Core Viewpoint - MicroGuide Nano has successfully developed the first domestically produced High-k ALD equipment, addressing critical challenges in the semiconductor industry and contributing to the self-sufficiency of China's semiconductor sector [1] Group 1: Product Development - The High-k ALD equipment has been successfully applied in the front-end production line of integrated circuit manufacturing, overcoming key process node challenges [1] - The company has made significant advancements in CVD equipment, becoming one of the first domestic enterprises to develop hard mask chemical vapor deposition (CVD) equipment [1] Group 2: Industry Impact - The core technology of the company has achieved multi-domain coverage, precisely adapting to key application scenarios in logic chips, memory chips, advanced packaging, compound semiconductors, and new display technologies [1] - The company continues to focus on advanced process film technology solutions for semiconductors, leading the development of new architectures and devices, and addressing the demand for next-generation technology iterations in China's advanced semiconductor industry [1]

Core Insights - The photovoltaic equipment sector experienced a 2.24% increase on September 29, with Yicheng New Energy leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Summary of Key Points Stock Performance - Yicheng New Energy (300080) saw a closing price of 5.88, with a significant increase of 20.00% and a trading volume of 1.29 million shares, amounting to a transaction value of 724 million yuan [1] - Airo Energy (688717) closed at 82.90, up 10.53%, with a trading volume of 109,400 shares [1] - Shangneng Electric (300827) closed at 35.33, up 8.94%, with a trading volume of 777,500 shares [1] - Other notable performers include Weidao Nano (688147) at 56.28 (+7.10%), Aishuo Co. (600732) at 16.41 (+6.08%), and Hengdian East Magnetic (002056) at 20.49 (+6.06%) [1] Capital Flow - The photovoltaic equipment sector saw a net inflow of 936 million yuan from main funds, while retail funds experienced a net outflow of 302 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors showing interest while retail investors withdrew [2]

Core Viewpoint - The article emphasizes the critical importance of domestic semiconductor equipment manufacturing in China, particularly in the thin film deposition sector, as a response to U.S. export restrictions and the need for technological independence [2][40]. Group 1: Industry Overview - The thin film deposition equipment market in China reached approximately 47.9 billion yuan in 2023, with a domestic production rate of less than 25%, indicating significant potential for domestic substitution [6][41]. - The semiconductor manufacturing process requires a growing number of thin film layers, with the number of deposition steps increasing from about 40 for 90nm processes to over 100 for 3nm processes [3][63]. - The global semiconductor capital expenditure (Capex) is expected to enter a new growth phase, driven by advanced products and increasing production capacity [48]. Group 2: Technological Developments - The transition from 2D to 3D chip structures has fundamentally changed the technology focus and market structure for thin film deposition equipment [9]. - ALD (Atomic Layer Deposition) technology is becoming essential for advanced nodes and 3D structures due to its atomic-level thickness control and 100% step coverage [19][20]. - PECVD (Plasma-Enhanced Chemical Vapor Deposition) holds the largest market share (33%) among thin film deposition technologies, particularly suited for 28nm and below nodes [13][41]. Group 3: Domestic Manufacturers - Key domestic manufacturers in the thin film deposition equipment sector include North Huachuang, Tuo Jing Technology, and Micro Company, each focusing on different aspects of the market [7][41]. - Domestic manufacturers are adopting a multi-dimensional strategy to break through the monopolistic barriers set by international giants, focusing on specialized equipment like HDPCVD and SACVD [25][70]. Group 4: Investment Insights - Investment focus should be on companies that can achieve a closed loop in specific advanced process windows rather than merely replacing single machines [28]. - Companies with dual capabilities in PEALD and Thermal ALD, particularly those that have validated their technology in specific applications, are expected to hold the highest value [29]. - The importance of core components and subsystems, such as plasma sources and vacuum systems, is highlighted as critical for the success of semiconductor equipment [34][36]. Group 5: Conclusion - The U.S. technology blockade has catalyzed a more resilient and innovative semiconductor equipment industry in China, moving from mere substitution to defining next-generation processes [38]. - The journey of domestic equipment manufacturers reflects a broader trend of understanding and meeting the specific needs of Chinese manufacturing, paving the way for long-term value discovery in the semiconductor sector [38].

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company has successfully issued a convertible bond totaling over 1.1 billion RMB, with over 600 million RMB allocated for the construction of an intelligent factory for semiconductor thin film deposition equipment and 227 million RMB for the expansion of R&D laboratories, enhancing its production capacity and technological capabilities [3] - The company is a leader in ALD/CVD equipment in China, achieving mass production and delivery of various key processes, with clients across multiple sectors including logic, storage, advanced packaging, and new displays [3] - The forecast for the company's net profit for 2025-2027 is maintained at 280 million, 370 million, and 480 million RMB, corresponding to a current P/E ratio of 87, 66, and 50 times [3] Financial Summary - Total revenue for 2023 is projected at 1,680 million RMB, with a year-on-year growth of 145.39%, while the net profit attributable to the parent company is expected to be 270.39 million RMB, reflecting a year-on-year increase of 399.33% [3][9] - The semiconductor equipment revenue for the first half of 2025 reached 190 million RMB, a year-on-year increase of 27.2%, with a significant rise in order backlog to over 2.3 billion RMB, up 73% year-on-year [8][9] - The company plans to implement a stock incentive plan for 420 employees, accounting for 27.74% of the total workforce, with performance targets set for net profit margin and new semiconductor equipment orders from 2025 to 2027 [8]

