Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported Q3 2024 results that met expectations, with continuous advancement in semiconductor and emerging application equipment [1] - The company achieved operating revenue of 1.54 billion yuan in Q3 2024, a year-on-year increase of 51.2% [1] - The net profit attributable to the parent company was 150 million yuan, a year-on-year decrease of 2.8% [1] - The company’s gross margin for the first three quarters of 2024 was 38.3%, down 4 percentage points year-on-year [1] - R&D investment increased by 82.0% year-on-year, amounting to 338 million yuan [1] Financial Performance - For Q3 2024, the company achieved operating revenue of 760 million yuan, a year-on-year increase of 18.4% and a quarter-on-quarter increase of 22.9% [1] - The net profit attributable to the parent company for Q3 2024 was 110 million yuan, a year-on-year increase of 24.7% and a quarter-on-quarter increase of 174.8% [1] - The company’s total assets as of Q3 2024 were 10.46 billion yuan, with current assets of 9.70 billion yuan [4] - The company’s cash flow from operating activities for the first three quarters of 2024 was -200 million yuan, with a narrowing outflow [1][4] Market Position and Strategy - The company has a strong presence in the semiconductor sector, with over 75% of new orders coming from the storage sector, including new storage technologies, 3D NAND, and DRAM [1] - In the photovoltaic sector, the company’s ALD products have consistently ranked first in revenue scale, total orders, and market share among domestic peers [1] - The company is actively optimizing new generation high-efficiency battery technologies, including XBC, perovskite, and perovskite tandem cells [1] Earnings Forecast - The company’s projected operating revenues for 2024, 2025, and 2026 are 2.79 billion yuan, 4.22 billion yuan, and 5.27 billion yuan respectively, with year-on-year growth rates of 66.1%, 51.2%, and 25.0% [3] - The net profit attributable to the parent company is forecasted to be 310 million yuan, 526 million yuan, and 726 million yuan for the same years, with year-on-year growth rates of 14.6%, 69.9%, and 38.0% respectively [3]

证券研究报告·公司点评报告·光伏设备 微导纳米（688147） 2024 年三季报点评：Q3 业绩稳步增长，看好 半导体业务持续放量 2024 年 10 月 31 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） | 684.51 | 1,679.72 | 3,131.83 | 4,320.39 | 5,448.25 | | 同比（ % ） | 59.96 | 145.39 | 86.45 | 37.95 | 26.11 | | 归母净利润（百万元） | 54.15 | 270.39 | 313.10 | 516.51 | 705.29 | | 同比（ % ） | 17.43 | 399.33 | 15.79 | 64.97 | 36.55 | ...

证券代码：688147 证券简称：微导纳米 公告编号：2024-069 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 10 月 22 日 在上海证券交易所网站（www.sse.com.cn）披露了《江苏微导纳米科技股份有限 公司关于变更保荐机构及保荐代表人的公告》（公告编号：2024-064）。因聘请中 信证券股份有限公司（以下简称"中信证券"）担任公司向不特定对象发行可转换 公司债券的保荐机构，公司与原保荐机构浙商证券股份有限公司（以下简称"浙 商证券"）以及存放募集资金的商业银行签订的《募集资金三方监管协议》相应 终止，浙商证券尚未完成的持续督导工作由中信证券承接。 鉴于公司保荐机构已发生变更，为规范公司募集资金的管理和使用，保护投 资者权益，根据《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监 管要求》《上海证券交易所科创板上市公司自律监管指引第 1 号—规范运作》等 法律、法规以及规范性文件和公司《募集资金管理制度》的相关规定，公司与保 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][5] Core Views - The company has shown stable growth in its performance, with a significant increase in its semiconductor business [3][4] - In Q3 2024, the company achieved revenue of 757 million yuan, a year-on-year increase of 18.42%, and a net profit attributable to shareholders of 108 million yuan, up 24.74% year-on-year [3] - The semiconductor business has rapidly expanded, with revenue reaching 298 million yuan in the first three quarters of 2024, a substantial increase of 844.14% year-on-year, accounting for 19.28% of total revenue [3][4] - The company is also advancing in the photovoltaic sector, maintaining a leading position in ALD products and continuously upgrading its technology [4] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 1.544 billion yuan, a year-on-year increase of 51.57% [3] - The projected revenues for 2024 to 2026 are 3.634 billion yuan, 4.895 billion yuan, and 6.121 billion yuan respectively, with corresponding net profits of 437 million yuan, 663 million yuan, and 898 million yuan [5][7] - The company's gross margin is expected to be around 40.5% in 2024, with a net margin of 12% [8] Market Position and Growth Potential - The company is positioned for rapid growth in the semiconductor sector, with expectations for a significant increase in revenue contribution from this area in the future [5] - The ALD equipment has been a strong foundation for the company, which is now expanding into CVD and other fields, indicating a broad growth potential [4][5]

