Core Viewpoint - The semiconductor equipment components industry is experiencing unprecedented growth opportunities due to increased market demand, accelerated localization processes, and significant investments, which are reshaping the industry landscape [3][10][12]. Group 1: Importance of Semiconductor Equipment Components - Semiconductor equipment components are critical to the performance and reliability of semiconductor devices, encompassing various parts such as O-Rings, EFEMs, RF Generators, and more [4][5]. - These components can be categorized based on functionality (mechanical, material transfer, electrical, vacuum, gas-liquid transport, optical, thermal management, and instrumentation) and standardization levels (precision machined parts and general purchased parts) [5][6]. Group 2: Market Growth and Domestic Demand - The semiconductor industry is witnessing a cyclical recovery, driven by demand from consumer electronics and emerging fields like AI and automotive electronics, leading to increased spending on semiconductor equipment [10]. - The global semiconductor manufacturing equipment sales are projected to reach $117 billion in 2024, a 10% increase from 2023, with Q1 2025 expected to see a 21% year-on-year growth [10][11]. - Domestic semiconductor equipment manufacturers are experiencing rapid growth, with companies like North Huachuang and Zhongwei reporting significant revenue increases of 37.9% and 35.4%, respectively [11][12]. Group 3: Capital Investment in Semiconductor Equipment Components - The semiconductor equipment components sector is attracting significant capital investment, with several companies successfully going public or securing funding [13][14]. - Companies like Blue Motion Precision and Naske have received substantial investments to support their focus on key components for the semiconductor industry [13][14]. Group 4: International Expansion of Component Manufacturers - Chinese semiconductor equipment component manufacturers are actively expanding into overseas markets, with exports expected to reach 37.08 billion yuan in 2024 [15]. - Companies like Fuchuang Precision are successfully increasing their international revenue, with significant growth in both domestic and overseas markets [15].

证券代码：688082 证券简称：盛美上海 盛美半导体设备（上海）股份有限公司 2025 年第三次临时股东大会会议资料 2025 年 7 月 盛美半导体设备（上海）股份有限公司 2025 年第三次临时股东大会会议须知 为维护全体股东的合法权利，确保股东大会的正常秩序和议事效率，保证大 会的顺利进行，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》"）《上市公司股东会规则》以及 《盛美半导体设备（上海）股份有限公司章程》（以下简称 "《公司章程》"） 《盛美半导体设备（上海）股份有限公司股东大会议事规则》等相关规定，盛美 半导体设备（上海）股份有限公司（以下简称"公司"）特制定 2025 年第三次 临时股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者予以配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，请出 席大会的股东或其代理人或其他出席者准时达到会场签到确认参会资格，在会议 主持人宣布现场出席会议的股东和代理人人数及所持有的表决权数量之前，会 ...

Summary of Conference Call Records Company and Industry Overview - **Company**: 盛美上海 (ACMR) - **Industry**: Semiconductor Equipment Key Points and Arguments Industry Insights - Global semiconductor equipment spending is projected to reach **$117.1 billion** in 2024, with China leading at **$49.6 billion**, a **35%** year-on-year increase [2][4] - By 2026, China's **300mm wafer capacity** is expected to account for **26%** of global capacity, with domestic self-sufficiency projected to reach **26.6%** by 2027 [2][5] - The semiconductor cleaning process is critical, accounting for over **30%** of all chip manufacturing steps, with increasing complexity driving demand for advanced cleaning technologies [15] Company Performance - 盛美上海 is a leading domestic player in semiconductor cleaning and plating equipment, with a **7%** global market share, ranking fifth worldwide [3][17] - Revenue for 2024 is projected at **5.6 billion yuan**, a **49%** increase year-on-year, with a compound annual growth rate (CAGR) of **54%** from 2020 to 2024 [12] - The company aims for revenue between **6.5 billion to 7.1 billion yuan** in 2025, reflecting a **16% to 26%** growth [3] Technological Innovations - The company has developed the **SUBS Tibo ultrasonic cleaning technology**, suitable for processes at **28nm** and below, aiming to cover over **95%** of cleaning needs [2][6] - New product lines include high-temperature single wafer SPM and single wafer slot combination cleaning technologies [2][6] - The introduction of **plasma-enhanced chemical vapor deposition (PECVD)** equipment is expected to enhance processing capabilities while reducing footprint [11] Market Strategy - 盛美上海 is expanding its product portfolio to include five major series: cleaning, plating, advanced packaging wet processes, vertical furnace tubes, and coating development [2][7] - The company plans to capture **55% to 60%** of the domestic machine equipment market [4][17] - Continuous investment in R&D has increased from **140 million yuan** in 2020 to **729 million yuan** in 2024, enhancing its competitive edge [14] Financial Projections - Revenue forecasts for cleaning equipment are **4.8 billion**, **5.3 billion**, and **5.7 billion yuan** for 2025-2027, respectively [26] - Other semiconductor equipment revenues are projected at **1.6 billion**, **2.2 billion**, and **2.8 billion yuan** for the same period [26] - Advanced packaging wet process equipment is expected to generate revenues of **320 million**, **380 million**, and **460 million yuan** [26] Important but Overlooked Content - The company has a strong leadership team, with founder Dr. Wang Hui holding an **81%** stake in ACMR, providing stability and direction for technological advancements [8] - The company has successfully reduced reliance on major clients from over **80%** in 2020 to around **50%** in 2024, indicating improved supply chain stability [13] - Risks include potential downturns in downstream demand, increased domestic competition, and the impact of policy changes on operations [27][28] This summary encapsulates the key insights from the conference call, highlighting the company's strategic positioning, financial performance, and market dynamics within the semiconductor equipment industry.

