沈阳芯源微电子设备股份有限公司 监事会关于 2023 年限制性股票激励计划预留授予 激励对象名单的核查意见（截止授予日） 沈阳芯源微电子设备股份有限公司（以下简称"公司"）监事会依据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规 则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相 关法律、法规及规范性文件和《沈阳芯源微电子设备股份有限公司章程》（以下 简称"《公司章程》"）的有关规定，对公司 2023 年限制性股票激励计划（以 下简称"本次激励计划"）预留授予激励对象名单（截止授予日）进行审核，发 表核查意见如下： 1、本次股权激励计划预留授予激励对象均不存在《上市公司股权激励管理 办法》第八条规定的不得成为激励对象的情形： （1）最近 12 个月内被证券交易所认定为不适当人选； 本次股权激励计划预留授予激励对象名单人员符合《公司法》《证券法》等 法律、法规和规范性文件以及《公司章程》规定的任职资格，符合《管理 ...

北京市邦盛律师事务所 关于沈阳芯源微电子设备股份有限公司 2023 年限制性股票激励计划 法 律 意 见 书 [2024]邦盛股字第 058 号 中国·北京·海淀区中关村大街19号新中关大厦A座12层 电话（Tel）：(010)82870288 传真（Fax）：(010)82870299 二○二四年五月 北京市邦盛律师事务所 法律意见书 北京市邦盛律师事务所 关于沈阳芯源微电子设备股份有限公司 预留部分授予相关事项 之 2023 年限制性股票激励计划预留部分授予相关事项之 法律意见书 [2024]邦盛股字第 058 号 致：沈阳芯源微电子设备股份有限公司 北京市邦盛律师事务所（以下简称"本所"）接受沈阳芯源微电子设备股份 有限公司（以下简称"公司"）委托，作为公司 2023 年限制性股票激励计划（以 下简称"本次激励计划"）的专项法律顾问，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上海证券交 易所科创板股票上市规则》《科创板上市公司信息披露业务指南第 4 号——股权 激励信息披露》 ...

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 2023 年度持续督导跟踪报告 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》 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》和《科创板上市公司 持续监管办法（试行）》等相关法律、法规和规范性文件的规定，中国国际金融股份有 限公司（以下简称"中金公司"）作为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"）持续督导工作的保荐机构，承担公司持续督导工作，并出具 2023 年 度持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针 | 保荐机构已建立并有效执行了持续督 | | | 对具体的持续督导工作制定相应的工作计划 | 导制度，并制定了相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开 | 保荐机构已与公司签订《保荐协 | | | 始前，与上市公司或相关当事人签署持续督导 | 议》，该协议明确了双方在持续督导 | | | 协议，明确双方在持续督导期间的权利义务， | ...

Investment Rating - The report maintains a "Buy" rating for the company [5][19]. Core Views - The company reported a Q1 2024 revenue of 244 million yuan, a year-on-year decrease of 15.27%, and a net profit attributable to the parent company of 16 million yuan, down 75.73% year-on-year. However, the 2023 revenue was 1.717 billion yuan, an increase of 23.98%, with a net profit of 251 million yuan, up 25.21% year-on-year [5]. - The company has a strong order backlog of approximately 2.2 billion yuan at the end of 2023, indicating stable demand for its products despite a slowdown in market demand [5]. - The company is expanding its product offerings, including new chemical cleaning machines, which are expected to become a new growth driver [6][19]. Financial Summary - The company’s total revenue for 2023 was 1.717 billion yuan, with a gross margin of 42.5%. The forecast for 2024 revenue is 2.004 billion yuan, with a projected net profit of 288 million yuan [20][22]. - The company’s earnings per share (EPS) for 2023 was 1.82 yuan, with projections of 2.09 yuan for 2024 and 2.70 yuan for 2025 [20][22]. - The company’s return on equity (ROE) for 2023 was 10.5%, with expectations of 10.6% in 2024 and 11.9% in 2025 [20][22].

2024 年 05 月 10 日 告 司 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------|-----------------|-------|----------|----------|--------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

