点击招商研究小程序查看PDF报告原文 安集科技发布2025年一季报，单季收入同比高增长，利润创历史新高。行业景气度随下游晶圆厂稼动率 复苏而边际改善，公司CMP抛光液市占率持续提升，功能性湿化学品进入快速放量期。 25Q1收入同比高增长，利润创单季历史新高。 25Q1收入5.45亿元，同比+44%/环比+4.3%；毛利率 55.7%，同比-2.8pcts/环比-2.5pcts；归母净利润1.69亿元，同比+60.7%/环比+19.7%；扣非净利润1.62亿 元，同比+53%/环比+13.3%，单季扣非利润创历史新高。 CMP抛光液市占率稳步提升，公司同时加强在先进封装领域布局。 2024年公司CMP抛光液收入15.45亿 元，同比+43.7%，主要系一方面2024年下游主要晶圆厂稼动率复苏态势明显，另一方面公司铜/钨/基于 氧化铈磨料的抛光液市占率以及在客户端份额持续提升，公司最近三年全球市占率分别约7%、8%、 11%。同时公司加强在先进封装领域布局，用于2.5D/3D TSV抛光液、混合键合和聚合物抛光液进展顺 利。 功能性湿化学品业务高速增长，毛利率明显提升。 2024年公司功能性湿化学品收入2.77亿 ...

行情速递 ① 主板领涨， 奥拓电子（+10.10%）/兆易创新（+10.00%）/利通电子（+10.00%）/美利云 （+9.98%）/得润电子（+9.92%）/ ②创业板领涨， 博创科技（+20.01%）/平治信息（+20.00%）/华宇软件（+9.28%）/宏景科技 （+8.00%）/冰川网络（+7.08%）/ ③科创板领涨， 新相微（+12.63%）/希荻微（+10.43%）/有方科技（+7.82%）/安集科技 （+7.68%）/思瑞浦（+6.86%）/ ④活跃子行业， SW 通信应用增值服务（+1.79%）/ SW 教育出版（+1.72%）/ SW 数字芯片设 计（+1.72%）/ 国内新闻 ① IDC，2024年中国企业级外部存储市场整体回暖并进入增长周期/销售额 达69.2亿美元/占全球市场份额的22.0%/其中/浪潮信息销售额与出货量市 占率分别达10.9%和11.2%/均位列中国前二/ 公司公告 ① 韦尔股份，2025 年第一季度报告/25Q1公司实现营收64.72亿元/同比增 长14.68%/归母净利润8.66亿元/同比增长55.25%/ ② 盛美上海，2025 年第一季度报告/25Q1公司 ...

Core Viewpoint - Semiconductor stocks experienced a significant rise, with companies like Xinxingwei and Weidao Nano increasing by over 10% [1] Industry Summary - Multiple semiconductor equipment manufacturers reported that their products are seeing increased market demand this year, driven by growth in AI, 5G, IoT, new energy vehicles, and other emerging applications [1] - The overall industry sentiment is improving, indicating a sustained recovery in the semiconductor sector [1] Company Summary - Notable companies such as Xinxingwei, Weidao Nano, Hidi Micro, Anji Technology, Zhaoyi Innovation, Siraipu, Hongwei Technology, and Weir Shares all saw stock increases of over 5% [1]

