Investment Rating - The investment rating for the company is "Buy-A" with a target price of 208.76 CNY per share, maintaining the rating [6][9]. Core Views - The company has demonstrated significant revenue and profit growth, with a 35.82% year-on-year increase in revenue to 3.406 billion CNY and a 41.4% increase in net profit to 1.023 billion CNY for the year 2024 [1][2]. - The company's CMP (Chemical Mechanical Planarization) equipment continues to lead the domestic market, with a 31.16% increase in sales revenue to 2.987 billion CNY in 2024 [3][4]. - The company is expanding its product lines and platform development, including advancements in cutting, polishing, and ion implantation equipment, which are currently undergoing client validation [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.406 billion CNY, a year-on-year increase of 35.82%, and a net profit of 1.023 billion CNY, up 41.4% [1][2]. - For Q1 2025, the company reported a revenue of 912 million CNY, a 34.14% increase year-on-year, and a net profit of 233 million CNY, up 15.47% [1]. Profitability Metrics - The company's gross margin for 2024 was 43.2%, a decrease of 2.81 percentage points year-on-year, while the net margin improved to 30.05%, an increase of 1.19 percentage points [2]. Product Development - The company has successfully launched the Universal-H300 CMP system and developed specialized CMP equipment for third-generation semiconductors, which is currently in client validation [3]. - The company has made significant progress in domestic production of key components for its thinning equipment, meeting mass production requirements [3]. Market Position and Growth - The company maintains a leading market share in CMP equipment, with a strong focus on innovation and customer expansion, particularly in advanced process equipment [3][4]. - The company is expected to achieve revenues of 4.667 billion CNY, 5.833 billion CNY, and 6.883 billion CNY for the years 2025, 2026, and 2027, respectively [9].

老铁们周一快乐，这里是帮主郑重的盘前策略时间。二十年观察市场的经验告诉我，当前A股正处在"战略僵持阶段"——指数看似平静如水，实则暗流涌 动。这就像高手对决前的屏息时刻，胜负往往取决于对细节的把控。 当下市场呈现三大特征：指数箱体震荡、量能温和收缩、风格快速轮动。沪指在3270-3320点区间已盘桓13个交易日，这个位置恰是去年四季度密集成交 区。这里有个关键细节：每当指数触及3300点上方，两融余额便出现明显下降，说明杠杆资金正在主动降仓。而北向资金的流向更具深意——上周三个交易 日净流出87亿，但宁德时代、长江电力等核心资产却逆势获增持，聪明钱的"去伪存真"策略已然显现。 机动仓抓波段：40%资金在半导体、军工做网格交易，每跌5%加仓一次； 现金等待机会：留30%现金，如果节后跌破3250点，直接抄底沪深300ETF。 记住，在震荡市中，仓位管理比个股选择更重要。 风险预警：三大雷区千万别踩 第一，4月30日是年报最后披露日，那些净利润暴跌、现金流为负的公司，就像穿着皇帝新衣，随时可能现原形。第二，外资最近在调仓换股，北向资金如 果连续三天净流出，市场情绪可能瞬间变脸。第三，量能持续低于1万亿的话，市场就 ...

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 行业|深度|研究报告 2025年4月28日 半导体设备行业深度:驱动因素、发展趋势、 产业链及相关公司深度梳理 半导体设备作为半导体产业链的基石,其发展不仅直接影响芯片制造的效率与质量,更是国家科技实力 与产业安全的关键所在。近年来,全球半导体设备市场规模屡创新高,而中国大陆凭借持续加大的资本 投入,已成为全球最重要的半导体设备市场之一。然而,美系厂商在半导体设备领域的长期垄断,使得 国产设备的崛起之路充满艰辛。在外部压力与内部需求的双重驱动下,国产半导体设备企业正加速技术 突破与市场替代进程,从光刻机、刻蚀设备到薄膜沉积设备、清洗设备等关键领域,国产设备的竞争力 不断提升,市场份额逐步扩大。 本报告将深入剖析半导体设备行业的驱动因素、市场现状、产业链格局以及相关核心企业的发展态势, 旨在为读者了解半导体产业发展提供一份全面、深入的行业洞察。 目录 | 一、行业概述 . | | --- | | 二、市场现状 . | | 三、驱动因素 . | | 四、行业发展趋势 | | 五、产业链分析 | | 六、相关公司 . | ...

