证券研究报告：机械设备 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 69.03 | | --- | --- | | 总股本/流通股本（亿股）1.32 | / 1.32 | | 总市值/流通市值（亿元）91 | / 91 | | 52 周内最高/最低价 | 78.83 / 48.48 | | 资产负债率(%) | 18.1% | | 市盈率 | 48.27 | | 第一大股东 | 程卓 | 后摩尔时代先进封装举足轻重，直写光刻大有可为。摩尔定律的 延伸受到物理极限，先进封装可以相对轻松地实现芯片的高密度集 成、体积的微型化和更低的成本。先进封装在提高芯片集成度、缩短 芯片距离、加快芯片间电气连接速度以及性能优化的过程中扮演了更 重要角色。正成为助力系统性能持续提升的重要保障，并满足"轻、 薄、短、小"和系统集成化的需求。作为先进封装的关键工艺设备，光 刻设备的需求日益增长。光刻设备主要应用于：倒装（FlipChip，FC） 的凸块制作、重分布层(RDL)、2.5D/3D 封装的 TSV、以及铜柱 (CopperPillar)等。与在前道制造中用于器件成型不同，在先进封装 中主要用做金 ...

Summary of the Conference Call for Chipbond Technology Company Overview - **Company**: Chipbond Technology - **Industry**: PCB (Printed Circuit Board) and Advanced Packaging Key Points Revenue and Growth - PCB segment accounts for 70% to 75% of Chipbond's quarterly revenue, driven by strong demand from AI computing infrastructure and Southeast Asia, particularly Thailand [3] - Orders from key clients like Zhenghong Technology are expected to nearly double compared to 2024, with production schedules extending to Q3 2025 [3] - The first phase of the factory is planned to have an annual capacity of over 500 units, with current production ramping up to approximately 100 units per month [3][4] Advanced Packaging Developments - Significant breakthroughs in advanced packaging, particularly in IC substrate, with nearly 100 million yuan in revenue achieved [5] - Domestic clients are making rapid progress in IC substrate, expected to lead to high growth despite a slowdown in revenue recognition due to client delays in 2024 [5] - Equipment is already being utilized in the semiconductor sector, with minimal domestic competition [5] Performance Outlook - Q4 2024 performance was below expectations due to delays in client renovations in Thailand and pandemic-related impacts, leading to increased inventory [6] - Anticipated revenue recognition from inventory in the first half of 2025, with nearly 100 units shipped in March, expected to significantly boost Q2 and Q3 performance [6] PCB Industry Dynamics - PCB industry growth is attributed to two main factors: the transfer of HDI board production from Taiwan to China and the increasing market share of domestic manufacturers [7] - HDI board ADLDI lithography equipment is experiencing over 30% quarterly revenue and profit growth [7] Competitive Position - Chipbond holds a leading position in the domestic LDI (Laser Direct Imaging) lithography market, especially in HTI boards with spacing less than 10 microns [8] - The company collaborates with well-known enterprises, including TSMC, enhancing its production capabilities [8] Advanced Packaging Technology - Advanced packaging technology is crucial for extending Moore's Law by increasing chip functionality density and reducing interconnect lengths [10][11] - RDL (Re-Distribution Layer) technology is vital for high-performance chip packaging, particularly for HBM (High Bandwidth Memory) chips [11] Advantages of LDI Technology - LDI technology offers lower costs and higher efficiency compared to traditional mask-based lithography, making it suitable for RDL layer wiring [12] Future Prospects - Chipbond is positioned as a key supplier in the domestic market and is expanding into international markets, with significant growth potential in advanced packaging [13] - The global advanced packaging capital expenditure exceeds $10 billion annually, with a substantial portion allocated for lithography and exposure equipment [13] - The company anticipates a peak in revenue recognition in 2025, positively impacting EPS and PE [15] Challenges in Solar Copper Plating - The limited promotion of solar copper plating is attributed to downstream client issues rather than Chipbond's technology, which has received positive feedback [14] Investment Considerations - Investors should focus on Chipbond's advancements in the advanced packaging sector and its international expansion efforts, as these are expected to drive future growth [15]

