证券研究报告 | 公司点评 | 光伏设备 微导纳米(688147) 报告日期：2025 年 08 月 27 日 发行 11.7 亿元可转债，扩张半导体薄膜设备产能 ——微导纳米点评报告 投资要点 2025 年 8 月 6 日，微导转债成功发行，预计于 2025 年 8 月 27 日上市。此次向不 特定对象发行可转债募集资金 11.7 亿元，主要投向半导体薄膜沉积设备智能化 工厂建设（6.4 亿元）、研发实验室扩建（2.3 亿元）、补充流动资金（3 亿元）。 1）ALD 设备：公司是国内领先的 ALD 设备公司，产品涵盖行业主流 ALD 薄膜 材料及工艺。ALD 技术在 45nm 以下节点以及 3D 结构等先进半导体薄膜沉积环 节。公司开发的国内首台成功应用于集成电路制造前道生产线的量产型 High-k ALD 设备，解决了国内集成电路突破 28nm 制程节点最核心工艺之一的高介电常 数（High-k）栅氧层薄膜工艺。公司持续拓展技术覆盖面，陆续研发和推出 HKMG 技术、柱状电容器、金属化薄膜沉积技术及高深宽比 3D NAND、3D DRAM、TSV 技术等工艺解决方案，覆盖逻辑芯片、存储芯片、先进封装、化合 ...

第一节 重要声明与提示 江苏微导纳米科技股份有限公司（以下简称"微导纳米"、"发行人"、"公司"或"本公司"）全体董事、监 事和高级管理人员保证上市公告书的真实性、准确性、完整性，承诺上市公告书不存在虚假记载、误导 性陈述或重大遗漏，并承担个别和连带的法律责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 股票简称：微导纳米 股票代码：688147 江苏微导纳米科技股份有限公司向不特定对象发行可转换公司债券上市公告书 保荐人（主承销商）：中信证券股份有限公司 二零二五年八月 一、可转换公司债券中文简称：微导转债。 二、可转换公司债券代码：118058。 三、可转换公司债券发行量：117,000.00万元（1,170.00万张）。 七、可转换公司债券存续的起止日期：2025年8月6日至2031年8月5日。 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》"）等有关法律、法规的规定，公司董事、高级管理人员已依法履行诚信和勤勉尽责的义 务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以下简称"上交所"）、其他政 府机关对公司可 ...

股票简称：微导纳米 股票代码：688147 江苏微导纳米科技股份有限公司 Jiangsu Leadmicro Nano Technology Co., Ltd. （江苏省无锡市新吴区长江南路 27 号） 向不特定对象发行可转换公司债券 上市公告书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二零二五年八月 1 江苏微导纳米科技股份有限公司 向不特定对象发行可转换公司债券上市公告书 第一节 重要声明与提示 江苏微导纳米科技股份有限公司（以下简称"微导纳米"、"发行人"、"公司" 或"本公司"）全体董事、监事和高级管理人员保证上市公告书的真实性、准确性、完 整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的 法律责任。 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》"）等有关法律、法规的规定，公司董事、高级管理人 员已依法履行诚信和勤勉尽责的义务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以下简 称"上交所"）、其他政府机关对公司可转换公司债券上市及有关事项的意见， ...

Group 1 - The company has successfully raised a total of RMB 1,170,000,000 through the issuance of convertible bonds, with a net amount of RMB 1,158,921,603.78 after deducting issuance costs [2][3] - The funds have been deposited as of August 12, 2025, and the verification report has been issued by Zhongxinghua Accounting Firm [2][3] - A special account for the management of the raised funds has been established, and a tripartite supervision agreement has been signed to ensure proper usage and storage of the funds [3][4] Group 2 - The tripartite agreement involves the company, the banks where the funds are stored, and the sponsor, CITIC Securities, to regulate the management of the raised funds [4][7] - The special account is exclusively for the company's semiconductor thin film deposition equipment project, and funds cannot be used for other purposes [7][12] - The company is required to notify the sponsor of any cash management products and ensure that these products are not pledged [8][12] Group 3 - The sponsor has the right to conduct ongoing supervision of the fund management and can perform on-site investigations [8][19] - Monthly account statements must be provided by the banks to both the company and the sponsor [20][21] - Any significant withdrawals exceeding 20% of the net raised funds must be reported to the sponsor within two working days [20][21]

