2022-2024年，中科仪实现营业收入分别为6.98亿元、8.52亿元、10.82亿元；对应的净利润分别为4.98亿 元、6亿元、1.93亿元。 此次IPO，中科仪拟募资8.52亿元，投建于干式真空泵产业化建设项目、高端半导体设备扩产及研发中 心建设项目、新一代干式真空泵及大抽速干式螺杆泵研发项目。 其中，干式真空泵产业化建设项目通过新建厂房、购置高端生产设备、装配智能化产线，提升公司干式 真空泵的生产能力，形成年产20,040台干式真空泵的生产能力；装配产线方面，将实现物流移动50%自 动化，即自动保管、自动输入、自动输出及智能化，并逐步实现智能化；加工产线 方面，将采取H-MC 卧式加工方式并通过FMS方式实现自动等待以及根据日程安排自动加工，将实现90%以上的自动化及智 能化；市场方面，利用前期积累的客户和不断导入的客户资源，积极配合客户的工艺测试，满足客户的 生产需求，实现业绩快速增长。 而高端半导体设备扩产项目所生产的H系列干式真空泵是集成电路设备中的重要配套设备之一，广泛用 于刻蚀、PVD、CVD等集成电路制造部分工艺中，也可应用于包括太阳能光伏行业在内的泛半导体领 域。同时，本项目也将扩产少量 ...

今天芯片产业链为何大涨？因为中国半导体产业最大的一次攻坚战正式打响了。 根据媒体最新报道，中国有史以来最大的半导体基金、规模超过前两期的总和"大基金三期"，即将在未来数月进行首批重大投资。 因为光刻机与EDA软件是我们半导体产业被遏制的两大关键杠杆点。 其中，光刻机决定我们能否造出芯片，EDA决定我们能否设计出芯片。大基金三期锁定这两大领域，正是要同时打通芯片创造与芯片制造的任督二脉，建 立真正自主可控的半导体产业链根基。 1.光刻机：先进制程的"命门" 并且正在调整投资策略，预备将投资重心集中于光刻机与芯片设计软件（EDA）两大关键短板领域，以突破技术遏制。 今天早盘，重仓设备、材料和设计的半导体设备ETF（561980）盘中一度涨超2%，受提振明显。 【为何光刻机与EDA被大基金三期重点锁定？】 投资最多，受益也最大。 根据机构测算，当前半导体设备的国产化率不足25%（这还是扣除光刻机的情况下），而大基金三期有望推动这一数字在未来五年提升至40%以上，这意味 着板块将催生出千亿市值龙头。 而且除了大基金直接投向光刻系统的资金，后续投向晶圆厂的也会相当一部分转化为设备采购需求，因为半导体设备是芯片制造的基石 ...

根据市场公开信息及6月27日披露的机构调研信息，知名私募淡水泉近期对2家上市公司进行了调研，相 关名单如下： 淡水泉成立于 2007 年，是中国领先的私募证券基金管理人之一，专注于与中国相关的投资机会，同时 开展国内私募证券投资、海外对冲基金和QFII/机构专户业务。客户群体包括全球范围内的政府养老 金、主权基金、大学捐赠基金、保险公司等机构客户及高净值个人客户。公司以北京为总部，在上海、 深圳、香港、新加坡和美国设有办公室。 2）精智达 （淡水泉参与公司券商策略会） 调研纪要：精智达介绍了其产品情况，包括DRM老化测试修复设备、MEMS探针卡、存储器通用测试 验证机、新型显示器件检测设备等。公司正在研发满足先进封装测试要求的升级版CP测试机、高速FT 测试机，并已获得客户认可。公司计划拓展MEMS探针卡产品线，研发分选机、探针台等测试设备，并 成立了南京精智达技术有限公司。公司正开发针对KGSD、HBM等2.5D和3D封装技术的测试技术和设 备。公司设定2025年营业收入增长率不低于60%，半导体业务营业收入增长率不低于500%。 机构简介： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310 ...

