证券研究报告：电子 | 公司点评报告 2024 年 4 月 29 日 公司基本情况 总市值/流通市值（亿元）133 / 133 52 周内最高/最低价 291.66 / 80.99 资产负债率(%) 44.6% 市盈率 53.19 第一大股东 辽宁科发实业有限公司 股票投资评级 买入|维持 个股表现 -56% -49% -42% -35% -28% -21% -14% -7% 0% 7% 2023-05 2023-07 2023-09 2023-12 2024-02 2024-04 芯源微 电子 资料来源：聚源，中邮证券研究所 最新收盘价（元） 96.80 总股本/流通股本（亿股）1.38 / 1.38 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com ⚫ 事件 4 月 27 日，公司披露 2023 年年度报告以及 2024 年第一季度 报告。 23 年公司实现营收 17.17 亿元，同比+23.98%；实现归母净利 润 2.51 亿元，同比+25.21%；实现扣非归母净利润 1.87 亿元，同 比+36.37%。 24Q1 公司实现营收 ...

芯源微20240428_智能速览 2024年04月29日 01:30 关键词 国产化替代 验证周期长 高端人才引进 核心技术人才 半导体 光刻机 清洗机 化学清洗 碳化硅 激光 产能 单机价值量 市场空间 股权激励 前道设备 竞争格局 销售回款 国产替代 先进封装 海外客户 全文摘要 多家公司分享了各自在半导体及相关领域的运营情况、发展规划以及面临的挑战。其中包括对技术创新 的投资、人才引进的策略、国际市场拓展的方法以及如何应对技术验证难度大、人才短缺和销售能力不 足等问题。公司展示了其在光刻机、清洗机、封装技术和化学气相沉积技术等方面的进展和创新，同时 也揭示了目前这些领域内的竞争状态，包括来自日本等国际竞争对手的压力。在运营管理方面，公司提 到了通过优化管理、强化技术研发和扩大市场份额来增强营业收入和净利润的策略。另外，讨论还触及 了资金流动性的管理和对公司未来业务增长的信心，以及如何利用股权激励计划来吸引和保留人才。通 过这次会议，可以看出尽管面临多重挑战，各公司都展示出积极的姿态和明确的发展方向，致力于推动 半导体行业的科技进步和市场拓展。 章节速览 ● 00:00 信源公司2023年度业绩交流会亮点 ...

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：2024-02 £特定对象调研 £分析师会议 投资者关 £媒体采访 £业绩说明会 系活动类 别 £新闻发布会 £路演活动 £现场参观 R其他（进门财经线上会议） 霸菱资产管理(亚洲)有限公司 参与单位 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 名称 百年保险资产管理有限责任公司 北大方正人寿保险有限公司 北京才誉资产管理企业(有限合伙) 北京富智投资管理有限公司 北京高信百诺投资管理有限公司 北京泓澄投资管理有限公司 北京金百镕投资管理有限公司 北京市星石投资管理有限公司 北京橡果资产管理有限公司 ...

证券研究报告·公司点评报告·半导体 芯源微（688037） 2023 年报&2024 年一季报点评：业绩稳健增 长，看好涂胶显影国产化进程 2024 年 04 月 29 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1,385 | 1,717 | 2,345 | 3,169 | 4,075 | | 同比（ % ） | 67.12 | 23.98 | 36.58 | 35.14 | 28.60 | | 归母净利润（百万元） | 200.16 | 250.63 | 332.88 | 434.96 | 545.05 | | 同比（ % ） | 158.77 | 25.21 | 32.82 | 30.67 | 25.31 | | EPS- 最新摊薄（元 / 股） ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 Q3 营收加速成长，前道涂 胶显影订单占比大增 2022-10-31 事件： 23 年涂胶显影设备快速成长，整体新签订单保持稳定： 生产交付影响 24Q1 收入： 涂胶显影设备持续发力高端产品，清洗设备取得新突破： 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 | --- | --- | |---------------------------|-------------------| | | 证券研究报告 | | | 半导体设备 | | 投资评级 | 买入 -A 维持评级 | | | | | 6 个月目标价 | 119 元 | | 股价 (2024-04-26) | 99.90 元 | | 交易数据 | | | 总市值 (百万元) 13,774.91 | | | 流通市值(百万元 | ) 13,774.91 | | 总股本(百万股 | ) 137.89 | | 流通股本(百万股 | ) 137.89 | | 12 个月价格区间 | 80.99/291.66 元 | | --- | --- | --- | |-------------- ...

