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微导纳米:2024H1在手订单保持增长,半导体设备持续突破
Huaan Securities· 2024-09-05 15:08
Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant growth in its order backlog, with a total of 8.085 billion yuan in orders as of June 30, 2024, including 6.667 billion yuan in photovoltaic orders and 1.344 billion yuan in semiconductor orders [1] - The company achieved a revenue of 787 million yuan in the first half of 2024, representing a year-on-year increase of 105.97% [1] - The semiconductor equipment business has seen a remarkable revenue increase of 812.94% year-on-year, contributing to 19.39% of total revenue [1] Financial Performance - The company reported a net profit attributable to shareholders of 43 million yuan in the first half of 2024, a decrease of 37.51% year-on-year [1] - The gross margin for the first half of 2024 was 38.4%, down 3.13 percentage points year-on-year [1] - The company’s revenue projections for 2024-2026 are adjusted to 3.698 billion yuan, 4.558 billion yuan, and 5.610 billion yuan respectively, with net profits of 475 million yuan, 577 million yuan, and 799 million yuan [3][4] Business Segmentation - In the first half of 2024, the photovoltaic equipment business generated 611 million yuan in revenue, a year-on-year increase of 84.76%, accounting for 77.86% of total revenue [1] - The company is actively exploring new application areas in semiconductor technology, including ALD and CVD processes, with significant orders coming from the storage sector [1][2] - The company’s R&D investment reached 229.44 million yuan in the first half of 2024, representing 29.15% of total revenue, with over 60% directed towards semiconductor technology [1] Market Position - The company holds the leading market share in ALD equipment for TOPCon batteries and has seen rapid growth in market share for its PE-Tox and PE-Poly equipment [1] - The company has made significant progress in emerging application areas, including flexible electronics and automotive-grade chips, which are gaining customer orders [2]
微导纳米:2024年半年报点评:业绩短期承压,平台化布局加速
Guohai Securities· 2024-09-05 15:00
Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Views - The company's performance is under short-term pressure, but its platform layout is accelerating [1]. - The company has a strong order backlog, with total orders amounting to 8.085 billion yuan as of June 30, 2024, including 6.667 billion yuan in photovoltaic orders and 1.344 billion yuan in semiconductor orders [3][4]. - The company is focusing on thin film deposition processes, with significant growth in the semiconductor and photovoltaic sectors [4][6]. Financial Performance Summary - For H1 2024, the company reported revenue of 787 million yuan, a year-on-year increase of 105.97%, while net profit attributable to shareholders decreased by 37.51% to 43 million yuan [2][4]. - The company's gross margin for H1 2024 was 38.40%, down 4.60 percentage points year-on-year, and the net margin was 5.44%, down 12.51 percentage points year-on-year [4][8]. - The company expects revenues of 3.987 billion yuan, 5.100 billion yuan, and 5.806 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 574 million yuan, 764 million yuan, and 957 million yuan [7][8]. Market Data Summary - As of September 3, 2024, the company's stock price is 21.26 yuan, with a market capitalization of approximately 9.73 billion yuan [3][8]. - The stock has a 52-week price range of 20.50 to 51.49 yuan, and the average daily trading volume is 57.50 million yuan [3][8]. - The company has a high turnover rate of 43.56% over the past month [3].