Market Overview - The convertible bond market experienced a slight increase alongside the equity market, with the China Securities Convertible Bond Index rising by 0.90% to 422.21 points as of April 25, 2025 [10][24] - The overall A-share market saw the Wande All A Index increase by 1.15%, while the Shanghai Composite Index rose by 0.56% during the same period [10][12] Convertible Bond Valuation - The convertible bond premium rate slightly decreased to 52.17%, down 3.07% from the previous week, indicating a return to the 25th percentile of historical levels since 2024 [3][37] - High premium rates were observed in the textile, food and beverage, pharmaceutical, construction materials, and non-bank financial sectors, while lower rates were noted in banking, agriculture, communication, commercial trade, and comprehensive sectors [3][40] Convertible Bond Supply and Demand - The total outstanding convertible bonds reached 702.636 billion yuan, with a slight increase of 20.50 billion yuan from the previous week, and an average remaining maturity of 2.7 years [4][46] - Demand for convertible bonds remains strong, with convertible bond funds holding a market value of 174.968 billion yuan, reflecting a 3.6% increase from the previous annual report [4][52] Sector Performance - The automotive, construction materials, computer, home appliances, and electrical equipment sectors showed strong performance in the convertible bond market, while the media, communication, banking, food and beverage, and public utilities sectors lagged [2][35] - Notable individual bonds that performed well included Fuxin Convertible Bond (Chemicals), Zhongchong Convertible Bond (Agriculture), and Zhongqi Convertible Bond (Construction Materials) [2][35] Investment Strategy - The report suggests focusing on convertible bonds in sectors with strong policy support expectations, particularly in service consumption and growth-oriented styles, as the A-share market is expected to experience structural trends [5]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [7][8]. Core Insights - The company reported strong Q1 performance with revenue of 545 million RMB, a year-over-year increase of 44.08%, and a net profit of 169 million RMB, reflecting a year-over-year growth of 60.66% [8]. - The company's market share in CMP polishing liquids is steadily increasing, with expectations for continued growth in the semiconductor industry [8]. - The report highlights the importance of domestic substitution in the semiconductor materials sector, positioning the company to benefit from this trend [8]. Company Overview - The company operates primarily in the electronic industry, with a market capitalization of 21.695 billion RMB and a current stock price of 167.90 RMB [1]. - The major shareholder is Anji Microelectronics Co., Ltd., holding 30.81% of the shares [1]. Financial Performance - The company achieved a gross margin of 55.70% in Q1 2025, despite a slight year-over-year decline of 2.75 percentage points [8]. - The report projects net profits of 840 million RMB, 1.14 billion RMB, and 1.49 billion RMB for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 56%, 37%, and 31% [11]. Product Composition - The product mix is heavily weighted towards chemical mechanical polishing (CMP) liquids, which account for 84.17% of revenue, followed by wet electronic chemicals at 15.07% [3]. Institutional Ownership - Institutional investors hold 23.4% of the circulating A-shares, with general corporations holding 38.4% [4].

Group 1 - The semiconductor industry ETF (159582) has seen a recent increase of 0.07%, with a latest price of 1.43 yuan, and a turnover rate of 3.05% during trading, amounting to 471.41 million yuan [3] - The semiconductor industry ETF has achieved a 41.19% increase in net value over the past year, ranking 109 out of 2765 in the index stock fund category, placing it in the top 3.94% [4] - The top ten weighted stocks in the semiconductor industry index account for 75.31% of the total index, with notable companies including Northern Huachuang (002371) and SMIC (688981) [5] Group 2 - Domestic semiconductor equipment manufacturers are expected to gradually replace foreign counterparts through technological advancements and market expansion, as the domestic demand is driven by the expansion of local wafer fabs like SMIC [3] - The semiconductor industry ETF has the lowest management fee rate of 0.50% and a custody fee rate of 0.10% among comparable funds, indicating cost efficiency for investors [4] - The ETF has a tracking error of 0.056% over the past year, which is the highest tracking precision among comparable funds [4]

Group 1: New Energy Vehicle Industry - The China Securities New Energy Vehicle Industry Index (930997) increased by 0.58%, with notable gains from component stocks such as Huichuan Technology (300124) up 4.41% and Hangke Technology (688006) up 3.23% [1] - The New Energy Vehicle ETF (515700) also rose by 0.58%, with a recent price of 1.57 yuan, and saw a significant scale increase of 383.62 million yuan over the past week, ranking first among similar funds [1] - As of April 28, 2025, the New Energy Vehicle ETF had the smallest relative drawdown of 0.07% among comparable funds this year, with the lowest management fee of 0.15% and custody fee of 0.05% [2] - The Henan Province has introduced policies to boost the development of the new energy vehicle industry, including plans for an AI conference in 2025 and the establishment of industry empowerment centers [2] - Guoyuan Securities suggests focusing on battery and structural components that benefit from low upstream raw material prices, as well as leading companies that will benefit from industry recovery [2] Group 2: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) rose by 0.41%, with significant increases from stocks like Weidao Nano (688147) up 10.10% and Jinlang Technology (300763) up 4.31% [4] - The Photovoltaic ETF (516180) increased by 0.56%, with a latest price of 0.53 yuan [4] - Guoyuan Securities indicates that photovoltaic companies have adequately accounted for asset impairments, leading to a solid performance base, and suggests focusing on glass and battery cell manufacturers that have undergone sufficient corrections [4] Group 3: New Materials Industry - The China Securities New Materials Theme Index (H30597) decreased by 0.14%, with mixed performance among component stocks, including Anji Technology (688019) up 4.98% and Hunan Youneng (301358) down 12.06% [4][5] - The New Materials ETF Index Fund (516890) fell by 0.41%, with a latest price of 0.48 yuan [5] - The New Materials ETF Index Fund saw a turnover of 1.08% and a total transaction volume of 25.82 million yuan, with a significant increase of 200,000 shares over the past two weeks, ranking first among similar funds [6] Group 4: Investment Opportunities - Investors can leverage the New Energy Vehicle ETF (515700), Photovoltaic ETF (516180), and New Materials ETF Index Fund (516890) to capture investment opportunities in these sectors [9] - The New Energy Vehicle ETF closely tracks the China Securities New Energy Vehicle Industry Index, which includes 50 representative companies in the new energy vehicle sector [9] - The Photovoltaic ETF tracks the China Securities Photovoltaic Industry Index, selecting up to 50 representative companies in the photovoltaic industry [12] - The New Materials ETF Index Fund tracks the China Securities New Materials Theme Index, which includes 50 companies involved in advanced materials [15]

