公司根据相关规定已向中国证券监督管理委员会(称"中国证监会")报送了本次发行上市的备案申请材 料，并于近日获中国证监会接收。 格隆汇9月15日丨芯碁微装(688630.SH)公布，公司已于2025年8月31日向香港联合交易所有限公司(称"香 港联交所")递交了发行H股股票并在香港联交所主板挂牌上市(称"本次发行上市")的申请，并于同日在 香港联交所网站刊登了本次发行上市的申请资料。 ...

格隆汇9月15日丨芯碁微装(688630.SH)在投资者互动平台表示，胜宏科技是公司长期深度合作的重要战 略客户，在AI服务器、高端HDI等核心领域保持紧密协同，合作关系稳定且持续深化。当前全球AI算力 需求爆发正驱动高端PCB及先进封装需求快速增长，公司直写光刻设备作为核心生产设备，已在多个头 部客户的产线中量产应用。未来公司将紧抓行业机遇，持续提升技术实力与产能供给能力。 ...

Investment Rating - The report maintains a "Positive" investment rating for the mechanical equipment industry [6]. Core Insights - The mechanical equipment industry experienced a year-on-year revenue growth of 7.64% in Q2 2025, with a narrowing growth rate compared to the previous quarter. Key segments with accelerated revenue growth include wind power equipment, PCB(A), shipbuilding, lithium battery equipment, and instruments [13][18]. - The industry saw a year-on-year increase in net profit excluding non-recurring items of 16.22% in Q2 2025, with wind power and lithium battery equipment showing accelerated growth. The shipbuilding sector led with a 106% year-on-year increase, although this was affected by a low base [18][31]. - The overall profitability of the mechanical equipment industry strengthened in Q2 2025, with notable performance in the shipbuilding, railway equipment, and oil and gas equipment sectors [31]. Summary by Sections Overall Mechanical Equipment Overview - The mechanical equipment industry reported a year-on-year revenue growth of 7.64% in Q2 2025, with revenue growth accelerating in specific segments [13]. - The net profit excluding non-recurring items grew by 16.22% year-on-year, with wind power and lithium battery equipment leading the growth [18]. - The industry’s net profit margin increased by 0.38 percentage points year-on-year in Q2 2025, indicating improved profitability across various segments [25]. Subsector Performance - The engineering machinery sector saw a revenue increase of 8.7% in H1 2025, driven by strong overseas sales and diversified business contributions [44]. - Major companies in the engineering machinery sector, such as SANY Heavy Industry and XCMG, reported significant revenue growth, with SANY achieving a 15% increase year-on-year in H1 2025 [41][44]. - The overall net profit for the engineering machinery sector reached 161 billion yuan in H1 2025, reflecting a 25.1% year-on-year increase, with profit growth outpacing revenue growth [45].

Core Viewpoint - Chip Microelectronics Equipment Co., Ltd. (referred to as "Chip Micro") is set to launch an A+H listing on the Hong Kong Stock Exchange, following its successful listing on the A-share Science and Technology Innovation Board in 2021, with a current market capitalization of nearly 20 billion RMB as of September 11 [1][2]. Group 1: Company Overview - Founded in 2015, Chip Micro is a leading supplier of direct imaging equipment for PCB and semiconductor applications, with a complete R&D technology system covering various aspects of the equipment [1]. - As of June 30, 2025, Chip Micro is the only company globally with business coverage in PCB, IC substrates, advanced packaging, and mask applications [1]. Group 2: Financial Performance - The revenue from PCB direct imaging equipment and automatic line systems accounted for 80.8% to 81.0% of total revenue during the reporting period, indicating that it is the core revenue source for the company [2]. - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was 652 million RMB, 829 million RMB, 954 million RMB, and 654 million RMB, respectively, showing a compound annual growth rate (CAGR) of 20.9% from 2022 to 2024 [2]. - Net profit figures for the same period were 137 million RMB, 179 million RMB, 161 million RMB, and 142 million RMB, with a notable 40.59% year-on-year growth in the first half of 2025 [2]. Group 3: Profitability and Challenges - Chip Micro's gross margin was approximately 41.31% to 40.49% during the reporting period, with semiconductor direct imaging equipment achieving a gross margin of 63.4% in 2022 and 2025 [3]. - However, the company faces high accounts receivable, with net accounts receivable as a percentage of total revenue reaching 171.56% in the first half of 2025, which poses cash flow challenges [3][4]. Group 4: Market Potential - The global direct imaging equipment market is projected to grow from approximately 11.2 billion RMB in 2024 to about 19 billion RMB by 2030, with a CAGR of 9.2% [7]. - The PCB direct imaging equipment market is expected to increase from around 4.6 billion RMB in 2024 to approximately 6.7 billion RMB by 2030, with a CAGR of 6.6% [7]. - Chip Micro holds a 15% market share in the global PCB direct imaging equipment sector, making it the largest supplier in this field [7]. Group 5: Industry Dynamics - The demand for high-end PCBs is driven by the rapid development of AI and emerging technologies, leading to increased demand for direct imaging equipment [6]. - The company is positioned to benefit from domestic substitution and industry upgrades, particularly in the PCB direct imaging equipment market, which is crucial for the manufacturing of printed circuit boards [6][8]. - Despite its leading position, Chip Micro faces competition from both domestic and international players as it expands into the broader semiconductor field [7][8].

