《科创板日报》12月5日讯（实习记者 戴嘉怡 记者 李煜）近日，无锡高新区企业尚积半导体科技股份 有限公司（下称："尚积半导体"）宣布完成超3亿元Pre-IPO轮融资，投资方包括中国中车、江苏战新 投、广州产投、国信弘盛、穗开投资、华强创投、巨石创投、宿迁产投、君联资本、锡创投等。 尚积半导体表示，此次募集资金将主要用于加快金属溅射沉积（PVD）、加强型等离子化学气相沉积 （PECVD）、等离子干法刻蚀（ETCH）等核心设备领域的研发与产业化进程。 资料显示，尚积半导体成立于2021年，总部位于无锡高新区，专注于半导体设备的研发、生产与销售， 核心服务领域覆盖功率器件、微机电系统（MEMS）、先进封装、化合物半导体、射频及集成电路等赛 道，为下游半导体企业提供关键制程设备解决方案。 股权结构方面，天眼查信息显示，尚积半导体股权集中度较高，核心创始人团队掌控实际控制权，同时 引入多元化机构股东支撑业务发展。 其中，该公司创始人王世宽持股29.95%；联合创始人夏小军持股21.26%；上海泰纳微企业管理有限公 司持股13.88%；无锡芯聚管理咨询合伙企业（有限合伙）持股7.97%；无锡宽行企业管理有限公司持股 6 ...

屹唐股份 20251204 公司的热处理（RTP）业务表现如何？ 摘要 亿唐股份是国内领先的半导体设备供应商，业务涵盖去胶、热处理和刻 蚀三大平台，产品已应用于国内外头部厂商的存储器和先进逻辑芯片制 造，受益于国产替代和下游客户扩产。 在去胶设备领域，亿唐股份凭借 Suprema、Hydrasys 和 Optimax 三 大系列，满足客户对光刻胶去除需求，采用干法去胶技术，市占率达 34.6%，位居全球第二，已应用于台积电 5 纳米/3 纳米工艺。 热处理业务方面，亿唐股份的 RTP 设备包括 Helios 和 Melius 系列，用 于激活硅片离子电性能，市占率为 13%，排名全球第二，技术能力覆盖 Spike 退火、恒温退火及毫秒级退火。 刻蚀及表面处理设备是亿唐股份的新增长点，提供 ICP 和 CCP 刻蚀，差 异化布局原子级表面处理 Scaler 及高选择比刻蚀技术，满足先进制程客 户需求，提升市场竞争力。 亿唐股份股权结构清晰，北京亦庄国投控股，团队经验丰富，CEO 陆总 具备应材和 Intel 研发背景，李福红总拥有超 20 年 fab 厂管理经验，为 公司创新和市场拓展提供保障。 Q&A 请介绍 ...

Core Viewpoint - The company is initiating a dual-driven model of "capital operation + strategic focus" to overcome growth bottlenecks amid the domestic semiconductor equipment wave, following significant management changes [1][4]. Group 1: Management Changes - The company appointed Lang Yu, former director of institutional department at CITIC Securities Shenzhen, as the board secretary, indicating a strong focus on capital operations [2]. - The management restructuring includes the return of founder Zheng Guangwen as general manager, which is seen as a key move to stabilize strategic direction [3]. - Internal promotion of financial director Luan Yufeng from a grassroots position is expected to improve cost control and gross margin [3]. Group 2: Financial Performance - In the first three quarters of 2025, the company's net profit attributable to shareholders declined by 80.24%, while revenue growth was 17.94%, resulting in a low net profit margin of 0.96% [2]. - The gross margin for the same period was reported at 24.94%, down by 1.03 percentage points year-on-year [3]. Group 3: Strategic Focus - The company is heavily reliant on the integrated circuit sector, with 88.61% of revenue coming from this segment in 2024 [4]. - The management changes aim to accelerate technological breakthroughs and capacity expansion, with a 35% year-on-year increase in R&D investment in the first three quarters of 2025 [4]. - The company is focusing on domestic production of core components for etching and thin film deposition equipment, aiming to shorten the R&D cycle for high-end products [4]. Group 4: Market Reaction - Following the announcement, the company's stock price did not show significant movement, indicating a cautious market sentiment [5]. - Investors are particularly focused on the effectiveness of the new management in integrating capital operations into actual order growth, the progress of gross margin improvement, and the ability to capture market share amid changing international trade conditions [5].

