二、公司前十名无限售条件股东持股情况 盛美半导体设备（上海）股份有限公司（以下简称"公司"）于2024年8月6 日召开第二届董事会第十二次会议，审议通过了《关于以集中竞价交易方式回购 公司股份方案的议案》。具体内容详见公司于2024年8月8日在上海证券交易所网 站（www.sse.com.cn）披露的公司《关于以集中竞价交易方式回购公司股份方案 的公告》（公告编号：2024-044）。 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，现将公司第二届董事会第十二次会议决议公告 的前一个交易日（即2024年8月7日）登记在册的前十名股东和前十名无限售条件 股东的名称、持股数量及持股比例情况公告如下： 序号 股东名称 持股数量 （股） 占总股本比例 （%） 1 ACM RESEARCH, INC. 357,692,308 82.01 2 招商银行股份有限公司－华夏上证科创板 5 0 成份交易型开放式指数证券投资基金 6,539,609 1.50 3 上海浦东新兴产业投资有限公司 4,615,384 1.06 4 上海集成电路产业投资基金股份有限公司 4,615,38 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Insights - The company has shown strong revenue growth, achieving a revenue of 2.404 billion yuan in the first half of 2024, representing a year-on-year increase of 49.33%. The net profit attributable to shareholders was 443 million yuan, a slight increase of 0.85% year-on-year [2][4] - The gross margin for the main business was 50.11% in the first half of 2024, with Q2 gross margin reaching 53.39%, an increase of 7.07 percentage points quarter-on-quarter. The net margin was 24.49%, up 15.79 percentage points quarter-on-quarter, indicating a significant improvement in profitability [2][4] - The company is expanding its overseas market presence, particularly in the US and South Korea, with differentiated equipment gaining favor among clients [3][4] Revenue and Profit Forecast - The company is projected to achieve revenues of 5.472 billion yuan, 6.908 billion yuan, and 8.430 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.68 yuan, 3.60 yuan, and 4.56 yuan. The current stock price corresponds to PE ratios of 34.5, 25.6, and 20.3 for the respective years [4][6]