Core Viewpoint - Chip Microelectronics Equipment Co., Ltd. (referred to as "Chip Micro") is set to launch an A+H listing on the Hong Kong Stock Exchange, following its successful listing on the A-share Science and Technology Innovation Board in 2021, with a current market value of nearly 20 billion RMB as of September 11 [1][2]. Group 1: Company Overview - Founded in 2015, Chip Micro is a leading supplier of direct imaging equipment for PCBs and semiconductors, with a complete R&D technology system covering various aspects of the production process [1]. - As of June 30, 2025, Chip Micro is the only company globally with business coverage in PCB, IC substrates, advanced packaging, and mask applications [1]. Group 2: Financial Performance - The revenue from PCB direct imaging equipment and automatic line systems accounted for 80.8% to 72.6% of total revenue from 2022 to 2025, indicating that this segment is the core revenue source [2]. - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was 652 million RMB, 829 million RMB, 954 million RMB, and 654 million RMB, respectively, with a compound annual growth rate (CAGR) of 20.9% from 2022 to 2024 [2]. - Net profits for the same period were 137 million RMB, 179 million RMB, 161 million RMB, and 142 million RMB, with a year-on-year growth of 40.59% in the first half of 2025 [2]. Group 3: Profitability and Challenges - Chip Micro's gross margins were approximately 41.31%, 40.88%, 35.51%, and 40.49% during the reporting period, with semiconductor direct imaging equipment margins reaching as high as 63.4% [3]. - However, the company faces high accounts receivable, with net accounts receivable as a percentage of total revenue rising to 171.56% in the first half of 2025, which poses cash flow challenges [3][4]. Group 4: Market Potential - The global direct imaging equipment market is projected to grow from approximately 11.2 billion RMB in 2024 to 19 billion RMB by 2030, with a CAGR of 9.2% [6]. - The PCB direct imaging equipment market is expected to increase from about 4.6 billion RMB in 2024 to 6.7 billion RMB by 2030, with a CAGR of 6.6% [6]. - Chip Micro holds a 15% market share in the global PCB direct imaging equipment sector, making it the largest supplier in this field [6]. Group 5: Industry Dynamics - The demand for high-end PCBs is driven by the rapid development of AI and emerging technologies, leading to increased demand for direct imaging equipment [5]. - The company is well-positioned to benefit from domestic substitution and industry upgrades, particularly in the PCB direct imaging equipment sector [5][7]. - Despite its leading position, Chip Micro faces competition from both domestic and international players as it expands into the broader semiconductor field [6][7].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 003036 | 泰坦股份 | 18.24 | -5.64% | 16.22万 | | 2.94亿 | | 833455 | 汇隆活塞 | 10.63 | -2.48% | 3.63万 | 3829.36万 | | | 002691 | 草凯股份 | 8.95 | -1.97% | 13.75万 | | 1.22亿 | | 603159 | 上海亚虹 | 24.61 | -1.95% | 4.99万 | | 1.23亿 | | 872931 | 元锡鼎邦 | 18.79 | -1.73% | 1.81万 | 3451.19万 | | | 688022 | 瀚川智能 | 16.06 | -1.65% | 8.64万 | | 1.36亿 | | 833284 | 灵鸽科技 | 26.90 | -1.50% | 6.38万 | | 1.70亿 | | 871553 | 凯腾精工 | 12.08 | -1.23% | 5.45万 | 654 ...

