Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company aims to become a leader in cleaning and plating equipment in China, with a revenue guidance midpoint of 6.8 billion RMB for 2025, indicating steady growth [3][8] - The company is expanding into new growth areas such as furnace tubes, Track, and PECVD equipment, which are expected to contribute to its second growth curve [3][8] Financial Projections - The company’s projected revenues for 2023, 2024, and 2025 are 3.888 billion RMB, 5.618 billion RMB, and 6.862 billion RMB respectively, with growth rates of 35.3%, 44.5%, and 22.2% [7] - The estimated EPS for 2025 is 3.34 RMB, with corresponding PE ratios of 32.0, 26.4, and 22.3 for 2025, 2026, and 2027 respectively [5][7] - The company expects a net profit of approximately 1.466 billion RMB for 2025, reflecting a year-on-year growth of 27.1% [7][8] Market Position - As of the first half of 2024, the company holds approximately 30% market share in cleaning equipment in mainland China, with a target to increase this to 55-60% [8] - The company also aims to capture 50-55% of the market share in copper plating equipment in mainland China [8] Recent Performance - The company reported a revenue of approximately 5.618 billion RMB for 2024, with a year-on-year increase of 44% [8] - The gross margin for 2024 is expected to be around 48.9%, slightly down by 3.1 percentage points year-on-year [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to achieve significant revenue growth in 2024, with total revenue projected at 56.18 billion yuan, representing a year-on-year increase of 44.5%. The growth is driven by strong demand in the semiconductor equipment sector and successful expansion into new markets and customer bases [7][8] - The company's net profit for 2024 is forecasted to be 11.53 billion yuan, reflecting a year-on-year growth of 26.7% [8][10] - The report highlights the company's stable profitability, with a gross margin of 48.9% and a net profit margin of 20.5% for 2024 [9][12] Summary by Sections Revenue and Profitability - In 2024, the company achieved total revenue of 56.18 billion yuan, with cleaning equipment revenue at 40.57 billion yuan (up 55.2%), accounting for 72.2% of total revenue. Other semiconductor equipment generated 11.37 billion yuan (up 21.0%), and advanced packaging wet process equipment contributed 2.46 billion yuan (up 53.6%) [7][8] - The company's net profit for 2024 is projected at 11.53 billion yuan, with a net profit margin of 20.5% [8][10] Financial Stability - The gross margin for 2024 is reported at 48.9%, with a slight decrease of 3.1 percentage points year-on-year. The sales expense ratio is 7.5%, and the R&D expense ratio is 13.0%, showing a decrease of 2.8 percentage points [9][12] - The company reported a significant improvement in operating cash flow, reaching 6.49 billion yuan in Q4 2024, indicating better cash collection and increased prepayments due to rising sales orders [14] Strategic Positioning - The company is strategically positioned to benefit from the growing demand for cleaning and plating equipment, with a market share of approximately 23% in cleaning equipment as of 2023. The company has successfully developed various technologies that are internationally competitive [19] - The report emphasizes the company's commitment to a "technology differentiation" and "product platform" strategy, which includes a diverse range of equipment such as cleaning, plating, and coating systems [19] Earnings Forecast - The report maintains the profit forecast for 2025 and 2026 at 15.5 billion yuan and 18.7 billion yuan, respectively, with an expected net profit of 20.7 billion