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].

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 ...