来源：金融界 金融界2025年5月23日消息，国家知识产权局信息显示，中芯国际集成电路制造（北京）有限公司;中芯 国际集成电路制造（上海）有限公司申请一项名为"一种光电集成的半导体器件及其制备方法"的专利， 公开号CN120035238A，申请日期为2023年11月。 专利摘要显示，本发明涉及半导体技术领域，特别涉及一种光电集成的半导体器件及其制备方法。该半 导体器件包括具有同一衬底的像素单元和逻辑单元，像素单元包括过渡层和位于过渡层上的光吸收层， 上述过渡层的材料包括光吸收层的材料；其中，像素单元用于将通过光吸收层吸收的近红外光转换为电 信号，并传输给逻辑单元；逻辑单元包括源漏结构，源漏结构包括过渡层；逻辑单元用于对电信号进行 逻辑处理。本发明提供的半导体器件具有结构简单，便于小型化以及制备效率高的特点。 天眼查资料显示，中芯国际集成电路制造（北京）有限公司，成立于2002年，位于北京市，是一家以从 事计算机、通信和其他电子设备制造业为主的企业。企业注册资本100000万美元。通过天眼查大数据分 析，中芯国际集成电路制造（北京）有限公司共对外投资了1家企业，参与招投标项目51次，专利信息 5000条，此外企 ...

机构：第一上海 研究员：曹凌霁/韩啸宇 業績摘要：2025Q1 公司收入22.5 億美元，同比增長28.4%，環比增長1.8%，低於一致預期的23.6 億美 元。本季度公司產能環比增長2.6 萬片至97.4 萬片等效8 寸晶圓，產能利用率為89.6%，環比增加 4.1pct。晶圓ASP 達933 美元，同比增長2.9%，環比下滑9.0%。公司的毛利率22.5%，環比持平。歸母 淨利潤同比增長161.9%至1.9 億美元，每股盈利0.02 美元。公司指引2025Q2 收入因生產性問題環比下 滑4%-6%至21.2-21.6 億美元，中值低於市場預期的22.0 億美元，毛利率介於18%-20%，略低於一致預 期的20.8%。 風險因素：產能擴張不及預期、半導體週期下行、下游需求恢復不及預期 關稅政策驅動海外營收占比增長，全年資本開支同比持平:Q1 美國收入占比12.6%，環比增長3.7pct，主 要系關稅政策導致海外客戶拉貨需求提升。Q1 資本開支環比下滑17.3%至14.2 億美元，折舊攤銷同比 增長16.1% 至8.7 億美元。Q1 公司8 英寸/12 英寸晶圓收入分別占比78.1%/21.9%，晶圓ASP ...

Group 1 - The core viewpoint of the news is that Semiconductor Manufacturing International Corporation (SMIC) has applied for a patent related to a "wafer and packaging method," indicating ongoing innovation in semiconductor manufacturing technology [1] - The patent application was filed on November 2023, and the publication number is CN120015637A, highlighting the company's commitment to advancing its technological capabilities [1] - The patent describes a method that includes a substrate, dielectric layer, and two bonding layers, which aims to improve the bonding strength of the edge chip area in bonded wafers, thereby addressing precision errors in the manufacturing process [1] Group 2 - SMIC Beijing was established in 2002 with a registered capital of 100 million USD, focusing on the manufacturing of computers, communications, and other electronic devices [2] - SMIC Shanghai was founded in 2000 with a registered capital of 244 million USD, also specializing in the same sectors as its Beijing counterpart [2] - Both companies have significant patent portfolios, with each holding around 5,000 patent records, indicating a strong emphasis on research and development [2]

中芯国际(0981.HK)、华虹半导体(1347.HK) 25Q1 业 绩解读&投资价值分析 20250515 摘要 • 中芯国际一季度营收不及预期，环比增长仅 1.8%，二季度收入指引为负 增长，毛利率指引为 18%-20%，低于市场预期，归母净利润 1.8 亿美元， 略低于市场一致预期 2.21 亿美元，主要受政府补助、其他收益及汇兑影 响。 • 中芯国际先进制程业绩贡献不及预期，一季度晶圆收入环比增长 4.8%， 但晶圆整体出货量环比增长 15%，导致 ASP 下降 9%，主要由于设备检修 失误和新设备稳定性问题影响良率和 ASP。 • 华虹半导体一季度营收约 5 亿美元，同比增长不到 18%，净利润同比大幅 下滑 88%至 375 万美元，主要受新产线折旧摊销及产品组合调整影响， 但产能利用率仍超过 100%。 • 中芯国际成熟制程表现优秀，8 英寸晶圆收入环比增长 18%，海外客户营 收占比提升，美国和欧洲市场占比分别达到 13%和 3%，但先进制程产线 稼动率受 AI 芯片设计问题影响。 Q&A 先进制程业绩贡献不及预期的原因包括突发生产问题和产品结构节奏性延期。 一季度晶圆收入环比增长 4.8% ...

