中微半导体，尹志尧减持280000股！

Core Viewpoint - The article discusses the recent share reduction plan by the chairman and general manager of Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd., highlighting the company's financial performance and market challenges in the semiconductor industry [2][3]. Financial Performance - Zhongwei's revenue for 2024 is projected to grow by 44.7% to 9.07 billion yuan, while net profit is expected to decline by 9.53% to 1.62 billion yuan, primarily due to a significant increase in R&D expenses, which surged by 94.3% to 2.45 billion yuan [2]. - In Q1 2025, revenue and net profit are anticipated to increase by 35.4% and 25.67%, respectively, indicating sustained growth momentum in core businesses such as etching equipment [2]. Share Reduction Plan - Chairman and General Manager Yin Zhiyao plans to reduce his shareholding by up to 280,000 shares, representing 0.045% of the total share capital, potentially cashing out approximately 52.71 million yuan [2]. - Since August 2022, Yin has cumulatively reduced his holdings by 1.87 million shares, realizing a total cash amount of 236 million yuan, with his ownership percentage decreasing from 1.5% at IPO to the current 0.7% [2][4]. Market Context - The global semiconductor sales are expected to grow by 19.1% in 2024, but the growth rate is projected to slow to 11.2% in 2025, posing challenges for the company as it navigates a decelerating market [2]. - Historical data indicates that share reductions by semiconductor founders often lead to short-term stock price declines, as seen in the case of Weier Co., which caused a market value loss of 1.7 billion yuan for Beijing Junzheng [3]. Product Development - The company continues to make breakthroughs in advanced etching and thin film equipment, with etching equipment sales expected to reach 7.28 billion yuan in 2024, reflecting a 54.72% increase [3]. - In Q1 2025, R&D expenditures reached 687 million yuan, marking a 90.53% increase, focusing on the development of metal film vapor deposition equipment and next-generation PECVD equipment [3].