Core Viewpoint - The company, Changchuan Technology, is experiencing explosive growth in its performance, with a projected profit of 360 million to 420 million yuan for the first half of the year, representing a year-on-year increase of 67.54% to 95.46% [1] Group 1: Financial Performance - In 2024, the company reported a revenue of 3.642 billion yuan, a year-on-year increase of 105.15% [5] - The net profit attributable to shareholders reached 458 million yuan, showing a staggering year-on-year growth of 915.14% [5] - In the first quarter of this year, net profit surged by 2623.82% to 111 million yuan, attributed to strong market demand and effective cost control [6] Group 2: Industry Position and Challenges - Changchuan Technology is a leading enterprise in China's integrated circuit testing equipment sector, focusing on the R&D, production, and sales of specialized equipment [4] - The company aims to promote technological upgrades and import substitution in the domestic semiconductor equipment industry [4] - Despite strong performance, the company faces challenges such as project delays, regulatory warnings, and a low domestic semiconductor equipment localization rate of only 13.6% [2][7] Group 3: R&D Investment and Future Plans - The company plans to invest 3.84 billion yuan in a semiconductor equipment R&D project focusing on the iteration of testing machines and AOI equipment, with a long implementation period of five years [7] - R&D investment has significantly increased from 25 million yuan in 2016 to 967 million yuan in 2024, with R&D accounting for 28.14% of revenue [10] - The company has over 1,000 authorized patents, including more than 350 invention patents, and its products are integrated into the supply chains of major domestic and international companies [10] Group 4: Previous Project Delays and Regulatory Issues - The company has faced delays in previous fundraising projects, particularly a 260 million yuan project for probe station R&D, which has been postponed twice [9][11] - The Zhejiang Securities Regulatory Bureau issued a warning letter to the company for issues related to premature revenue recognition, improper management of raised funds, and inadequate sales internal controls [11]

Core Viewpoint - Hangzhou Changchuan Technology Co., Ltd. has announced its largest refinancing plan since its listing, aiming to raise no more than 3.132 billion yuan, with significant investments directed towards semiconductor equipment R&D and working capital [1][10]. Group 1: Financial Performance - The company expects a profit of 360 million to 420 million yuan for the first half of the year, representing a year-on-year growth of 67.54% to 95.46% [2]. - In 2024, the company reported a revenue of 3.642 billion yuan, a year-on-year increase of 105.15%, and a net profit of 458 million yuan, up 915.14% [7]. - In Q1 of this year, net profit surged by 2623.82% to 111 million yuan, attributed to strong market demand and effective cost control [9]. Group 2: R&D and Market Position - Changchuan Technology is a leading player in China's integrated circuit testing equipment sector, focusing on the R&D, production, and sales of specialized equipment [6]. - The company has significantly increased its R&D investment from 25 million yuan in 2016 to 967 million yuan in 2024, a nearly 40-fold increase, with R&D accounting for 28.14% of revenue in 2024 [13]. - The company holds over 1,000 authorized patents, including more than 350 invention patents, and its products are integrated into the supply chains of major domestic and international companies [13]. Group 3: Challenges and Regulatory Issues - Despite impressive financial results, the company faces challenges, including delays in previous fundraising projects and a low domestic semiconductor equipment localization rate of 13.6% [3][10]. - The company has encountered regulatory warnings due to issues such as premature revenue recognition and mismanagement of raised funds, leading to warnings issued to top executives [14].

