Core Viewpoint - Guangzhou Huigu New Materials Technology Co., Ltd. is set to go public on the Shenzhen Stock Exchange, marking a significant step for the company recognized as a "national manufacturing single champion" in the high-end materials sector, aiming to enhance domestic material upgrades and compete in the global market [1] Company Overview - Huigu New Materials has been deeply engaged in the functional coating materials sector for 26 years, supported by strong technical foundations and authoritative qualifications [1] - The company has achieved rapid approval for its IPO, setting a record for speed from application to approval [1] Technical Strength - The company has established a dual-core technology platform for functional resins and coating materials, achieving independent synthesis of various resin systems [2] - As of June 2025, Huigu holds 84 authorized patents, including 79 invention patents, and has a dedicated R&D team of 206 members, with nearly 30% of its workforce in research [2] - The company has significant market shares in key product areas, including over 60% in energy-saving coating materials for heat exchangers and over 30% in aluminum cap coating materials [2] Financial Performance - Huigu New Materials has experienced substantial growth, with revenue increasing from 664 million yuan in 2022 to 817 million yuan in 2024, and net profit rising from 26.83 million yuan to 142 million yuan during the same period [3] - In the first half of 2025, the company reported revenues of 496 million yuan and a net profit of 107 million yuan, reflecting year-on-year growth of 30.42% and 48.48% respectively [3] Market Positioning - The company has strategically positioned itself in various industries, serving major clients in home appliances, packaging, new energy, and electronics, with a stable revenue contribution of over 92% from these sectors [3] - Huigu's products are being certified by well-known consumer brands, indicating a strong potential for market expansion [3] IPO and Future Plans - Following the successful IPO, Huigu plans to issue up to 15.78 million shares to raise 900 million yuan, with funds allocated for expanding production capacity, R&D, and working capital [4] - The company aims to leverage its technological expertise and market positioning to expand internationally and transition from a domestic leader to a key player in the global supply chain for functional coating materials [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [2][11]. Core Insights - The termination of a major asset restructuring will not adversely affect the company's operations or financial status in the long term. The company will continue to focus on high-end chip products and maintain strong collaboration with partners [6][8]. - The company reported a revenue of 9.49 billion RMB for the first three quarters of 2025, a year-on-year increase of 54.7%, and a net profit of 1.96 billion RMB, up 28.6% year-on-year. The third quarter alone saw a revenue of 4.03 billion RMB, growing 69.6% year-on-year [8]. - The company is well-positioned in the domestic computing power market, benefiting from the "信创+AI" trend, with its CPU and DCU products gaining traction in various industries [8]. Financial Summary - The company expects net profits of 3.20 billion RMB, 4.67 billion RMB, and 6.71 billion RMB for the years 2025, 2026, and 2027, representing year-on-year growth rates of 65.81%, 45.96%, and 43.56% respectively. The earnings per share (EPS) are projected to be 1.38 RMB, 2.01 RMB, and 2.89 RMB for the same years [10][8]. - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 166, 114, and 79 respectively, indicating a favorable valuation outlook [10][8].

Core Viewpoint - The semiconductor industry is experiencing a rebound, driven by legislative developments and market dynamics, indicating a potential shift towards domestic production and self-sufficiency in semiconductor equipment [1][2]. Group 1: Legislative Developments - The introduction of H.R.6207, the "Chip Equipment Quality Act," prohibits chip factories receiving U.S. subsidies from using 12 types of semiconductor equipment from China, highlighting China's rapid advancements in semiconductor equipment [1]. - This legislation is seen as a catalyst for market sentiment, reinforcing the logic of self-sufficiency in the semiconductor sector [1]. Group 2: Market Dynamics - The recent termination of the merger between Haiguang Information and Zhongke Shuguang has led to a pause in expected capital integration, but both parties emphasize continued collaboration in the industry [1]. - Nvidia's conditional export license for the H200 chip to China is viewed as a compromise, potentially addressing some domestic high-end AI computing needs while underscoring the necessity for an independent supply chain [1]. - The semiconductor market is witnessing price increases in memory and GPU chips, driven by demand for AI servers, with TrendForce predicting a 45-50% increase in general DRAM contract prices and a 50-55% increase for HBM in Q4 [1]. Group 3: Strategic Value of Semiconductor Equipment - The strategic value of upstream semiconductor equipment and materials is becoming more pronounced, with the semiconductor equipment ETF (561980) focusing on leading companies in the industry [2]. - The ETF tracks major players such as Zhongwei Company, Northern Huachuang, and others, with a concentration of nearly 80% in the top ten holdings, indicating a strong focus on semiconductor equipment, materials, and integrated circuit design [2]. - The long-term logic of domestic substitution supports continued industry prosperity [2].