Group 1 - The semiconductor materials and equipment theme index rose by 0.06% as of April 29, 2025, with notable increases in stocks such as Anji Technology (up 4.96%) and Shenkong Co. (up 4.54%) [1] - The semiconductor materials ETF (562590) has shown a 5.14% increase over the past three months, indicating a positive trend in the sector [1] - The trading activity of the semiconductor materials ETF was active, with an intraday turnover of 0.43% and a significant growth in scale of 267 million yuan over the past year [1] Group 2 - The "2024 Science and Technology Innovation Board Semiconductor Equipment Special Performance Briefing" was held on April 28, 2025, marking the first performance briefing of the "Science and Technology Innovation Hot Industry Week" [2] - Over 110 semiconductor companies have been listed on the Science and Technology Innovation Board, accounting for 60% of the total semiconductor companies in A-shares, showcasing a complete and collaborative development pattern [2] - Several companies at the performance briefing indicated efforts to increase the localization rate of core components, with a recovery in downstream demand providing growth opportunities [2] - The semiconductor materials ETF and its linked funds closely track the index, with semiconductor equipment (55.8%) and semiconductor materials (21.3%) making up over 77% of the index weight, focusing on key areas of domestic substitution [2]

Group 1 - The semiconductor materials ETF (562590) experienced a slight decline of 0.12% as of April 29, 2025, with component stocks showing mixed performance, led by Anji Technology with a rise of 4.98% [3] - The semiconductor materials ETF has seen a cumulative increase of 5.14% over the past three months, indicating a positive trend in the longer term [3] - The trading volume for the semiconductor materials ETF was 129.89 million yuan, with a turnover rate of 0.42% [3] Group 2 - As of April 28, 2025, the semiconductor materials ETF's net value increased by 26.75% over the past year, ranking 338 out of 2765 index equity funds, placing it in the top 12.22% [4] - The ETF has recorded a maximum monthly return of 20.35% since its inception, with an average monthly return of 10.90% and a historical one-year profit probability of 97.06% [4] - North Huachuang reported a revenue of 8.206 billion yuan for Q1 2025, a year-on-year increase of 37.9%, and a net profit of 1.57 billion yuan, up 38.8%, marking the best performance for the same period historically [4] Group 3 - The top ten weighted stocks in the semiconductor materials index account for 60.82% of the index, with North Huachuang holding the highest weight at 16.44% [5] - The performance of the top ten stocks shows a mix of slight declines and gains, with TCL Technology being the only stock with a significant increase of 2.48% [7]

2025年4月25日，安集微电子科技（上海）股份有限公司（以下简称"安集科 技"、"公司"，股票代码688019）向不特定对象发行可转换公司债券成功上市。本次 可转换公司债券发行数量为830.50万张，初始转股价格为168.11元/股，融资总额 83,050.00万元，申万宏源承销保荐担任保荐人和主承销商。 安集科技上海金桥总部 安集科技本次向不特定对象发行可转换公司债券成功上市是申万宏源承销保荐主 动担当践行做好"科技金融"大文章，服务科创板"硬科技"上市公司再融资的典型案 例，也是申万宏源承销保荐继2019年助力公司科创板首批上市、2023年助力公司完 成以简易程序向特定对象发行股票后的又一次精诚合作，持续服务、陪伴客户成长。 Millight 00 High 1981 0 0 LERY H 1 2 3 19 10 , ना HE o t o = THE ■ b 4 . ` । The United on the first of the first of the first of the first of the first of the first of the first of the first ...