Summary of Zhongwei Company Conference Call Company Overview - Zhongwei Company specializes in semiconductor equipment, with etching equipment accounting for 82% of revenue. [2][6] - The company has seen rapid growth in thin film equipment revenue, which increased 13 times year-on-year, contributing 6.6% to total revenue. [2][6] - Zhongwei is actively expanding into measurement and TSV (Through-Silicon Via) fields. [2] Financial Performance - Revenue compound annual growth rate (CAGR) from 2020 to 2024 is projected at 41%, with net profit CAGR at 35%. [2][3] - Gross margin is expected to decline to 41% in 2024 due to industry cycles and new business impacts. [2][7] - R&D expenses have increased by 22.25% in the first three quarters of 2024. [2][7] - Inventory levels are maintained at around 80% of annual revenue, with contract liabilities at approximately 4.4 billion yuan, indicating a robust order situation with over 40% year-on-year growth. [2][7] Market Dynamics - The Chinese semiconductor equipment market is valued at approximately $50 billion, representing 42% of global demand, with an expected annual growth rate exceeding 15% over the next 5-10 years. [2][9] - Equipment investment in wafer fabrication plants accounts for 70%-80% of capital expenditures. [9] - The domestic market's localization rate for mature etching processes is about 50%, while advanced processes are below 15%. [9][10] Business Structure - As of the end of 2024, Zhongwei's revenue structure consists of specialized equipment (86%), spare parts (12.83%), and service income (1%-2%). [5][6] - The core business remains focused on etching and thin film equipment, with etching equipment being the primary revenue source. [6] Competitive Position - Zhongwei holds a significant position in the domestic market, with its products accounting for 20%-40% of new wafer fabrication plants. [15] - The company has a strong technical background and management team, with a focus on expanding its semiconductor equipment coverage to over 60% in the next 5-10 years. [4][19] Future Growth Projections - Revenue growth rates for the next three years are expected to be 33%, 29%, and 27%, with net profit growth potentially being faster. [3][19] - The company is positioned to benefit from the acceleration of domestic semiconductor equipment localization and increasing demand for key equipment. [19] Risks and Challenges - Key risks include potential delays in product development and validation, changes in international trade rules, and a slowdown in downstream foundry expansion. [24] - The company may face challenges related to excess chip supply or insufficient competitiveness leading to demand shortfalls. [24] Investment Considerations - Current valuation is high, around 70-80 times earnings, but is considered reasonable given the company's technological barriers and growth prospects. [19][22] - Investors are advised to consider long-term holding strategies, with potential entry points if valuations drop below 40 times earnings. [22][23]

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company is a leading player in the semiconductor equipment sector, with growth momentum injected by the acquisition of Guan Hong Intelligent. The company has transitioned through various phases, including product upgrades, rapid expansion post-IPO, and now entering a diversified growth phase focusing on smart robotics and solid-state battery equipment [3][4] - The domestic semiconductor equipment market is experiencing significant growth, driven by increasing demand and a push for localization. The company is well-positioned to benefit from this trend, with a strong competitive edge in the precision metal structural components sector [3][4] - The company is strategically positioning itself in the solid-state battery market, which is expected to see substantial growth due to its high energy density and safety features. The global solid-state battery shipment is projected to reach 614.1 GWh by 2030, with the equipment market size expected to be between 718-958 billion yuan [3][4] - The company is also expanding into the smart industrial robotics sector, leveraging its existing technology and understanding of customer needs in manufacturing [3][4] Summary by Sections Semiconductor Equipment Sector - The company has established itself as a leader in the semiconductor equipment sector, with a CAGR of 19.7% in the semiconductor equipment structural components from 2019 to 2024. The revenue from this segment is closely tied to the demand in the semiconductor industry [19][23] - The acquisition of Guan Hong Intelligent is expected to enhance the company's revenue growth, with Guan Hong's revenue projected to contribute significantly in 2025 [19][23] Domestic Semiconductor Equipment Market - The semiconductor market is recovering, with a projected sales increase of 20.1% in 2024 and 11.7% in the first three quarters of 2025. The global semiconductor equipment market is expected to reach $125.5 billion in 2025 [29][32] - The company is benefiting from the increasing localization of semiconductor equipment, with domestic revenue and market share expected to rise as the domestic equipment penetration rate increases [42] Solid-State Battery Equipment - The solid-state battery market is anticipated to grow significantly, with the company focusing on dry process equipment for solid-state batteries. The transition from traditional liquid batteries to solid-state technology is expected to drive demand for new equipment [53][64] - The company is developing solutions for dry electrode technology, which is more efficient and cost-effective compared to traditional methods, and has already secured orders from leading battery manufacturers [53][64] Smart Industrial Robotics - The company is expanding into the smart industrial robotics market, leveraging its existing technology and expertise in automated systems. This move is expected to capitalize on the growing demand for intelligent logistics solutions [3][4]