Topic 1: Product Development and Innovation - Shanghai Kingsemi Microelectronics Co., Ltd. officially released the KCE front-end single-wafer chemical cleaning machine, opening up a new market worth billions of RMB and completing the strategic layout of front-end coating development and front-end cleaning[1] - The company launched a strategic new product, the front-end single-wafer chemical cleaning machine, in March 2024, with a process coverage rate of over 80%, expanding the domestic market space for front-end products to 20 billion RMB[11] - The company's coating development and single-wafer wet equipment have been widely used in major manufacturers such as TSMC, JCET, and Huatian Technology, with some technologies reaching international leading levels[12] - The company officially launched the fully automatic SiC dicing and breaking machine, leveraging unique SnB dicing technology to solve traditional cutting issues, enriching the product layout in the small-size field[13] - The company's front-end chemical cleaning machine KS-CM300/200 has achieved over 80% process coverage and passed 26nm particle testing, meeting advanced process requirements[184] - The company's temporary bonding machine for Chiplet technology has achieved excellent TTV and warpage performance, compatible with 60μm and above thick film coating requirements[175] - The company's new SiC wafer dicing machine KS-S200-2H1L achieves a cutting speed of approximately 100mm/s, significantly improving efficiency[152] - The company's third-generation immersion high-capacity coater-developer has achieved mass production in conjunction with mainstream global lithography machines, with plans to develop next-generation higher-capacity models[197] Topic 2: R&D and Technological Advancements - The company's R&D expenses have consistently exceeded 10% of revenue, with a compound annual growth rate of over 50% in the past five years, and 131 new patent and software copyright applications in 2023[14] - The company plans to continue increasing R&D investment in 2024, focusing on market and customer demand, and strengthening basic R&D capabilities to drive product technology upgrades[16] - The company's R&D expenditure in 2023 was RMB 300 million, accounting for 11.2% of total revenue[74] - R&D expenditure accounted for 11.52% of revenue in 2023, an increase of 0.53 percentage points from 2022[85] - The company's technology center was recognized as a "National Enterprise Technology Center" in February 2023, highlighting its strong innovation capabilities[116] - The company was awarded the title of "National Manufacturing Single Champion Enterprise" in March 2024 for its coater/developer products[117] - As of the end of the reporting period, the company held 286 patents, including 181 invention patents, 69 utility model patents, and 36 design patents[117] Topic 3: Market Expansion and Strategic Growth - The establishment of Kingsemi Kyoto Co., Ltd. in Japan in August 2022 helps the company access high-end industrial and R&D resources in the semiconductor field, enhancing technical capabilities and reducing production costs[1] - Guangzhou Kingsemi Co., Ltd. was established in September 2023, focusing on the R&D and industrialization of core components such as photoresist pumps, supported by government funding, marking the start of a new development pattern of "whole machine + components"[2] - The global front-end 300mm wafer fab equipment expenditure is expected to grow by 20% to $116.5 billion by 2025 and reach a record $137 billion by 2027[8] - The company's market share in the semiconductor equipment sector increased to 12% in 2023[74] - The company completed the acquisition of a key competitor, enhancing its technological capabilities and market position[74] - The company's international sales grew by 30% in 2023, driven by expansion in Europe and North America[74] - The company's total orders at the end of the reporting period were approximately 2.2 billion yuan (including tax), providing strong support for 2024 performance[167] - The company's front-end coating and developing equipment has achieved full coverage of 28nm and above process nodes in front-end wafer processing, with 28nm and below process technologies currently under validation[183] - The company's front-end physical cleaning machines have been widely adopted by major domestic fabs such as SMIC, HLMC, and Silan, becoming the main production model for domestic logic and power device customers[169] - The company's next-generation high-capacity physical cleaning machine has been sent to a major domestic memory customer for validation, with potential to open new market space in