晶升股份2024年报解读：逆势加码研发 卡位第三代半导体设备赛道

Core Viewpoint - Nanjing Crystal Growth Equipment Co., Ltd. (688478.SH) has reported stable revenue growth but profit pressure in its 2024 financial results, reflecting the dual impact of semiconductor industry cycle fluctuations and accelerated domestic substitution [1] Financial Performance - The company achieved a revenue of 425 million yuan in 2024, representing a year-on-year increase of 4.78% - The net profit attributable to shareholders was 53.74 million yuan, down 24.32% year-on-year [1] - R&D expenses reached 44.25 million yuan, a 16.39% increase from the previous year, accounting for 10.41% of total revenue [1] R&D and Innovation - The company has maintained a strong focus on R&D, with cumulative R&D investment exceeding 100 million yuan over the past three years [1] - As of December 31, 2024, the company and its subsidiaries have obtained 95 domestic patents, including 38 invention patents and 57 utility model patents [2] Product Portfolio and Market Position - The company offers customized products including semiconductor-grade single crystal silicon furnaces and silicon carbide single crystal furnaces, with the former being a core product that contributes significantly to revenue [3] - The semiconductor-grade single crystal silicon furnace covers mainstream 12-inch and 8-inch wafer production, enabling the manufacturing of various semiconductor devices [3] - The market share of the 12-inch single crystal silicon furnace has increased from 9%-15% in 2023 to approximately 20% [4] Growth Drivers - The 8-inch silicon carbide single crystal furnace has become a core growth engine, with significant revenue growth expected in 2024 [5] - The company’s products support various growth methods and have achieved international advanced levels in yield and stability, reducing substrate production costs by over 30% compared to imported equipment [5][6] Industry Context - The global semiconductor industry is undergoing a significant transition, with China being the largest semiconductor consumer market, projected to exceed 30 billion USD in domestic equipment market size in 2024 [8] - The company is positioned to benefit from the "self-controllable" policy, with strong customer relationships and recognition from major semiconductor manufacturers [8] Strategic Transformation - The company is transitioning from a single equipment supplier to a comprehensive solution provider, enhancing customer stickiness and opening new growth avenues [8] - The company has also announced a cash dividend of 2.50 yuan per 10 shares to all shareholders, reflecting its commitment to returning value to investors [9]