Group 1 - The company, MicroGuide Nano, announced the establishment of a special account for the proceeds from the issuance of convertible bonds [2] - The board of directors approved the proposal to set up a dedicated account for the management of raised funds and signed a fund supervision agreement [2] - The management team is authorized to handle the opening of the special account and the signing of the supervision agreement [2] Group 2 - The company signed a tripartite supervision agreement with its sponsor, CITIC Securities, and the commercial banks holding the raised funds [2] - This initiative aims to standardize the management and use of raised funds, ensuring the protection of investor rights [2]

证券代码：688147 证券简称：微导纳米 公告编号：2025-051 江苏微导纳米科技股份有限公司 关于开立募集资金专项账户并签订募集资金专户存储 三方监管协议的公告 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。 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《关于同意江苏微导纳米科技股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕1404 号）同意注 册，江苏微导纳米科技股份有限公司（以下简称"公司"）向不特定对象发行 1,170,000,000.00 元的可转换公司债券，期限 6 年，每张面值人民币 100 元，发 行数量 11,700,000 张（1,170,000 手）。本次发行的募集资金总额为人民币 1,170,000,000.00 元，扣除发行费用（不含增值税）人民币 11,078,396.22 元，实 际募集资金净额为人民币 1,158,921,603.78 元。 上述募集资金已于 2025 年 8 月 12 日到位，中兴华会计师事务所（ ...

