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 ...

上调全年营收预期，平台化建设卓有成效 投资要点 2024 年 8 月 7 日，盛美上海发布 2024 年半年度报告。 24H1 业绩稳步增长，上调全年营收预期 受益于中国半导体行业设备需求持续旺盛，加之公司自身核心技术和产品多元化的 优势，24H1 公司营收保持高速增长。此外，公司在新客户拓展和新市场开发方面 取得显著成效，新品逐步获得客户认可。 24H1 公司实现营收 24.04 亿元，同比增长 49.33%；归母净利润 4.43 亿元，同比 增长 0.85%；扣非归母净利润 4.35 亿元，同比增长 6.92%；毛利率 50.68%，同比 减少 0.92 个百分点；研发投入 3.90 亿元，同比增长 62.46%。 单季度看，24Q2 公司实现营收 14.83 亿元，同比增长 49.14%，环比增长 60.90%； 归母净利润 3.63 亿元，同比增长 17.66%，环比增长 352.71%；扣非归母净利润 3.50 亿元，同比增长 17.60%，环比增长 315.31%；毛利率 53.39%，同比提升 3.65 个百分点，环比提升 7.07 个百分点。 公司将 2024 年全年营收预测区间上调为 53. ...

证券研究报告 非金融公司|公司点评|盛美上海（688082） 设备需求旺盛，Q2 环比改善明显 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月08日 证券研究报告 |报告要点 公司发布 2024 年半年度业绩公告，上半年实现营业收入 24.04 亿元，同比增长 49.33%；归母 净利润 4.43 亿元，同比增长 0.85%；扣非净利润 4.35 亿元，同比增长 6.92%；基本每股收益 1.02 元/股。 |分析师及联系人 熊军 王海 SAC：S0590522040001 SAC：S0590524070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月08日 盛美上海(688082) 设备需求旺盛，Q2 环比改善明显 | --- | --- | |------------|--------------| | 行 业： | 电子/半导体 | | 投资评级： | 买入（首次） | | 当前价格： | 91.28 元 | 基本数据 总股本/流通股本(百万股) 436.15/75.86 流通 A 股市值(百万元) 6,92 ...

股票投资评级 买入|维持 个股表现 盛美上海 电子 -31% -26% -21% -16% -11% -6% -1% 4% 9% 14% 2023-08 2023-10 2024-01 2024-03 2024-05 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 91.28 | --- | --- | |----------------------------------|---------------| | 总 股 本 / 流 通 股 本 （ 亿股） | | | 总 市 值 / 流 通 市 值 （ 亿元） | | | 52 周内最高/最低价 | | | 资产负债率(%) | | | 市盈率 | | | 第一大股东 | ACM RESEARCH, | | | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:翟一梦 SAC 登记编号:S1340123040020 Email:zhaiyimeng@cnpsec.com 盛美上海(688082) 净利率超预期，产品组合优化显著 ⚫ 事件 8 月 ...

证券代码：688082 证券简称：盛美上海 公告编号：2024-047 盛美半导体设备（上海）股份有限公司 关于自愿披露 2024 年度经营业绩预测调整的公告 首先，公司在国内外市场的业务拓展取得了显著进展，通过加强与现有客户 的合作关系并开拓新客户，成功获得了多个重要订单。这些订单为全年营业收入 奠定了坚实的基础。其次，公司新产品在半导体行业中逐步获得客户认可，推动 销售收入增加。此外，全球半导体行业持续回暖，尤其是中国国内市场需求超出 预期，推动了对公司产品的更高需求。最后，通过优化供应链管理和提升生产效 率，公司运营效率得到提升，确保了订单的顺利执行。 三、其他事项及风险提示 公司重申，2024年的经营业绩预测仍存在一定不确定性及以下风险因素：客 户订单可能不如预期，市场行情发展不利，可能存在订单推迟或取消，产品交付 不及时，设备验收不通过，以及供应商供货不足等情形。此外，全球经济和市场 动荡可能导致产品需求下降，国际贸易争端加剧，资本和信贷市场不稳定，公司 运营管理不善，以及贸易法规、货币波动、政治不稳定和战争等都可能对业绩产 生不利影响。 本次经营业绩预测区间调整仅是公司根据目前可掌握的信息作出的初 ...

