半导体：美国审查五家设备厂商，设备国产化替代迫在眉睫

Investment Rating - The industry investment rating is "Leading the Market" which indicates a projected outperformance of over 10% relative to the benchmark index in the next 6-12 months [7]. Core Insights - The report highlights the urgency for domestic semiconductor equipment manufacturers in China to enhance high-end equipment R&D to support advanced process capacity expansion and achieve localization of the semiconductor industry chain [2]. - Major semiconductor equipment manufacturers such as Applied Materials, Lam Research, KLA, Tokyo Electron, and ASML are facing scrutiny from the U.S. government, which may impact their revenue from the Chinese market [1]. - The report suggests a focus on companies like North Huachuang, Zhongwei Company, Tuojing Technology, Shengmei Shanghai, and Zhongke Feicai as potential investment opportunities due to their strong performance and growth prospects [5]. Summary by Relevant Sections Company Performance - North Huachuang achieved revenue of 8.018 billion yuan in Q3 2024, a year-on-year increase of 30.12% and a quarter-on-quarter increase of 23.81%, with a net profit of 1.682 billion yuan, up 55.02% year-on-year [2]. - Zhongwei Company reported revenue of 2.059 billion yuan in Q3 2024, a year-on-year increase of 35.96%, with a net profit of 396 million yuan, up 152.63% year-on-year [3]. - Tuojing Technology's revenue reached 1.011 billion yuan in Q3 2024, marking a 44.67% year-on-year increase, while net profit slightly decreased by 2.91% [3]. - Shengmei Shanghai reported revenue of 1.573 billion yuan in Q3 2024, a year-on-year increase of 37.96%, with a net profit of 315 million yuan, up 35.09% year-on-year [4]. - Zhongke Feicai achieved revenue of 349 million yuan in Q3 2024, a year-on-year increase of 56.79%, although net profit decreased by 51.39% [5]. Market Trends - The report notes that TSMC has announced a halt in supplying 7nm and more advanced chips to AI/GPU customers in mainland China, which may accelerate the need for domestic equipment manufacturers to innovate [2]. - The semiconductor equipment market is experiencing a shift towards domestic production and innovation due to geopolitical tensions and supply chain constraints [1][2].