美埃科技(688376)跟踪：洁净室设备景气提升 国际龙头客户认证获突破

Group 1: Industry Overview - Global wafer manufacturing capital expenditure is increasing, driving strong demand for cleanroom equipment. The integrated circuit industry requires cleanrooms for nearly all major processes, and the cleanliness requirements are rising with technological advancements [1] - The U.S. has committed to building 17 new wafer fabs since the introduction of the CHIPS Act in 2022, with a total cleanroom area of 6.8 million square feet, and plans for 8 additional supply chain and advanced packaging facilities [1] - Major semiconductor manufacturers like Intel, Micron, Samsung, SK Hynix, and TSMC are expanding their operations in the U.S. due to strong demand [1] Group 2: Company Performance - The overseas revenue of Meiye Technology is expected to reach approximately 22.8 million yuan in 2024, accounting for 13.2% of total revenue, with further increases anticipated as global semiconductor capital expenditure rises [2] - The gross margin for overseas business is typically higher than domestic, with an estimated 33% for overseas operations compared to 26.4% for domestic [2] - The company has established 10 domestic and 3 overseas bases, focusing on Southeast Asia and expanding into the U.S. and Europe [2] Group 3: Certifications and Market Expansion - The company has achieved significant international customer certifications, including FM, UL, CE, and AHAM, facilitating entry into global markets [3] - The company is actively expanding its application areas, providing solutions for the overseas expansion of leading lithium battery companies and engaging with various semiconductor and renewable energy firms [3] Group 4: Revenue and Profitability - The revenue share from high-margin consumables, such as semiconductor cleanroom filters, is expected to increase, supported by stable relationships with downstream customers [4] - The average gross margin for filter products was 36.5% from 2018 to 2021, compared to 20.4% for equipment [4] - Projected net profits for the company are estimated at 233 million yuan, 307 million yuan, and 406 million yuan for 2025-2027, with year-on-year growth rates of 21.4%, 31.9%, and 32.2% respectively [4]