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].

2025 年 04 月 14 日 投资策略 估值与盈利周观察——4 月第 2 期：估值普跌 ◼ 上证综合指数走势（近三年） (20%) (12%) (4%) 4% 12% 20% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 指数 PEG & PB-ROE: 红利 PEG 值最小，科创 50 风格 PB-ROE 值最小。 大类行业估值：原材料、设备制造、工业服务、交通运输、消费、科 技历史估值皆处于 50%以下，金融地产估值高于 50%历史分位。 一级行业估值：各行业估值分化，非银金融、煤炭、石油石化、有色 金属、公用事业、交通运输、农林牧渔估值处于近一年低位。 热门概念：华为鸿蒙、机器人、中字头央企等概念处于估值三年历史 较高分位。 盈利预期：各行业盈利预期普遍小幅下调，钢铁上调幅度最大；房地 产下调幅度最大. 市场估值普跌，消费、稳定 ...

风险提示：下游晶圆厂扩产不及预期，美国半导体设备出口管制加剧，新品研发不及预期，行业竞争加 剧的风险。 团队介绍 点击招商研究小程序查看PDF报告原文 北方华创发布25Q1业绩预告，预计收入73.4-89.8亿元，同比+23.4%-50.9%/环比-22.6%~-5.3%；归母净 利润14.2-17.4亿元，同比+24.7%-52.8%/环比+22.6%-50.2%。在国内设备自主可控强化的背景下，公司 工艺覆盖范围扩大，平台化优势不断凸显。 25Q1收入利润同比快速增长，盈利能力维持高位。 1）2024年公司收入预计298.4亿元，同比+35.1%； 归母净利润56.2亿元，同比+44.2%；扣非净利润55.7亿元，同比+55.5%；2）25Q1公司预计收入73.4- 89.8亿元，同比+23.4%-50.9%/环比-22.6%~-5.3%；归母净利润14.2-17.4亿元，同比+24.7%-52.8%/环比 +22.6%-50.2%；扣非净利润14-17亿元，同比+29%-58.6%/环比+7.4%-32%。25Q1公司扣非净利率约 19%，同比+1pct/环比+5pcts。 公司平台化布局进一步完善，各 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自半导体芯闻综合，谢谢。 近日，有投资者向北方华创提问表示，市场最近出现了一些专家，不需要半导体设备也能生产出芯 片了，俗称手搓3nm芯片？目前投资机构对此深信不疑，对半导体设备公司进行集体抛售做空，请 问公司对此如何评价？ 公司回答表示，您好，芯片制造涉及数百道工艺制程，不使用半导体设备实现3nm芯片生产的说法 缺乏事实依据，还有待进一步考证，感谢关注！ 资料显示，北方华创科技集团股份有限公司（以下简称"北方华创"）成立于2001年9月，2010年在 深圳证券交易所上市，是目前国内集成电路高端工艺装备的先进企业。 *免责声明：文章内容系作者个人观点，半导体芯闻转载仅为了传达一种不同的观点，不代表半导体芯闻对该 观点赞同或支持，如果有任何异议，欢迎联系我们。 推荐阅读 北方华创主营半导体装备、真空及锂电装备、精密元器件业务，为半导体、新能源、新材料等领域 提供解决方案。公司现有六大研发生产基地，营销服务体系覆盖欧、美、亚等全球主要国家和地 区。 具体而言，其产品主要覆盖刻蚀设备、薄膜沉积设备、热处理设备、精密电子元器件、清洗设备及 新能源相关装备如单晶硅生 ...