保荐人（主承销商）：中信证券股份有限公司 证券代码：688147 证券简称：微导纳米 公告编号：2025-050 江苏微导纳米科技股份有限公司 向不特定对象发行可转换公司债券发行结果公告 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、准确性和完整性承担法律责任。 重要内容提示： 江苏微导纳米科技股份有限公司（以下简称"微导纳米"、"发行人"或"公 司"）向不特定对象发行可转换公司债券（以下简称"可转债"）已获得中国证券 监督管理委员会证监许可〔2025〕1404 号文同意注册。中信证券股份有限公司（以 下简称"中信证券"、"保荐人（主承销商）"或"主承销商"）为本次发行的保荐 人（主承销商）。本次发行的可转债简称为"微导转债"，债券代码为"118058"。 | 类别 | 认购数量（手） | 放弃认购数量（手） | | --- | --- | --- | | 原股东 | 1,040,835 | 0 | | 网上社会公众投资者 | 126,669 | 2,496 | | 主承销商包销数量（放弃认 购总数量） | | 2,496 | | 发行数量合计 | | ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Last week, the equity market generally rose, with the Shanghai Composite Index returning above 3,600 points. The military industry sector remained high due to the approaching military parade, and the non - ferrous metals sector was boosted by factors such as rising gold prices and increased rare - earth exports. The pharmaceutical sector, which had accumulated high gains, saw a decline in sentiment. The bond market was generally volatile, and the new VAT regulations had no significant impact. The 10 - year Treasury bond yield dropped by 1.68bp to 1.69% on Friday [1][8][9]. - In the convertible bond market, most individual convertible bonds rose last week. The CSI Convertible Bond Index increased by 2.31% for the whole week, the median price rose by 2.23%, the arithmetic average parity increased by 2.86%, and the overall market conversion premium rate increased by 0.09% compared to the previous week [2][9]. - After a very short - term adjustment, the equity market rose again, and the convertible bond market performed better. As of last Friday, the average price of convertible bonds was close to 145 yuan, and the median market price reached 130 yuan, both at the highest levels since 2023. In the short term, there are no obvious negative factors in the equity market. In the convertible bond market, although the bond - bottom protection has decreased, the current valuation is slightly lower than in August 2022, and the bond market interest rate is much lower. The supply - demand pattern can still strongly support convertible bonds, and the probability of a significant short - term adjustment is low, but more attention should be paid to bond selection [3][19]. Summary by Related Catalogs Market Focus (August 4 - August 8, 2025) Stock Market - The equity market generally rose last week. The Shanghai Composite Index returned above 3,600 points. The military industry sector was affected by the approaching military parade on September 3, and the non - ferrous metals sector was driven by factors such as the Fed's interest - rate cut expectation and increased rare - earth exports in July. The pharmaceutical sector with high previous gains saw a decline in sentiment [1][8]. - By industry, most Shenwan primary industries rose. National defense and military industry (+5.93%), non - ferrous metals (+5.78%), machinery and equipment (+5.37%), comprehensive (+4.32%), and textile and apparel (+4.23%) led the gains, while pharmaceutical biology (-0.84%), computer (-0.41%), commercial retail (-0.38%), and social services (-0.11%) performed poorly [9]. Bond Market - The bond market was generally volatile last week. The new VAT regulations on the previous Friday had no significant impact. Although the central bank conducted net withdrawals for several consecutive days, the overnight capital price remained low, and the capital environment was relatively loose. The impact of the stock - bond seesaw effect was weak, and there were even days when stocks, bonds, and commodities all rose. The 10 - year Treasury bond yield closed at 1.69% on Friday, down 1.68bp from the previous week [1][9]. Convertible Bond Market - Most individual convertible bonds rose last week. The CSI Convertible Bond Index increased by 2.31% for the whole week, the median price rose by 2.23%, the arithmetic average parity increased by 2.86%, and the overall market conversion premium rate increased by 0.09% compared to the previous week [2][9]. - By industry, most sectors in the convertible bond market rose. Beauty care (+4.18%), non - ferrous metals (+4.16%), machinery and equipment (+4.16%), and national defense and military industry (+3.70%) led the gains, while pharmaceutical biology (+0.76%), building materials (+1.09%), social services (+1.28%), and food and beverage (+1.44%) performed poorly [12]. - At the individual bond level, bonds such as Jian (related to the Xinzang Railway), Julong (PEEK materials), Gaoce (photovoltaic & robotics), Dongjie (robotics), and Borui (innovative drugs) had the highest increases; bonds such as Qizheng (innovative drugs), Haopeng (solid - state batteries & announced forced redemption), Saili (innovative drugs), Yingji (military industry & announced forced redemption), and Tianlu (Yaxia Hydropower concept) had the highest decreases [2][13]. - The total trading volume of the convertible bond market last week was 422.376 billion yuan, with an average daily trading volume of 84.475 billion yuan, an increase from the previous week [17]. Views and Strategies (August 11 - August 15, 2025) - After a very short - term adjustment, the equity market rose again, and the convertible bond market performed better. The CSI Convertible Bond Index outperformed the major stock indices, and the convertible bond valuation further increased. As of last Friday, the average price of convertible bonds was close to 145 yuan, and the median market price reached 130 yuan, both at the highest levels since 2023 [3][19]. - In the short term, there are no obvious negative factors in the equity market. In the convertible bond market, although the bond - bottom protection has decreased, the current valuation is slightly lower than in August 2022, and the bond market interest rate is much lower. The supply - demand pattern can still strongly support convertible bonds. The increase in the convertible bond holdings of public funds in July and the continuous expansion of the convertible bond ETF scale since late July reflect the strong allocation demand for convertible bonds. The probability of a significant short - term adjustment is low, but more attention should be paid to bond selection [3][19]. - In terms of direction, as the interim reports of listed companies are being released, there is still room for growth in low - priced stocks of equity - biased underlying stocks with good performance. It is recommended to find high - quality targets in sectors such as computing power, domestic substitution of semiconductor equipment and materials, components of humanoid robots, AI applications benefiting from large - model iterations, and solid - state battery materials. Dividend assets led by banks have relatively lagged behind in this round of the market, so it is recommended to pay attention to the allocation value of dividend sectors such as banks, water services, and gas. In addition, pay attention to opportunities in high - quality new and sub - new convertible bonds [4][20]. Valuation Overview - As of last Friday (August 8, 2025), for equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 44.32%, 34.38%, 25.28%, 18.4%, 12.37%, and 7.79% respectively, at the 94%/92%, 94%/95%, 90%/90%, 87%/84%, 80%/71%, and 80%/59% percentile levels since 2010/2021 [21]. - For debt - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was - 2.72%, at the 0%/0% percentile level since 2010/2021 [21]. - The average implied volatility of all convertible bonds was 37.94%, at the 72%/56% percentile level since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was - 9.09%, at the 45%/43% percentile level since 2010/2021 [21]. Primary Market Tracking - Last week (August 4 - August 8, 2025), the Weidao Convertible Bond was issued, and no convertible bonds were listed. The underlying stock, Weidao Nano (688147.SH), belongs to the power equipment industry, with a market value of 15.315 billion yuan as of August 8. The company is a global high - end micro - nano equipment manufacturer for semiconductors and pan - semiconductors. The scale of the issued convertible bonds is 1.17 billion yuan, with a credit rating of AA, and the issuance was announced on August 4. After deducting the issuance fees, the funds are planned to be invested in projects such as the construction of a semiconductor thin - film deposition equipment intelligent factory, the expansion of a research laboratory, and the replenishment of working capital [29]. - As of the announcements on August 8, there are no convertible bonds announced for issuance or listing in the next week (August 11 - August 15, 2025). Last week, there was 1 company with a board of directors' plan (Sanxin Medical), and no companies passed the exchange's approval for registration, the listing committee's review, the exchange's acceptance, or the shareholders' meeting [30]. - As of now, there are 74 convertible bonds to be issued, with a total scale of 116.62 billion yuan. Among them, 4 have been approved for registration, with a total scale of 3.56 billion yuan, and 4 have passed the listing committee's review, with a total scale of 8.98 billion yuan [30].

