数据显示，华夏基金旗下1只基金位居新莱应材十大流通股东。华夏中证1000ETF（159845）三季度增 持300股，持有股数110.81万股，占流通股的比例为0.39%。根据测算，今日浮亏损失约361.25万元。 10月31日，新莱应材跌5.06%，截至发稿，报61.20元/股，成交21.58亿元，换手率11.72%，总市值 249.58亿元。 资料显示，昆山新莱洁净应用材料股份有限公司位于江苏省昆山市陆家镇陆丰西路22号，成立日期2000 年7月12日，上市日期2011年9月6日，公司主营业务涉及生产和销售自主研发的洁净不锈钢集成系统关 键部件。主营业务收入构成为：无菌包材48.63%，高纯及超高纯应用材料31.30%，洁净应用材料 13.83%，食品设备6.25%。 从新莱应材十大流通股东角度 截至发稿，赵宗庭累计任职时间8年200天，现任基金资产总规模3558.65亿元，任职期间最佳基金回报 130.54%， 任职期间最差基金回报-32.63%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为 ...

Summary of the Conference Call for Chipen Materials Industry Overview - The semiconductor components market is expected to see a decline in overseas market share to 25%-30% by 2025, down from approximately one-third in 2024, while domestic market growth is driven by demand from leading semiconductor equipment customers [2][4] - The semiconductor industry is anticipated to benefit from an overall demand explosion, with domestic fab expansions and increased demand from AI applications [2][11] Company Performance - In the first three quarters of 2025, Chipen Materials experienced slight revenue growth, but profits fell by approximately 25%. Q3 revenue reached 840 million, marking the first time it surpassed 800 million [3] - The semiconductor business growth is primarily attributed to an increase in the share of domestic components and the expansion of new products among major clients [3] - The food business showed slight growth, contributing 55%-60% to total revenue, while the pharmaceutical business experienced a decline [3] Revenue Structure - The revenue structure of Chipen Materials is as follows: gas pipeline modules account for 33%-40%, cavity-related business approximately 25%, standard parts about 20%, and consumer business 10% [2][6] - In the dairy business, packaging accounts for 70% of revenue, equipment 20%, and components 10%. The packaging share is expected to rise to 80%-90% [5][14] Product Development - New products such as gas diaphragm valves and butterfly valves are currently in the customer testing phase, with transmission valves in small-scale production and diaphragm valves in medium-scale production, expected to become significant growth points in the coming years [2][7] - The development of high-end new products like NFC and Bai valve is ongoing, with no clear results yet, but MNC is expected to complete development and begin testing samples next year [8] Market Opportunities and Challenges - The exit of American suppliers presents opportunities for domestic core components, but challenges remain in overcoming technical difficulties [9] - The domestic semiconductor components market has varying levels of localization, with some categories achieving high localization rates while others, particularly those with high technical barriers, remain low [10] - The competitive landscape in the semiconductor equipment industry is intensifying, with an increase in domestic component companies potentially leading to internal competition. Chipen Materials aims to avoid direct competition by focusing on segments with lower localization rates and higher technical barriers [19] Consumer Business Insights - The slowdown in consumer business growth is linked to the economic cycle, particularly in the dairy industry, which is facing downward pressure [12] - Despite short-term challenges, Chipen Materials is confident in its long-term market space and increasing market share, currently ranking second in equipment behind Tetra Pak [12][13] Client Relationships - Chipen Materials has successfully entered partnerships with major clients such as Yili and is gradually introducing products to Mengniu and other regional brands [16] Capacity and Expansion Plans - Shandong Bihai is nearing full capacity, with existing capacity supporting up to 2 billion. Expansion plans are underway to meet future demand [17] Pharmaceutical Sector Challenges - The pharmaceutical sector is currently sluggish, making new product introductions challenging. The market conditions are more favorable for new product launches during an upswing [18]