the memory sector[169] - The company's back-end advanced packaging coating and developing equipment and single-wafer wet process equipment have been continuously used as mainstream models by top-tier manufacturers including TSMC, JCET, and Huatian for multiple years[171] - The company's ArF immersion high-capacity coater-developer equipment received orders from 5 major domestic customers[141] - The strategic new product, front-end chemical cleaning machine KS-CM300/200, received validation orders from major domestic customers in Q4 2023[145] - The company's temporary bonding and debonding equipment has reached international advanced levels and received orders from multiple domestic leading customers[152] - The company's compound and small-size equipment, including coating and developing machines and cleaning machines, are widely used in 4-8 inch wafer processes for RF devices, power devices, and MEMS production[189] - The global semiconductor equipment market is projected to see significant growth, with 300mm wafer fab equipment spending expected to exceed $100 billion in 2025 and reach a historic high of $137 billion by 2027[193] Topic 4: Financial Performance and Metrics - The company's revenue for 2023 reached RMB 2.67 billion, reflecting a 15% year-over-year growth[74] - The company's net profit for 2023 was RMB 500 million, marking a 20% increase compared to the previous year[74] - Revenue for 2023 reached 1,716,969,907.58 RMB, a 23.98% increase compared to 2022[85] - Net profit attributable to shareholders in 2023 was 250,626,202.20 RMB, up 25.21% year-over-year[85] - Net cash flow from operating activities in 2023 was -562,876,699.27 RMB, a 391.70% decrease compared to 2022, primarily due to increased material procurement and reduced sales collections[86] - Total assets at the end of 2023 were 4,301,555,628.29 RMB, a 23.03% increase from 2022[85] - Basic earnings per share in 2023 were 1.82 RMB, a 19.82% decrease compared to 2022[85] - Weighted average return on equity (ROE) in 2023 was 11.24%, a decrease of 2.12 percentage points from 2022[85] - The company's net profit attributable to shareholders excluding non-recurring gains and losses increased by 36.37% year-over-year in 2023[85] - The company's total equity attributable to shareholders at the end of 2023 was 2,380,440,281.77 RMB, a 13.00% increase from 2022[85] - Non-recurring profit and loss items for 2023 amounted to 63,461,030.55 RMB, with significant contributions from government subsidies and asset disposal gains[111] - Revenue for the reporting period reached 1.717 billion yuan, a year-on-year increase of 23.98%[137] - Net profit attributable to shareholders of the listed company was 251 million yuan, a year-on-year increase of 25.21%[137] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 187 million yuan, a year-on-year increase of 36.37%[137] - Total assets at the end of the reporting period were 4.302 billion yuan, with shareholders' equity of 2.38 billion yuan[137] - Quarterly revenue for Q4 2023 was 510,488,873.67 RMB, with net profit attributable to shareholders of 30,398,122.88 RMB[131] - The company's other non-current financial assets increased by 39,372,047.24 RMB, contributing to a total fair value change of 24,576,587.09 RMB[134] Topic 5: Supply Chain and Operational Efficiency - The company will continue to promote digitalization, informatization, and standardization in supply chain management in 2024 to ensure efficient, scientific, and standardized operations[17] - The company has established stable strategic partnerships with hundreds of core suppliers and implemented a multi-vendor strategy for key components to ensure timely supply[17] - The company is advancing the localization of key core materials, including mechanical hands, pumps, hot plates, and fluororesin components, to ensure quality while reducing reliance on imports[17] - The company's Japanese subsidiary was successfully established in August 2022, enriching its supply chain resources[17] - The Guangzhou subsidiary, established during the reporting period, focuses on the R&D and industrialization of core components such as photoresist pumps, leveraging the parent company's expertise in coating and development[17] - In 2024, the company will implement a comprehensive cost-reduction and efficiency-improvement plan, with key operational indicators such as new orders, production output, contract acceptance, and sales collection being tracked and optimized[18] - The company's procurement plan is based on production order materials, R&D materials, after-sales service materials, demand planning, and safety stock requirements, with a focus on supplier