中邮证券研报指出，北方华创作为国内半导体设备平台型领军厂商，产品覆盖刻蚀、薄膜沉积、热处 理、清洗、涂胶显影、离子注入等多个核心工艺环节，工艺覆盖度完善，国内份额持续提升，将持续受 益于下游扩产与国产替代进程。11月22日，公司披露2025年股票期权激励计划（草案），有助于促进公 司中长期激励机制的健全与完善，提升人才吸引力与团队稳定性。公司拟向激励对象授予10,465,975份 股票期权，约占本激励计划草案公告时公司股本总额的1.4446%，激励对象共计2,306人，其中，公司董 事、高级管理人员7人，核心技术人才及管理骨干2,299人，假设公司2025年11月末授予股票期权，2025 年-2030年期权成本需摊销的总费用约21亿。维持"买入"评级。 ...

Group 1 - The core viewpoint of the article highlights that Northern Huachuang is a leading domestic semiconductor equipment platform manufacturer, benefiting from downstream capacity expansion and domestic substitution processes [1] - The company’s product range covers multiple core process links including etching, thin film deposition, thermal processing, cleaning, coating and developing, and ion implantation, indicating a comprehensive process coverage [1] - The company announced a stock option incentive plan for 2025, which aims to enhance the long-term incentive mechanism, improve talent attraction, and stabilize the team [1] Group 2 - The incentive plan involves granting 10,465,975 stock options, accounting for approximately 1.4446% of the company's total share capital at the time of the announcement, with 2,306 individuals as recipients [1] - Among the recipients, there are 7 directors and senior management personnel, along with 2,299 core technical talents and management backbones [1] - The total expense to be amortized for the stock options from 2025 to 2030 is estimated to be around 2.1 billion [1]

Core Viewpoint - The A-share market experienced fluctuations, particularly in the computing hardware sector represented by the Sci-Tech Chip 50 ETF (588750), which saw a decline of over 1% as of 13:13 on December 10, indicating active buying despite the downturn [1][3]. Market Performance - The Sci-Tech Chip 50 ETF (588750) faced a decline, with major component stocks like Langqi Technology and Huahong Semiconductor dropping over 3% due to the termination of the merger with Zhongke Shuguang [3]. - Haiguang Information's stock fell over 5% at one point but later narrowed its losses to around 1% in the afternoon session [3]. - The index's top ten component stocks predominantly showed negative performance, with declines ranging from 0.44% to 3.53% [3]. Industry Developments - The first MUSA Developer Conference by Moore Threads is scheduled for December 19-20, aiming to outline a comprehensive strategy centered on MUSA and introduce a new GPU architecture, which may boost confidence in domestic GPU chip technology [4]. - Despite short-term volatility in the semiconductor sector, the long-term growth drivers remain intact, with AI innovation and domestic substitution being the core catalysts [5]. Long-term Growth Logic - The semiconductor sector is witnessing a shift in growth momentum from consumer electronics to automotive applications, with analog chips expected to maintain a broad market space due to trends in smart and electric vehicles [5]. - AI computing chips are identified as the primary growth engine, with leading companies like Cambrian and Haiguang benefiting from the surge in AI server demand, leading to increases in both revenue and profit [5]. Index Characteristics - The Sci-Tech Chip 50 ETF (588750) focuses on the "high-end" upstream and midstream segments of the chip industry, showcasing strong growth potential under the current market conditions [6][8]. - The index is expected to achieve a net profit growth rate of 94% in the first three quarters of 2025, with an annual forecast of 100%, significantly outperforming its peers [8]. Comparative Analysis - The Sci-Tech Chip index is characterized by a higher "chip content" and greater elasticity compared to other semiconductor indices, reflecting its focus on core chip segments [6][9]. - The index has demonstrated a maximum increase of 187.69% since September 2024, with superior risk-adjusted returns compared to other indices in the sector [9].