Investment Rating - The report maintains an "Outperform" rating for the company [4] Core Insights - The company has successfully expanded its advanced packaging capabilities, with full production schedules and a positive business outlook [4] - The company reported a 15.09% year-on-year increase in revenue for 2024, reaching 954 million, while net profit decreased by 8.04% to 165 million [4] - The company is experiencing high demand for its products driven by the global AI computing needs, leading to an overloaded production capacity [4][6] - The company has faced some profit pressure due to increased costs related to overseas market expansion and delays in equipment delivery [6] - The profit forecast for 2024-2026 has been adjusted downwards, with expected net profits of 165 million, 285 million, and 411 million respectively [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 829 million in 2023 to 1,891 million by 2026, with a compound annual growth rate of 35.6% [5][8] - The net profit is expected to increase significantly from 165 million in 2024 to 411 million in 2026, reflecting a growth rate of 44.5% [5][8] - The company's gross margin is projected to stabilize around 43% in the coming years [5]

Investment Rating - The report assigns an initial "Buy" rating for the company [1]. Core Views - The company is a leader in laser direct imaging (LDI) technology, experiencing rapid growth and expansion into various semiconductor applications, particularly in PCB manufacturing and advanced packaging [8][11]. - The company has demonstrated strong revenue growth, with a projected CAGR of approximately 36% from 2019 to 2024, and a significant increase in net profit [14][18]. - The report highlights the company's technological advantages in direct imaging for PCB production, which is expected to drive future demand and growth [24][31]. Summary by Sections 1. Company Overview - Founded in 2015, the company specializes in LDI technology and has rapidly expanded its product offerings to include PCB direct imaging, IC substrates, and advanced packaging [11]. - The company has achieved a significant increase in its core technology capabilities, with minimum line widths improving from 8um to 3-4um [11]. 2. PCB Sector - The direct imaging technology offers both technical and cost advantages, making it the mainstream technology for high-end PCB manufacturing [24][28]. - The global PCB market is projected to grow at a CAGR of 5.4%, reaching $90.4 billion by 2028, with increasing demand for high-density and high-integration products [32][34]. - The company has achieved a remarkable CAGR of 62% in PCB revenue from 2018 to 2023, significantly outpacing industry averages [45]. 3. Semiconductor Sector - The company is actively expanding into the semiconductor market, leveraging its LDI technology for applications in advanced packaging and IC manufacturing [51]. - The report notes that the demand for direct imaging technology in the semiconductor sector is driven by the need for high precision and flexibility in manufacturing processes [52]. 4. Financial Projections - Revenue projections for the company are set at 9.54 billion yuan for 2024, with net profit expected to reach 1.65 billion yuan [1]. - The report anticipates continued strong performance, with revenue and profit growth driven by expanding applications and market demand [14][18].

Financial Performance - Total operating revenue for 2024 reached CNY 953.94 million, a year-on-year increase of 15.09%[4] - Net profit attributable to shareholders of the parent company was CNY 164.90 million, a decrease of 8.04% compared to the previous year[4] - Basic earnings per share decreased to CNY 1.25, down 12.59% year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 155.54 million, a slight decrease of 1.50% year-on-year[4] - The weighted average return on equity decreased by 4.38 percentage points to 7.79%[4] Assets and Inventory - Total assets at the end of the reporting period were CNY 2,787.46 million, an increase of 12.38% from the beginning of the period[5] - The company reported a significant increase in inventory at the end of 2024 due to delayed shipments, impacting quarterly revenue[8] Strategic Initiatives - The company focused on upgrading PCB equipment and expanding its product matrix in the semiconductor sector, achieving significant breakthroughs in overseas market expansion[6] - The increase in operating costs was attributed to strategic investments in overseas market development and the growth of the workforce, leading to higher personnel expenses[8] - The company is accelerating its global brand development strategy and expanding into the Southeast Asian market to enhance global market share and brand influence[6]

证券代码：688630 证券简称：芯碁微装 公告编号：2025-003 减持股份结果公告 本公司董事会、全体董事及相关股东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： 合肥芯碁微电子装备股份有限公司 关于持股 5%以上股东及其一致行动人 大股东持股的基本情况 本次减持计划实施前，持股 5%以上股东宁波亚歌创业投资合伙企业（有限 合伙）（以下简称"亚歌创投"）及其一致行动人合肥纳光刻企业管理咨询合伙企 业（有限合伙）（以下简称"纳光刻"）、合肥合光刻企业管理咨询合伙企业（有 限合伙）（以下简称"合光刻"）分别持有合肥芯碁微电子装备股份有限公司（以 下简称"芯碁微装"或"公司"）12,600,000 股、995,500 股、824,500 股，分 别占公司目前总股本的 9.56%、0.76%、0.63%。亚歌创投、纳光刻、合光刻的执 行事务合伙人均为公司实际控制人、控股股东、董事长程卓，构成一致行动人关 系。上述股份为公司首次公开发行前取得的股份，已于 2024 年 4 月 1 日解除限 售并上市流通。 减持计划的实施结果情况 ...

