1]. - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 30% based on current market trends and demand[1]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[1]. - New orders signed in the first half of 2024 reached 1.219 billion RMB, a year-on-year growth of approximately 30%, with significant growth in advanced packaging and new products for the Chiplet field[18]. - The total backlog of orders exceeded 2.6 billion RMB by the end of June 2024, setting a historical high for the company[18]. Research and Development - The company has invested 200 million RMB in new technology research, focusing on advanced manufacturing processes to improve production efficiency by 20%[1]. - The R&D investment as a percentage of operating revenue increased by 5.80 percentage points to 16.87% compared to 11.07% in the previous year[17]. - R&D expenses increased by 52.00% year-on-year, amounting to an additional 40.03 million RMB, reflecting the company's commitment to innovation[18]. - The company has achieved international advanced levels in various product features, including low-damage cleaning nozzles and precise control systems for its cleaning equipment[30]. - The company has a total of 799 patent applications, with 396 granted, indicating a strong focus on innovation and intellectual property[42]. Financial Health and Cash Flow - The net cash flow from operating activities was CNY 139.75 million, a significant improvement from a negative cash flow of CNY -357.43 million in the same period last year[16]. - The company's cash and cash equivalents increased by 32.98% to ¥987,949,287.52, accounting for 21.39% of total assets, primarily due to increased sales collections[79]. - Accounts receivable decreased by 30.38% to ¥391,397,348.86, representing 8.47% of total assets, also attributed to improved sales collections[79]. - The company experienced a significant increase in cash flow from operating activities, totaling 139.75 million yuan, compared to a negative cash flow in the previous year[76]. - The company’s total cash inflow from operating activities and investment activities combined was RMB 2,732,969,172.88, a notable increase from RMB 1,268,504,408.60 in the first half of 2023[156]. Environmental and Sustainability Efforts - Future guidance includes maintaining a focus on innovation and sustainability, aiming for a 10% reduction in carbon emissions by 2025[1]. - The company allocated 32.40 million yuan for environmental protection during the reporting period[92]. - The company has implemented a distributed photovoltaic project with an area of approximately 8,500 square meters and a system capacity of 883.3 kWp, expected to reduce carbon emissions by about 800 tons annually[101]. - The company has established a comprehensive emergency response plan for environmental incidents, which was filed with the local environmental authority[96]. - The company has successfully passed the ISO 14001 environmental management system certification, demonstrating its commitment to environmental responsibility[99]. Strategic Initiatives and Acquisitions - A strategic acquisition of a smaller tech firm is in progress, which is anticipated to enhance the company's R&D capabilities and add 50 million RMB to the annual revenue[1]. - The company established a subsidiary in Guangzhou in September 2023, enhancing its strategic layout in the Guangdong-Hong Kong-Macao Greater Bay Area[51]. - The company has made significant progress in core technologies, achieving breakthroughs in chemical liquid high-precision mixing, dynamic scanning nozzle technology, and precise temperature control for chemical liquids[37]. - The company is actively promoting and validating its front-end chemical cleaning products with clients, aiming to enhance customer acquisition and production delivery[28]. - The company has diversified its product offerings across four major business segments, including front-end coating and developing equipment, front-end cleaning equipment, advanced packaging equipment, and small-sized devices[23]. Risks and Challenges - The company has identified potential risks related to supply chain disruptions, which could impact production timelines and costs[1]. - The company faces risks from intensified market competition and potential loss of market position due to new entrants in the semiconductor equipment sector[69]. - The company's accounts receivable accounted for a significant portion of current assets, posing a risk if customer credit conditions deteriorate[67]. - The company has implemented a comprehensive inventory management system to mitigate risks associated with unsold inventory[68]. - Government subsidies accounted for 56.68% of the total profit, amounting to 50.72 million yuan, indicating reliance on external support[74]. Shareholder and Governance Matters - The company completed the registration of 299,700 restricted stocks under its 2021 incentive plan, with 183,520 shares vesting in the first batch and 116,180 shares in the second batch[90]. - The company has committed to not transferring or entrusting the management of its shares for 12 months and 6 months after leaving the company, with a 25% limit on share transfers during the first year after the lock-up period[103]. - The company’s major shareholder commits to not interfere with the company's management and to adhere to regulations regarding profit distribution policies post-listing[109]. - The company has not reported any changes in major shareholders or actual controllers during the reporting period[139]. - The total number of common shareholders as of the end of the reporting period is 14,822[134].

