Core Viewpoint - Chipbond Microelectronics (芯碁微装) plans to accelerate its internationalization strategy and overseas business layout by issuing H-shares and listing on the Hong Kong Stock Exchange, aiming to enhance its brand image, capital strength, and overall competitiveness [1][2][3]. Company Overview - Chipbond Microelectronics specializes in the research, development, manufacturing, and sales of direct imaging equipment and related maintenance services, focusing on micro-nano direct writing lithography technology [3]. - The company was listed on the STAR Market in April 2021, raising approximately 4.16 billion yuan after expenses for projects related to wafer-level packaging direct writing lithography equipment [3]. Financial Performance - In 2024, Chipbond Microelectronics achieved a revenue of 9.54 billion yuan, a year-on-year increase of 15.09%, but net profit decreased by 10.38% to 1.61 billion yuan due to high expenses related to overseas market strategies and talent development [5]. - The company reported a significant increase in overseas revenue, reaching 188 million yuan in 2024, a growth of 212.32% year-on-year, with Southeast Asia contributing nearly 20% to total revenue [1][4]. Market Position and Strategy - The global PCB industry is experiencing steady growth driven by artificial intelligence, high-speed networks, and electric vehicles, providing opportunities for Chipbond Microelectronics to strengthen its market position [6]. - The company has established strategic partnerships with international clients and is focusing on high-end market validation and delivery of its equipment [4][6]. Recent Developments - In the first quarter of 2025, Chipbond Microelectronics reported a revenue of 242 million yuan, a year-on-year increase of 22.31%, with net profit rising by 30.45% to 51.87 million yuan [5]. - The company signed contracts worth 146 million yuan for LDI exposure equipment, which is expected to positively impact future operating performance [6].

Core Viewpoint - The recent trend of A-share companies planning to list in Hong Kong continues, with 14 companies disclosing their intentions to issue H-shares and list on the Hong Kong Stock Exchange in June 2023 [1][2]. Group 1: Companies Planning to List - Chipone Microelectronics announced on June 27 its plan to issue H-shares and list on the Hong Kong Stock Exchange [2]. - Daikin Heavy Industries disclosed on June 24 its intention to issue H-shares and list on the Hong Kong Stock Exchange [2]. - Lattice Semiconductor announced on June 20 its plan to issue H-shares and list on the Hong Kong Stock Exchange [2]. - Shanjin International authorized its management on June 19 to initiate preparations for issuing H-shares and listing in Hong Kong [2]. - Wolong Electric Drive announced on June 18 its plan to issue H-shares and list on the Hong Kong Stock Exchange [2]. - Lakala disclosed on June 16 its plan to list on the Hong Kong Stock Exchange [2]. - Sandam Membrane announced on June 16 its intention to issue H-shares and list on the Hong Kong Stock Exchange [2]. - Kute Intelligent disclosed on June 10 its plan to issue H-shares and list on the Hong Kong Stock Exchange [2]. - EVE Energy announced on June 9 its intention to issue H-shares and list on the Hong Kong Stock Exchange [2]. - Chaohongji disclosed on June 9 its plan to issue H-shares and list on the Hong Kong Stock Exchange [2]. - BlueFocus Communication Group announced on June 6 its plan to issue H-shares and list on the Hong Kong Stock Exchange [2]. - Stone Technology disclosed on June 6 its intention to issue H-shares and list on the Hong Kong Stock Exchange [2]. - Jinjiang Hotels announced on June 4 its plan to issue H-shares and list on the Hong Kong Stock Exchange [2]. - Estun Automation disclosed on June 4 its intention to issue H-shares and list on the Hong Kong Stock Exchange [2].

Core Viewpoint - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its brand image and competitiveness [1] Group 1: Company Actions - The company's board approved the proposal to authorize management to initiate preparations for the overseas issuance of H-shares [1] - The authorization period for the management to start the H-share listing preparations is set for 12 months from the board's approval date [1] - The company intends to discuss specific progress with relevant intermediaries regarding the H-share listing [1] Group 2: Regulatory and Approval Process - The H-share listing plan requires approval from the company's board and shareholders, as well as regulatory approvals from the China Securities Regulatory Commission, Hong Kong Stock Exchange, and the Securities and Futures Commission of Hong Kong [1] - There is significant uncertainty regarding the final implementation of the H-share listing [1]

