微导纳米（688147）：本土ALD龙头，战略发展半导体前景广阔

Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first coverage [4]. Core Insights - The company is a leading domestic ALD equipment manufacturer with a strategic focus on semiconductor business development, which is expected to accelerate [6][10]. - The semiconductor business is experiencing rapid growth, with a significant increase in orders, particularly from NAND and DRAM sectors, indicating a strong market position [6][27]. - The photovoltaic business is positioned to benefit from a recovery in market conditions, with the company maintaining a leading market share in ALD products for solar cells [6][10]. Summary by Sections Company Overview - The company was established in 2015 and has developed a product system centered on ALD technology, expanding into semiconductor equipment since 2018 [6][10]. - It has become a leader in the domestic market for ALD technology applied in photovoltaic cell production, continuously leading in market share and technological advancements [6][12]. Semiconductor Business - The semiconductor equipment market is projected to grow significantly, with the company focusing on ALD and CVD technologies to meet increasing demand [6][36]. - The company has successfully developed and industrialized key ALD and CVD equipment, establishing partnerships with major domestic manufacturers [12][19]. - In the first three quarters of 2025, the company signed semiconductor orders worth 1.483 billion yuan, a year-on-year increase of 97% [6][27]. Photovoltaic Business - The company has maintained its position as the top domestic supplier of ALD products in the photovoltaic sector, with expectations for market recovery driven by declining costs and increasing demand [6][10]. - The company is actively developing new battery technologies, including TOPCon and perovskite cells, which are expected to lead the next generation of solar technology [6][12]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 26.19 billion yuan, 26.92 billion yuan, and 37.21 billion yuan, with corresponding growth rates of -3%, 3%, and 38% [6][10]. - The net profit attributable to shareholders is expected to reach 3.12 billion yuan, 4.25 billion yuan, and 7.36 billion yuan for the same period, reflecting significant growth [6][10]. Investment Recommendation - The report suggests that the company is well-positioned to benefit from the expansion of its semiconductor business and the recovery of the photovoltaic market, leading to a favorable investment outlook [6][10].