研报掘金丨华安证券:维持中微公司“买入”评级,高研发加速平台化布局
Ge Long Hui A P P·2025-12-03 07:21

Core Viewpoint - Huazhong Company is expected to achieve a net profit of 500 million yuan in Q3 2025, representing a year-on-year increase of 28% and a quarter-on-quarter increase of 29% [1] Group 1: Financial Performance - The etching equipment revenue for the first three quarters reached approximately 6.1 billion yuan, showing a year-on-year growth of 38% [1] - The revenue from new film products, including LPCVD and ALD, surged to about 400 million yuan in the first three quarters, marking an increase of over 1300% year-on-year [1] Group 2: Product Development - The company has significantly increased the shipment volume of high-end products for critical etching processes in advanced logic and memory device manufacturing [1] - The silicon and germanium silicon epitaxial (EPI) equipment has been shipped to clients for mass production verification, indicating continuous improvement in the company's semiconductor equipment layout [1] Group 3: Future Outlook - The company is advancing towards becoming a platform-based equipment company, with ongoing projects covering six types of equipment and over 20 new products [1]