证券代码：688147 证券简称：微导纳米 公告编号：2024-066 江苏微导纳米科技股份有限公司 第二届董事会第十八次会议决议公告 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、会议召开情况 江苏微导纳米科技股份有限公司（以下简称"公司"）第二届董事会第十八次 会议于 2024 年 10 月 29 日在公司会议室以现场结合通讯表决方式召开，会议由 董事长王磊先生主持。本次会议通知于 2024 年 10 月 19 日以电子邮件方式向全 体董事发出。本次会议应出席董事 6 名，实际出席董事 6 名。本次会议的召集和 召开符合《中华人民共和国公司法》（以下简称"《公司法》"）及《江苏微导纳 米科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，会议决议 合法、有效。 二、会议审议情况 本次会议审议并通过如下议案： （一）审议通过了《关于公司 2024 年第三季度报告的议案》 根据相关法律、法规、规范性文件以及《公司章程》的规定，公司编制了《江 苏微导纳米科技股份有限公司2024年第三季度报告》。 公司全体董事 ...

证券代码：688147 证券简称：微导纳米 公告编号：2024-067 江苏微导纳米科技股份有限公司 第二届监事会第十七次会议决议公告 公司根据《企业会计准则》和公司会计政策的相关规定，对截至 2024 年 9 月 30 日的相关资产进行了减值测试。根据测试结果，公司对存在减值迹象的各类资产计 二、会议审议情况 本次会议审议并通过如下议案： （一）审议通过了《关于公司 2024 年第三季度报告的议案》 根据相关法律、法规、规范性文件以及《公司章程》的规定，公司编制了《江 苏微导纳米科技股份有限公司 2024 年第三季度报告》。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 监事会认为：公司 2024 年第三季度报告的编制和审议程序符合法律法规及《公 司章程》等相关规定，报告公允地反映了公司 2024 年第三季度经营管理和财务状况 等各方面的实际情况；在 2024 年第三季度报告的编制过程中，未发现公司参与编制 和审议的人员有违反保密规定的行为；监事会全体成员保证公司 2024 年第三季度报 告披露的信息真实、准确、完整，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 ...

