研报掘金丨中邮证券：维持微导纳米“买入”评级，半导体业务保持稳健增长

Core Viewpoint - The report from Zhongyou Securities highlights the robust growth of the semiconductor business driven by the continuous expansion of domestic storage chip production capacity and the increased localization rate of equipment in logic and advanced packaging sectors [1] Group 1: Semiconductor Business Performance - In the first nine months of 2025, new orders in the semiconductor sector reached approximately 1.483 billion yuan, representing a year-on-year increase of 97.26%, with over 80% of these orders coming from leading customers in NAND and DRAM storage chips [1] - 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 is expected to significantly enhance production capacity and support large-scale order delivery [1] Group 2: Research and Development Initiatives - An allocation of 227 million yuan from the bond issuance is designated for the expansion of the "R&D laboratory," aimed at ensuring that cutting-edge technologies can be rapidly transformed into mass-produced, high-stability products, facilitating a seamless transition from "technological leadership" to "market leadership" [1] - The company has also made significant breakthroughs in the logic chip and advanced packaging sectors, in addition to its achievements in storage chips [1] Group 3: Investment Rating - The report maintains a "buy" rating for the company, reflecting confidence in its growth prospects and competitive advantages in the semiconductor industry [1]