4月28日晚间，矽电股份（301629）(301629.SZ)发布2024年年度报告。报告期内，公司实现营业收入 5.08亿元，实现归母净利润9186.82万元，同比增长2.97%，拟以现有总股本41727274股为基数，向全体 股东每10股派发现金红利9.58元(含税)，合计分配现金股利人民币3997.47万元，占2024年度公司合并归 属于上市公司股东净利润的43.51%。 年报显示，2024年矽电股份晶圆探针台设备营业收入达1.84亿元，同比增长6.27%，毛利率达46.93%； 晶粒探针台设备实现营业收入2.81亿元，毛利率同比增长7.23%；包括分选机在内的其他设备营业收入 同比大增94.40%。 2024年，矽电股份全年研发投入达6810万元，同比增长15.88%，近三年复合增长率为17.78%，主要在 研项目共计32项。矽电股份对技术的深耕，一方面为业绩稳健增长奠定了坚实基础，另一方面获得了国 家的高度认可。目前，公司已建成广东省高精密半导体探针台工程技术研究中心，并获得广东省制造业 单项冠军企业、"建议支持的国家级专精特新'小巨人'企业(第三批第一年、第三批第二年)""2021年第三 批国家级 ...

半导体设备行业正迎来新一轮高光时刻。 4月25日晚，设备老大哥北方华创发布2025年一季度财报，营收82.1亿元，同比增长37.9%；归母净利润15.8亿元，同比大增38.8%，创下历史同期最佳表 现。这一亮眼成绩不仅印证了国产半导体设备的强势崛起，更折射出行业景气度持续复苏的确定性趋势。 ETF方面，聚焦一众半导体设备与材料龙头的$半导体设备ETF(SH561980)$早盘上演V型反转，截至收盘上涨0.62%，盘中成交额超1800万。成分股北方华 创、拓荆科技、海光信息等涨超1%，中微公司、中芯国际、韦尔股份等亦收红。 数据显示，该ETF凭借高弹性、高成长属性，近期已连续3日获资金增仓。 消息面上，4月25日重要会议明确提出"集中力量攻克高端芯片、基础软件等核心技术"，与半导体设备产业链的技术攻坚方向高度契合。在此战略指引下， 预计将推动更多资源向刻蚀、薄膜沉积等关键环节倾斜。 当前，AI算力爆发与汽车电动化两大趋势正驱动全球半导体需求进入新一轮扩张周期。叠加消费电子回暖，晶圆厂资本开支有望持续提升——设备作为产 能扩张的"卖水人"，业绩弹性与确定性兼具。 如果大家看好半导体设备板块在行业复苏初期往往率先反 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 115.85 CNY per share, maintaining the rating [5][9]. Core Views - The company achieved record high performance in Q4 2024, with revenue of 6.49 billion CNY, a year-on-year increase of 27.13%, and a net profit of 0.95 billion CNY, a year-on-year increase of 213.09% [1]. - The company has made significant breakthroughs in the semiconductor equipment sector, securing orders from leading domestic clients in both front-end and back-end equipment [2][3]. - The strategic investment from Northern Huachuang, which will become the largest shareholder with a 17.88% stake, is expected to enhance the company's competitiveness in the semiconductor industry [4]. Financial Performance - In 2024, the company reported total revenue of 1.754 billion CNY, a slight increase of 2.13% year-on-year, and a net profit of 203 million CNY, a decrease of 19.08% year-on-year [1][11]. - The projected revenues for 2025, 2026, and 2027 are 2.648 billion CNY, 3.429 billion CNY, and 4.183 billion CNY respectively, with net profits expected to be 339 million CNY, 493 million CNY, and 653 million CNY [9][11]. Market Position and Growth Potential - The company has established itself as a leader in the domestic semiconductor equipment market, particularly in photoresist coating and developing products, with strong order growth from both domestic and international clients [2][3]. - The introduction of new products, such as the KS-CM300/200 chemical cleaning machine, has broken foreign monopolies and is expected to drive further growth [3]. Valuation Metrics - The company is valued at a price-to-sales (PS) ratio of 8.8 for 2025, reflecting its leading position in the front-end equipment market and promising growth in back-end products [9][12].

25Q1收入同比稳健增长，毛利率同环比提升明显，费用短期影响利润表现。 25Q1收入2.94亿元，同比 +24.9%/环比-48.2%；毛利率58.1%，同比+3.7pcts/环比+7.5pcts；归母净利润亏损0.15亿元，同比减少 0.5亿元/环比减少0.55亿元；扣非净利润亏损0.43亿元，同比减少0.5亿元/环比减少0.4亿元。公司加速新 品研发和产品向更先进制程工艺迭代，股权激励费用、职工薪酬、研发投入等同比均有较大幅增长，而 一季度收入由于季节性影响基数较低，导致公司利润短期仍承压。 2024全年检量测设备收入同比均高增长，量测设备毛利率稳步提升。 公司整体收入和订单规模均快速 增长，2024年检测设备收入9.85亿元，同比+50.5%，销售机台176台，同比+53%，毛利率52.52%，同比 +0.28pct；量测设备收入3.61亿元，同比+62.9%，销售机台106台，同比+37.7%，毛利率37.5%，同比 +3.68pcts。 暗场设备出货量快速增长，明场设备验证进展顺利，关键尺寸设备实现对国内主流客户销售。1）无图 形晶圆缺陷检测设备： 公司订单量稳步增长，灵敏度更高的新一代产品通过多家 ...