management and quality assurance[190] - The company adopts a production model that primarily relies on existing orders, supplemented by pre-production for potential orders, to meet customized product design and manufacturing needs while managing inventory risks[190] Topic 6: Employee Incentives and Corporate Governance - The company has launched a new restricted stock incentive plan in August 2023, granting 1.26 million shares at 50 yuan per share to 160 core technical employees to drive long-term sustainable development[21] - The company's 2023 restricted stock incentive plan has a total confirmed share-based payment expense of 25.16 million yuan, with all company-level performance targets met[29] - The company completed the registration of 304,880 restricted shares for the third vesting period of the 2020 restricted stock incentive plan and 75,480 shares for the second batch of the second vesting period of the 2021 plan on October 30, 2023[31] - On December 7, 2023, the company registered 57,720 restricted shares for the third batch of the second vesting period of the 2021 restricted stock incentive plan[31] - The company proposed to grant 1.6 million restricted shares, accounting for 1.16% of the total share capital, with 1.28 million shares (0.93% of total share capital) for the initial grant and 320,000 shares (0.23% of total share capital) reserved[31] - On August 14, 2023, the company granted 1.26 million restricted shares to 160激励对象 at a grant price of 50.00元 per share[31] - The company implemented three restricted stock incentive plans from 2020 to 2023, covering 299人次 of management and core business骨干, with clear performance考核目标[49] - The company has established a robust intellectual property and trade secret protection system, recognizing these as critical assets for its technological advancement and growth[22] Topic 7: Environmental and Social Responsibility - The company actively fulfills environmental protection obligations, optimizing carbon emission digital management and reducing emissions through digital monitoring[41] - The company has established a comprehensive environmental protection system and employs certified "carbon traders" for carbon emission trading management[41] - The company uses chemicals such as photoresist, OK73, alcohol, and various acid-base药液 for product testing, with strict safety measures and professional disposal of waste chemicals[43] - The company emphasizes ESG (Environmental, Social, and Governance) work, integrating it into corporate culture to achieve high-quality development[41] Topic 8: Subsidiaries and Geographic Expansion - The company established a wholly-owned subsidiary, Shenyang Xinli Microelectronics Equipment Co., Ltd., in January 2024, focusing on the R&D and industrialization of 2.5D/3D advanced packaging products[34] - The company has set up subsidiaries in Japan, Guangzhou, and Shenyang to focus on core component development, high-end packaging R&D, and overseas resource expansion[179] - The company has established three production bases in Shenyang and Shanghai, with the Shanghai Lingang facility officially put into operation in March 2024[179] - The company's employee count increased from 880 to 1,118, with over 50% of R&D personnel holding master's degrees or higher[178] Topic 9: Dividend and Shareholder Returns - The company's cash dividend policy includes a distribution of 2 yuan per 10 shares and a capital reserve transfer of 4.5 shares per 10 shares, with a total cash dividend of 27.57 million yuan[26] - The company plans to distribute a cash dividend of 2 RMB per 10 shares and a capital reserve transfer of 4.5 shares per 10 shares[90] Topic 10: Industry Trends and Market Outlook - Chiplet technology has emerged as a key pathway to enhance integration and chip computing power as Moore's Law slows down[197] - Sales in the compound semiconductor and small-sized equipment segment declined due to lower market demand[121] - The global semiconductor equipment market is projected to see significant growth, with 300mm wafer fab equipment spending expected to exceed $100 billion in 2025 and reach a historic high of $137 billion by 2027[193]

证券代码：688037 证券简称：芯源微 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。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 一、 主要财务数据 1 / 13 (二)非经常性损益项目和金额 2024 年第一季度报告 (三)主要会计数据、财务指标发生变动的情况、原因 2024 年第一季度报告 2024 年第一季度报告 5 / 13 四、 季度财务报表 | --- | --- | --- | --- | --- | |-------|-------|---------------|--------------|-------------------------------| | | | 单位：元 | 币种: | 人民币 审计类型：未经审计 | | | 项目 | 2024 年 3 | 月 31 日 | 2023 年 12 月 31 日 | 2024 年第一季度报告 公司负责人：宗润福 主管会计工作负责人：张新超 会计机构负责人：张新超 | --- | --- ...

