国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 ——芯源微更新报告 [table_Authors] 舒迪(分析师) 文越(分析师) 021-38676666 shudi@gtjas.com 登记编号S0880521070002 | --- | --- | |------------------------|-------| | | | | | | | | | | | | | 021-38038032 | | | wenyue029694@gtjas.com | | | S0880524050001 | | 本报告导读： 公司发布半年度业绩报告，公司产品多点开花，受下游积极扩产，公司产品导入顺 利，订单高速增长，公司长期发展可期。 投资要点： 股票研究 /[Table_Date] 2024.09.19 新签订单高增，track、清洗、封装多点突破 芯源微(688037) 电子元器件 [Table_Industry] /信息科技 ...

电子 证 券 研 究 报 告 上 市 公 司 公 司 研 究/ 公 司 点 评 2024 年 09 月 12 日 芯源微 (688037) ——化学清洗、划片机、键合机新品突破 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 11 日 | | 收盘价（元） | 58.20 | | 一年内最高/最低（元） | 168.88/56.18 | | 市净率 | 4.7 | | 息率（分红/股价） | 0.34 | | 流通 A 股市值（百万元） | 11,690 | | 上证指数/深证成指 | 2,721.80/8,105.38 | | | | | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : | 年 06 月 30 日 | | 每股净资产（元） | 17.81 | | | | | 资产负债率 % | 46.52 | | 总股本/流通 ...

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：56.93 元/股 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,385 1,717 2,082 2,970 3,745 增长率 yoy% 67% 24% 21.3% 42.6% 26.1% 净利润（百万元） 200 251 308 462 604 增长率 yoy% 159% 25% 23.0% 49.9% 30.7% 每股收益（元） 1.00 1.25 1.53 2.30 3.01 每股现金流量 0.96 -2.80 2.62 -0.01 1.13 净资产收益率 10% 11% 12% 15% 16% P/E 57.1 45.6 37.1 24.7 18.9 P/B 5.4 4.8 4.3 3.7 3.1 备注：每股指标按照最新股本数全面摊薄，股价按 9 月 6 日收盘价进行计算 [Table_Profit] 基本状况 总股本(百万股) 201 流通股本(百万股) 201 市价(元) 56.93 市值(百万元) 11, ...

有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 24Q2 业绩环比高增，在手订单创新高 核心观点 ⚫ 24H1 公司实现营业收入 6.94 亿元，同比保持持平；受人员薪酬、研发支出等较大 幅度增长影响，归母净利润 0.76 亿元，同降 44%；研发投入 1.17 亿元，同增 52%。其中 24Q2 实现营业收入 4.49 亿元，环增 84%；实现归母净利润 0.60 亿 元，环增 276%。24 H1 公司新签订单 12.2 亿元，同比增长约 30%；截至 24 年 6 月底，公司在手订单超过 26 亿元，创历史新高。 ⚫ 前道涂胶显影机领域持续提升，新一代产品研发进展顺利。2024 年上半年，公司前 道涂胶显影设备在各项工艺指标和量产能力上持续取得提升和突破，新签订单同比 保持良好增长，多款型号机台获得下游客户批量重复订单。此外，公司正在快速推 进新一代超高产能架构涂胶显影机 FTEX 的研发进程，目前研发项目进展顺利，将 尽快推出到客户端开展验证工作。 ⚫ 前道清洗机不断扩充产品矩阵。公司在化学液高精度槽混技术、 ...

证券代码：688037 证券简称：芯源微 公告编号：2024-063 沈阳芯源微电子设备股份有限公司 关于参加 2024 年半年度半导体设备及材料集体业绩 说明会的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 投 资 者 可 于 9 月 11 日 （ 星 期 三 ） 16:00 前 通 过 公 司 邮 箱 688037@kingsemi.com 将需要了解和关注的问题提前提供给公司，公司将在说明 会上对投资者普遍关注的问题进行回答。 沈阳芯源微电子设备股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日披露公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司经 营成果及财务状况，公司拟于 2024 年 9 月 12 日下午 14:00-16:00 参加由上海证 券交易所举办的"2024 年半年度半导体设备及材料专场集体业绩说明会"，就 投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度经营成 果及财务指标的具 ...

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. ...