证券代码：688037 证券简称：芯源微 公告编号：2024-071 沈阳芯源微电子设备股份有限公司 关于 2021 年限制性股票激励计划首次授予部分第三个 归属期第二批次、2023 年限制性股票激励计划首次授 予部分第一个归属期第二批次 归属结果暨股份上市的公告 （一）2021 年限制性股票激励计划 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： 同日，公司召开第一届监事会第十四次会议，审议通过了《关于公司<2021 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2021 年限制性股票 激励计划实施考核管理办法>的议案》以及《关于核实公司<2021 年限制性股票激 励计划首次授予激励对象名单>的议案》，公司监事会对本激励计划的相关事项进 行核实并出具了相关核查意见。 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 107,358 股。 本次股票上市流通总数为 107,358 股。 本次股票上市流通日期为 2024 年 11 月 18 日。 根据中国证监会、上海证券交易所、中国证 ...

证券代码：688037 证券简称：芯源微 公告编号：2024-070 二、补助的类型及对上市公司的影响 根据《企业会计准则第 16 号-政府补助》的有关规定，公司获得的上述政府 补助属于与收益相关的政府补助。上述政府补助未经审计，具体的会计处理及对 公司 2024 年度损益的影响，最终以审计机构年度审计确认后的结果为准，敬请 投资者注意投资风险。 特此公告。 沈阳芯源微电子设备股份有限公司董事会 2024 年 11 月 8 日 沈阳芯源微电子设备股份有限公司 关于获得政府补助的公告 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。 一、获得补助的基本情况 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"）于近 日收到政府补助款项总计人民币 3,040.00 万元，均为与收益相关的政府补助，具 体情况如下： | 序号 | 收款单位 | 款项内容 | 补助金额 （万元） | 发放主体 | 补助 类型 | | --- | --- | --- | --- | --- | --- | | 1 | 芯源微 | 集成电路关键装 ...

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：2024-06 | --- | --- | --- | |----------------|---------------------------------------------------|----------------------------------| | | R | 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 | 百川财富(北京)投资管理有限公司 | | | | 百达世瑞(上海 ) | 私募基金管理有限公司 | | | 百年保险资产管理有限责任公司 | | | | 鲍尔赛嘉(上海 ) | 投资管理有限公司 | | | 北京诚盛投资管理有限公司 | | | | 北京城天九投资有限公司 | | | | 北京晟元体育文化有限公司 | | | | 北京风炎投资管理有限公司 | | | | 北京富智投资管理有限公司 | | | | | 北京合创友量私募基 ...

2024 年 10 月 24 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn 证券分析师： 姚丹丹 S0350524060002 yaodd@ghzq.com.cn 证券分析师： 杜先康 S0350523080003 duxk01@ghzq.com.cn [Table_Title] Q3 收入承压，毛利率同环比显著提升 ——芯源微（688037）2024 年三季报点评 事件: 最近一年走势 芯源微 10 月 23 日公告 2024 年三季报：2024 年前三季度公司实现收入 11.05 亿元，同比减少 8.44%；实现归母净利润 1.08 亿元，同比减少 51.12%；实现扣非归母净利润 0.40 亿元，同比减少 77.97%。 投资要点: 相对沪深 300 表现 2024/10/23 受长、短交验周期订单分布不均影响，2024Q3 收入承压。受订单结构、 排产及交付周期、客户端装调验收计划等因素影响，公司短交验周期订 单与长交验周期订单分布不均匀，导致分季度收入存在一定波动， 2024Q3 公司实现收入 4.11 亿元，同比减少 ...

[Table_MainInfo] 公司研究/信息设备/半导体产品与半导体设备 证券研究报告 芯源微（688037）公司季报点评 2024 年 10 月 24 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|--------------| | 股票数据 | | | 10 [ Table_StockInfo 月 24 日收盘价（元） ] | 83.39 | | 52 周股价波动（元） | 56.18-168.88 | | 总股本 / 流通 A 股（百万股） | 201/201 | | 总市值 / 流通市值（百万元） | 16750/16750 | | 相关研究 | | | [Table_ReportInfo] 《加大研发、新产品迭出，持续关注新一代超 | | | 高产能架构涂胶显影机进展》 | 2024.09.20 | | --- | --- | --- | --- | --- | --- | |--------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance showed a significant decline in revenue and net profit year-on-year, but the gross margin improved notably [2][3] - The semiconductor industry is gradually recovering, leading to a downward revision of the company's profit forecasts for 2024-2026, with expected net profits of 208 million, 337 million, and 505 million yuan for the respective years [2][3] - The company is expected to benefit from a rapid increase in product market share, justifying the "Buy" rating [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.105 billion yuan, down 8.44% YoY, and a net profit of 108 million yuan, down 51.12% YoY [2][3] - Q3 2024 revenue was 411 million yuan, down 19.55% YoY and 8.54% QoQ, with a net profit of 32 million yuan, down 62.74% YoY and 47.61% QoQ [2][3] - The gross margin for Q3 2024 was 46.22%, an increase of 5.1 percentage points YoY and 6.04 percentage points QoQ [2][3] Order and Market Dynamics - New orders in H1 2024 reached 1.219 billion yuan, a 30% increase YoY, with significant growth in the front-end track and chemical cleaning markets [4] - The company has a backlog of over 2.6 billion yuan in orders as of June 2024, providing a solid foundation for future performance [4] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 1.901 billion, 2.501 billion, and 3.446 billion yuan, respectively, with corresponding net profit estimates of 208 million, 337 million, and 505 million yuan [5][6] - The expected EPS for 2024, 2025, and 2026 is 1.03, 1.68, and 2.51 yuan, respectively [5][6]

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]

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 ...