目前，凯世通持续加码产能与供应链，位于上海浦东金桥（600639）的研发制造基地扩建完成，形成年 产百余台离子注入机产能，支持全系列产品评估与快速客户导入。同时，公司正筹建检测中心，预计缩 短新设备研发周期，加速整机及关键部件自主可控，增强供应链韧性。 面对全球半导体产业链重构机遇，万业企业董事长朱世会表示，公司将持续加大自主研发力度，并进一 步强化产业协同，通过底层材料优化、检测技术创新和供应链自主化，完成材料与设备的生态闭环。同 时，公司将整合客户资源，借助先导科技的技术实力与渠道推动自研设备走向更多前沿客户，并通过产 融结合、投资并购等形式，加速半导体产业链的垂直整合。 根据2024年度利润分配方案，万业企业拟向全体股东每10股派发现金红利0.43元(含税)，现金分红比例 达到归母净利润的36.64%。公司现金分红和回购金额合计2.89亿元，占2024年度合并报表归属于母公司 股东净利润的269.12%。随着先导科技集团正式入主，万业企业将加速整合新材料、设备及零部件资 源，打造产业链闭环生态，开启战略转型新篇章。 本报讯(记者孙文青)4月26日，上海万业企业（600641）股份有限公司(以下简称"万业 ...

英杰电气(300820) 报告日期：2025 年 04 月 27 日 业绩短期承压，半导体射频电源迈向 5nm 先进制程 ——英杰电气点评报告 投资要点 ❑ 2024 年报&2025Q1 业绩：短期承压；期待半导体射频电源进展提速 证券研究报告 | 公司点评 | 其他电源设备Ⅱ 1）2024 年报：营收 17.8 亿元，同比增长 0.6%；归母净利润 3.2 亿元，同比下滑 25.2%。年 毛利率 38.5%，同比提升 1.3pct；净利率 18.8%，同比下降 5.5pct。 收入结构——光伏：8.7 亿元、同比下滑 10.3%，毛利率 28.5%、同比-2.4pct；半导体：3.5 亿元、同比增长 6.4%，毛利率 54%、同比+11.1pct；其他领域：5.5 亿元、同比增长 18.9%， 毛利率 44.6%、同比-2pct。 2）2025Q1 业绩：营收 3.3 亿元，同比下滑 13.3%；归母净利润 0.5 亿元，同比下滑 37%。毛 利率 37.8%，同比下降 4.2pct；净利率 15.8%，同比下降 6.6pct。 3）订单：截至 2025 年 Q1 末，合同负债达 11.8 亿元，同比下滑 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 542.27 CNY per share [7]. Core Views - The company reported strong performance in Q1 2025, with revenue of 82.06 billion CNY, up 37.9% year-on-year, and a net profit of 15.81 billion CNY, up 38.8% year-on-year [1]. - The global semiconductor equipment market is expected to recover, with a projected sales increase of 10% year-on-year, particularly driven by a 35% increase in sales in China [2]. - The company has achieved comprehensive breakthroughs in semiconductor equipment across four product lines, with significant revenue contributions from various segments [3]. - The acquisition of a stake in ChipSource Micro will enhance the company's product offerings in coating and developing, furthering its platform integration strategy [4]. - Revenue projections for the company are optimistic, with expected revenues of 393.86 billion CNY, 492.33 billion CNY, and 590.79 billion CNY for 2025, 2026, and 2027 respectively [10]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 298.38 billion CNY, a year-on-year increase of 35.14%, and a net profit of 56.21 billion CNY, up 44.17% year-on-year [1]. - For Q1 2025, the company reported a revenue of 82.06 billion CNY and a net profit of 15.81 billion CNY, reflecting strong growth [1]. Industry Perspective - The semiconductor equipment market is experiencing a recovery, with significant growth in China due to capacity expansion and government support [2]. - The ongoing tariff issues between the US and China are accelerating the domestic production process in the semiconductor industry [2]. Product Development - The company has established a comprehensive product lineup in semiconductor equipment, achieving over 80 billion CNY in revenue from etching equipment and over 100 billion CNY from thin film deposition equipment [3]. - The acquisition of ChipSource Micro is expected to fill gaps in the company's product offerings and enhance collaborative efforts in R&D and sales [4]. Future Projections - The company is projected to achieve revenues of 393.86 billion CNY in 2025, with net profits expected to reach 76.23 billion CNY [10]. - The company is positioned to benefit from the clear trend of domestic substitution in the semiconductor industry, with a target price set at 542.27 CNY per share based on a PE ratio of 38 times [10].