Core Insights - SMIC reported a revenue of 49.51 billion yuan for the first three quarters, representing an 18.2% year-on-year increase, and a net profit of 3.82 billion yuan, up 41.1% year-on-year [1] - In Q3, the company achieved a revenue of 17.16 billion yuan, a quarter-on-quarter increase of 6.9% and a year-on-year increase of 9.9%, with a net profit of 1.52 billion yuan, up 43.1% year-on-year [1] Group 1: Financial Performance - The increase in net profit is attributed to a rise in wafer sales and changes in product mix [2] - The company is positioned as the leading wafer foundry in mainland China with advanced process technology [2] Group 2: Market Position and Growth Potential - SMIC's global market share is expected to rise from 5.3% in 2023 to 6% in 2024, moving from the 5th to the 3rd position globally [2] - The company aims to focus on advanced processes such as 7nm and 5nm technology [2] Group 3: Industry Trends and Supply Chain - Long-term growth for SMIC is anticipated to be strong, driven by Chinese IC design companies and trends in artificial intelligence [2] - The domestic semiconductor equipment sector is crucial for the expansion of wafer foundries, with ongoing efforts to reduce reliance on foreign technology [2] Group 4: Company Relationships - Zhaoxin provides one-stop services from chip specification to finished products, primarily sourcing wafer foundry services from SMIC, which holds a 14.23% stake in Zhaoxin [3] - Shengjian Technology specializes in semiconductor process waste gas treatment and has a long-term service relationship with SMIC [4]

恒运昌构建了涵盖信号采样及处理、相位锁定、同步控制等关键技术的自主体系，形成三大基石技术和 八大产品化支撑技术，核心技术完全自主可控。截至2025年6月30日，恒运昌累计获得261项授权专利， 其中发明专利108项，另有133项发明专利在申请中，同时承担工信部、科技部三项国家级重大科研课 题，技术实力获国家层面认可。 在国产化浪潮与自身技术优势的双重驱动下，恒运昌已确立行业领先地位。根据弗若斯特沙利文统计， 2024年公司在中国大陆半导体行业国产等离子体射频电源系统厂商中市场份额位列第一，成为国产替代 的核心力量。 客户资源方面，恒运昌已与拓荆科技、中微公司、北方华创（002371）、微导纳米、盛美上海等国内头 部半导体设备商建立紧密的战略合作关系，成为薄膜沉积、刻蚀等关键环节的核心供应商，客户黏性极 强。 业绩高速增长态势强劲盈利质量持续优化 备受资本市场关注的半导体设备核心零部件龙头企业深圳市恒运昌真空技术股份有限公司(简称"恒运 昌")，即将迎来科创板上市关键节点。 上交所信息显示，恒运昌IPO将于11月14日上会审核，有望成为国产半导体核心部件领域的又一资本标 杆。作为打破海外垄断、实现高端产品国产化 ...

Asia Pacific Equity Research 04 November 2025 NAURA - A Key beneficiary of China's investment in advanced logic capacity: Initiate coverage at OW As the largest wafer fabrication equipment (WFE) platform in China, we believe NAURA is set to benefit from stronger semiconductor capex and continuous localization initiatives in China. Meanwhile, we expect NAURA's growth in the coming two years to be driven mainly by advanced logic projects. Amid a global WFE sector re-rating and on top of a 40% earnings CAGR fo ...