证券代码：688630 证券简称：芯碁微装 公告编号：2025-002 合肥芯碁微电子装备股份有限公司 关于持股 5%以上股东及其一致行动人 权益变动触及 1%的提示性公告 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： 公司于2025年2月20日收到5%以上股东亚歌创投及其一致行动人纳光刻、 合光刻出具的《关于股份减持暨权益变动触及 1%的告知函》，现将本次权益变 动的具体情况公告如下： 1 本次权益变动属于合肥芯碁微电子装备股份有限公司(以下简称"公 司")持股 5%以上股东宁波亚歌创业投资合伙企业（有限合伙）（以下 简称"亚歌创投"）及其一致行动人合肥纳光刻企业管理咨询合伙企 业（有限合伙）（以下简称"纳光刻"）、合肥合光刻企业管理咨询 合伙企业（有限合伙）（以下简称"合光刻"）履行此前披露的减持 股份计划，不涉及资金来源，不触及要约收购。 本次权益变动后，亚歌创投及其一致行动人纳光刻、合光刻合计持有 公司股份由 13,174,000 股减少至 10,865,348 股，合计持股比例由 10.00% ...

Group 1 - The global demand for AI computing power is driving the accelerated upgrade and increased production of high multi-layer PCB boards and high-end HDI industry [1] - The PCB industry chain is expanding overseas, with the company's current order delivery plan scheduled until the third quarter of 2025, indicating that production capacity is currently overloaded [1] - The company is fully promoting the construction of its second-phase base, aiming for it to be operational by mid-2025 to ensure timely delivery [1]

合肥芯碁微电子装备股份有限公司 简式权益变动报告书 上市公司名称：合肥芯碁微电子装备股份有限公司 信息披露义务人 2 合肥纳光刻企业管理咨询合伙企业（有限合伙） 股份变动性质：股份减少、持股比例降至 10%以下（减持股份、被动稀释） 签署日期：2025 年 2 月 14 日 1 股票简称：芯碁微装 股票代码：688630 股票上市地点：上海证券交易所 信息披露义务人 1 宁波亚歌创业投资合伙企业（有限合伙） 住所：浙江省宁波市北仑区大碶街道曹娥江路 16 号 1 幢 2 楼 252 室 通讯地址：浙江省宁波市北仑区大碶街道曹娥江路 16 号 1 幢 2 楼 252 室 住所：安徽省合肥市高新区天智路 20 号璞丽创新广场西面二层 201 号 通讯地址：安徽省合肥市高新区天智路 20 号璞丽创新广场西面二层 201 号 信息披露义务人 3 合肥合光刻企业管理咨询合伙企业（有限合伙） 住所：安徽省合肥市高新区天智路 20 号璞丽创新广场西面二层 201 号 通讯地址：安徽省合肥市高新区天智路 20 号璞丽创新广场西面二层 201 号 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称为《 ...

证券代码：688630 证券简称：芯碁微装 公告编号：2025-001 合肥芯碁微电子装备股份有限公司 关于持股 5%以上股东及其一致行动人权益变动触及 1% 的提示性公告 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： （一）信息披露义务人的基本情况 1、信息披露义务人 1：宁波亚歌创业投资合伙企业（有限合伙） | 信息披露义务 | 名称 | | | | | 合肥纳光刻企业管理咨询合伙企业（有限合伙） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 人 2 基本信息 | 注册地址 | | | | 安徽省合肥市高新区天智路 | 20 | 号璞丽创新广场西面二层 | | 201 号 | | 本次权益变动 明 细 | 变动方式 竞价交易 | 变动日期 2025 2025 | 年 年 | 2 2 | 月 月 | 股份种类 人民币普通股 | 减持股数（股） 90,727 | 变动比例（%） | -0.07 | | | ...