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 一批公募抢筹沐曦股份。 继摩尔线程在资本市场掀起打新盛宴后，A股又将迎来新的国产GPU公司。近日，沐曦集成电路(上海)股 份有限公司(简称"沐曦股份")披露了中签结果，IPO热度再攀高峰。 数据显示，沐曦股份以104.66元/股的发行价位列2025年A股新股发行价第二名，共有517.52万户投资 者参与网上有效申购，公司网上最终中签率低至0.0335%，中签难度甚至高于摩尔线程。另外，公募基 金依旧是网下配售主力，获配金额约14亿元。 比摩尔线程还难抢 此前不久，摩尔线程在科创板上市引发市场高度关注，该公司股价当日暴涨425.46%，按600.5元/股的 收盘价估算，一签浮盈约24.31万元。 紧随其后，GPU行业的另一领军公司沐曦股份开启申购，IPO热度不减。沐曦股份是国内高性能GPU产品 的主要领军企业之一，公司致力于自主研发全栈高性能GPU芯片及计算平台，主营业务是研发、设计和销 售应用于人工智能训练和推理、通用计算与图形渲染领域的全栈GPU产品，并围绕GPU芯片提供配套的 软件栈与计算平台。 华金证券梳理了沐曦 ...

一批公募抢筹沐曦股份。 继摩尔线程在资本市场掀起打新盛宴后，A股又将迎来新的国产GPU公司。近日，沐曦集成电路(上海)股份有 限公司(简称"沐曦股份")披露了中签结果，IPO热度再攀高峰。 数据显示，沐曦股份以104.66元/股的发行价位列2025年A股新股发行价第二名，共有517.52万户投资者参与网 上有效申购，公司网上最终中签率低至0.0335%，中签难度甚至高于摩尔线程。另外，公募基金依旧是网下配 售主力，获配金额约14亿元。 比摩尔线程还难抢 此前不久，摩尔线程在科创板上市引发市场高度关注，该公司股价当日暴涨425.46%，按600.5元/股的收盘价 估算，一签浮盈约24.31万元。 紧随其后，GPU行业的另一领军公司沐曦股份开启申购，IPO热度不减。沐曦股份是国内高性能GPU产品的主 要领军企业之一，公司致力于自主研发全栈高性能GPU芯片及计算平台，主营业务是研发、设计和销售应用于 人工智能训练和推理、通用计算与图形渲染领域的全栈GPU产品，并围绕GPU芯片提供配套的软件栈与计算平 台。 沐曦股份中签结果显示，回拨机制启动后，网下最终发行数量为2282.9081万股，占扣除最终战略配售部分后 本次 ...

研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 北方华创(002371) 超高深宽比刻蚀助力 3D NAND 扩产 证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 457.46 | | --- | --- | | 总股本/流通股本（亿股）7.24 | / 7.24 | | 总市值/流通市值（亿元）3,314 | / 3,312 | | 52 周内最高/最低价 | 468.00 / 318.60 | | 资产负债率(%) | 51.0% | | 市盈率 | 43.27 | | 第一大股东 | 北京七星华电科技集团 | | 有限责任公司 | | l 投资要点 预计中国大陆 2026 至 2028 年间设备支出将达 940 亿美元。 受益于晶圆厂区域化趋势以及数据中心和边缘设备中 AI 芯片需求 激增，SEMI 预计 2025 年全球 300mm 晶圆厂设备支出将首次超过 1,00 ...

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index decreased by 0.67% as of December 10, 2025, with mixed performance among constituent stocks [1] - Zhongke Shuguang and Haiguang Information announced the termination of a major asset restructuring, stating that it will not significantly impact their production, operations, or financial status [1] - The China Securities Index for the big data industry fell by 2.00%, with Zhongke Xingtou leading gains at 7.01% while Shuguang Data Creation dropped by 10.92% [1] Group 2 - Galaxy Securities noted that the semiconductor sector performed relatively well last week, with the long-term development logic of the sector remaining unchanged [2] - The trend of supply chain security and self-control is emphasized as a long-term strategy in the current external environment [2] - Equipment and materials are highlighted as having the strongest logic under domestic substitution top-level design, with digital chips being the core carrier of computing autonomy [2]