Core Viewpoint - The company has adjusted its profit distribution plan for 2024, reducing the cash dividend per share from 0.65700 yuan to 0.65386 yuan due to an increase in the total number of shares outstanding following the completion of a stock incentive plan and share buybacks [1][5][6] Summary by Sections Adjusted Profit Distribution Plan - The cash dividend per share is adjusted to 0.65386 yuan (including tax) from the previous 0.65700 yuan (including tax) [1][5] - The total profit distribution amount remains unchanged at 288,252,674.72 yuan (including tax), which accounts for 25.00% of the net profit attributable to shareholders for the year 2024 [3][6] Background of Adjustments - The adjustment is due to the completion of the first vesting period for the stock incentive plan, resulting in an increase of 2,550,435 shares, raising the total issued shares from 438,740,753 to 441,291,188 [2][4] - The company repurchased 443,400 shares, which do not participate in profit distribution, leading to a revised total of 440,847,788 shares eligible for dividend distribution [5][6] Calculation of Adjusted Dividend - The adjusted cash dividend per share is calculated as 288,252,674.72 yuan divided by 440,847,788 shares, resulting in approximately 0.65386 yuan (including tax) [6]

证券代码：688082 证券简称：盛美上海 公告编号：2025-049 盛美半导体设备（上海）股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/8/8 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 8 6 8 月 5 日 | 月 | 日~2025 | 年 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | 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 | 44.34万股 | | | | | 累计已回购股数占总股本比例 | 0.10% | | | | | 累计已回购金额 | 5,001.23万元 | | | | | 实际回购价格区间 | 110.81元/股~115.49 ...

证券代码：688082 证券简称：盛美上海 公告编号：2025-050 盛美半导体设备（上海）股份有限公司 关于调整 2024 年度利润分配方案每股分红金额的公告 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。 重要内容提示： 公司于2025年2月25日召开第二届董事会第十七次会议、第二届监事会第十 六次会议，于2025年6月12日召开了2024年年度股东大会，审议通过《关于2024 年度利润分配预案的议案》。公司2024年度拟以实施权益分派股权登记日登记的 总股本扣除公司回购专用账户持有公司股份后的股本总额为基数进行利润分配。 截至2024年12月31日，公司总股本为438,740,753股，以剔除已回购股份0股后的 总股本为基准，拟每10股派发现金红利6.57元（含税），共计派发现金红利 288,252,674.72元（含税），本次利润分配现金分红金额占2024年合并报表归属 于母公司股东净利润的25.00%。本次利润分配不送红股，不进行资本公积转增股 本。 2024年度以现金为对价，采用集中竞价方式已实施的股份回购金 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 136.08 CNY based on a 42x PE ratio for 2025 [2][5]. Core Insights - The company is a leading player in the domestic semiconductor cleaning and plating equipment market, with a strong focus on platformization and differentiation to drive growth [1][9]. - The company is expected to achieve revenue between 6.5 billion to 7.1 billion CNY in 2025, reflecting a year-on-year growth of approximately 16% to 26% [9]. - The semiconductor equipment industry is experiencing significant growth, with China's semiconductor equipment spending projected to reach 49.6 billion USD in 2024, a 35% increase year-on-year [9]. Financial Forecast and Investment Recommendations - The company is projected to have earnings per share of 3.24 CNY, 4.04 CNY, and 4.63 CNY for the years 2025, 2026, and 2027 respectively [2]. - Revenue forecasts for 2023 to 2027 show a consistent upward trend, with total revenue expected to grow from 3.888 billion CNY in 2023 to 9.156 billion CNY in 2027 [4]. - The company’s net profit is anticipated to increase from 911 million CNY in 2023 to 2.045 billion CNY in 2027, indicating a robust growth trajectory [4]. Company Overview - The company has established itself as a leader in the semiconductor equipment sector, with a comprehensive product range that includes cleaning, plating, and advanced packaging equipment [19][24]. - The company has a strong focus on R&D, with a significant increase in R&D expenditure from 141 million CNY in 2020 to 729 million CNY in 2024, supporting its innovation-driven strategy [33][49]. - The company has a well-defined strategic roadmap, transitioning from a single-product focus to a diversified platform strategy that includes six major product lines [23][48]. Market Position and Competitive Advantage - The company aims to capture 55% to 60% of the domestic semiconductor cleaning equipment market, leveraging its technological differentiation and strong R&D capabilities [10]. - The company has developed proprietary technologies such as SAPS and TEBO, which enhance its competitive edge in the cleaning equipment market [46][47]. - The company has established stable relationships with major semiconductor manufacturers, enhancing its market presence and customer base [36][37]. Growth Drivers - The ongoing shift towards high-end semiconductor equipment and the increasing domestic demand for advanced packaging solutions are key growth drivers for the company [9][10]. - The company’s platformization strategy is expected to open new revenue streams and enhance its market competitiveness across various semiconductor equipment segments [11][12]. - The anticipated growth in global semiconductor production capacity and the increasing trend of localization in semiconductor manufacturing will further benefit the company [9][19].