金融界 2025 年 5 月 14 日消息，国家知识产权局信息显示，中芯国际集成电路制造（天津）有限公司、 中芯北方集成电路制造（北京）有限公司、中芯国际集成电路制造（上海）有限公司申请一项名为"测 试装置及测试方法"的专利，公开号 CN119959588A，申请日期为 2023 年 11 月。 专利摘要显示，一种测试装置及测试方法，测试装置包括：卡盘，用于承载 IGBT 晶圆；接地模块，与 所述卡盘连接，用于将所述卡盘接地；探针卡，悬置于所述卡盘的上方，所述探针卡用于对 IGBT 晶圆 进行测试，所述探针卡具有绝缘探针。直接进行晶圆级测试，从而提高了对 IGBT 晶圆的测试效率，同 时，通过将承载 IGBT 晶圆的卡盘接地，使用具有绝缘探针的探针卡对 IGBT 晶圆进行测试，能够减小 测试过程中 IGBT 晶圆产生泄露电流的概率，提高了测试结果的准确度，从而能够进一步提高 IGBT 晶 圆的可靠性。 天眼查资料显示，中芯国际集成电路制造（天津）有限公司，成立于2003年，位于天津市，是一家以从 事计算机、通信和其他电子设备制造业为主的企业。企业注册资本129000万美元。通过天眼查大数据分 析，中芯国际集成 ...

Asia Pacific Equity Research 11 May 2025 SMIC (0981) Underweight Slower 2Q guidance, with one-off ASP decline, 2H view cautious; stay UW SMIC's 1Q revenues came in lighter than guidance, but GMs were higher, with strong growth in 12" wafers led by rising demand and customer shipment pull-in. Auto industrial demand is seeing some restocking, which should continue in 1H. Shipments grew ~15% QoQ, but were dragged down by ASP decline due to Fab yield fluctuations (we believe this could have resulted in wafer sc ...

Core Viewpoint - Company reported Q1 2025 revenue of $2.25 billion, a 1.8% increase quarter-over-quarter, but below the previous guidance of 6%-8% [1] Group 1: Financial Performance - Q1 2025 showed an increase in wafer shipments by 15% quarter-over-quarter, with capacity utilization rising by 4.1 percentage points to 89.6%, but average selling price (ASP) decreased by 9% [1] - Gross margin remained stable at 22.5% [1] - Company guidance for Q2 2025 indicates a revenue decline of 4%-6% and a gross margin forecast of 18%-20%, both lower than Bloomberg consensus estimates [1][2] Group 2: Market Demand and Production Capacity - Strong domestic demand is expected to benefit the company, particularly in the simulation and other sectors [1][2] - The main 8-inch and 12-inch factories are operating near full capacity, with stable shipment expectations for Q2 [2] - The company anticipates that the ASP decline is due to a one-time issue related to joint venture factory operations and equipment validation, which is expected to be resolved gradually in the second half of the year [1][2] Group 3: Industry Impact and Valuation - The impact of tariffs on overall industrial revenue is considered minimal, at less than 1% [3] - Demand visibility extends to the end of Q3, with expectations for continued full capacity, while Q4 demand remains uncertain [3] - The company maintains target prices of HKD 63 for Hong Kong shares and RMB 119 for A-shares, reflecting a premium of 103% for A/H shares [3]

Investment Rating - The investment rating for the company is maintained as "Buy" for both H-shares and A-shares [8]. Core Views - The report emphasizes that the short-term fluctuations in ASP (Average Selling Price) do not affect the long-term logic of domestic production [1]. - The company is expected to benefit from strong domestic demand, particularly in the simulation and other sectors, despite a temporary decline in ASP due to one-time operational issues [2][3]. - The report maintains target prices of HKD 63 for H-shares and RMB 119 for A-shares, reflecting a premium of 103% for A-shares over H-shares [5][28]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of USD 2.25 billion, a 1.8% increase quarter-on-quarter, but below the previous guidance of 6%-8% [1][17]. - The ASP decreased by 9% quarter-on-quarter, attributed to one-time operational issues and equipment validation problems [2][19]. - The gross margin remained stable at 22.5% [17]. Production and Capacity - The company experienced a 15% increase in wafer shipments quarter-on-quarter, with capacity utilization rising by 4.1 percentage points to 89.6% [1][19]. - The main 8-inch and 12-inch factories are nearing full capacity, indicating robust demand for domestic production [3]. Market Outlook - The company anticipates a 4%-6% decline in revenue for Q2 2025, with a gross margin forecast of 18%-20% [21]. - The report highlights limited impact from tariffs on overall revenue, estimating the effect to be less than 1% [4]. Valuation Adjustments - Revenue forecasts for 2025, 2026, and 2027 have been adjusted downwards by 7.4%, 2.7%, and 0.2% respectively, due to the Q1 operational issues [5][22]. - The projected revenues for 2025, 2026, and 2027 are USD 9.02 billion, USD 11.20 billion, and USD 13.15 billion respectively [23]. Investment Thesis - The company is viewed as a major beneficiary of the global supply chain restructuring, with a focus on localization and opportunities in the DeepSeek sector [28]. - The report suggests that the company will continue to capture market share in the domestic semiconductor industry, driven by increasing demand [3][28].

Group 1 - The core viewpoint of the article indicates a decline in Hong Kong chip stocks, with notable drops in specific companies [1] Group 2 - Hua Hong Semiconductor experienced a decline of over 5% [1] - SMIC (Semiconductor Manufacturing International Corporation) saw a nearly 4% drop [1]

Group 1 - Hong Kong chip stocks experienced a decline, with Hua Hong Semiconductor (01347.HK) falling over 5% [1] - SMIC (00981.HK) saw a drop of more than 4% [1] - Other semiconductor companies such as Jingmen Semiconductor (02878.HK) and Shanghai Fudan (01385.HK) also followed the downward trend [1]