Group 1 - Jiangsu Weidao Nano Technology Co., Ltd. applied for a patent titled "A semiconductor production equipment and its control method, control device," with publication number CN120443149A, and the application date is May 2025 [1] - The patent describes a control method that includes obtaining the actual film thickness d of a substrate, calculating the difference between the actual film thickness d and the designed film thickness d0 to obtain the actual film thickness difference △d, and obtaining the actual temperature T in the reaction chamber [1] - The method further involves calculating the temperature difference △T, determining the first film thickness difference △d1 influenced by temperature, and calculating the second film thickness difference △d2 to adjust the flow rate of process gas for the next production cycle [1] Group 2 - Jiangsu Weidao Nano Technology Co., Ltd. was established in 2015 and is located in Wuxi City, primarily engaged in specialized equipment manufacturing [2] - The company has a registered capital of 457.678129 million RMB and has made investments in 2 enterprises, participated in 47 bidding projects, and holds 89 trademark records and 527 patent records [2] - Additionally, the company possesses 68 administrative licenses [2]

江苏微导纳米科技股份有限公司 向不特定对象发行可转换公司债券 证券代码：688147 证券简称：微导纳米 公告编号：2025-049 网上中签结果公告 2 （本页无正文，为《江苏微导纳米科技股份有限公司向不特定对象发行可转换 公司债券网上中签结果公告》之盖章页） 根据《江苏微导纳米科技股份有限公司向不特定对象发行可转换公司债券 发行公告》，本次发行的发行人江苏微导纳米科技股份有限公司（以下简称 "微导纳米"）及本次发行的保荐人（主承销商）中信证券股份有限公司于 2025 年 8 月 7 日（T+1 日）主持了微导纳米可转换公司债券（以下简称"微导 转债"）网上发行中签摇号仪式。摇号仪式按照公开、公平、公正的原则在有 关单位代表的监督下进行，摇号结果经上海市东方公证处公证。现将中签结果 公告如下： | 末尾位数 | 中签号码 | | --- | --- | | 末"5"位数 | 06156 | | 末"6"位数 | 078437，328437，578437，828437 | | 末"7"位数 | 9050942，7800942，6550942，5300942，4050942，2800942， | | | 155 ...