Financial Overview - In the first half of 2024, the company achieved revenue of 2.404 billion yuan, a year-on-year increase of 49.33% [1] - Gross profit reached 1.218 billion yuan, with a gross margin of 50.68% [1] - Net profit increased by 85 million yuan to 443 million yuan, while the non-GAAP net profit grew by 92 million yuan to 435 million yuan [1] - After excluding share-based payment impacts, net profit increased by 33.9% to 665 million yuan, and non-GAAP net profit rose by 42.24% to 606 million yuan [1] - As of the end of the first half of 2024, total assets amounted to 11 billion yuan, with cash and cash equivalents accounting for 21.2% of total assets [1] Product Business Progress - Revenue from single-wafer cleaning and semiconductor cleaning equipment grew by 79.91% to 1.774 billion yuan, representing 73.81% of total revenue [2] - Revenue from plating, packaging, and other front-end equipment decreased by 8.12% to 427 million yuan, accounting for 17.76% of total revenue [2] - The company launched the HOCEP new plating and circuit equipment for next-generation fan-out panel-level packaging, expected to be a disruptive product [2] Customer Situation - The company has significantly increased its market share in the Chinese market as a leading cleaning equipment provider [2] - Successful delivery of OTC metal back cleaning and edge etching equipment to new customers in the U.S. market [2] - Active discussions with several front-end and packaging equipment customers in South Korea, including potential collaborations with Hynix for high bandwidth memory (HBM) products [3] Capacity Expansion and Long-term Revenue Goals - The company is expanding capacity in China and other regions, with a new R&D and manufacturing center in Shanghai nearing completion, expected to be operational by September [3] - A new long-term revenue target of 3 billion USD has been set, with expectations of 1.5 billion USD from the mainland China market and another 1.5 billion USD from other global markets [3] - The company forecasts full-year revenue between 5.3 billion and 5.8 billion yuan, reflecting significant progress in domestic and international market expansion [3] Technological Innovation and Market Outlook - Breakthroughs in panel-level packaging technology have been achieved, with a horizontal plating solution expected to position the company as a major player in the global market [3] - Plans to launch multiple devices with independent IP to support the rapid development of panel-level packaging [3] - Unique design in PECVD products enhances global competitiveness, with plans to enter international markets after domestic validation [3] Management Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of the year, expecting stronger performance driven by robust order and shipment growth [5] - The revenue guidance for the year has been raised from 5 billion to 5.3 billion yuan, reflecting confidence in growth for the second half and next year [5] - The company noted that while there is an increase in orders, the overall expansion pace remains steady and aligned with plans [11] Other Important Information - The company is accelerating the localization of key components for equipment, with domestic suppliers identified and feasibility studies underway [11] - The company expects to maintain a healthy growth trend in the semiconductor equipment market in China, supported by the third phase of the major fund [11] Q&A Session Summary Question: What is the progress of cooperation with major customers in South Korea? - The company is engaged in comprehensive cooperation in South Korea, including cleaning and plating equipment, with ongoing development of new processes and equipment [4] Question: How does management view the revenue growth in Q2? - The revenue growth exceeded expectations, attributed to increased downstream customer demand and revenue recognition from certain products [5] Question: What are the growth points in the cleaning equipment sector? - The company has a process coverage rate of 90-95% in cleaning equipment, with wet cleaning technology, especially high-temperature cleaning, identified as a future growth point [6] Question: What are the growth opportunities in other equipment sectors? - Backplane and plating equipment are important growth areas, particularly in international market expansion [7] Question: How does the company view the upcoming share unlock? - The company does not anticipate significant changes due to the share unlock, emphasizing continued focus on domestic market development [14] Question: What is the market outlook for supercritical CO2 technology? - This technology has significant potential, especially in logic processes below 5nm nodes and future 3D GAA logic [10] Question: What is the core performance indicator for plating equipment? - The company's plating equipment covers TSV, RDL, and advanced packaging, with a domestic market share target of 55% [10] Question: How is the demand from storage customers in China? - A growth trend is observed, particularly in Q4, with increasing demand for cleaning equipment in single crystal and logic processes [12] Question: What is the market space and competitive landscape for panel-level packaging technology? - Panel-level packaging is becoming increasingly important in the semiconductor supply chain, with the company being the first to adopt a horizontal plating solution [13]

