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]

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price raised to 136.35 CNY from the previous 119.49 CNY [6]. Core Insights - The company has exceeded expectations in Q2, raising its long-term revenue target from 1 billion USD to 3 billion USD, driven by continuous growth in the Chinese market and expansion in overseas markets [4][10]. - The AI-driven TSV plating equipment is in high demand, positioning the company to open a second growth curve [10]. - The company is benefiting from the semiconductor equipment industry's average valuation of 40 times PE in 2024, and as a leading supplier in plating equipment, it is expected to gain market share due to insufficient capacity from competitors [10]. Financial Performance - In Q2 2024, the company achieved operating revenue of 1.483 billion CNY, a year-on-year increase of 49.14% and a quarter-on-quarter increase of 60.90%. The net profit attributable to shareholders was 363 million CNY, up 17.66% year-on-year and 352.73% quarter-on-quarter [10]. - The total shipment volume in Q2 2024 reached 202.5 million USD, representing a year-on-year increase of 32% [10]. - The company has adjusted its EPS forecasts for 2024-2026 to 3.03, 4.05, and 5.42 CNY, respectively, from previous estimates of 2.61, 3.87, and 5.27 CNY [10][11]. Market Expansion - The company is expanding its overseas business through partnerships with several manufacturers in South Korea and Taiwan, including potential product opportunities with Hynix in HBM [10]. - A new R&D base has been established in Oregon, USA, to cover the American and European markets, with orders already secured from wafer-level packaging companies [10]. - The company has completed final qualification certification for SAPC cleaning equipment in Europe [10]. Industry Position - The company is the third-largest supplier globally, with a market share of 2% in the plating equipment sector, while LAM holds 80% and AMAT holds 16% [10]. - The market for ECP is expected to grow from 800 million USD to 1.2 billion USD, with further growth anticipated [10]. Valuation Metrics - The report suggests a valuation premium for the company, assigning a 2024 PE of 45 times, reflecting its leadership in the plating equipment sector and the demand driven by AI [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 136.35 CNY from the previous 119.49 CNY [6]. Core Insights - The company's Q2 performance exceeded expectations, prompting an increase in the annual performance guidance and a long-term revenue target raised from 1 billion USD to 3 billion USD, primarily driven by sustained growth in the Chinese market and expansion in overseas markets [3][10]. - The company is positioned to benefit from AI-driven demand for TSV plating equipment, which is currently in short supply, potentially opening a second growth curve for the company [3][10]. Summary by Sections Financial Performance - In Q2 2024, the company achieved operating revenue of 1.483 billion CNY, a year-on-year increase of 49.14% and a quarter-on-quarter increase of 60.90%. The net profit attributable to the parent company was 363 million CNY, up 17.66% year-on-year and 352.73% quarter-on-quarter [10]. - The total shipment volume in Q2 2024 reached 202.5 million USD, reflecting a year-on-year increase of 32% [10]. Market Opportunities - The market space for the company's ECP (Electrochemical Plating) has been expanded from 800 million USD to 1.2 billion USD, with expectations for continued growth due to increased capital expenditures from major storage manufacturers in HBM (High Bandwidth Memory) [10]. - The company is the third-largest supplier globally and is expected to capture market share due to insufficient capacity from competitors LAM and AMAT [10]. Product Development and Expansion - The company has launched next-generation Ultra ECP products to meet the plating needs for GPU and HBM applications, enhancing its product portfolio [10]. - The company is expanding its overseas presence, with significant collaborations in South Korea and plans for a research and production base in Oregon, USA, to cover the American and European markets [10].

