证券研究报告——晨会聚焦 2026 年 3 月 25 日 | 3 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 0119.HK | 保利置业集团 | | 000099.SZ | 中信海直 | | 601872.SH | 招商轮船 | | 600352.SH | 浙江龙盛 | | 002409.SZ | 雅克科技 | | 002709.SZ | 天赐材料 | | 300760.SZ | 迈瑞医疗 | | 605338.SH | 巴比食品 | | 1579.HK | 颐海国际 | | 601888.SH | 中国中免 | | 689009.SH | 九号公司-WD | | 688630.SH | 芯碁微装 | | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3881.28 | 1.78 | | --- | --- | --- | | 深证成指 | 13536.56 | 1.43 | | 沪深 300 | 4474.72 | 1.28 | | 中小 100 | 8200.48 | 1.26 | | 创 ...

行业研究 / 行业点评 2026 年 03 月 24 日 证券研究报告 机械设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《全球人形机器人产业周报（三）：GTC 催化， 机器人量产预期仍是核心锚点》2026-03-17 《全球商业航天产业周报（二）：Starship 商 业化运力逐步进入验证期》2026-03-17 《智能制造行业周报：看好多层板放量下 PCB 设备升级机遇》2026-03-16 《智能制造行业周报：持续看好半导体设备零 部件国产化替代》2026-03-09 《全球人形机器人产业周报（二）：产业化提 速，标准体系与应用落地共振》2026-03-09 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 宇树科技 IPO 获受理，出货放量可期 ——智能制造行业周报（2026/03/16-2026/03/20） | 2.1 | 板块行情回顾 | 6 | | --- | --- | --- | | 2.2 | 个股行情回顾 | 8 | | | | 10 | | 3.2 | 东威 ...

国泰海通证券股份有限公司 关于合肥芯碁微电子装备股份有限公司 向特定对象发行股票并上市 之保荐总结报告书 | 保荐机构名称： | 国泰海通证券股份有限公司 | | --- | --- | | 保荐机构编号： | Z29131000 | 经中国证券监督管理委员会《关于同意合肥芯碁微电子装备股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2023〕563 号）批复，合肥芯碁微电子 装备股份有限公司（以下简称"上市公司"、"公司"或"发行人"）向特定对象 发行股票 1,049.72 万股，每股面值人民币 1 元，每股发行价格人民币 75.99 元，募 集资金总额为人民币 79,768.56 万元，扣除发行费用后，实际募集资金净额为人民币 78,936.29 万元。本次发行证券已于 2023 年 8 月 4 日在上海证券交易所科创板上市。 原海通证券股份有限公司担任其持续督导保荐机构，持续督导期间为 2023 年 8 月 4 日至 2025 年 12 月 31 日。鉴于原国泰君安证券股份有限公司换股吸收合并原海通证 券股份有限公司事项已获得中国证券监督管理委员会核准批复，本次合并交易已于 2025 年 3 月 ...

Core Insights - The report highlights a focus on investment opportunities in the AI sector, particularly following the Nvidia GTC conference, which is expected to initiate a new AI market cycle [5] - The report emphasizes the potential for price increases in the disposable glove industry due to rising raw material costs, suggesting a recovery in profits for leading companies in this sector [10][12] Investment Opportunities - The report identifies a selection of stocks for March, including Poly Real Estate Group (0119.HK), CITIC Hainan Airlines (000099.SZ), and Mindray Medical (300760.SZ), among others [1] - It suggests monitoring the disposable glove industry, particularly companies like YK Medical and Blue Sail Medical, as they may benefit from the current pricing cycle [12][13] Industry Performance - The report notes that the pharmaceutical and biotechnology sector has underperformed, with the Shenwan Pharmaceutical Index dropping 3.21% from March 16 to March 20, 2026, lagging behind the CSI 300 Index by 0.97 percentage points [10][11] - In the electric equipment and new energy sector, global sales of new energy vehicles are expected to grow rapidly in 2026, driving demand for batteries and materials [15] Market Trends - The report indicates a general decline in the A-share market, with various sectors experiencing downturns, particularly in the materials and energy sectors [19][21] - It highlights the performance of the electric equipment and new energy sectors, noting a 3.06% decline in the week, with specific indices like the lithium battery index showing a 2.99% increase [16] Raw Material Insights - The report discusses the impact of geopolitical tensions on the prices of key raw materials for disposable gloves, such as butadiene and acrylonitrile, which are expected to rise, leading to a price increase in the gloves themselves [12][10] - It also mentions that the cost structure of disposable gloves is heavily influenced by raw material prices, which account for approximately 39% of total costs [12]