Event Overview - The company released its Q3 financial report, showing a revenue of 2.255 billion yuan for the first three quarters of 2025, a year-on-year increase of 4.31%, with Q3 revenue reaching 845 million yuan, up 13.72%, marking a record high for a single quarter. The semiconductor business has become the core growth driver [1] - The semiconductor segment benefits from accelerated domestic substitution, with the company strengthening collaborations with domestic wafer fabs and equipment manufacturers, leading to sustained revenue growth. The food segment is expected to remain stable, with no significant improvement in downstream demand in the short term [1] Financial Performance - The company's net profit attributable to shareholders for the first three quarters of 2025 was 145 million yuan, a year-on-year decrease of 26.66%, with Q3 net profit at 37.14 million yuan, down 35.46%. The decline is primarily due to capacity ramp-up and increased expansion costs [1] - The gross margin for Q3 was 22.73%, a decrease of 1.19 percentage points year-on-year, attributed to the impact of new factories in Taiwan and Malaysia, which have lower capacity utilization rates, along with price pressures in the semiconductor business. The net profit margin was 4.38%, down 3.36 percentage points year-on-year, influenced by the decline in gross margin and increased expenses from expansion efforts in subsidiaries [1] Expansion Plans - The company announced that its subsidiary, Fangxin Precision, plans to invest 2 billion yuan to expand production of gas distribution plates, aluminum chambers, and precision cleaning services for semiconductor equipment, with an expected annual output value of 1.5 billion yuan, further enhancing the company's competitiveness [2] - Other companies in the sector, such as Jiangfeng Electronics and Fuchuang Precision, are also actively expanding production, reflecting optimistic expectations in the domestic market, with upstream components expected to benefit first [2] Investment Outlook - Considering the impact of overseas business and expansion expenditures, the company adjusted its revenue forecasts for 2025-2027 to 2.998 billion, 3.426 billion, and 4.157 billion yuan, with corresponding net profit forecasts of 191 million, 231 million, and 293 million yuan. The EPS estimates were revised to 0.47, 0.57, and 0.72 yuan [3] - The company's stock price of 61.29 yuan as of October 28, 2025, corresponds to PE ratios of 131, 108, and 85 times, benefiting from the domestic release of semiconductor equipment and being a core target for self-control [3]

证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 29 日 | [Table_DataInfo] 评级： | 增持 | 股票代码： | 300260 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 78.07/22.67 | | 目标价格： | | 总市值(亿) | 249.94 | | 最新收盘价： | 61.29 | 自由流通市值(亿) | 176.29 | | | | 自由流通股数(百万) | 287.64 | [Table_Summary] 事件概述 公司发布三季报。 ► 国内核心大客户放量，半导体业务保持较快增长 25Q1-3 公司收入 22.55 亿元，同比+4.31%，其中 Q3 为 8.45 亿元，同比+13.72%，单季度营收创新高，尤其是半 导体成为核心增长动力，具体来看：1）半导体：受益国产替代加速，公司加强于国内晶圆厂和设备商合作，巩 固产业链地位，收入规模将持续实现增长；2）食品：预计整体保持稳定，短期内下游需求未见明显改善，公司 依靠现有业务模式和设备领域的优势，维持现有市场份额，预计全 ...

证券研究报告·公司点评报告·通用设备 [Table_Tag] [投资要点 Table_Summary] 2025 年 10 月 28 日 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 新莱应材（300260） 2025 年三季度报点评：Q3 营收稳健增长，看 好公司持续受益于半导体&液冷双增长极 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,711 | 2,849 | 3,018 | 3,422 | 3,989 | | 同比（%） | 3.49 | 5.08 | 5.93 | 13.40 | 16.57 | | 归母净利润（百万元） | 235.90 | 226.34 | 254.72 | 314.03 | 414.73 | | ...

证券日报网讯新莱应材（300260）10月28日发布公告，在公司回答调研者提问时表示，国产替代是公司 一贯坚持的发展策略，在半导体领域，公司会抓住半导体产业链国产转移的契机，在半导体设备及厂务 端零部件市场积极布局，预期未来该业务板块将保持高速增长；在食品安全领域，公司将继续坚持"设 备+包材"的业务模式布局市场，增加与客户间的黏性，不断提升在国产品牌的市场份额。推动公司产 品销量快速增长；生物医药领域，公司将不断在高附加值的医药级泵阀领域加大研发投入，以应对该行 业未来市场下行的风险。公司将重点研发超高洁净相关的核心零部件的研发设计，并持续提供高端高效 高洁净泵、超洁净管道管件、超洁净高真空腔体、生物用无菌阀门等系列产品的基础上，针对缩短国内 品牌与国际品牌的技术差距，加速实现进口替代。加大研发力度，对控压蝶阀、智能控压钟摆阀、高性 能ALD阀、高效率离心泵、应用于高洁净要求的PVD/CVD腔体及核心零部件、精密毛细管换热器、均 质机及客户定制超高洁净管路系统等研发优化，提高技术成果转化水平。 ...

（文章来源：证券日报） 证券日报网讯新莱应材10月28日发布公告，在公司回答调研者提问时表示，公司食品类业务预计整体保 持稳定，短期内下游需求未见明显改善，公司依靠现有业务模式和设备领域的优势，维持现有市场份 额，预计全年营收与当前水平持平。 ...