Core Viewpoint - The company, Shengmei Semiconductor Equipment (Shanghai) Co., Ltd., is undergoing significant governance changes, including the cancellation of the supervisory board and an increase in the number of directors, which may impact its operational structure and strategic direction [2][7]. Group 1: Stock Performance - As of June 27, 2025, Shengmei Shanghai's stock closed at 112.9 yuan, reflecting a 3.11% increase from the previous week [1]. - The stock reached a peak price of 115.5 yuan and a low of 108.45 yuan during the week [1]. - The company's current total market capitalization is 49.822 billion yuan, ranking 16th out of 161 in the semiconductor sector and 273rd out of 5,151 in the A-share market [1]. Group 2: Corporate Governance Changes - The second supervisory board's twentieth meeting approved three key resolutions: the cancellation of the supervisory board, an increase in the number of directors, and adjustments to the share repurchase price limit [2]. - The company plans to hold its third extraordinary general meeting on July 15, 2025, to discuss the cancellation of the supervisory board and the increase in the number of directors [3]. - The board intends to increase its size from 6 to 8 members, adding independent director Jiang Shoule [5]. Group 3: Financial Management - The company approved the temporary use of up to 250 million yuan of idle raised funds to supplement working capital, with a validity period of 12 months from the board's approval [6][7]. - The share repurchase price limit has been adjusted from 99.02 yuan per share to 120.00 yuan per share to ensure the smooth implementation of the repurchase plan [8].

证券代码：688082 证券简称：盛美上海 公告编号：2025-046 盛美半导体设备（上海）股份有限公司 □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 44.34万股 累计已回购股数占总股本比例 0.10% 累计已回购金额 5,001.23万元 实际回购价格区间 110.81元/股~115.49元/股 一、 回购股份的基本情况 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及第二届监事会第十二次会议，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》，同意公司使用首次公开发行 人民币普通股取得的部分超募资金及公司自有资金通过集中竞价交易方式进行股 份回购。回购股份将在未来适宜时机用于股权激励或员工持股计划。回购价格不 超过90元/股（含），回购资金总额不低于人民币5,000万元（含），不超过人民 币10,000万元（含），回购期限为自董事会审议通过本次回购方案之日起12个月 内。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） 上披露的《关于以集中竞价交易方式回购公司股份方案的公告 ...

证券代码：688082 证券简称：盛美上海 公告编号：2025-048 一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起12个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。 盛美半导体设备（上海）股份有限公司 关于 2024 年度向特定对象发行 A 股股票申请 获得中国证券监督管理委员会同意注册批复的公告 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"公司"）于近日收到中 国证券监督管理委员会出具的《关于同意盛美半导体设备（上海）股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2025〕1338号）（以下简称"批 复文件"），批复文件内容如下： 盛美半导体设备（上海）股份有限公司 董事会 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东大会 的授权，在规定期限内办理本次向特定对象发行股票的 ...