告 研 前道 Track 设备领域龙头，先进封装设备打造第 二增长曲 2024 年 05 月 10 日 司 究 证 公 报 —芯源微（688037.SH）公司事件点评报告 证券研究报告 随着 AI 芯片需求持续大涨，作为 AI 芯片当中的极为关键的 器件，HBM 持续供不应求。根据美光 CEO Sanjay Mehrotra， 美光 2024 年的 HBM 产能已全部售罄，2025 年的绝大产能供 应也已经分配完毕。此外，半导体封测龙头日月光投资马币 6969.6 万令吉取得马来西亚槟城州桂花城科技园土地使用 权，主要布局先进封装产能；Amkor 和格芯强强联合，致力 于打造亚洲以外的先进封装半导体供应链。我们认为随着 AI 应用的发展，对于算力和存力的需求持续提升，行业对于先 进封装设备的需求也会相应得到提升。技术层面，摩尔定律 逐渐放缓，Chiplet 技术成为持续提高集成度和芯片算力的 重要途径之一。Chipt 技术需要通过先进封装技术，像搭积 木一样把许多小芯片模块（Chiplet）集成在一起，去实现整 个集成以后的芯片系统。根据 Frost&Sullivan 预测，2025 年中国先进封装市场规模为 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [4][16]. Core Insights - The company reported a revenue of 1.717 billion yuan in 2023, a year-on-year increase of 23.98%, and a net profit of 251 million yuan, up 25.21% year-on-year. However, in Q1 2024, revenue decreased by 15.27% year-on-year to 244 million yuan, with a significant drop in net profit by 75.73% year-on-year [16][17]. - The company has a strong order backlog of approximately 2.2 billion yuan, with stable growth in front-end track orders and significant progress in chemical cleaning and advanced packaging equipment [17][18]. - The company has expanded its production capacity with new facilities in Shanghai, aiming for a production capacity of 20-25 billion yuan, and has increased R&D spending by 30.06% year-on-year [18]. Financial Summary - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.54 yuan, 3.43 yuan, and 4.39 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 35.9, 26.6, and 20.8 [4][20]. - Revenue is expected to grow from 2.312 billion yuan in 2024 to 4.188 billion yuan in 2026, with a compound annual growth rate (CAGR) of 32% [20]. - The net profit is projected to increase from 350 million yuan in 2024 to 605 million yuan in 2026, reflecting a CAGR of 28.2% [20]. Growth and Profitability Metrics - The company’s gross margin is expected to improve from 44.3% in 2024 to 46.8% in 2026, while the net margin is projected to remain stable around 14.5% to 15.1% [10][20]. - Return on equity (ROE) is forecasted to rise from 12.8% in 2024 to 16.1% in 2026, indicating improved profitability [10][20]. Market Position and Competitive Landscape - The company has maintained a strong market position with a growing domestic market share, particularly in front-end coating and developing equipment [17][18]. - The competitive landscape is intensifying, with challenges in downstream recovery and increased competition impacting growth prospects [5].

关于以集中竞价交易方式回购公司股份的进展公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/22，由董事长宗润福先生提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 6 个月 | | 预计回购金额 | 万元 1,000 万元~2,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 102,607 股 | | 累计已回购股数占总股本比 例 | 0.07% | | 累计已回购金额 | 1,000.83 万元 | | 实际回购价格区间 | 93.90 元/股~108.54 元/股 | 一、 回购股份的基本情况 证券代码：688037 证券简称：芯源微 公告编号：2024-032 沈阳芯源微电子设备股份有限公司 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司应在 ...

[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 2,369 3,175 4,032 增长率 yoy% 67% 24% 38% 34% 27% 净利润（百万元） 200 251 350 500 620 增长率 yoy% 159% 25% 40% 43% 24% 每股收益（元） 1.45 1.82 2.54 3.63 4.50 每股现金流量 1.40 -4.08 2.93 1.03 1.87 净资产收益率 10% 11% 13% 16% 16% P/E 62.0 49.5 35.5 24.8 20.0 P/B 5.9 5.2 4.6 3.9 3.3 备注：每股指标按照最新股本数全面摊薄，股价按 4 月 30 日收盘价进行计算 芯源微：订单节奏影响一季度业绩，前道 track+清洗进展良好 执业证书编号：S0740521120001 [Table_Title] 评级：买入（维持） 市场价格：90.02 元/股 芯源微(688037.SH)/电子 证券研究报告/公司点评 2024 年 5 月 3 日 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [2][12]. Core Insights - The company reported a revenue of 1.717 billion yuan for 2023, a year-on-year increase of 24%, and a net profit of 251 million yuan, also up 25% year-on-year. The gross margin improved to 42.53%, an increase of 4.13 percentage points [14]. - The company experienced a decline in revenue for Q1 2024, down nearly 15% year-on-year, primarily due to the order rhythm and increased employee costs [15][23]. - The company has successfully launched new products, including advanced cleaning equipment and immersion coating machines, which have received positive feedback from major clients [24][33]. Financial Summary - The company’s total assets are projected to grow from 4.302 billion yuan in 2023 to 9.029 billion yuan by 2026, with a significant increase in both current and non-current assets [7]. - Revenue is expected to rise from 1.717 billion yuan in 2023 to 4.032 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 27% [20]. - Net profit is forecasted to increase from 251 million yuan in 2023 to 620 million yuan by 2026, reflecting a strong growth trajectory [20]. Operational Developments - The company has expanded its production capabilities with the new Shanghai Lingang plant, which began operations in March 2024, focusing on advanced manufacturing processes [33]. - The company is actively pursuing international expansion, with subsidiaries established in Japan and Guangzhou to enhance resource acquisition and product development [33]. Investment Recommendations - The report suggests that the company is well-positioned to benefit from the trend of domestic equipment localization, particularly in the semiconductor sector, which is expected to drive significant order growth [33].