Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 127.8 CNY [26]. Core Insights - The company experienced steady growth in 2023, with operating revenue reaching 1.717 billion CNY, a year-on-year increase of 23.98%. The gross margin was 42.53%, up by 4.13 percentage points. The net profit attributable to the parent company was 251 million CNY, reflecting a year-on-year growth of 25.21% [25][26]. - In Q1 2024, the company reported a decline in operating revenue to 244 million CNY, down 15.27% year-on-year and 52.16% quarter-on-quarter. The gross margin decreased to 40.30%, a drop of 5.01 percentage points year-on-year [25][26]. - The company is positioned to benefit from the acceleration of domestic substitution in the semiconductor equipment sector, particularly in photoresist coating and developing equipment, where it holds a competitive edge [26]. Financial Summary - **2023 Financials**: - Operating Revenue: 1,717 million CNY - Net Profit: 251 million CNY - Gross Margin: 42.53% [25][26] - **2024 Financial Forecast**: - Projected Operating Revenue: 2,202 million CNY - Projected Net Profit: 325 million CNY - Projected Gross Margin: 41.6% [31] - **Growth Rates**: - Operating Revenue Growth Rate: 24.0% for 2023, projected 28.3% for 2024 - Net Profit Growth Rate: 25.2% for 2023, projected 29.7% for 2024 [31][26]. Product Performance - The company achieved significant revenue from its photoresist coating and developing equipment, with sales of 1.066 billion CNY in 2023, marking a 40.80% increase year-on-year. The gross margin for this segment was 38.84% [26]. - The single-wafer wet etching equipment generated 600 million CNY in revenue, a 9.09% increase year-on-year, with a gross margin of 46.37% [26]. Market Position - The company is the only domestic provider of mid-to-high-end mass production photoresist coating and developing equipment, with successful product launches and orders from major domestic clients [26]. - The report highlights the company's ongoing investment in R&D to maintain its competitive edge and expand its product offerings [26].

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 ...

Financial Performance - The company achieved a revenue of over 1 billion, representing a year-on-year growth of 24% [9] - The net profit attributable to the parent company exceeded 25%, with a comprehensive gross margin of 42.53%, an increase compared to the previous year [9] - R&D investment approached 200 million, with a compound annual growth rate of over 50% in R&D expenses over the past five years [9] Market Position and Product Development - The company's front-end coating and developing equipment is the only core device that operates in conjunction with photolithography machines, making it a critical resource in semiconductor production lines [9][10] - The market for front-end coating and developing equipment is currently dominated by Tokyo Electron, with low domestic substitution rates [10] - The company has successfully launched a full range of products covering 28nm and above process nodes, with several successful integrations with photolithography machines [10] Challenges and Strategic Focus - The company faces high requirements for production capacity (WPH) and stability (UP TIME) from customers, especially as international photolithography machines have improved efficiency [10][20] - The company is committed to maintaining strategic focus on core competencies and responding to national strategic deployments and technological challenges [14] Recent Financial Trends - In Q1 2024, the company reported a revenue of 244 million, a decrease of 15% year-on-year, primarily due to lower acceptance of machines [15] - The net profit attributable to the parent company for Q1 2024 was 15.8 million, a decrease of 76% year-on-year, attributed to increased employee costs and stock payment expenses [15] Order and Market Outlook - The company maintains a positive outlook for 2024, with a strong order backlog of 2.2 billion as of the end of 2023, indicating good support for revenue [18] - The company is optimistic about the recovery of the advanced packaging industry in 2024, with ongoing expansion in 2.5D advanced packaging [23]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved steady revenue growth in 2023, with a total revenue of 1.72 billion yuan, representing a year-on-year increase of 24%. The revenue from photolithography coating and developing equipment was 1.07 billion yuan, up 41% year-on-year, accounting for 62% of total revenue [2][12] - In Q1 2024, the company experienced a decline in revenue to 240 million yuan, down 15% year-on-year, primarily due to the order structure and increased employee and share payment costs [2][12] - The gross margin for 2023 improved to 42.5%, an increase of 4.1 percentage points year-on-year, with a net profit margin of 14.6% [3][12] - The company is the only domestic provider of mass production photolithography coating and developing machines, achieving full coverage for 28nm and above process nodes [4][25] - The company has seen a stable order intake, with inventory and contract liabilities slightly increasing quarter-on-quarter [3][22] Summary by Sections Financial Performance - Total revenue for 2023 was 1.72 billion yuan, with a year-on-year growth of 24%. The net profit attributable to shareholders was 250.63 million yuan, up 25% year-on-year [2][12] - The gross margin for 2023 was 42.5%, with a net profit margin of 14.6% [3][12] - For Q1 2024, revenue was 240 million yuan, down 15% year-on-year, and net profit was 20 million yuan, down 76% year-on-year [2][12] Orders and Inventory - As of Q1 2024, the company had contract liabilities of 410 million yuan, down 20% year-on-year but up 10% quarter-on-quarter. Inventory stood at 1.78 billion yuan, up 23% year-on-year [3][22] Growth Potential - The company is positioned to benefit from the domestic substitution of photolithography coating and developing equipment, with significant progress in new product development for cleaning and advanced packaging equipment [4][25] - The company has received verification orders for its new generation high-capacity cleaning machines from major domestic storage clients [4][25] Profit Forecast and Valuation - The report adjusts the profit forecast for 2024 and 2025, estimating net profits of 330 million yuan and 430 million yuan respectively, with a projected net profit of 550 million yuan for 2026. The current market value corresponds to dynamic P/E ratios of 41, 32, and 25 times for the respective years [5][28]