证券代码：688082 证券简称：盛美上海 公告编号：2024-048 盛美半导体设备（上海）股份有限公司 关于独立董事辞职的公告 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。 盛美半导体设备（上海）股份有限公司（以下简称"盛美上海"、"公司"） 董事会近日收到独立董事张荻先生的书面辞职报告。张荻先生根据中国科学院院 士兼职管理的相关规定，申请辞去公司第二届董事会独立董事及提名委员会、薪 酬与考核委员会委员职务。辞职后，张荻先生将不再担任公司任何职务。截至本 公告披露日，张荻先生未直接或间接持有公司股份。 张荻先生确认：其任职期间，与公司、董事会及监事会无意见分歧，不存在 任何与辞职有关的其它应提请公司董事会、监事会、各位股东注意之事宜。 鉴于张荻先生辞职将导致公司独立董事人数少于董事会成员的三分之一，根 据《中华人民共和国公司法》《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》《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》以及《公司章程》等相关规定，其辞职报告将在新的独立董事到任 之 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has raised its revenue guidance for 2024 to a range of RMB 5.30 billion to RMB 5.88 billion, up from the previous range of RMB 5.00 billion to RMB 5.80 billion, indicating strong market demand and successful order acquisition [3][4] - The gross margin for Q2 2024 is approximately 53.4%, reflecting a quarter-over-quarter increase of 7.1 percentage points, and a year-over-year increase of 3.7 percentage points [3][4] - The company has made significant technological advancements in high-temperature single-wafer SPM, PECVD, and ArF Track equipment, positioning itself as a potential second global supplier for high-temperature single-wafer SPM [4] Summary by Sections Financial Performance - For H1 2024, the company reported revenue of approximately RMB 2.40 billion, a year-over-year increase of 49%, with a gross margin of about 50.7% [4] - Q2 2024 revenue reached approximately RMB 1.48 billion, showing a quarter-over-quarter increase of 61% and a year-over-year increase of 49% [4] - The net profit attributable to the parent company for Q2 2024 was approximately RMB 363 million, reflecting a quarter-over-quarter increase of 353% and a year-over-year increase of 18% [4] Market Expansion - The company is successfully expanding its domestic and international markets, consolidating existing clients while acquiring new ones, which has led to multiple significant orders [4] - The recovery in global semiconductor demand has exceeded expectations in the domestic market, contributing to the company's revenue growth [4] Valuation - Based on the revised revenue guidance, the earnings per share (EPS) estimates for 2024, 2025, and 2026 have been adjusted to RMB 2.71, RMB 3.53, and RMB 4.41 respectively [4] - As of August 9, 2024, the company's total market capitalization is approximately RMB 41.7 billion, with corresponding price-to-earnings (PE) ratios for 2024, 2025, and 2026 at 35.3, 27.1, and 21.7 times respectively [4][5]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.08.11 ——盛美上海中报业绩点评 [table_Authors] 舒迪(分析师) 陈豪杰(研究助理) 文越(分析师) 021-38676666 021-38038663 021-38038032 shudi@gtjas.com chenhaojie026733@gtjas.com wenyue029694@gtjas.com 登记编号 S0880521070002 S0880122080153 S0880524050001 AI 驱动 ECP 打开第二成长曲线，公司全面布局海外业务 盛美上海(688082) 电子元器件 [Table_Industry] /信息科技 | --- | --- | --- | |-----------------------------|-----------|--------| | [Table_Invest] 评级： | | 增持 | | ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.11 证 券 研 究 报 告 AI 驱动 ECP 打开第二成长曲线，公司全面布局海外业务 盛美上海(688082) 电子元器件 [Table_Industry] /信息科技 | --- | --- | --- | |-----------------------------|-----------|--------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 136.35 | | | 上次预测: | 119.49 | | [当前价格： Table_CurPrice] | | 95.53 | [Table_Market] 交易数据 | --- | --- | |--------------------------|--------------| | 52 周内股价区间（元） | 73.00-124.01 | | 总市值（百万元） | 41,666 | | 总股本/流通A股（百万股） | 436/76 | | 流通 B 股/H 股（百万股） ...

[Table_Title] 收入保持高增长，并上调 2024 年收入指引 [Table_ReportDate] 盛美上海(688082)公司简评报告 | 2024.08.09 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 何立中 电子行业首席分析师 SAC 执证编号：S0110522110002 helizhong@sczq.com.cn 电话：010-81152683 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 盛美上海 沪深300 9-Aug21-Oct 2-Jan15-Mar 27-May 8-Aug [Table_Summary] 资料来源：聚源数据 [Table_BaseData] 公司基本数据 | --- | --- | |-------------------------|--------------| | 最新收盘价（元） | 96.60 | | 一年内最高/最低价（元） | 124.56/68.17 | | 市盈率（当前） | 46.08 | | 市净率（当前） | 6.19 | | 总股本（亿股） | 4.3 ...

证券研究报告·公司点评报告·半导体 盛美上海（688082） 2024 年半年报点评：Q2 盈利能力显著改善， HBM 有望带来业绩增长新动力【勘误版】 2024 年 08 月 09 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） | 2873 | 3888 | 5411 | 6692 | 7912 | | 同比（%） | 77.25 | 35.34 | 39.17 | 23.66 | 18.24 | | 归母净利润（百万元） | 668.49 | 910.52 | 1,244.09 | 1,545.52 | 1,866.35 | | 同比（%） | 151.08 | 36.21 | 36.63 | 24.23 | 20.76 | | EPS-最新摊薄 ...

证券研究报告·公司点评报告·半导体 盛美上海（688082） 2024 年半年报预告点评： Q2 盈利能力显著 改善，HBM 有望带来业绩增长新动力 2024 年 08 月 09 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） | 2873 | 3888 | 5411 | 6692 | 7912 | | 同比（%） | 77.25 | 35.34 | 39.17 | 23.66 | 18.24 | | 归母净利润（百万元） | 668.49 | 910.52 | 1,244.09 | 1,545.52 | 1,866.35 | | 同比（%） | 151.08 | 36.21 | 36.63 | 24.23 | 20.76 | | EPS-最新摊薄（元 ...