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。 江苏微导纳米科技股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召 开第二届董事会第二十五次会议、第二届监事会第二十三次会议，审议通过了《关 于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司在不影响募集资 金投资计划正常进行以及确保募集资金安全的前提下，使用不超过人民币 8 亿元 （含本数）的部分暂时闲置可转债募集资金进行现金管理，用于购买安全性高、 流动性好、满足保本要求的投资产品（包括但不限于结构性存款、大额存单等）， 且投资品种不得用于质押，不用于以证券投资为目的的投资行为。在上述额度范 围内，资金可以循环滚动使用，使用期限不超过董事会审议通过之日起 12 个月。 具体内容详见公司披露于上海证券交易所网站（www.sse.com.cn）的《关于使用 部分暂时闲置募集资金进行现金管理的公告》（公告编号：2025-056） 一、开立募集资金现金管理专用结算账户的情况 因募集资金现金管理需要，公司近日开立了募集资金现金管理产品专用结算 账户。具体信息如下 ...

Core Viewpoint - MicroGuide Nano (688147.SH) is a leading domestic supplier of ALD equipment, with products covering mainstream ALD film materials and processes required in the industry [1] Group 1: Company Overview - The company has developed the first domestically successful mass production High-k ALD equipment for integrated circuit manufacturing, addressing the critical High-k gate oxide film process for nodes below 28nm [1] - The company is continuously expanding its technological coverage by developing and launching solutions such as HKMG technology, column capacitors, metallization film deposition technology, and high aspect ratio 3D NAND, 3D DRAM, and TSV technologies [1] Group 2: Industry Insights - ALD technology has promising application prospects in advanced semiconductor film deposition processes, particularly in nodes below 45nm and 3D structures, making it one of the fastest-growing areas in semiconductor equipment [1] - The company's ALD technology solutions cover major application scenarios in logic chips, memory chips, advanced packaging, compound semiconductors, and new displays (silicon-based OLED) [1]

Core Viewpoint - MicroGuide Nano (688147) has seen significant financing activity, with a net financing buy of 1.495 million yuan on September 25, 2025, indicating strong investor interest in the stock [1]. Financing Activity Summary - On September 25, 2025, the financing buy amounted to 186 million yuan, while financing repayment was 185 million yuan, resulting in a net financing buy of 149.5 thousand yuan. The financing balance reached 456 million yuan [1]. - Over the past three trading days, the cumulative net financing buy totaled 71.858 million yuan, with 11 out of the last 20 trading days showing net financing buys [1]. - The financing balance on September 25 represented 8.30% of the circulating market value [2]. Margin Trading Summary - On September 25, 2025, the margin trading balance was 458 million yuan, reflecting an increase of 0.28% from the previous day [4]. - The margin trading balance had previously increased by 23.9813 million yuan on September 24, 2025, marking a 5.55% rise [4]. - The margin trading balance on September 23 was 432 million yuan, with a notable increase of 46.9081 million yuan, representing a 12.17% rise [4]. Short Selling Activity Summary - On September 25, 2025, there were 600 shares sold short, with 3,200 shares repaid, resulting in a net short sell of 2,600 shares. The remaining short sell quantity was 25,300 shares [3].