Financial Performance - The company reported a revenue increase of 25% year-over-year for the first half of 2024, reaching approximately 1.5 billion RMB[1]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the first half of 2024, representing a 25% year-over-year growth[9]. - The company's operating revenue for the first half of 2024 reached CNY 2,403,896,730.50, representing a year-on-year increase of 49.33%[14]. - The net profit attributable to shareholders was CNY 443,182,595.18, a slight increase of 0.85% compared to the same period last year[14]. - The company achieved continuous revenue growth and maintained profitability during the reporting period, driven by improved technology and product maturity[22]. - The company reported a total R&D investment of approximately CNY 390.32 million, a 62.46% increase compared to the previous year, with R&D expenses accounting for 16.24% of operating revenue[49]. - The company reported a net profit margin improvement, with net profit for the first half of 2024 showing a positive trend compared to the previous year, although specific figures were not disclosed[173]. - The total profit for the first half of 2024 was ¥468,057,022.56, compared to ¥489,187,912.36 in the same period last year, a decline of 4.3%[174]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[1]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by the end of 2025[9]. - The company has no plans for mergers or acquisitions in the near term, prioritizing organic growth strategies[1]. - The company is actively pursuing new technologies and products, including stress-free copper polishing technology, which is currently in small batch trial production[52]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[173]. Research and Development - Research and development expenses increased by 30%, amounting to 200 million RMB, focusing on next-generation semiconductor technologies[1]. - The company is investing 200 million CNY in R&D for new technologies, focusing on FinFET and low-k dielectric materials[9]. - The company has developed advanced cleaning technologies, such as the SAPS and TEBO ultrasonic cleaning technologies, which ensure uniform energy distribution on wafers and non-destructive cleaning of microstructures[25]. - The company has developed a patented nozzle cover to prevent high-temperature chamber acid gas issues, enhancing the operational capabilities of its SPM equipment[56]. - The company has achieved a 62.56% increase in R&D expenses due to improvements in existing products and the development of new products and processes[50]. Financial Position and Assets - The company's total assets increased by 12.78% to CNY 11,000,299,616.44 compared to the end of the previous year[14]. - The company's accounts receivable amounted to 1,523.67 million yuan, accounting for 13.85% of total assets, indicating a significant operational capital pressure[73]. - The company's inventory value reached 4,388.38 million yuan, representing 50.39% of current assets, with finished goods and goods in transit valued at 2,078.78 million yuan, making up 47.37% of total inventory[74]. - The company's total liabilities increased to ¥3,559,738,437.28 as of June 30, 2024, compared to ¥2,399,532,383.22 at the end of 2023, reflecting a growth of 48.2%[172]. - The company's total equity attributable to shareholders reached ¥6,706,082,865.73, up from ¥6,449,959,017.90 at the end of 2023, indicating a growth of 3.9%[172]. Corporate Governance and Compliance - The company has established a robust corporate governance structure, enhancing compliance with laws and regulations to ensure sustainable development[66]. - The company is committed to preventing insider trading and ensuring the transparency of information disclosure to protect investors' rights[66]. - The company has implemented a stock option incentive plan with a three-year exercise period from the exercise date, aimed at motivating key personnel[114]. - The company has a long-term commitment regarding the resolution of related party transactions, effective from November 18, 2021, indicating a focus on transparency and governance[113]. - The company has committed to minimizing investor losses and will publicly disclose reasons for any unfulfilled commitments[132]. Risks and Challenges - The company has identified potential risks related to supply chain disruptions, with mitigation strategies outlined in the management discussion section[1]. - The company faces risks related to technology updates, key talent retention, and potential leaks of core technology[67][68]. - The company is exposed to market competition risks from international giants with stronger financial and technological capabilities, which could negatively impact revenue and financial status[69]. - The company faces high customer concentration risk, as major clients may change their non-binding purchase forecasts without notice, impacting sales and cash flow[72]. Environmental and Sustainability Efforts - The company is focused on environmental sustainability, with new cleaning equipment designed to reduce operational costs and emissions[51]. - The company was listed as a key pollutant discharge unit in Shanghai for 2024, with hazardous waste generation including 49.5 tons of waste copper plating solution and 104.43 tons of acidic waste[101]. - The company has a waste gas treatment facility with a design capacity of 15,000 cubic meters per hour, which is operational and compliant with standards[102]. - The company has committed to not providing loans or financial assistance to incentive recipients for acquiring restricted stocks under the incentive plan[135]. Shareholder and Stock Information - The company plans to issue A-shares to specific investors, with a proposal for the use of raised funds in technology innovation[97]. - The company has committed to a share restriction period of 36 months starting from November 18, 2021, for major shareholders and related parties, ensuring compliance with the commitment[111]. - The company will not engage in any business activities that compete with its main business and will ensure the independence of its assets and operations[133]. - The company has a commitment to distribute dividends within three years from November 18, 2021, reflecting a focus on returning value to shareholders[113].