微导纳米2024H1点评:在手订单饱满,半导体设备覆盖工艺持续拓展
Changjiang Securities· 2024-09-05 02:39
Investment Rating - The investment rating for the company is "Buy" and it is maintained [2][4]. Core Views - The company reported a revenue of 787 million yuan for the first half of 2024, representing a year-on-year growth of 105.97%, while the net profit attributable to the parent company was 43 million yuan, down 37.51% year-on-year [2][3]. - The company has a strong order backlog of 8.085 billion yuan as of June 30, 2024, which includes 6.667 billion yuan in solar orders and 1.344 billion yuan in semiconductor orders, indicating robust future performance [3][4]. - The semiconductor sector continues to expand, with significant growth in ALD and CVD equipment orders, particularly from the storage sector, which accounts for over 75% of new orders [4]. Financial Performance - In Q2 2024, the company achieved a revenue of 616 million yuan, a year-on-year increase of 101.20%, while the net profit attributable to the parent company was 39 million yuan, down 43.62% year-on-year [2][3]. - The gross margin for the first half of 2024 was 38.40%, with solar equipment gross margin at 37.26% and semiconductor equipment gross margin at 37.45% [3]. - R&D expenses reached 230 million yuan, a year-on-year increase of 134.05%, accounting for 29.15% of revenue, which contributed to the decline in net profit [3][4]. Future Outlook - The company is expected to achieve net profits of 415 million yuan and 596 million yuan for 2024 and 2025, respectively, corresponding to PE ratios of 23 and 16 times [4]. - The company is actively expanding its product offerings in the semiconductor field, with ongoing developments in various advanced technologies [4].
微导纳米:浙商证券股份有限公司关于江苏微导纳米科技股份有限公司2024年半年度持续督导跟踪报告
2024-09-04 11:17
浙商证券股份有限公司 关于江苏微导纳米科技股份有限公司 2024 年半年度持续督导跟踪报告 浙商证券股份有限公司(以下简称"保荐机构")作为江苏微导纳米科技股 份有限公司(以下简称"微导纳米"或"公司")首次公开发行股票并在科创板 上市项目的保荐机构,根据《上海证券交易所上市公司自律监管指引第 11 号— —持续督导》《上海证券交易所科创板股票上市规则》等有关法规的规定,负责 微导纳米上市后的持续督导工作,并出具本持续督导跟踪报告。 | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度,并针对具体的持 | 保荐机构已建立健全并有效执行了持续督导制度, | | | 续督导工作制定相应的工作计划。 | 并制定了相应的工作计划。 | | | 根据中国证监会相关规定,在持续督导工作开始前,与上 | 保荐机构已与公司签订保荐协议,该协议明确了双 | | 2 | 市公司或相关当事人签署持续督导协议,明确双方在持续 | 方在持续督导期间的权利和义务,并报上海证券交 | | | 督导期间的权利义务,并报上海证券交易所备案。 | 易所备案。 | | | ...
微导纳米:2024年半年报点评:研发投入增加业绩短期承压,看好半导体业务持续放量
Soochow Securities· 2024-09-02 14:00
Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under pressure due to increased R&D investment, but the semiconductor business is expected to continue growing [2][3] - In the first half of 2024, the company achieved revenue of 787 million yuan, a year-on-year increase of 105.97%, primarily due to an increase in equipment acceptance [2][9] - The company's gross profit margin for the first half of 2024 was 38.40%, down 4.60 percentage points year-on-year, with a net profit margin of 5.44%, down 12.50 percentage points year-on-year [10][12] - The company has a substantial order backlog, with total orders amounting to 8.085 billion yuan as of the end of Q2 2024, indicating strong demand [13][17] Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 787 million yuan, with photovoltaic equipment revenue at 611 million yuan (up 84.76% YoY) and semiconductor equipment revenue at 152 million yuan (up 812.94% YoY) [2][9] - The net profit attributable to the parent company was 43 million yuan, a decrease of 37.51% YoY, primarily due to increased R&D and management expenses [2][9] - The company’s Q2 2024 revenue was 616 million yuan, showing a 101.2% increase YoY and a 261.04% increase QoQ [2][9] R&D and Margins - The company increased its R&D investment to 229 million yuan in H1 2024, accounting for 29.15% of revenue, with over 60% directed towards the semiconductor sector [10][12] - The gross margin for semiconductor equipment was 37.5%, while for photovoltaic equipment it was 37.3% [10][12] Order Backlog and Inventory - As of Q2 2024, the company had contract liabilities of 2.459 billion yuan (up 58% YoY) and inventory of 4.432 billion yuan (up 112% YoY), indicating a strong order backlog [13][14] - The