[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]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 100.6 yuan [1][2]. Core Insights - The company's short-term performance has experienced fluctuations, but a robust order backlog is expected to support a rapid recovery in performance. The revenue for Q3 2024 was 4.11 billion yuan, down 19.55% year-on-year, while the gross margin improved to 46.22% [1][2]. - The acceleration of domestic semiconductor equipment localization presents an opportunity for the company to gain market share, as it is currently the only domestic provider of mid-to-high-end production-type coating and developing equipment [2]. - Increased R&D investment is building core competitive advantages and expanding the product matrix, which is expected to open up growth opportunities [2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 11.05 billion yuan, a year-on-year decrease of 8.44%, with a gross margin of 42.46% [1][3]. - The net profit attributable to the parent company for Q3 2024 was 0.31 billion yuan, down 62.74% year-on-year, while the net profit for the first three quarters was 1.08 billion yuan, down 51.12% [1][3]. - The company’s revenue forecasts for 2024-2026 have been adjusted to 18.78 billion yuan, 25.26 billion yuan, and 33.37 billion yuan, respectively [2][3].

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 ...

证券代码：688037 证券简称：芯源微 公告编号：2024-068 沈阳芯源微电子设备股份有限公司 关于调整 2021 年限制性股票激励计划授予价格及授 予数量的公告 5、2021 年 4 月 26 日，公司召开第一届董事会第二十五次会议与第一届监 事会第十五次会议，审议通过了《关于向激励对象首次授予限制性股票的议案》。 公司独立董事对该事项发表了独立意见，认为授予条件已经成就，激励对象主体 资格合法有效，确定的授予日符合相关规定。监事会对授予日的激励对象名单进 行核实并发表了核查意见。 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。 沈阳芯源微电子设备股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日召开的第二届董事会第二十六次会议、第二届监事会第二十四次会议，审 议通过了《关于调整 2021 年限制性股票激励计划授予价格及授予数量的议案》， 现将有关事项说明如下： 一、公司 2021 年限制性股票激励计划已履行的决策程序和信息披露情况 1、2021 年 4 月 9 日，公司召开第一届董事会第二十四次 ...

证券代码：688037 证券简称：芯源微 公告编号：2024-069 沈阳芯源微电子设备股份有限公司 关于募投项目延期的公告 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。 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 2024 年 10 月 22 日召开第二届董事会第二十六次会议及第二届监事会第二十四 次会议，审议通过了《关于公司募投项目延期的议案》，综合考虑当前募投项目 的实施进度等因素，公司决定对募投项目达到预定可使用状态的日期进行延期。 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 金净额为人民币 990,084, ...

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、董事会会议召开情况 沈阳芯源微电子设备股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日在公司会议室以现场和通讯相结合的方式召开了第二届董事会第二十六次 会议（以下简称"本次会议"）。本次会议的通知于 2024 年 10 月 17 日送达全 体董事。会议应出席董事 9 人，实际出席董事 9 人，会议由董事长宗润福先生主 持。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、董事会会议审议情况 本次会议由董事长宗润福先生主持，经与会董事审议，形成决议如下： 证券代码：688037 证券简称：芯源微 公告编号：2024-066 沈阳芯源微电子设备股份有限公司 第二届董事会第二十六次会议决议公告 （二）审议通过了《关于调整 2021 年限制性股票激励计划授予价格及授予 数量的议案》 鉴于公司 2023 年年度利润分配及资本公积转增股本方案已实施完成，根据 《上市公司股权激励管理办法》、公司《2021 ...

北京市中伦律师事务所 关于沈阳芯源微电子设备股份有限公司 2021 年限制性股票激励计划授予价格及授予数量 调整事项的法律意见书 2024 年 10 月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于沈阳芯源微电子设备股份有限公司 2021 年限制性股票激励计划授予价格及授予数量调整事项的 对本法律意见书，本所律师作出如下声明： 1．本所律师在工作过程中，已得到公司的保证：即公司已向本所律师提供 了本所律师认为制作法律意见书所必需的原始书面材料、副本材料和口头证言， 其所提 ...