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业绩持续高增,看好自主可控趋势下国产替代加速 | 投研报告
Zhong Guo Neng Yuan Wang·2025-05-13 02:40

Revenue Performance - In 2024 and Q1 2025, 14 semiconductor equipment companies achieved total operating revenue of 732.2 billion and 177.4 billion yuan, representing year-on-year growth of 33% and 37% respectively [3] - Four semiconductor component companies reported total operating revenue of 113.4 billion and 24.7 billion yuan, with year-on-year changes of +9% and -6% [3] Profitability - The 14 semiconductor equipment companies recorded a net profit attributable to shareholders of 119.0 billion and 25.8 billion yuan in 2024 and Q1 2025, showing year-on-year increases of 15% and 37% [3] - The four semiconductor component companies had a net profit attributable to shareholders of 16.1 billion and 2.0 billion yuan, with year-on-year changes of -5% and -45% [3] Expense Metrics - The expense ratio for the 14 semiconductor equipment companies was 34.7% and 38.9% in 2024 and Q1 2025, reflecting year-on-year changes of +0.5 percentage points and -5.2 percentage points [3] - The expense ratio for the four semiconductor component companies was 15.8% and 18.9%, with year-on-year changes of -0.3 percentage points and +2.4 percentage points [3] Order Backlog - The total contract liabilities for the 14 semiconductor equipment companies were 192.1 billion and 199.1 billion yuan in 2024 and Q1 2025, with year-on-year increases of 14.1% and 6.3% [3] - The total contract liabilities for the four semiconductor component companies were 14.1 billion and 14.4 billion yuan, showing year-on-year declines of -12.8% and -13.8% [3] Industry Outlook - The trend towards domestic substitution in semiconductor equipment and components is accelerating, driven by the expansion of advanced logic and memory manufacturers [4] - Domestic semiconductor equipment manufacturers are increasingly adopting platform-based strategies, with new product categories being introduced [4] - There remains significant room for improvement in the domestic substitution rate of semiconductor equipment, indicating ongoing competitive differentiation among domestic companies [4] - The rise of AI chip demand is expected to boost the volume of downstream packaging and testing equipment, particularly in the context of successful domestic substitution [4] Investment Recommendations - Key recommendations include platform-based equipment manufacturers such as North Huachuang and Zhongwei Company, as well as low domestic substitution rate equipment manufacturers like Xinyuanwei and Zhongke Feicai [4] - Other recommended companies include thin film deposition equipment manufacturers like Tuojing Technology and Weidao Nano, and packaging and testing equipment firms such as Huafeng Measurement and Changchuan Technology [4]