order backlog included 6.667 billion yuan in photovoltaic orders (up 19% YoY) and 1.344 billion yuan in semiconductor orders (up 145% YoY) [13][14] Growth Prospects - The company is expanding its ALD and CVD processes in the semiconductor field, with significant orders coming from the storage sector [15][17] - In the photovoltaic sector, new orders in 2023 were 2.92 times that of the same period in 2022, with 80% of the increase coming from the top ten battery manufacturers [15][17] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted to 400 million yuan (previously 630 million), 620 million yuan (previously 830 million), and 790 million yuan (previously 920 million) respectively [18] - The current stock price corresponds to dynamic P/E ratios of 24, 16, and 12 times for 2024, 2025, and 2026 respectively, leading to a maintained "Accumulate" rating based on valuation and growth potential [18]
微导纳米(688147) - 2024 Q2 - 季度财报
2024-08-29 10:15
Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a 20% increase compared to the same period last year[1]. - The company's revenue for the first half of 2024 reached CNY 786,975,763.30, representing a year-on-year increase of 105.97%[13]. - The net profit attributable to shareholders for the same period was CNY 42,847,221.37, a decrease of 37.51% compared to the previous year[13]. - The company's basic earnings per share for the first half of 2024 was CNY 0.09, down 40.00% from CNY 0.15 in the same period last year[14]. - The gross margin for the first half of 2024 improved to 45%, up from 40% in the previous year[1]. - The company's operating revenue for the reporting period was 786,975,763.30 CNY, representing a year-on-year growth of 105.97%[64]. - The net profit attributable to shareholders was 42,847,200 CNY, with a net profit of 11,455,600 CNY after deducting non-recurring gains and losses[64]. Research and Development - The company has allocated RMB 100 million for R&D in new technologies, focusing on flexible electronics and MEMS[1]. - Research and development expenses accounted for 29.15% of revenue, an increase of 3.49 percentage points year-on-year[14]. - The company increased its R&D investment by 134.05% year-on-year, amounting to an additional 131.41 million yuan, to accelerate new product development[36]. - The company received 30 new patent authorizations during the reporting period, bringing the total authorized patents to 160[36]. - The company has a total of 460 patent applications, with 97 new applications filed during the reporting period[36]. - The company is actively involved in R&D and has been recognized as a national postdoctoral research workstation and provincial engineering research center[18]. - The company’s R&D process includes stages from demand identification to industrial application, ensuring that products meet market needs effectively[30]. Market Expansion and Strategy - The company expects a revenue guidance of RMB 1.2 billion for the full year 2024, indicating a projected growth of 25% year-over-year[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[1]. - A strategic acquisition of a local competitor is in progress, which is anticipated to increase the company's market share by 5%[1]. - The company has established deep partnerships with major domestic manufacturers in both semiconductor and photovoltaic sectors, continuously optimizing new generation high-efficiency battery technologies[18]. - The company is focusing on upgrading existing technologies and developing new technologies to meet the demands of strategic customers in the photovoltaic sector[49]. Financial Position and Assets - The total assets at the end of the reporting period were CNY 8,673,848,503.07, a year-on-year increase of 14.40%[13]. - The net assets attributable to shareholders increased by 3.53% to CNY 2,427,156,005.45 compared to the end of the previous year[13]. - The company reported a total equity of 2,427,156,005.45 RMB at the end of the first half of 2024, reflecting an increase from 2,344,470,366.51 RMB at the end of the previous year[147]. - The company’s retained