Financial Performance - The company's revenue for the first three quarters of 2025 was CNY 2.25 billion, a year-on-year increase of 4.3% [6] - Net profit attributable to shareholders was CNY 145 million, a year-on-year decrease of 26.7% [6] - In Q3 2025, revenue was CNY 845 million, up 13.7% year-on-year, while net profit was CNY 37.14 million, down 35.5% year-on-year [6] Market Dynamics - The growth in revenue is primarily attributed to the domestic semiconductor industry's localization trend and accelerated domestic substitution processes [7] - The company has increased its focus on key customer development, enhancing customer stickiness through a "equipment + packaging" business model [7] - Despite growth in domestic markets, overseas business has faced challenges due to geopolitical tensions and adverse international economic conditions [7] Product Competitiveness - The company has established a comprehensive technology system for clean application materials and ultra-pure materials over more than 20 years [5] - Its products in the semiconductor vacuum application field are widely recognized and used by domestic and international clients [8][10] - The company’s "AdvanTorr" and "Nanopure" product lines meet stringent industry standards and are designed for high-purity applications [10][18] Future Outlook - The food-related business is expected to remain stable, with no significant improvement in downstream demand in the short term [20] - The company plans to leverage its existing business model and equipment advantages to maintain market share [20] - In the semiconductor sector, the company aims to capitalize on the domestic transfer of the semiconductor supply chain, anticipating high growth in this segment [22] Strategic Focus - The company will continue to invest in high-value pharmaceutical-grade pumps and valves to mitigate future market risks [23] - Emphasis will be placed on developing ultra-clean core components and enhancing the technical gap between domestic and international brands [23] - The company aims to strengthen its position in the liquid cooling market through partnerships and leveraging its existing technology [21] Impact of Economic Environment - The company has performed well in the semiconductor industry, benefiting from the domestic localization trend [24] - It plans to utilize its local advantages to shorten delivery times and improve capacity matching efficiency with clients [24] - The company will closely monitor changes in international relations and industry policies to adjust market strategies accordingly [24]

新莱应材 20251027 摘要 公司前三季度营收同比增长 4%，但利润同比下降 25%。食品业务贡献 4.8 亿元收入，保持稳定增长；半导体业务贡献 2.8 亿元，增速最快但 毛利率下降；医药业务贡献 8,000 万元，面临市场竞争和毛利率下滑。 公司重点布局气体阀门和真空阀门，真空阀门已在国内头部客户实现批 量出货，与 VAT 等国际品牌竞争。气体系统产品在调压阀、隔膜阀等领 域取得突破，受益于国产替代趋势。 毛利率下滑主要由于固定资产投入增加、人员成本上升以及中美关系影 响导致海外高毛利客户减少。公司预计未来几年可能面临价格竞争压力， 将加强研发和技术布局。 预计四季度各板块延续前三季度趋势。食品板块保持稳定增长，半导体 板块扩产计划不变，医药板块短期内难见转折。公司将优化研发能力和 技术布局应对市场变化。 半导体新品交付周期约为一个季度，三季度半导体业务收入为 2.8 亿元， 较上半年 4.4 亿元有显著增长，预计四季度环比仍将保持增长态势。 公司计划 2026 年开工建设新产能，预计 2027 年底或 2028 年初投产， 达产后产能约为 15 亿元，爬坡期约为 4 年，到 2031 年前后基本满产 ...

Core Viewpoint - In Q3 2025, the company achieved revenue of 845 million yuan, a year-on-year increase of 13.72% and a quarter-on-quarter increase of 14.76%, indicating continuous improvement in revenue absolute value and growth rate since the beginning of 2025 [1][3] Revenue and Profit Summary - For the first three quarters of 2025, the company reported revenue of 2.255 billion yuan, a year-on-year increase of 4.31%, and a net profit attributable to shareholders of 145 million yuan, a year-on-year decrease of 26.66% [2][4] - In Q3 2025 alone, the company achieved revenue of 845 million yuan, a year-on-year increase of 13.72% and a quarter-on-quarter increase of 14.76% [2][3] Gross Margin and Expense Management - The gross margin for the first three quarters of 2025 was 23.81%, a decrease of 1.19 percentage points year-on-year, attributed to the continued decline in profitability in the downstream semiconductor and pharmaceutical sectors [3][4] - The company maintained expense control with a total expense ratio of 15.86% for the first three quarters of 2025, an increase of 0.97 percentage points year-on-year, with specific increases in sales, management, and R&D expenses [3][4] New Project Development - The wholly-owned subsidiary, Fangxin Precision, signed a project investment framework agreement with the government of Kunshan City on October 23, with a total investment of 2 billion yuan to build a semiconductor core component project, focusing on the R&D, production, and sales of gas distribution plates and aluminum chambers [4] - The project is expected to generate an annual output value exceeding 1.5 billion yuan upon reaching full production, contributing new growth to the semiconductor component and service business [4] Future Revenue and Profit Forecast - The company forecasts revenues of 3.078 billion yuan, 3.394 billion yuan, and 3.839 billion yuan for 2025, 2026, and 2027, representing year-on-year growth rates of 8.03%, 10.27%, and 13.10% respectively [5] - The projected net profits attributable to shareholders for the same years are 210 million yuan, 295 million yuan, and 380 million yuan, with year-on-year growth rates of -7.16%, 40.41%, and 28.95% respectively [5]