Investment Rating - The investment rating for the company is "Buy" [3][9]. Core Views - The company, Shengmei Shanghai, reported a revenue of 2.404 billion yuan for the first half of 2024, representing a year-on-year growth of 49.33%. The net profit attributable to shareholders was 443 million yuan, a slight increase of 0.85% year-on-year [4]. - The company has adjusted its revenue guidance for 2024 to a range of 5.3 billion to 5.88 billion yuan, up from previous estimates, due to strong demand in the semiconductor equipment sector and successful new product launches [4]. - Shengmei Shanghai's product offerings cover wafer manufacturing and advanced packaging, including semiconductor cleaning equipment and advanced packaging wet process equipment [4]. - The company has seen significant growth driven by robust demand in the semiconductor industry and successful expansion into new markets and customer bases [4]. - Revenue projections for 2024, 2025, and 2026 are estimated at 5.572 billion, 6.806 billion, and 7.9 billion yuan respectively, with corresponding net profits of 1.142 billion, 1.502 billion, and 1.753 billion yuan [5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue growth of 49.14% and a net profit growth of 17.66% [4]. - The company’s current price-to-earnings (PE) ratio is 46.08, with projected PE ratios of 37, 28, and 24 for 2024, 2025, and 2026 respectively [4][5]. Product Development - The company successfully delivered its wet process equipment with 4000 chambers in March 2024 and launched a new cleaning device for advanced packaging in May 2024 [4]. - The company participated in the SEMICON CHINA exhibition, showcasing its latest technologies and solutions to existing and potential customers [4]. Market Outlook - The semiconductor equipment demand in China remains strong, contributing to the company's revenue growth and market expansion [4]. - The company has successfully opened new markets and developed multiple new clients, enhancing overall revenue [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced significant revenue growth in the first half of 2024, with total revenue reaching 2.404 billion yuan, a year-on-year increase of 49.3% [3] - The company has raised its full-year revenue forecast for 2024 to a range of 5.3 billion to 5.88 billion yuan, up from the previous estimate of 5 billion to 5.8 billion yuan [4] - The demand for HBM (High Bandwidth Memory) is expected to drive new growth for the company's cleaning and plating products, as these products are essential for HBM processes [4] Financial Performance Summary - Total revenue for 2022 was 2.873 billion yuan, increasing to 3.888 billion yuan in 2023, and projected to reach 5.411 billion yuan in 2024, reflecting a year-on-year growth rate of 39.17% [2] - The net profit attributable to the parent company was 668.49 million yuan in 2022, increasing to 910.52 million yuan in 2023, and expected to reach 1.244 billion yuan in 2024, with a growth rate of 36.63% [2] - The company's gross margin for the first half of 2024 was 50.7%, with a net margin of 18.4%, although the net margin decreased by 8.9 percentage points year-on-year [3] Cash Flow and Orders - The company reported a significant increase in operating cash flow, reaching 602 million yuan in Q2 2024, a year-on-year increase of 966% [3] - As of the end of Q2 2024, the company's contract liabilities stood at 1.042 billion yuan, a year-on-year increase of 3% [3] Market Position and Future Outlook - The company is benefiting from strong downstream demand in the semiconductor industry, which has led to substantial growth in its performance [3] - The company has made significant progress in expanding its domestic and international market presence, securing multiple new orders [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has experienced significant revenue growth due to strong downstream demand, with a 49.3% year-on-year increase in revenue for the first half of 2024, reaching 2.404 billion yuan [3] - The company has raised its full-year revenue forecast for 2024 to a range of 5.3 billion to 5.88 billion yuan, up from the previous estimate of 5 billion to 5.8 billion yuan, driven by improved market conditions and successful order acquisition [3][4] - The demand for High Bandwidth Memory (HBM) is expected to drive new growth for the company's cleaning and plating products, as HBM technology relies heavily on TSV (Through-Silicon Via) processes [4] Summary by Sections Financial Performance - For the first half of 2024, the company reported total revenue of 2.404 billion yuan, a 49.3% increase year-on-year, and a net profit of 443 million yuan, a 0.9% increase year-on-year [3] - The second quarter alone saw revenue of 1.483 billion yuan, up 49.2% year-on-year and 61% quarter-on-quarter, with a net profit of 363 million yuan, reflecting a 17.5% year-on-year increase and a 353.7% quarter-on-quarter increase [3] - The gross margin for the first half of 2024 was 50.7%, down 0.9 percentage points year-on-year, while the net margin was 18.4%, down 8.9 percentage points year-on-year [3] Earnings Forecast and Valuation - The company maintains its profit forecasts for 2024-2026 at 1.24 billion, 1.55 billion, and 1.87 billion yuan respectively, with corresponding dynamic P/E ratios of 32, 26, and 21 times [4] - The projected earnings per share (EPS) for 2024 is 2.85 yuan, with a P/E ratio of 32 times based on the current stock price [2][4] Market Data - The closing price of the company's stock is 96.60 yuan, with a market capitalization of approximately 42.13 billion yuan [6] - The company has a price-to-book ratio of 6.19 and a total circulating A-share market value of 7.33 billion yuan [6]

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 ...