earnings decreased by 38,834,338.80 RMB during the period, indicating challenges in profitability[147]. Risks and Challenges - The company has identified potential risks related to supply chain disruptions, which could impact production timelines[1]. - The company faces risks related to the verification progress of new products in the semiconductor and photovoltaic sectors, which may not meet expectations[58]. - The company is exposed to seasonal performance fluctuations due to non-uniform customer procurement patterns, leading to significant revenue volatility across quarters[59]. - The company may experience operational pressure and potential losses if new product development does not translate into timely industrialization or if market competition intensifies[60]. - The company faces risks related to inventory impairment due to high inventory values and long acceptance cycles[61]. - There is a risk of accounts receivable not being collected on time, which could negatively impact cash flow and financial performance[62]. Shareholder and Governance - The board has approved a share buyback program of up to RMB 50 million to enhance shareholder value[1]. - The company completed the first batch of its 2023 restricted stock incentive plan, with 3.22277 million shares granted to 293 individuals, and an additional 3.5642 million shares reserved for 295 individuals[56]. - The company has committed to a 36-month lock-up period for shares held prior to the IPO, during which no transfers or management by third parties will occur[86]. - The company will report any changes in shareholding and comply with relevant regulations regarding share transfers and disclosures[89]. - The company has established a commitment to adhere to legal regulations regarding shareholding and reduction intentions, ensuring compliance with the Shanghai Stock Exchange rules[90]. Product Development and Technology - New product development includes the launch of a next-generation ALD technology, which is expected to enhance production efficiency by 30%[1]. - The iTomic series ALD systems are designed for various applications, including high-k gate dielectric layers and capacitor insulation layers, achieving domestic first-class and internationally advanced technical standards[21]. - The company has developed a comprehensive product line covering various thin film materials, including HfO₂, Al₂O3, and TiN, for logic and storage chips[22]. - The company has launched the KF series batch ALD system, which utilizes advanced thin film deposition technology to enhance the efficiency of silicon solar cells, ensuring high-quality ultra-thin passivation films for mass production[24]. - The ZR5000 series tubular PECVD system has broken through traditional capacity bottlenecks, integrating seamlessly with ALD passivation technology to support the production of high-efficiency batteries like PERC and TOPCon[24]. Compliance and Legal Matters - The company has faced a major lawsuit regarding accounts receivable from Wuxi Suntech Power Co., Ltd., but has since submitted a withdrawal application to the court[112]. - The company’s general manager received a verbal warning from the Shanghai Stock Exchange due to a relative's short-term trading issue, emphasizing the need for compliance with securities regulations[112]. - There were no significant non-operating fund occupations or guarantees by the controlling shareholder during the reporting period[111]. - The company maintains a good integrity status, with no significant debts overdue or unfulfilled court judgments[113].
微导纳米:江苏微导纳米科技股份有限公司关于完成工商变更登记并换发营业执照的公告
2024-08-09 08:54
近日,公司完成了上述事项相关的工商变更登记和备案手续,并取得了由无 锡市市场监督管理局换发的《营业执照》,相关登记信息如下: 名称:江苏微导纳米科技股份有限公司 统一社会信用代码:91320213MA1MDBFY36 证券代码:688147 证券简称:微导纳米 公告编号:2024-050 江苏微导纳米科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 江苏微导纳米科技股份有限公司(以下简称"公司")于2024年7月24日召 开第二届董事会第十四次会议,审议通过了《关于变更公司注册资本、修订<公 司章程>并办理工商变更登记的议案》,根据公司2023年第二次临时股东大会对 董事会的授权,结合注册资本变更的实际情况,同意向工商登记机关申请办理相 关变更(备案)登记手续,变更最终以工商登记机关核准的内容为准。具体内容 详见公司于2024年7月25日披露于上海证券交易所网站(www.sse.com.cn)的《关 于变更公司注册资本、修订<公司章程>并办理工商变更登记的公告》(公 ...