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 年半年度持续督导跟踪报告 | 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：林剑辉、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 6 月 30 日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong growth in PCB direct-write lithography and is expanding into drilling equipment, achieving breakthroughs in multiple fields within the semiconductor sector [1] - For the first half of 2025, the company reported revenue of 654 million yuan, a year-on-year increase of 45.59%, and a net profit of 142 million yuan, up 41.05% year-on-year [1] - The gross margin was 42.07%, an increase of 0.19 percentage points year-on-year, while the net margin was 21.71%, a decrease of 0.69 percentage points year-on-year [1] Revenue and Profitability - In Q2 2025, the company achieved revenue of 412 million yuan, a year-on-year increase of 63.93% and a quarter-on-quarter increase of 70.11% [2] - The net profit for Q2 2025 was 90 million yuan, up 47.97% year-on-year and 73.84% quarter-on-quarter [2] - The gross margin for Q2 2025 was 42.55%, an increase of 2.23 percentage points year-on-year, while the net margin was 21.88%, a decrease of 2.36 percentage points year-on-year [2] Business Expansion and Product Development - The company is experiencing high shipment growth and capacity release due to the global demand for AI computing power, leading to an acceleration in the high-layer PCB and high-end HDI industries [3] - The company has been expanding its MAS series equipment applications in HDI, substrate-like boards, and IC substrates, with successful trials and small batch deliveries [3] - The company is also expanding its drilling equipment, with its self-developed high-precision CO₂ laser drilling equipment entering mass production verification with several leading clients [4] Semiconductor Sector Strategy - The company is actively laying out products in various fields of the semiconductor sector, including advanced packaging, IC substrates, mask plate manufacturing, lead frames, power semiconductors, and new displays [5] - The WLP 2000 wafer-level direct-write lithography equipment has received repeat orders from leading clients, providing solutions for 2.xD packaging processes [5] - The MAS 6P equipment has successfully completed acceptance tests with leading clients and has received bulk orders to meet the stringent mass production requirements for high-end HDI and ICS packaging boards [6] Financial Forecast - The company has adjusted its revenue forecast for 2025-2027, predicting revenues of 14.41 billion yuan, 20.46 billion yuan, and 26.50 billion yuan respectively [6] - The forecasted net profits for the same period are 3.11 billion yuan, 5.02 billion yuan, and 6.59 billion yuan respectively [6] - The diluted EPS based on the current total share capital of 132 million shares is projected to be 2.36 yuan, 3.81 yuan, and 5.00 yuan for 2025-2027 [6]

Core Viewpoint - The company has experienced significant growth in revenue and net profit due to the recovery in the global semiconductor and high-end manufacturing industries, achieving historical highs in performance metrics [1] Group 1: Financial Performance - In the first half of the year, the company recorded operating revenue of 654 million yuan, a year-on-year increase of 45.59%, and a net profit of 142 million yuan, up 41.05% year-on-year, both reaching historical highs for the same period [1] - The company's operating cash flow was negative at -105 million yuan, further declining year-on-year, primarily due to increased raw material procurement in response to surging orders and extended payment cycles from some clients [2] Group 2: Production and Capacity - The company has been operating at full capacity since March, with a record monthly shipment of over 100 units in March and a nearly 30% month-on-month increase in April [1] - The second phase of the company's production facility is set to commence operations this month, which will significantly enhance the annual production capacity of high-end direct-write lithography equipment [1] Group 3: Product Development - The company's MAS4 equipment has completed pilot testing with several leading clients, achieving a minimum line width of 3-4 μm, and is now in small batch delivery [2] - The self-developed CO2 laser drilling equipment is undergoing mass production validation with major clients, with expected order growth driven by downstream expansion needs by 2025 [2] Group 4: Market Strategy and Trends - The company is focusing on expanding its overseas presence, particularly in Southeast Asia, with ongoing progress in establishing a subsidiary in Thailand [3] - The company anticipates a structural extension of the PCB equipment industry's boom cycle, driven by the explosive demand for AI computing power and advancements in packaging technologies [3]

Core Viewpoint - The news highlights the significant performance of the A-share market, particularly the rebound of the ChiNext Index after a notable drop, and the impressive stock performance of Shenghong Technology, which has seen a year-to-date increase of over 600% [1][2]. Company Overview - Chip Microelectronics Equipment Co., Ltd. (芯碁微装) is seeking to list on the Hong Kong Stock Exchange, having submitted its prospectus on August 31, with CICC as the sponsor [2]. - The company was listed on the STAR Market in April 2021, with a current market capitalization of approximately 18.2 billion RMB [3]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was reported as 652 million RMB, 829 million RMB, 954 million RMB, and 654 million RMB respectively, indicating a compound annual growth rate (CAGR) of 20.9% from 2022 to 2024 [16]. - Net profits for the same periods were 137 million RMB, 179 million RMB, 161 million RMB, and 142 million RMB, showing fluctuations [16]. - The gross profit margins for the company were 41.3%, 40.9%, 35.5%, and 40.5% during the reporting periods, with a noted decline in 2024 due to a higher proportion of lower-margin PCB products [20]. Product and Market Position - Chip Microelectronics focuses on micro-nano direct imaging lithography technology, producing direct imaging equipment and supporting services for PCB and semiconductor manufacturing [8][11]. - The company holds a 15% market share in the global PCB direct imaging equipment sector, making it the largest supplier in this market [27][34]. - The global market for PCB direct imaging equipment is projected to grow from approximately 4.6 billion RMB in 2024 to 6.7 billion RMB by 2030, with a CAGR of 6.6% [33]. Customer Base and Industry Dynamics - The company has supplied over 600 clients, including major PCB manufacturers and advanced packaging clients in the semiconductor sector [23][24]. - The demand for high-end PCBs has surged due to the growth of the AI industry, contributing to the company's revenue growth [16]. Challenges - The company faces challenges with high accounts receivable, with net accounts receivable amounting to 584 million RMB, 850 million RMB, 1.017 billion RMB, and 1.122 billion RMB, representing 89.57%, 102.53%, 106.60%, and 171.56% of total revenue respectively [24]. - Operating cash flows have been negative in recent years, indicating financial pressure [25].