Summary of the Conference Call for Weida Nano Industry and Company Overview - Weida Nano is positioned in the semiconductor equipment industry, specifically focusing on ALD (Atomic Layer Deposition) and CVD (Chemical Vapor Deposition) technologies. The company has rapidly gained market recognition since entering the CVD product line in 2023, aiming for a significant shift in revenue structure from photovoltaic equipment to semiconductor equipment [2][3][4]. Key Points and Arguments - **Market Position and Growth**: Weida Nano's ALD equipment is now among the top tier in China. The company expects CVD high-temperature mask production to maintain an annual output of 300-400 million yuan from 2024 to 2025. In Q1 2023, ALD titanium nitride products generated over 300 million yuan in orders, fulfilling over 90% of customer demand [2][3][4]. - **Revenue Transition**: The revenue structure is shifting from photovoltaic equipment, which currently accounts for 80%, to semiconductor equipment, with expectations that semiconductor revenue will rise to 30%-40% in the next two years. The company has issued 1.1 billion yuan in convertible bonds and implemented stock incentives to support this transition [2][4][5]. - **Order Growth**: As of August, new semiconductor orders totaled approximately 1.4 billion yuan, with a projected total of 1.7 billion yuan for the year, reflecting a year-on-year growth of about 70%. CVD products accounted for around 400 million yuan of this total [7][8]. - **Client Concentration**: The top few clients account for 70%-80% of total orders, with a significant focus on clients in Wuhan, where the domestic production rate is rapidly increasing [9]. - **Technological Advancements**: The company is expanding its product offerings in ALD materials beyond titanium nitride to include aluminum oxide and silicon oxide, with a focus on high-k materials. The company has a strong foothold in the storage sector, generating annual sales of 400-500 million yuan from Hike products [3][15]. - **Market Drivers**: The demand for semiconductor equipment is expected to exceed market expectations due to the growth in AR computing power, the upgrade of Chinese chip manufacturers to advanced processes, and the acceleration of domestic production. The expansion of storage and logic chip manufacturers is a primary driver of this demand [5][6]. - **Future Projections**: The company anticipates a minimum growth rate of 50% in semiconductor orders over the next two years, with targets of 2 billion yuan for this year and 2.5-3 billion yuan for the next year [3][18]. Additional Important Insights - **CVD and ALD Product Breakdown**: CVD products have signed orders of approximately 400 million yuan, while the remaining orders are primarily for ALD products. The company is also introducing LPCVD equipment, totaling nearly 1 billion yuan in orders [8][11]. - **Supply Chain and Localization**: The company has achieved about 80% localization in its supply chain, with rapid development in domestic suppliers. The remaining components primarily come from Europe [31][32]. - **Profit Margin Expectations**: The company reported a gross margin of 27%-28% last year, below the industry average of 45%-50%. However, it expects margins to improve as products mature and production scales up [33][34]. - **Stock Incentives and Management Confidence**: The recent stock incentive plan reflects the company's confidence in future growth, with a target of increasing semiconductor orders by 35% annually [6][36]. - **Market Conditions in Photovoltaics**: The photovoltaic industry is currently in a phase of adjustment, with no expansion plans for 2024 and 2025. The company is focusing on maintaining core R&D processes and exploring new developments to prepare for future market recovery [24][25].

江苏微导纳米科技股份有限公司 2025 年第三次临时股东大会会议资料 江苏微导纳米科技股份有限公司 2025 年第三次临时股东大会会议资料 江苏·无锡 2025 年 9 月 江苏微导纳米科技股份有限公司 2025 年第三次临时股东大会会议资料 目 录 | 2025 | 年第三次临时股东大会会议议程 2 | | --- | --- | | 2025 | 年第三次临时股东大会会议须知 3 | | 2025 | 年第三次临时股东大会会议议案 5 | | 议案一 | 关于公司《2025 年限制性股票激励计划（草案）》及其摘要的议案...5 | | 议案二 | 关于公司《2025 年限制性股票激励计划实施考核管理办法》的议案.6 | | 议案三 | 关于提请公司股东大会授权董事会办理公司 年限制性股票激励 2025 | | | 计划有关事项的议案 7 | | 议案四 | 关于补选公司第二届董事会非独立董事的议案 9 | 江苏微导纳米科技股份有限公司 2025 年第三次临时股东大会会议资料 2025 年第三次临时股东大会会议议程 一、召开时间 现场会议召开时间：2025年10月14日下午14:00； 网络投票时间：采用上 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has released a 2025 restricted stock incentive plan, aiming to bind core technology and management talent, reflecting confidence in the development of semiconductor equipment [1] - The performance assessment targets for the incentive plan include a net profit margin of no less than 10% or a compound annual growth rate (CAGR) of 35% for semiconductor equipment orders from 2025 to 2027, indicating the company's focus on semiconductor equipment as a core development area [2] - The company is a leading domestic ALD equipment provider, with products covering mainstream ALD thin film materials and processes, and has developed the first domestically successful mass production High-k ALD equipment for integrated circuit manufacturing [3] - The company has successfully developed a complete line solution for XBC solar cells and is positioned to benefit from the next generation of battery technologies in the photovoltaic equipment sector [8] Summary by Sections Incentive Plan - The company plans to grant 3.8276 million restricted stocks, accounting for approximately 0.83% of the total share capital, to 420 individuals, which represents 28% of the total employees as of the end of 2024 [1] - The estimated amortization costs for the stock options from 2025 to 2028 are projected to be 9.02 million, 49.15 million, 21.76 million, and 7.53 million yuan respectively [2] Semiconductor Equipment - The company has developed various technologies including HKMG, column capacitors, and high aspect ratio 3D NAND, covering major application scenarios in logic chips, storage chips, advanced packaging, and compound semiconductors [3] - The PECVD equipment is being developed from high-end materials to general materials, with successful customer validation and batch orders in high-end materials [4] Financial Forecast - Revenue is expected to grow from 2.748 billion yuan in 2025 to 3.432 billion yuan in 2027, with corresponding net profits of 348 million yuan, 459 million yuan, and 546 million yuan, reflecting growth rates of 53%, 32%, and 19% respectively [9] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 76, 58, and 48 times respectively [9]