微导纳米:江苏微导纳米科技股份有限公司关于签订租赁合同和物业服务协议书暨关联交易的公告
2024-08-09 08:52
证券代码:688147 证券简称:微导纳米 公告编号:2024-051 江苏微导纳米科技股份有限公司 关于签订租赁合同和物业服务协议书暨关联交易的公告 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: 交易简要内容:江苏微导纳米科技股份有限公司(以下简称"微导纳米") 近期与关联方先导控股集团有限公司(以下简称"先导控股")签署租赁合同, 并与先导控股子公司无锡君华物业管理有限公司(以下简称"君华物业")签署 物业服务协议书。本次租赁物业为先导控股位于无锡市新吴区长江南路 27 号的 厂房及附属设施(含厂房 2、化学品库等),租赁面积为 25,916.93 平方米,租赁 期限为 120 个月,年租金约为人民币 1,036.68 万元,年物业服务费约为 155.50 万 元(具体金额将根据租赁物业办理完成后的房产证所标明的建筑面积进行调整), 其他有偿服务费用根据双方约定的标准按实结算。 本次交易未构成重大资产重组。 交易实施不存在重大法律障碍。 本次与先导控股签署的租赁合同及与君华物业签署的物业服务协议书尚 ...
微导纳米(688147) - 微导纳米投资者关系活动记录表2024-005
2024-08-05 10:34
江苏微导纳米科技股份有限公司 投资者关系活动记录表 编号:2024-005 ■特定对象调研 ■分析师会议 投资者 □媒体采访 □业绩说明会 关系活 □新闻发布会 ■路演活动 动类别 □现场参观 ■电话会议 □其他 (请文字说明其他活动内容) 参与单 中信证券股份有限公司、国联证券股份有限公司、上海龙全投资管 位名称 理有限公司、宝盈基金管理有限公司、海通证券股份有限公司、国 盛证券有限责任公司、东吴证券股份有限公司、工银瑞信基金管理 有限公司、恒越基金管理有限公司、上海晨燕资产管理中心(有限 合伙)、厦门源峰股权投资基金合伙企业(有限合伙)、国海证券 股份有限公司、上海誉瑞投资管理有限公司、上海复星创富投资管 理股份有限公司、平安证券股份有限公司、江苏陶朱公私募基金管 理有限公司、无锡坚石私募基金管理合伙企业(有限合伙)、银河 基金管理有限公司、东北证券股份有限公司、上海盛宇股权投资基 金管理有限公司、敦和资产管理有限公司、华能贵诚信托有限公 司、天治基金管理有限公司、长盛基金管理有限公司、北京源乐晟 资产管理有限公司、浙商证券股份有限公司、天风证券股份有限公 司、上海胤胜资产管理有限公司、西南证券股份有限公 ...
微导纳米:江苏微导纳米科技股份有限公司前次募集资金使用情况鉴证报告
2024-07-24 09:05
江 苏 微 导 纳 米 科 技 股 份 有 限 公 司 前 次 募 集 资 金 使 用 情 况 鉴 证 报 告 天 职 业 字 [2024]42953 号 目 前次募集资金使用情况鉴证报告 -- -1 前次募集资金使用情况报告 -- -3 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台(http://acc.mof.gov.cn)"进行查理 报告约 前次募集资金使用情况鉴证报告 天职业字[2024]42953 号 江苏微导纳米科技股份有限公司全体股东: 我们审核了后附的江苏微导纳米科技股份有限公司(以下简称"公司")截至2024年3月 31日的《前次募集资金使用情况报告》。 一、管理层的责任 江苏微导纳米科技股份有限公司管理层的责任是提供真实、合法、完整的相关资料,按 照中国证监会《监管规则适用指引——发行类第7号》编制《前次募集资金使用情况报告》, 并保证其内容真实、准确、完整,不存在虚假记录、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是按照《中国注册会计师其他鉴证业务准则第3101号 -- 历史财务信息审计 或审阅以外的鉴证业务》的规定执行鉴证业务。该准则要求我们计划和执行鉴证工作 ...