KINGSEMI(SH:688037) Xin Lang Cai Jing·2025-10-30 16:56Core Viewpoint - Chipsource Micro is a leading domestic manufacturer of coating and developing equipment for semiconductors, with a focus on R&D, production, and sales of semiconductor-specific equipment [1] Group 1: Business Performance - In Q3 2025, Chipsource Micro reported revenue of 990 million yuan, ranking 13th in the industry, significantly lower than the top competitor, North Huachuang, which had revenue of 27.301 billion yuan [2] - The company's net profit for the same period was -26.21 million yuan, placing it 21st in the industry, far behind North Huachuang's 4.98 billion yuan [2] - The main business composition includes coating and developing equipment for photolithography, accounting for 59.86% of revenue, and single-wafer wet processing equipment, accounting for 36.76% [2] Group 2: Financial Ratios - As of Q3 2025, Chipsource Micro's debt-to-asset ratio was 54.77%, higher than the industry average of 35.23% [3] - The gross profit margin for the same period was 34.52%, which is below the industry average of 38.42% [3] Group 3: Leadership and Shareholder Structure - The chairman, Dong Boyu, holds multiple positions, including senior vice president at North Huachuang, and has a background as a researcher with a doctorate in engineering [4] - As of September 30, 2025, the number of A-share shareholders increased by 15.37% to 16,000, while the average number of shares held per shareholder decreased by 13.17% [5] Group 4: Market Outlook and Growth Potential - Longcheng Securities projects that Chipsource Micro's net profit will reach 239 million yuan, 380 million yuan, and 595 million yuan from 2025 to 2027 [5] - Huachuang Securities maintains revenue forecasts of 2.046 billion yuan, 2.748 billion yuan, and 3.598 billion yuan for the same period, with a target price of 150.2 yuan for 2026 [6] - Key growth drivers include the successful development of new products such as chemical cleaning machines and temporary bonding machines, as well as the acceleration of domestic substitution in front-end coating and developing products [6]