Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company, Xinyuan Micro (芯源微), is a leading domestic manufacturer of large wet processing equipment, focusing on providing comprehensive solutions for semiconductor front-end and back-end equipment and processes. The company has optimized its product layout, forming a product matrix that includes front-end coating and developing equipment, front-end cleaning equipment, back-end advanced packaging equipment, and other small-sized devices [5][8]. - The company has successfully developed various models of front-end coating and developing equipment, achieving coverage of wafer processing for technology nodes of 28nm and above by 2024. The company is also actively seeking client validation for its next-generation ultra-high-capacity coating and developing machine architecture [5][6]. - The company has received substantial orders for its physical cleaning machines and has launched a new chemical cleaning machine that meets high-temperature SPM process requirements, which has been validated by clients and is expected to drive future growth [5][6]. - The recovery of the packaging market is driving high growth in demand for the company's back-end equipment, with continuous orders from domestic and international clients [6][8]. Financial Summary - The company’s revenue is projected to grow from 1,754 million RMB in 2024 to 4,029 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 38.07% [7]. - The net profit attributable to the parent company is expected to recover from a decline in 2024 to 693 million RMB by 2027, reflecting a significant growth rate of 68.71% [7][11]. - The company’s earnings per share (EPS) is forecasted to increase from 1.01 RMB in 2024 to 3.44 RMB in 2027, indicating strong profitability growth [7][10]. Control and Synergy - Northern Huachuang has gained control over the company, which is expected to inject new momentum into its development. This control is anticipated to enhance collaboration in equipment processes and provide a more comprehensive and efficient solution for clients [8].
芯源微(688037):国内领先大湿法设备厂商,北方华创获得控制权再添新动能