研报掘金丨爱建证券：首予盛美上海“买入”评级，在手订单向收入端持续转化

Core Viewpoint - The report from Aijian Securities highlights that Shengmei Shanghai's order exposure is clear, and the leading cleaning equipment manufacturer is set to benefit from production expansion in the semiconductor sector [1] Orders and Revenue - As of September 29, 2025, the company has an order backlog of 9.072 billion yuan, clearly directed towards the expansion of storage wafer fabs [1] - The company focuses on single-wafer cleaning equipment and continues to extend its layout into semiconductor electroplating, copper polishing, advanced packaging wet process equipment, vertical furnace tubes, front-end coating and developing (Track), and PECVD fields, enhancing its product matrix [1] Market Position and Growth - The expansion of storage and logic wafer fabs is leading to a continuous conversion of the company's order backlog into revenue [1] - The company's equipment in advanced processes and advanced packaging has passed verification, indicating strong market positioning [1] Investment Rating - The report initiates coverage with a "Buy" rating for the company, reflecting confidence in its growth prospects [1]