公司研究 ——芯源微（688037.SH）跟踪报告之五 公司发布化学清洗机新产品，打造新的增长点。 2024 年 3 月 19 日芯源微发布 KCE 前道单片式化学清洗机，该款机台由公司上海临港子公司自主研发，具有 高工艺覆盖性、高稳定性、高洁净度、高产能、高智能化等多重优势，适用于薄 膜前后的清洗、干法蚀刻后清洗、离子注入灰化后清洗、CMP 后清洗等多种清 洗工艺，能够满足客户对于 UP Time、刻蚀一致性等稳定性指标的严苛要求。 同时，机台还充分借鉴了公司在前道 Track 及 Scrubber 等领域的成熟技术，通 过不断优化内部单元及整机设计，可有效确保机台内部微环境均匀稳定，并最大 程度压缩 chamber 空间，推出的高产能架构能够助力客户实现清洗效率的显著 提升。此外，机台还配备多项智能化功能，实现 AI 赋能。本次推出的前道单片 式化学清洗机新品，将有效弥补公司在前道单片式化学清洗领域的空白，实现 "物理+化学"清洗双覆盖，为公司打造新的业绩增长点。 在 2023 年前道晶圆厂扩产节奏有所放缓的情况下，公司前道 Track（涂胶显影 机）新签订单依然保持了较好的增长，实现了国内市占率的稳步提 ...

证券研究报告：电子 | 公司点评报告 公司基本情况 52 周内最高/最低价 311.80 / 80.99 市盈率 52.22 股票投资评级 个股表现 资料来源：聚源，中邮证券研究所 研究所 芯源微(688037) ⚫ 投资要点 前道 Track 订单保持增长，各品类竞争力持续凸显。2023 年 公司预计实现营收 17.17 亿元，同比+23.98%；实现利润总额 2.82 亿元，同比+27.11%；实现归母净利润 2.51 亿元，同比+25.17%； 实现扣非归母净利润 1.87 亿元，同比+36.31%，主要系司持续加大 研发投入，不断提升产品性能及服务水平，产品综合竞争力持续增 强，综合毛利率水平稳健增长，盈利能力同步提升。分产品看，拳 头产品前道涂胶显影设备收入继续创新高，2023 年公司光刻工序 涂胶显影设备/单片式湿法设备分别实现营收约 10.66/6.00 亿元， 分别同比增长约 40.80%/9.09%。目前，公司 offline、I-line、KrF 产品商业竞争力已逐步凸显，工艺处理能力、稳定性等与进口机台 的差距不断缩小；公司第三代浸没式高产能 Track 设备平台架构 FT300（Ⅲ）于 ...

业绩稳健增长，前道设备持续放量 目标价：159.7 元 当前价：115.58 元 1）2023 年：营业收入 17.17 亿元，同比增长 23.98%；归母净利润 2.51 亿元， 同比增长 25.17%；扣非后归母净利润 1.87 亿元，同比增长 36.31%； 2）2023Q4：营业收入 5.10 亿元，同比增长 4.57%，环比减少 0.08%；归母净 利润 0.30 亿元，同比减少 46.95%，环比减少 64.15%；扣非后归母净利润 0.05 亿元，同比减少 86.03%，环比减少 93.17%。 评论： 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 未经许可，禁止转载 华创证券研究所 市场表现对比图(近 12 个月) -42% -12% 19% 50% 23/02 23/05 23/07 23/10 23/12 24/02 2023-02-27~2024-02-27 芯源微 沪深300 证 券 研 究 报 告 2024 年 2 月 26 日，公司发布 2023 年度业绩快报： | --- | --- | --- | --- | --- | |------------ ...