yuan in 2027. The current stock price corresponds to dynamic P/E ratios of 32, 27, and 24 for the years 2025, 2026, and 2027, respectively [20]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7][9]. Core Insights - The company reported a record high performance in Q4 2024, with revenue growth exceeding 44% year-over-year and net profit growth of 27%, aligning with expectations. The company is expanding its product offerings beyond cleaning equipment into areas such as coating, developing, and wet etching, suggesting strong growth potential [7][9]. - The company is expected to achieve net profits of RMB 15.3 billion and RMB 17.6 billion in 2025 and 2026, respectively, with year-over-year growth rates of 33% and 15% [9][11]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current stock price of RMB 111.16 as of February 27, 2025, and a market capitalization of RMB 481.94 billion [2]. Recent Performance - In 2024, the company achieved revenue of RMB 56.2 billion, a year-over-year increase of 44.5%, and a net profit of RMB 11.5 billion, a year-over-year increase of 26.7% [9]. - The company's semiconductor cleaning equipment revenue reached RMB 40.6 billion, growing approximately 55% year-over-year [9]. Financial Projections - The company forecasts revenue growth to RMB 69.14 billion in 2025 and RMB 82.42 billion in 2026, with corresponding net profits of RMB 15.31 billion and RMB 17.62 billion [11][13]. - The projected earnings per share (EPS) for 2025 and 2026 are RMB 3.51 and RMB 4.04, respectively [11]. Market Position - The company is well-positioned to benefit from the increasing demand for semiconductor equipment in China, particularly in light of the ongoing technological competition with the U.S. [9].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7][9]. Core Insights - The company reported a record high performance in Q4 2024, with revenue growth exceeding 44% year-over-year and net profit growth of 27%, aligning with expectations [7][9]. - The company is expanding its product offerings beyond cleaning equipment into areas such as coating, developing, and wet etching, suggesting strong growth potential in the long term [7][9]. - The stock is currently trading at a price-to-earnings (PE) ratio of 32 times for 2025 and 27 times for 2026, which is considered relatively low [7][9]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current stock price of 111.16 yuan as of February 27, 2025, and a market capitalization of approximately 48.19 billion yuan [2]. - Major shareholder is ACM Research, Inc., holding 81.53% of the shares [2]. Financial Performance - For 2024, the company achieved revenue of 56.2 billion yuan, a year-over-year increase of 44.5%, and a net profit of 11.5 billion yuan, up 26.7% year-over-year [9]. - The gross margin was reported at 48.9%, a decrease of 3.1 percentage points compared to the previous year [9]. - The company’s revenue from semiconductor cleaning equipment reached 40.6 billion yuan, a growth of approximately 55% year-over-year [9]. Future Projections - The company is expected to achieve net profits of 15.3 billion yuan and 17.6 billion yuan in 2025 and 2026, respectively, with year-over-year growth rates of 33% and 15% [9]. - Earnings per share (EPS) are projected to be 3.51 yuan and 4.04 yuan for 2025 and 2026, respectively [11]. Market Context - The demand for semiconductor equipment in China is expected to grow due to the ongoing technological competition and the need for advanced semiconductor processes [9]. - The company is strategically positioning itself to capture a larger market share in the semiconductor equipment sector by diversifying its product range [9].