Core Viewpoint - The semiconductor sector is experiencing a significant supply-demand imbalance, driven by increased storage demand from AI server construction, leading to price increases for storage chips [1] Semiconductor Sector Summary - The semiconductor materials ETF (562590) rose by 2.56% as of 9:45 AM, with notable gains in component stocks such as Zhongwei Company (up 3.84%), Huahai Qingke (up 3.59%), and Hushi Silicon Industry (up 1.93%) [1] - The storage chip sector is witnessing a rare supply-demand situation, with major manufacturers like Micron, Samsung, and SK Hynix reallocating production capacity to high-end product lines such as DDR5 and HBM, resulting in shortages of traditional storage products [1] - In October 2025, the global storage chip market is expected to continue rising, with Samsung and SK Hynix announcing a maximum 30% increase in DRAM contract prices and a 5% to 10% increase in NAND flash contract prices for the fourth quarter [1] Market Outlook - Dongwu Securities indicates that AI-driven demand is surging, with high-performance storage (like HBM and DDR5) experiencing increased demand, which is squeezing traditional DRAM capacity and leading to tight supply for DDR4 and other products [1] - The DRAM inventory cycle is projected to decrease from 31 weeks in 2023 to 8 weeks by October 2025, as manufacturers reduce DDR4 production in favor of more profitable HBM and DDR5 products [1] - Two major storage fabs are accelerating new capacity expansion, and there is optimism regarding the increase in domestic equipment localization rates [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has experienced significant revenue growth, benefiting from the expansion trend in storage. In Q3 2025, the company achieved revenue of 2.266 billion yuan, a year-on-year increase of 124.15%. The net profit attributable to the parent company was 462 million yuan, up 225.07% year-on-year, while the non-recurring net profit reached 420 million yuan, reflecting an increase of 822.50% year-on-year [2][6]. - The company's gross margin was 34.42%, a decrease of 4.85 percentage points year-on-year. For the first three quarters of 2025, the company reported total revenue of 4.220 billion yuan, a year-on-year increase of 85.27%, with a net profit of 557 million yuan, up 105.14% year-on-year [2][6]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 2.266 billion yuan, with a year-on-year growth of 124.15%. The net profit attributable to the parent company was 462 million yuan, marking a 225.07% increase year-on-year. The non-recurring net profit was 420 million yuan, reflecting an 822.50% increase year-on-year. The gross margin stood at 34.42%, down 4.85 percentage points year-on-year [2][6]. - For the first three quarters of 2025, the company achieved a total revenue of 4.220 billion yuan, a year-on-year increase of 85.27%. The net profit attributable to the parent company was 557 million yuan, up 105.14% year-on-year, while the non-recurring net profit was 458 million yuan, reflecting a 599.67% increase year-on-year. The gross margin was 33.28%, down 10.31 percentage points year-on-year [2][6]. Market Trends - The semiconductor equipment industry is expected to maintain a favorable outlook, with accelerated construction of advanced processes. From January to September 2025, the import value of semiconductor equipment in mainland China increased by 7.22% to reach 32.4 billion USD. Major semiconductor equipment companies reported revenues of 24.33 billion yuan, a year-on-year increase of 44.2% [12]. - The demand for semiconductor equipment remains strong due to the ongoing construction of domestic wafer fabs. The global semiconductor equipment market is projected to continue growing, with SEMI estimating that spending on 300mm wafer fab equipment will increase by 7% in 2025, reaching 107 billion USD [12]. Company Outlook - The company has accumulated deep expertise in technology, customer relationships, and brand recognition. It has continuously expanded its product framework and industrial application areas. The current order backlog is robust, and compared to other companies in the industry, its growth potential is more pronounced and certain. The projected net profits attributable to the parent company for 2025-2027 are 978 million yuan, 1.471 billion yuan, and 2.101 billion yuan, respectively, corresponding to price-to-earnings ratios of 89x, 59x, and 42x at the current stock price [12].