公 司 报 告 2026年03月20日 电子 芯碁微装(688630.SH) 持续深化直写光刻技术应用，公司保持高增长态势 推荐 ( 维持) 股价:168.56元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.cfmee.cn | | 大股东/持股 | 程卓/25.92% | | 实际控制人 | 程卓 | | 总股本(百万股) | 132 | | 流通A股(百万股) | 132 | | 流通B/H股(百万股) | | | 总市值(亿元) | 222 | | 流通A股市值(亿元) | 222 | | 每股净资产(元) | 17.52 | | 资产负债率(%) | 25.9 | 行情走势图 事项： 证券分析师 证 券 杨钟 投资咨询资格编号 S1060525080001 yangzhong035@pingan.com.cn 徐碧云 投资咨询资格编号 S1060523070002 XUBIYUN372@pingan.com.cn 持续深化直写光刻技术应用，高增长态势贯穿全年：2025年，公司实现 营 业 收 入 14.08 亿 元 (+47.61%YoY) ， 归 母 净 ...

国泰海通证券股份有限公司 关于合肥芯碁微电子装备股份有限公司 2025 年度持续督导年度跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：芯碁微装 | | --- | --- | | 保荐代表人姓名：陈赛德、汤文宇 | 被保荐公司代码：688630 | 经中国证券监督管理委员会《关于同意合肥芯碁微电子装备股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2023〕563 号）批复，合肥芯碁微 电子装备股份有限公司（以下简称"上市公司"、"公司"或"发行人"）向特 定对象发行股票 1,049.72 万股，每股面值人民币 1 元，每股发行价格人民币 75.99 元，募集资金总额为人民币 79,768.56 万元，扣除发行费用后，实际募集资金净 额为人民币 78,936.29 万元。本次发行证券已于 2023 年 8 月 4 日在上海证券交易 所上市。国泰海通证券股份有限公司（以下简称"保荐机构"或"国泰海通"） 担任其持续督导保荐机构，持续督导期间为 2023 年 8 月 4 日至 2025 年 12 月 31 日。 在 2025 年 1 月 1 日至 2025 年 12 月 31 ...

国泰海通证券股份有限公司 关于合肥芯碁微电子装备股份有限公司 2025 年度持续督导工作现场检查报告 上海证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为合肥 芯碁微电子装备股份有限公司（以下简称"上市公司"或"公司"）向特定对象 发行股票的保荐人，根据《中华人民共和国公司法》《中华人民共和国证券法》 《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》（以 下简称"《上市规则》"）和《上海证券交易所上市公司自律监管指引第 11 号—— 持续督导》等有关法律法规的规定，对公司 2025 年度（以下简称"本持续督导 期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 国泰海通证券股份有限公司 （二）保荐代表人 陈赛德、汤文宇 （三）现场检查时间 2026 年 1 月 14 日至 2026 年 1 月 15 日、2026 年 2 月 25 日、2026 年 3 月 12 日 （四）现场检查人员 二、对现场检查相关事项的意见 （一）公司治理和内部控制情况 陈赛德、汤文宇 （五）现场检查内容 1 现场检查人员对 ...

作者 | 木鱼 编辑 | 小白 打入台积电先进封装供应链。 木鱼 光刻，是制造PCB与泛半导体的重要工艺。风云君在2024年分析芯碁微装（688630.SH）时，它的业务还 是以PCB为主。 打造国产高端直写光刻平台, 业绩 5年10倍： 光刻不该只有ASML! ¥ 市值风云 如今，芯碁微装成功将PCB环节的领先技术拓展至先进封装领域，"PCB+泛半导体"双引擎布局初见成 效。 市值风云研究员 2024-07-11 10:32 业界少数几家掌握高端直写光刻技术的企业之一。 卡 维 精 按 识 别 阅 读 | | 码 彩 图 B 业绩高歌猛进，双引擎初显成效 根据芯碁微装披露的2025年度业绩快报：全年实现营业收入14.08亿元，同比增长47.61%；归母净利润 2.90亿元，同比增长80.42%；扣非归母净利润2.76亿元，同比增长86.00%。 （芯碁微装2025年业绩快报） 公司表示，高端PCB设备订单旺盛、泛半导体业务放量，两块核心业务协同发力，是2025年业绩增长的 核心动力。 （芯碁微装2025年业绩快报） 具体来看，PCB领域，AI算力需求爆发，推动PCB行业向高多层、高密度方向升级。2025年， ...