为加快公司的国际化战略及海外业务布局，打造国际化资本运作 平台，进一步提升公司品牌形象及知名度，提高公司的资本实力和综 合竞争力，根据公司总体发展战略及运营需要，公司拟在境外发行股 份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"） 上市（以下简称"本次 H 股上市"）。公司董事会同意授权公司管理层 启动本次 H 股上市的前期筹备工作，授权期限为自董事会审议通过之 日起 12 个月内。公司计划与相关中介机构就本次 H 股上市的具体推 进工作进行商讨，关于本次 H 股上市的具体细节尚未最终确定。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海 1 证券代码：688630 证券简称：芯碁微装 公告编号：2025-023 合肥芯碁微电子装备股份有限公司 关于授权公司管理层启动公司境外发行股份（H 股） 并在香港联合交易所有限公司上市相关筹备工作的公告 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。 合肥芯碁微电子装备股份有限公司（以下简称"公司"）第二届 董事会第二十次会议于 2025 年 6 月 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 79.15 and a sector rating of "Outperform" [1][3]. Core Views - The company has signed a significant new contract worth RMB 146 million, which is expected to boost its revenue for 2024 by approximately 15% [3][7]. - The AI infrastructure boom is driving investment in PCB, and the company is likely to benefit from the expansion efforts of PCB manufacturers [3][7]. - The report adjusts the company's earnings forecasts for 2025 and 2026, with EPS estimates revised to RMB 2.09 and RMB 2.75 respectively, while projecting an EPS of RMB 3.37 for 2027 [7]. Financial Summary - The company's projected revenue for 2023 is RMB 829 million, increasing to RMB 1,377 million by 2025, reflecting a growth rate of 44.3% [6]. - EBITDA is expected to rise from RMB 155 million in 2023 to RMB 277 million in 2025 [6]. - The net profit attributable to the parent company is forecasted to grow from RMB 179 million in 2023 to RMB 276 million in 2025, with a growth rate of 71.7% [6]. - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 37.8, 28.8, and 23.5 respectively [7].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company signed seven significant sales contracts totaling RMB 146 million, which is expected to positively impact future operating performance [7] - The demand for AI computing power is driving the need for high-end equipment, leading to full order backlogs and an optimistic business outlook [7] - The company has advanced packaging equipment with technological advantages across multiple products in the semiconductor field [7] - The profit forecasts for 2025-2027 are maintained, with expected net profits of RMB 285 million, RMB 411 million, and RMB 503 million respectively [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are RMB 1,411 million, with a year-on-year growth rate of 47.9% [6] - The net profit for 2025 is projected at RMB 285 million, reflecting a year-on-year increase of 77.4% [6] - The earnings per share for 2025 is estimated at RMB 2.16, with a projected PE ratio of 37 [6] - The gross margin is expected to be 39.9% in 2025, with a return on equity (ROE) of 12.1% [6]

Group 1 - The company, Hefei Chip Microelectronics Equipment Co., Ltd., has signed a total of 7 equipment purchase contracts with a total amount of RMB 146 million (including tax), which is expected to have a positive impact on the company's future operating performance [1][2] - The total contract amount represents approximately 15% of the company's audited operating income for the year 2024, indicating a significant contribution to revenue if successfully implemented [2] - The contracts are classified as daily operational contracts and do not require approval from the board of directors or shareholders, as the company has completed the necessary internal approval procedures [2] Group 2 - The counterparties involved in the contracts are not disclosed due to exemption, but they are identified as related transactions [2] - The contracts include clear provisions regarding payment terms, confidentiality, contract changes and termination, liability for breach, dispute resolution, and effective dates [2]

Investment Rating - The report assigns a "Sell" rating to CFME, indicating a cautious outlook on the company's performance in the near term [1][9][16]. Core Insights - CFME is expected to see a revenue growth of 22% year-over-year and 27% quarter-over-quarter in Q2 2025, reaching Rmb308 million, driven by an upgrade in product mix towards mid-to-high-end PCB equipment [1][2]. - The company is actively expanding into global markets, including plans for a new subsidiary and plant in Thailand, which aims to capitalize on the growing PCB demand influenced by AI trends and geopolitical uncertainties [2][4]. - The earnings revision reflects an upward adjustment in revenue forecasts for 2025-2027, with expected revenues of Rmb1,761 million in 2025, Rmb2,242 million in 2026, and Rmb2,754 million in 2027, representing increases of 9%, 12%, and 21% respectively [3][4]. Financial Projections - The report projects gross profit margins to remain strong, with gross margins of 40.0% in 2025, 39.6% in 2026, and 38.7% in 2027, indicating a positive trend in profitability [3][4]. - Net income is expected to rise to Rmb328 million in 2025, Rmb400 million in 2026, and Rmb460 million in 2027, reflecting growth rates of 10%, 16%, and 23% respectively [3][4]. - The operating income is forecasted to increase to Rmb381 million in 2025, Rmb469 million in 2026, and Rmb527 million in 2027, with corresponding operating margins of 21.7%, 20.9%, and 19.1% [3][4]. Valuation - The target price for CFME is set at Rmb66.7, based on a discounted P/E methodology using a 21x P/E on the 2027E EPS, discounted back to 2026E at a 10% cost of equity [9][14][16]. - The report indicates a downside potential of 8% from the current price of Rmb72.50, reinforcing the "Sell" rating [16].

证券代码：688630 证券简称：芯碁微装 公告编号：2025-022 合肥芯碁微电子装备股份有限公司 关于签订日常经营重要合同的公告 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。 特别提示： 1、合同的生效条件：本合同经各方签字、加盖公章后生效。 2、风险及不确定性：本合同已正式签署并生效，合同双方均具 有相应的履约能力，不存在法律法规、履约能力等方面的不确定性和 风险，但在合同履行过程中，如遇外部宏观环境发生重大变化、行业 政策调整、市场环境变化等不可抗力或其他因素的影响，可能会导致 合同无法如期或全面履行、交付及验收进度存在不确定性。 3、合同履行对上市公司本年度经营成果的影响：本合同的签订 和履行预计将对公司未来经营业绩产生积极影响，具体会计处理以及 对公司当年损益的影响 情况需以审计机构年度审计确认后的结果为 准。 3、该客户信用良好，与公司多年保持业务合作关系，具备较强 的履约能力。 三、合同的主要内容 1、合同标的：LDI 曝光设备及阻焊 LDI 连线 敬请广大投资者理性投资，注意投资风险。 一、合同签署 ...

Group 1 - The company has signed a total of 7 equipment purchase contracts with another company, with a total contract value of RMB 146 million (including tax) [1] - The contract period will last until the rights and obligations specified in the contract are fulfilled [1] - This contract is expected to have a positive impact on the company's future operating performance, accounting for 15% of the company's audited revenue for the year 2024 [1]