Group 1 - The company, Chipone Microelectronics (688630.SH), has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange, with the application date being August 31, 2025 [1] - The application materials for the issuance and listing have been published on the Hong Kong Stock Exchange's website on the same day [1] - The company has also submitted the filing application materials to the China Securities Regulatory Commission, which has recently accepted the application [1]

Core Viewpoint - Chipbond Microelectronics (688630.SH) has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange, indicating a strategic move to expand its capital base and market presence [1] Group 1 - The company submitted its application to the Hong Kong Stock Exchange on August 31, 2025 [1] - The application materials for the issuance and listing were published on the Hong Kong Stock Exchange's website on the same day [1] - The company has also submitted the filing materials for this issuance and listing to the China Securities Regulatory Commission, which has recently accepted the application [1]

Core Insights - The company, Chipbond Technology (688630.SH), emphasizes its long-term strategic partnership with Shenghong Technology, which is crucial for collaboration in AI servers and high-end HDI [1] - The global surge in AI computing power demand is driving rapid growth in high-end PCB and advanced packaging requirements [1] - The company's direct-write lithography equipment, a core production tool, is already in mass production across multiple leading clients' production lines [1] - The company aims to seize industry opportunities by continuously enhancing its technological capabilities and production capacity [1]

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].

Market Performance - The specialized equipment sector increased by 2.88% on September 11, with Nanfeng Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Top Gainers - Nanfeng Co., Ltd. (300004) closed at 12.72, up 20.00% with a trading volume of 797,200 shares and a transaction value of 924 million [1] - Dazhu CNC (301200) closed at 114.70, up 18.38% with a trading volume of 179,300 shares and a transaction value of 1.925 billion [1] - Chipbond Technology (688630) closed at 152.00, up 10.87% with a trading volume of 137,800 shares and a transaction value of 2.022 billion [1] Market Capital Flow - The specialized equipment sector saw a net inflow of 1.045 billion from institutional investors, while retail investors experienced a net outflow of 682 million [2][3] - Dazhu CNC had a net inflow of 288 million from institutional investors, while retail investors had a net outflow of 168 million [3] - Nanfeng Co., Ltd. experienced a net inflow of 186 million from institutional investors, with retail investors seeing a net outflow of 110 million [3]

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]