在应对全球化竞争方面，深科达表现出清晰的战略节奏。公司已将产品出口至越南、泰国、马来西亚、 俄罗斯和中国台湾地区，并计划于5月赴新加坡参展。深科达高管在采访中表示，公司采取"先服务大陆 工厂，再延伸海外总部"的策略，先建立本地口碑、打通售后通路，再向全球客户总部渗透，当前海外 订单占比正稳步提升，预计将成为公司下阶段营收与利润的重要来源。 面对产业周期波动与竞争格局调整，深科达选择"稳中提质"。高管坦言，公司不再以市占率为首要目 标，而是聚焦利润质量、客户稳定与风险可控。在客户策略上，公司将主要资源集中于外企和上市公司 等A类客户，目前A类客户占比不断提高。在生产组织上，公司强化平台型管理架构，通过统一技术中 心和销售平台，实现不同业务板块的资源整合与快速响应，进一步增强系统竞争力。 在全球贸易格局变化之下，公司对外部环境也展现出较强的适应能力。高管表示，中美贸易摩擦在一定 程度上反而推动国内半导体设备的自主替代，"每一次技术打压，都是我们国产设备突围的机会"。公司 将继续聚焦高附加值项目，避免低价竞争，强化研发、品质与交期优势，拓展更多国际优质客户。 当前，中国半导体设备行业正进入产业洗牌期。一方面，缺乏核 ...

Core Viewpoint - The article highlights the rise of domestic semiconductor equipment manufacturers, particularly focusing on Xidian Semiconductor Equipment (Shenzhen) Co., Ltd. (referred to as Xidian), which has achieved significant milestones in the probe testing technology sector, breaking foreign monopolies and positioning itself as a leading player in the Chinese market [2][4]. Group 1: Company Overview - Xidian is primarily engaged in the research, production, and sales of semiconductor-specific equipment, with a focus on probe testing technology [2]. - The company is the first in mainland China to achieve industrial application of 12-inch wafer probe testing equipment, breaking the long-standing foreign monopoly [2][4]. - As of 2019, Xidian held a 13% market share in the mainland probe testing equipment market, ranking fourth overall and first among domestic manufacturers [2]. Group 2: Technological Advancements - Xidian has successfully developed and mass-produced 6-inch wafer probe testing equipment, which has been sold to major domestic semiconductor manufacturers [4]. - The company has mastered several core technologies, including high-precision fast-response large-stroke precision stepping technology and automatic needle alignment technology [6]. - Xidian's product range has expanded from manual to fully automatic probe testing equipment, covering sizes from 4 inches to 12 inches [5][6]. Group 3: Financial Performance - Xidian's revenue has shown rapid growth, with figures of 399 million yuan, 442 million yuan, 546 million yuan, and 335 million yuan from 2021 to the first nine months of 2024, driven by increased demand in the downstream industry [6]. - The company's revenue from probe testing equipment has consistently accounted for nearly 95% of its total revenue [5]. - The market share of Xidian in mainland China has increased from 19.98% in 2021 to 25.70% in 2023 [7]. Group 4: Market Opportunities - The global semiconductor industry is undergoing a significant shift, with a notable portion of new semiconductor wafer plants being established in mainland China [8]. - The domestic semiconductor equipment market has substantial room for growth, with current localization rates of 16.4% for front-end equipment and 13.2% for back-end equipment [9]. - Xidian plans to raise 545 million yuan through its IPO to invest in R&D and expand its production capacity, aiming to enhance its market presence and product offerings [10].

股票简称：晶升股份 股票代码：688478 南京晶升装备股份有限公司 Crystal Growth & Energy Equipment Co.,Ltd. （南京经济技术开发区红枫科技园B4栋西侧） 首次公开发行股票科创板上市公告书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 2023 年 4 月 21 日 南京晶升装备股份有限公司 上市公告书 特别提示 南京晶升装备股份有限公司（以下简称"晶升股份"、"本公司"、"发行 人"或"公司"）股票将于 2023 年 4月 24日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 南京晶升装备股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依法 承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司 ...

科创板投资风险提示 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险 高、业绩不稳定、退市风险高等特点,投资者面临较大的市场风险。投资者应 充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 南京晶升装备股份有限公司 （Crystal Growth & Energy Equipment Co.,Ltd.） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） （南京经济技术开发区红枫科技园 B4 栋西侧） 南京晶升装备股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投 ...