证券代码：688082 证券简称：盛美上海 公告编号：2024-036 盛美半导体设备（上海）股份有限公司 关于召开 2024 年第一季度业绩说明会的公告 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： 会议召开时间：2024 年 7 月 30 日（星期二）下午 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2024 年 7 月 23 日（星期二）至 7 月 29 日（星期一）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （ir@acmrcsh.com）进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 盛美半导体设备（上海）股份有限公司（以下简称"公司"）已于2024年4 月27日发布公司2024年第一季度报告，为便于广大投资者更全面深入地了解公司 2024年第一季度经营成果、 ...

证券代码：688082 证券简称：盛美上海 公告编号：2024-035 盛美半导体设备（上海）股份有限公司 2023 年年度权益分派实施公告 本公司董事会及全体董事保证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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/7/18 | 2024/7/19 | 2024/7/19 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 18 日的 2023 年年度股东大会审议通 过。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 四、 分配实施办法 1. 实施办法 除公司自行发放对象外，公司其余股东的红利委托中国结算上海分公司通过 其资金清算系统向股权登记日上海证券交易所收市后登记在册并在上海证券交易 所各会员办理了指定交易的股东派发。已办理指定交易的投资者可于红利发放日 在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中国结算 上海分公司保管，待办理指定交易后再 ...

Investment Rating - Buy rating (首次) [2] Core Views - The company is a leading domestic cleaning equipment manufacturer, expanding globally with a diversified product portfolio including cleaning, electroplating, advanced packaging wet processes, vertical furnace, coating/developing, and PECVD equipment [3] - Revenue CAGR from 2018-2023 was 47.87%, with strong market recognition both domestically and internationally [3] - Expected net profit for 2024-2026 is 1.071/1.569/2.067 billion yuan, with EPS of 2.46/3.60/4.74 yuan [3] - Current PE ratios for 2024-2026 are 35.1/23.9/18.2x [3] Cleaning Equipment - The company's SAPS+TEBO+Tahoe technologies cover 90%-95% of cleaning steps, with IPA and supercritical CO2 drying technologies enhancing competitiveness [4] - Aims to achieve 55%-60% market share in China [4] Multi-Category Product Matrix - Rapid progress in vertical furnace development, with applications in LPCVD, oxidation, annealing, and ALD [5] - Differentiated electroplating technology and comprehensive product range, making it one of the few companies globally with core patents in chip copper interconnect electroplating [5] - Advanced packaging wet process equipment benefits from the growing demand in the post-Moore era [5] Growth Potential - Entry into PECVD and coating/developing markets, with 2-3 core PECVD customers expected by 2024 and revenue contribution starting in 2025 [6] - Plans to launch ArF coating/developing iteration equipment by the end of 2024, along with immersion ArFi Track, offering differentiated product designs [6] Financial Performance - Revenue CAGR from 2018-2023 was 47.87%, with 2023 revenue reaching 3.888 billion yuan, a 35.34% YoY increase [20] - Net profit CAGR from 2018-2023 was 57.84%, with 2023 net profit at 911 million yuan, a 36.21% YoY increase [20] - 2024Q1 revenue was 921 million yuan, a 49.63% YoY increase, while net profit was 80 million yuan, a 38.76% YoY decrease [20] Market Position - The company is ranked third in domestic semiconductor equipment revenue in 2023, with 3.888 billion yuan in revenue [41] - Its platform strategy covers multiple product lines, making it one of the few domestic companies with international competitiveness [42] Industry Overview - The global semiconductor equipment market exceeded $100 billion in 2023, with China accounting for 34.4% of the market [31] - The cleaning equipment market is valued at $6 billion, with the company aiming for a 55%-60% market share in China [4][31]