海通证券股份有限公司关于 截至2024年12月31日，募集资金累计使用及结余情况如下： 盛美半导体设备（上海）股份有限公司 2024 年度募集资金存放与使用情况的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为盛美 半导体设备（上海）股份有限公司（以下简称"盛美上海"或"公司"）首次公 开发行股票并在科创板上市的持续督导保荐机构，根据《证券发行上市保荐业务 管理办法》《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》《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》《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》的相关规定，对盛美上海2024年度募集资金存放与使用情况进 行了核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会《关于同意盛美半导体设备（上海）股份有限公 司首次公开发行股票注册的批复》（证监许可[2021]2689号）批准，公司向社会 公开发行人民币普通股（A股）43,355,753股，发行价格为85.00元/股，募集资金 总额为人民币3, ...

海通证券股份有限公司关于 盛美半导体设备（上海）股份有限公司 2024 年度持续督导现场检查报告 一、本次现场检查的基本情况 （一）保荐机构 海通证券股份有限公司 （二）保荐代表人 张博文、李凌 上海证券交易所： 经中国证券监督管理委员会《关于同意盛美半导体设备（上海）股份有限 公司首次公开发行股票注册的批复》（证监许可[2021]2689 号）批准，盛美半导 体设备（上海）股份有限公司（以下简称"盛美上海"、"上市公司"、"公司"或 "发行人"）首次公开发行 A 股 43,355,753 股，每股面值人民币 1 元，每股发行 价格人民币 85.00 元，募集资金总额为人民币 368,523.90 万元，扣除发行费用后， 实际募集资金净额为人民币 348,125.85 万元。本次发行证券已于 2021 年 11 月 18 日在上海证券交易所上市。海通证券股份有限公司（以下简称"保荐机构" 或"海通证券"）担任其持续督导保荐机构，持续督导期间为 2021 年 11 月 18 日 至 2024 年 12 月 31 日。 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 ...

海通证券股份有限公司关于 盛美半导体设备（上海）股份有限公司 确认2024年度日常关联交易 及2025年度日常关联交易预计的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为盛美 半导体设备（上海）股份有限公司（以下简称"盛美上海"或"公司"）首次公 开发行股票并在科创板上市的持续督导保荐机构，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》《上海证券交易所上市公司自 律监管指引第11号——持续督导》以及《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，对公司确认2024年度日常关联交易及 2025年度日常关联交易预计事项进行了核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 经审核，监事会认为：公司2024年已发生的日常关联交易事项公平、合理， 不存在损害公司和其他非关联方股东利益的情形。2025年度预计的日常关联交易 符合公司日常生产经营实际情况，公司与关联方的关联交易行为遵循公平、公正、 公开的市场原则，关联交易定价依据充分，价格公允合理，未损害公司和全体股 东特别是中小股东的利益。本次关联交易的审 ...

海通证券股份有限公司关于 | 保荐机构名称：海通证券股份有限公司 | 被保荐公司简称：盛美上海 | | --- | --- | | 保荐代表人姓名：张博文、李凌 | 被保荐公司代码：688082 | 重大事项提示 盛美半导体设备（上海）股份有限公司 2024 年度持续督导年度跟踪报告 2 | 重大遗漏。 | | | --- | --- | | 11、对上市公司的信息披露文件及向中国证监 | | | 会、上海证券交易所提交的其他文件进行事前 | 详见"二、保荐机构对上市公司信息披露审阅 | | 审阅，对存在问题的信息披露文件应及时督促 | | | 上市公司予以更正或补充，上市公司不予更正 | 的情况"。 | | 或补充的，应及时向上海证券交易所报告。 | | | 12、对上市公司的信息披露文件未进行事前审 | | | 阅的，应在上市公司履行信息披露义务后五个 | | | 交易日内，完成对有关文件的审阅工作，对存 | 详见"二、保荐机构对上市公司信息披露审阅 | | 在问题的信息披露文件应及时督促上市公司 | 的情况"。 | | 更正或补充，上市公司不予更正或补充的，应 | | | 及时向上海证券交易所报告。 | ...

海通证券股份有限公司 关于盛美半导体设备（上海）股份有限公司 首次公开发行股票并在科创板上市 之保荐总结报告书 | 保荐机构名称： | 海通证券股份有限公司 | | --- | --- | | 保荐机构编号： | Z22531000 | 经中国证券监督管理委员会《关于同意盛美半导体设备（上海）股份有限公司 首次公开发行股票注册的批复》（证监许可[2021]2689 号）批复盛美半导体设备（上 海）股份有限公司（以下简称"盛美上海"、"上市公司"、"公司"或"发行人"） 首次公开发行股票 43,355,753 股，每股面值人民币 1 元，每股发行价格人民币 85.00 元，募集资金总额为人民币 3,685,239,005.00 元，扣除发行费用后，实际募集资金净 额为人民币 3,481,258,520.34 元。本次发行证券已于 2021 年 11 月 18 日在上海证券 交易所科创板上市。海通证券股份有限公司（以下简称"保荐机构"或"海通证券"） 担任其持续督导保荐机构，持续督导期间为 2021 年 11 月 18 日至 2024 年 12 月 31 日。 2024 年 12 月 31 日，持续督导期已届满， ...