上海证券：给予中微公司买入评级

Core Viewpoint - The report highlights that Zhongwei Company (688012) achieved significant revenue and profit growth in the first half of 2025, driven by increased sales of high-end etching equipment and rapid growth in LPCVD equipment [1][2]. Financial Performance - In H1 2025, the company reported revenue of 4.961 billion yuan, a year-on-year increase of 43.88%, and a net profit attributable to shareholders of 706 million yuan, up 36.62% year-on-year [1]. - For Q2 2025, revenue reached 2.787 billion yuan, reflecting a year-on-year growth of 51.26% and a quarter-on-quarter increase of 28.25% [1][2]. - The company's gross profit margin for H1 2025 was 39.86%, a decrease of 1.47 percentage points year-on-year [3]. Product Performance - The revenue from etching equipment in H1 2025 was approximately 3.781 billion yuan, representing a year-on-year growth of about 40.12% [2]. - LPCVD equipment sales in H1 2025 amounted to approximately 199 million yuan, showing a remarkable year-on-year increase of 608.19% [2]. Research and Development - The company invested heavily in R&D, with expenses in H1 2025 amounting to 1.492 billion yuan, a year-on-year increase of 53.70%, accounting for 30.07% of total revenue [3]. - The company is currently developing over 20 new devices across six categories, with a product development cycle reduced to within two years [3][4]. Market Position and Strategy - Zhongwei Company is focusing on autonomous innovation and has made significant progress in multiple product lines, including etching and thin film deposition equipment [4]. - The company has successfully validated several products with key customers, enhancing its market share in advanced logic and storage applications [4]. Investment Outlook - The company is projected to achieve revenues of 12.012 billion yuan, 15.544 billion yuan, and 19.974 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.131 billion yuan, 3.060 billion yuan, and 3.995 billion yuan [5]. - The current stock price corresponds to a PE ratio of 66, 46, and 35 for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [5].