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 119 CNY [6][20]. Core Insights - The company achieved a revenue of 1.717 billion CNY in 2023, representing a year-on-year increase of 23.98%. The net profit attributable to the parent company was 250.6 million CNY, up 25.21% year-on-year [17][18]. - The company has maintained stable new orders in 2023, with a total order backlog of approximately 2.2 billion CNY at the end of the year, which is expected to support performance in 2024 [18][20]. - The company has successfully launched various models of front-end coating and developing equipment, with significant progress in high-capacity immersion equipment [19][20]. Financial Performance - Revenue projections for 2024 to 2026 are estimated at 2.232 billion CNY, 3.192 billion CNY, and 4.149 billion CNY respectively, with net profits of 328 million CNY, 485 million CNY, and 584 million CNY [20]. - The overall gross margin for 2023 was 42.53%, an increase of 4.13 percentage points year-on-year, while the net profit margin was 24.57%, remaining relatively stable [18][21]. - The company reported a decrease in revenue for Q1 2024, with a year-on-year decline of 15.27%, primarily due to changes in order structure and production delivery cycles [18][20]. Market Position and Growth Potential - The company is positioned to benefit from the recovery in the semiconductor industry, with expected growth in new orders for front-end coating and developing equipment [20]. - The introduction of a new front-end chemical cleaning machine is anticipated to become a new growth point for the company, marking its entry into a higher technology and larger market space [19][20].

证券代码：688037 证券简称：芯源微 公告编号：2024-016 沈阳芯源微电子设备股份有限公司 第二届监事会第十九次会议决议公告 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 4 月 26 日以现场和通讯相结合的方式召开了第二届监事会第十九次会议（以下简称"本 次会议"）。本次会议的通知于 2024 年 4 月 16 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 本次会议由监事会主席梁倩倩女士主持，经全体监事表决，形成决议如下： （一）审议通过《关于公司<2023 年度监事会工作报告>的议案》 公司监事会根据《中华人民共和国公司法》《中华人民共和国证券法》《沈 阳芯源微电子设备股份有限公司章程》等有关规定，认真履行职责，对公司的依 法运作、财务状况、对外担保、关联交易、募集资金的 ...

沈阳芯源微电子设备股份有限公司 2023 年度独立董事述职报告 2023 年，作为沈阳芯源微电子设备股份有限公司（以下简称"公司"）的 独立董事，我严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《上市公司独立董事管理办法》《上海证券交易所科创板股票 上市规则》《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》"） 和《沈阳芯源微电子设备股份有限公司独立董事工作制度》（以下简称"《独立 董事工作制度》"）等有关规定和要求，诚信、勤勉、独立地履行职责，积极出 席相关会议，认真审议董事会各项议案，并对公司重大事项发表了独立意见，促 进了董事会规范运作和公司治理水平的提升，切实维护了公司整体利益和中小股 东合法权益。现将 2023 年度履职情况汇报如下： （一）个人工作履历、专业背景以及兼职情况 宋雷先生，1968 年 6 月出生，中国国籍，无境外永久居留权，研究生学位， 金融学专业，高级会计师。1992 年 8 月至 1996 年 8 月，担任辽宁资产经营公司 经理；1996 年 9 月至 2001 年 1 月，担任辽宁省财政厅下属辽宁会计师事务所（辽 宁第一资产评估事务 ...

第一条 为保证沈阳芯源微电子设备股份有限公司（以下简称"公司"）与关 联方之间的关联交易符合公平、公正、公开的原则，确保公司的关联交易行为不 损害公司和非关联股东的合法权益，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》"）、《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》"）、《企业会计准则—— 关联方披露》及其他有关法律、法规，制定本办法。 第二条 公司与关联方之间的关联交易行为除遵守本办法的有关规定外，还 需遵守有关法律、法规、规范性文件和《公司章程》的其他规定。 沈阳芯源微电子设备股份有限公司 关联交易管理办法 第一章 总则 3.公司董事、监事或高级管理人员； 4.本项第 1 项至第 3 项所述关联自然人关系密切的家庭成员，包括配偶、年 满 18 周岁的子女及其配偶、父母及配偶的父母、兄弟姐妹及其配偶、配偶的兄 弟姐妹、子女配偶的父母； 5.直接持有公司 5%以上股份的法人或其他组织； 6.直接或间接控制公司的法人或其他组织的董事、监事、高级管理人员或其 他主要负责人； 1 第二章 关联方和关联关系 第三条 公司的关联人，指具有 ...

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 年度募集资金存放与使用情况的专项核查意见 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"）持续督导 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》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《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》等相关法 律、法规和规范性文件的规定，对芯源微 2023 年度募集资金存放与使用情况进 行了审慎核查，核查情况与意见如下： 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，芯源微于 2019 年 12 月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 ...