证券代码：688147 证券简称：微导纳米 公告编号：2024-068 江苏微导纳米科技股份有限公司 关于 2024 年第三季度计提资产减值准备的公告 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 10 月 29 日召开了第二届董事会第十八次会议与第二届监事会第十七次会议，审议通过了 《关于公司 2024 年第三季度计提资产减值准备的议案》。现将本次计提资产减 值准备的具体情况公告如下： 一、计提资产减值准备情况概述 公司根据《企业会计准则》和公司会计政策的相关规定，对截至 2024 年 9 月 30 日的相关资产进行了减值测试。根据测试结果，公司对存在减值迹象的各 类资产计提减值准备。2024 年第三季度共计新增计提减值准备 3,668.45 万元。 具体情况如下： 注：表格数据若出现合计数值与各分项数值之和尾数不符的情况，均为四舍五入原因造 成。 三、董事会审计委员会意见 公司董事会审计委员会对《关于公司 2024 年第三季度计提资产减值准备的 议案》 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥757,297,423.44, representing an increase of 18.42% compared to the same period last year[2] - The net profit attributable to shareholders was ¥107,906,680.20, up 24.74% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥102,555,999.18, reflecting a significant increase of 47.88%[2] - The basic earnings per share for Q3 2024 was ¥0.24, up 26.32% compared to the same period last year[2] - The company's revenue for the first three quarters of 2024 reached ¥1,544,273,186.74, a significant increase of 51.1% compared to ¥1,021,562,591.18 in the same period of 2023[16] - Operating profit for the first three quarters of 2024 was ¥146,591,447.27, down from ¥171,487,711.14 in 2023, reflecting a decrease of 14.5%[16] - Net profit for the first three quarters of 2024 was ¥150,753,901.57, slightly lower than ¥155,070,282.29 in 2023, indicating a decrease of 2.0%[16] - The total comprehensive income for the third quarter of 2024 was approximately ¥150.75 million, compared to ¥155.07 million in the same period of 2023, reflecting a slight decrease[18] - Basic earnings per share for Q3 2024 were ¥0.33, down from ¥0.34 in Q3 2023, while diluted earnings per share also decreased from ¥0.34 to ¥0.32[18] Research and Development - Research and development expenses totaled ¥108,575,375.12 for the quarter, marking a 23.84% increase compared to the same period last year[3] - The company plans to continue expanding its R&D team and increasing investment in new product development to drive future growth[7] - Research and development expenses increased to ¥204,895,661.67 in 2024, up from ¥113,225,041.21 in 2023, representing an increase of 81.0%[16] Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥8,965,129,232.23, an increase of 18.24% from the end of the previous year[3] - Total assets as of the end of the third quarter of 2024 amounted to ¥8,965,129,232.23, compared to ¥7,582,005,963.29 at the end of the third quarter of 2023, an increase of 18.3%[14] - Total liabilities increased to ¥6,403,453,417.24 in 2024 from ¥5,237,535,596.78 in 2023, reflecting a growth of 22.2%[14] - The company's total equity reached ¥2,561,675,814.99, up from ¥2,344,470,366.51 in 2023, indicating an increase of 9.3%[14] Cash Flow - The cash flow from operating activities for the year-to-date was negative at -¥991,331,760.70, a decline of 630.81% year-on-year[2] - Cash flow from operating activities for the first three quarters of 2024 was negative at approximately -¥991.33 million, compared to a positive cash flow of ¥186.76 million in the same period of 2023[19] - Cash inflow from operating activities totaled approximately ¥2.43 billion in the first three quarters of 2024, slightly up from ¥2.42 billion in the same period of 2023[19] - Cash outflow from operating activities increased significantly to approximately ¥3.43 billion in 2024, compared to ¥2.23 billion in 2023[19] - Net cash flow from investing activities was approximately ¥611.05 million in 2024, a significant recovery from a negative cash flow of -¥1.26 billion in 2023[20] - Cash inflow from financing activities reached approximately ¥1.65 billion in 2024, compared to ¥308.90 million in 2023[20] - The ending balance of cash and cash equivalents as of Q3 2024 was approximately ¥1.56 billion, up from ¥775.18 million at the end of Q3 2023[20] - The company's cash and cash equivalents as of September 30, 2024, amount to ¥1,647,937,246.91, an increase from ¥1,153,587,343.07 at the end of 2023[11] - The company's cash and cash equivalents decreased to ¥386,091,076.97 from ¥1,409,176,585.42, a decline of 72.6%[14] Shareholder Information - The total number of common shareholders at the end of the reporting period is 8,245[8] - The largest shareholder, Wuxi Wanhaiying Investment Partnership, holds 232,581,624 shares, representing 50.82% of total shares[8] - The company has no significant changes in the top 10 shareholders or their participation in margin financing and securities lending[10] - The company has no related party transactions among the top shareholders[10] - The company has not engaged in any share lending or borrowing activities that would affect the shareholding structure[10] Operational Insights - The company attributed the increase in operating revenue to improved product technology and an increase in the number of customer-accepted equipment in the semiconductor and photovoltaic sectors[7] - There are no significant reminders for investors regarding the company's operational situation during the reporting period[11] - The company has not disclosed any new product developments or market expansion strategies in the current report[10] - The company has initiated new accounting standards effective from 2024, which may impact future financial reporting[20]

江苏微导纳米科技股份有限公司 关于召开 2024 年第三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"公司"）将于2024年10月30日发 布公司2024年第三季度报告，为便于广大投资者更全面深入地了解公司2024年第 三季度经营成果、财务状况、发展理念情况，公司计划于2024年10月30日下午 16:00-17:00举行2024年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 证券代码：688147 证券简称：微导纳米 公告编号：2024-065 三、参加人员 公司出席本次说明会的人员有：董事长王磊先生、总经理周仁先生、董事会 秘书龙文先生、财务总监俞潇莹女士、独立董事朱佳俊先生。 如有特殊情况，参会人员可能进行调整，具体以当天实际出席人员为准。 本次投资者说明会以网络互动形式召开，公司将针对2024年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二 ...

证券代码：688147 证券简称：微导纳米 公告编号：2024-064 江苏微导纳米科技股份有限公司 关于变更保荐机构及保荐代表人的公告 代亚西先生：男，证券执业编号：S1010118090060，现任中信证券投资银行 管理委员会副总裁，保荐代表人，注册会计师。负责或参与上海海希工业通讯股 份有限公司北交所公开发行股票、上海维安电子股份有限公司首次公开发行股票 并上市、招商局南京油运股份有限公司重新上市、江苏东方盛虹股份有限公司发 行股份购买资产并募集配套资金、上海数据港股份有限公司非公开发行股票、安 徽古井贡酒股份有限公司非公开发行股票等项目。在保荐业务执业过程中严格遵 守《证券发行上市保荐业务管理办法》等相关规定，执业记录良好。 根据中国证监会《证券发行上市保荐业务管理办法》等相关规定，公司因再 次申请发行证券另行聘请保荐机构，应当终止与原保荐机构的保荐协议，由另行 聘请的保荐机构完成原保荐机构尚未完成的持续督导工作。因此，自公司与中信 证券签订保荐协议之日起，浙商证券尚未完成的持续督导工作将由中信证券承接。 中信证券已委派保荐代表人于军杰先生、代亚西先生（简历附后）共同负责公司 的保荐及持续督导工作。 ...