Group 1 - The mechanical equipment sector is expected to outperform the market, driven by a combination of cyclical recovery and growth potential, with engineering machinery and rail transit equipment showing significant profit recovery and low valuations [3][10] - The commercial aerospace sector is anticipated to reach a critical turning point in 2026, with advancements in reusable rocket technology and an increase in launch frequency, leading to a projected 197% year-on-year growth in payload quality [3][4] - The humanoid robotics industry is transitioning towards large-scale production, with significant cost reductions and improved capabilities expected, particularly with the launch of the Optimus V3 model [3][4] Group 2 - The semiconductor equipment sector is poised for growth due to increased demand from storage expansion and advanced packaging upgrades, with key players expected to benefit from ongoing capital expenditure recovery [3][4] - The PCB equipment market is experiencing a shift towards high-end products, driven by the penetration of AI servers and HPC architectures, leading to increased demand for new capacity and upgrades of existing production lines [3][4] - The controllable nuclear fusion sector is advancing with the construction of experimental devices and the bidding for key equipment, with high-temperature superconducting materials expected to become a core beneficiary of technological evolution [3][4] Group 3 - The mechanical equipment sector has shown a significant recovery in profitability, with 17 out of 19 sub-industries reporting improved net profit margins, indicating a broad-based recovery [12][33] - The sector's valuation has rebounded to a historically high level, with the current PE ratio at 35.42, reflecting a strong market preference for growth-oriented manufacturing assets [13][26] - The demand side remains weak but is stabilizing, with high-tech manufacturing and equipment manufacturing showing better performance compared to traditional sectors, indicating a gradual recovery in the overall manufacturing landscape [34][38]

Investment Rating - The investment rating for the specialized equipment sub-industry is positive, indicating a favorable outlook for PCB equipment due to rising downstream demand and capital expenditure trends [2]. Core Insights - The global PCB industry market size is expected to reach USD 84.89 billion by 2025, growing at a rate of 15.4% year-on-year, driven by strong demand in sectors such as AI servers and data storage [15][16]. - The PCB equipment market is entering a high prosperity cycle, with significant growth anticipated in drilling, exposure, plating, and testing equipment segments [3][22]. - Capital expenditures among A-share PCB manufacturers are on the rise, with a total of CNY 30.70 billion in the first three quarters of 2025, surpassing the total for 2024 [15][19]. Summary by Sections PCB Market Overview - PCB, known as the "mother of electronic products," is widely used across various industries including communication, consumer electronics, automotive, medical devices, industrial control, and aerospace [14]. - The market is projected to benefit significantly from AI-driven demand, particularly in the server and data storage sectors, which are expected to grow at a compound annual growth rate (CAGR) of 18.7% from 2024 to 2029 [16][19]. Equipment Market Dynamics - The global PCB specialized equipment market is projected to grow from USD 7.085 billion in 2024 to USD 10.765 billion by 2029, with a CAGR of 8.73% [3][23]. - China remains the largest market for PCB specialized equipment, accounting for over 50% of the global market share [23]. Drilling Equipment - The global PCB drilling equipment market is expected to reach USD 1.470 billion in 2024, representing over 20% of the specialized equipment market, with a projected CAGR of 10.29% [31]. - Domestic manufacturers are rapidly catching up in the drilling equipment sector, particularly in laser drilling technology, which is gaining traction due to its precision and efficiency [35][36]. Exposure Equipment - The global PCB exposure equipment market is anticipated to grow to USD 1.204 billion in 2024, with a CAGR of 9.99% expected through 2029 [39]. - The market is currently dominated by foreign companies, but domestic firms are making significant progress in the mid-to-low-end segments [43]. Plating Equipment - The global PCB plating equipment market is projected to reach USD 564 million in 2025, with a CAGR of 9.51% expected until 2029 [50]. - China continues to be the largest market for PCB plating equipment, maintaining over 80% of the global market share [50]. Testing Equipment - The global PCB testing equipment market is expected to grow to USD 1.063 billion in 2024, with a CAGR of 9.48% projected through 2029 [53]. - The increasing complexity of PCB designs necessitates advanced automated testing solutions to ensure product quality [53]. Company Profiles Dazhu CNC - Dazhu CNC is a leading player in the PCB specialized equipment market, with a comprehensive product line covering various PCB manufacturing processes [58]. - The company has shown a significant rebound in performance, with a projected revenue of CNY 39.03 billion in the first three quarters of 2025, reflecting a year-on-year growth of 66.53% [59]. Ding Tai High-Tech - Ding Tai High-Tech has experienced steady revenue growth, with expectations of a net profit increase of 80.72% to 102.76% in 2025, driven by rising demand in the high-end PCB market [66]. - The company maintains a stable profit margin, with a projected gross margin of 40.62% in 2025 [68].