证券代码：688037 证券简称：芯源微 公告编号：2024-060 沈阳芯源微电子设备股份有限公司 关于 2023 年限制性股票激励计划首次授予部分第一个 归属期第一批次归属结果暨股份上市的公告 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。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 535,050 股。 本次股票上市流通总数为 535,050 股。 3、2023 年 7 月 29 日至 2023 年 8 月 8 日，公司对本激励计划首次授予的激励 对象名单在公司内部进行了公示。在公示期内，公司监事会未收到与本激励计划 激励对象有关的任何异议。2023 年 8 月 9 日，公司于上海证券交易所网站 （www.sse.com.cn）披露了《沈阳芯源微电子设备股份有限公司监事会关于公司 2023 年限制性股票激励计划首次授予激励对象名单的审核意见及公示情况说明》 （公告编号：2023-052）。 4、2023 年 8 月 14 日，公司召开 2023 年第一次临时股东大会，审议并通过了 ...

证券代码：688037 证券简称：芯源微 公告编号：2024-058 沈阳芯源微电子设备股份有限公司 第二届监事会第二十三次会议决议公告 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 沈阳芯源微电子设备股份有限公司（以下简称"公司"）于 2024 年 8 月 29 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监事会第二十三次会 议（以下简称"本次会议"）。本次会议的通知于 2024 年 8 月 19 日送达全体监 事。会议应出席监事 3 人，实际到会监事 3 人，会议由监事会主席梁倩倩女士主 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、监事会会议审议情况 芯源微电子设备股份有限公司 2024 年半年度报告》《沈阳芯源微电子设备股份 有限公司 2024 年半年度报告摘要》。 同意：3 票；反对 0 票；弃权：0 票。 （二）审议通过了《关于审议<2024 年半年度募集资金存放与使用情况专项 报告>的议案》 经审核，监事会认为 ...

证券代码：688037 证券简称：芯源微 公告编号：2024-059 沈阳芯源微电子设备股份有限公司 2024 年半年度募集资金存放与使用情况专项报告 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。 一、募集资金基本情况 （一）实际募集资金的金额及到账情况 1、2019 年首次公开发行股票募集资金 经中国证券监督管理委员会《关于同意沈阳芯源微电子设备股份有限公司首 次公开发行股票注册的批复》（证监许可〔2019〕2335 号）同意注册，沈阳芯 源微电子设备股份有限公司（以下简称"本公司"、"公司"）向社会公开发行 人民币普通股（A 股）21,000,000 股，每股面值为人民币 1 元，每股发行价为人 民币 26.97 元，应募集资金总额为 566,370,000.00 元，根据有关规定扣除发行费 用 60,625,896.22 元后，实际募集资金净额为 505,744,103.78 元。以上募集资金已 于 2019 年 12 月 10 日到位，募集资金到位情况已经容诚会计师事务所（特殊普 通合伙）审验并出具会验字[201 ...

Investment Rating - Buy rating (first coverage) [1] Core Investment Thesis - The company is a leader in domestic photoresist coating and developing equipment, with continuous orders for immersion machines [3] - The company is expanding into chemical cleaning and advanced packaging equipment, significantly increasing its growth potential [3] - The company is expected to achieve revenues of 2.275/2.993/3.842 billion yuan in 2024-2026, with net profits of 322/446/608 million yuan, and EPS of 1.61/2.23/3.04 yuan, corresponding to P/E ratios of 38X/27X/20X [3] Photoresist Coating and Developing Equipment - The company is the only domestic manufacturer capable of providing mass-produced front-end photoresist coating and developing machines [3] - The global market for photoresist coating and developing equipment is expected to reach $4.5 billion by 2025, with the Chinese market accounting for $1.8 billion [3] - The company has successfully launched various models, including offline, I-line, KrF, and ArF immersion machines, and has secured orders from multiple major clients [3] - The company's photoresist coating and developing equipment revenue and sales CAGR from 2019-2023 were 76% and 48%, respectively [3] Chemical Cleaning and Advanced Packaging Equipment - The global semiconductor cleaning equipment market is expected to reach $6 billion by 2025, with the Chinese market accounting for $2.4 billion [3] - The company's physical cleaning equipment is leading in the domestic market, and it is actively expanding into chemical cleaning, with temporary bonding and debonding equipment entering small-scale sales [3] - The company's chemical cleaning equipment has received validation orders, significantly expanding its market potential [42] Market and Industry Analysis - The global semiconductor equipment market is expected to grow to $109.5 billion in 2024, with China leading in wafer fab equipment spending [19] - The domestic semiconductor equipment market is expected to maintain an annual investment scale of over $30 billion from 2024-2027 [19] - The company's immersion machines have achieved domestic substitution, covering all 28nm and above process nodes [28] Financial Performance and Projections - The company's revenue CAGR from 2019-2023 was 51.78%, with net profit CAGR of 53.64% [10] - The company's gross margin for front-end photoresist coating and developing equipment improved steadily in 2023, reaching 38.84% [10] - The company's R&D expense ratio in Q1 2024 was 18.60%, an increase of 6.36 percentage points year-on-year [10]