Leadmicro(SH:688147) Xin Lang Cai Jing·2025-12-02 12:31Group 1: Semiconductor Business Growth - The semiconductor business is experiencing robust growth due to the continuous expansion of domestic memory chip production capacity and the increase in localization rates of equipment in logic and advanced packaging sectors [1] - In the first three quarters of 2025, new orders in the semiconductor sector reached approximately 1.483 billion yuan, a year-on-year increase of 97.26%, with over 80% coming from leading customers in NAND and DRAM memory chips [1] - Revenue from semiconductor equipment in Q3 2025 was approximately 333 million yuan, representing a year-on-year growth of 132.66%, while cumulative revenue for the first three quarters of 2025 was about 526 million yuan, up 78.27% year-on-year [1] Group 2: Investment in Technology and Capacity - The company successfully issued 1.1 billion yuan in convertible bonds, with 643 million yuan allocated for the construction of an intelligent factory for semiconductor thin film deposition equipment, which will significantly enhance production capacity [1] - An additional 227 million yuan is designated for the expansion of R&D laboratories to ensure rapid conversion of cutting-edge technologies into marketable and stable products, aiming for seamless integration from "technology leadership" to "market leadership" [1] Group 3: Advancements in Storage Technology - The transition to 3D architecture in memory chips has led to increased complexity in device structures, making traditional deposition processes inadequate for uniform thin film deposition [2] - ALD technology has become essential for manufacturing 3D NAND and 3D DRAM due to its superior three-dimensional coverage and atomic-level film thickness control, with demand for this technology continuing to rise [2] - The CVD hard mask process, particularly for amorphous carbon deposition, is critical for achieving high-density integration in memory chips, ensuring design integrity during etching processes [2] Group 4: Breakthroughs in Logic Chips and Advanced Packaging - The company has made significant breakthroughs in the logic chip sector, collaborating with major domestic manufacturers and achieving international advanced levels in key performance indicators [3] - The demand for high-end domestic thin film deposition equipment in the logic chip market is expected to grow, supporting ongoing business growth [3] - In the advanced packaging sector, the company’s products utilize unique low-temperature control technology to meet the demands for low thermal budget and high-quality thin films, with ongoing validation and technical exchanges with potential clients [3] Group 5: Revenue and Profit Forecast - The company is projected to achieve revenues of 2.6 billion yuan, 3.1 billion yuan, and 3.6 billion yuan in 2025, 2026, and 2027 respectively, with net profits attributable to the parent company expected to be 300 million yuan, 430 million yuan, and 560 million yuan for the same years [4]