华泰证券指出，电子纱市场价格稳定运行，高端电子纱及电子布供需仍然紧张，部分高端产品如Low- Dk和Low-CTE等需求缺口明显，价格涨后暂稳运行，后期仍有望提价。玻纤行业方面，海外产能关停 导致部分高端电子纱及电子布供需紧张，国内无碱粗纱市场价格平稳运行，但风电及汽车客户抢出货驱 动下，风电纱及热塑纱延续结构性高景气。电子材料领域，低空无人机和出口需求大增推动碳纤维中高 端品类供需延续紧平衡，人形机器人和低空飞行器制造等板块有望提振碳纤维材料需求。 今日，科创芯片ETF（589100）涨超1.9%，半导体设备国产化与电子行业需求增长获关注。 （文章来源：每日经济新闻） 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 科创芯片ETF国泰跟踪的是科创芯片指数，该指数由中证指数有限公司编制，从科创板市场中选取业务 涉及半导体材料、设备、设计、制造、封装 ...

Core Viewpoint - Maolai Optics (688502.SH) is accelerating its expansion by issuing convertible bonds to raise up to 581 million yuan for the construction of ultra-precision optical production and R&D projects, which will enhance its production capacity and operational efficiency [1][2]. Group 1: Financial Performance - In Q1 2025, Maolai Optics reported revenue of 142 million yuan, a year-on-year increase of 28.23%, and a net profit of 16.64 million yuan, up 288.73% [5]. - For 2024, the company achieved revenue of 503 million yuan, a 9.78% increase, but net profit decreased by 23.98% to 35.52 million yuan [4]. - The gross profit margin for Q1 2025 was 50.49%, an increase of 1.01 percentage points year-on-year [5]. Group 2: Investment Projects - The ultra-precision optical production project has a total investment of 417 million yuan, with the raised funds expected to cover this amount entirely [2]. - The project is projected to achieve an internal rate of return of 16.51% (after tax) and a payback period of 8.3 years, with expected annual sales revenue of 600 million yuan upon reaching full capacity [2][3]. Group 3: Market Context - The semiconductor equipment market in China has surpassed 200 billion yuan, with photolithography equipment demand being particularly strong, accounting for over 20% of the market [3]. - Maolai Optics aims to leverage its technological and production advantages to expand its market share in the semiconductor ultra-precision optical sector [3]. Group 4: R&D Investment - From 2022 to 2024, Maolai Optics' R&D expenses increased annually, totaling 192 million yuan over the three years [4][5]. - The company has developed several core technologies, contributing to its high gross profit margins, which were 49.52%, 51.89%, and 48.48% for the years 2022, 2023, and 2024, respectively [5].

据了解，等离子体射频电源系统是半导体设备零部件国产化最难关卡之一，技术壁垒高、研发投入大、研发周期长、生产的"精确复制"要求极 高，因而国产化率极低。根据弗若斯特沙利文统计，2023年中国大陆半导体领域等离子体射频电源系统的国产化率不足7%，属于被"卡脖子"最严 重的环节之一。 恒运昌聚焦于等离子体射频电源系统的技术攻关，历经十年，先后推出CSL、Bestda、Aspen三代产品系列，成功打破了美系两大巨头MKS和AE 长达数十年在国内的垄断格局。恒运昌自主研发的第二代产品Bestda系列可支撑28纳米制程，第三代产品Aspen系列可支撑14纳米先进制程，达到 国际先进水平，填补国内空白。与此同时，国内主要晶圆厂被美国商务部列入实体清单后，无法向原海外设备供应商采购备件或申请维修服务， 恒运昌为此承接了进口等离子体射频电源系统的原位替换及维修的业务。 恒运昌已具备成熟的规模化量产能力，公司产品已量产交付拓荆科技、中微公司、北方华创、微导纳米、盛美上海等国内头部半导体设备商，并 成为薄膜沉积、刻蚀环节国内头部设备商的战略级供应商。截至2024年末，恒运昌与上述客户已实现百万级收入的自研产品共30款，实现千万级 ...

证券研究报告 | 2025年06月08日 精测电子（300567.SZ） 显示业务逐步修复，半导体业务先进制程加速成长 优于大市 1Q25 公司营收同比增长 64.92%。公司主要从事显示、半导体及新能源检测 系统的研发、生产与销售。2024 年公司实现营收 25.65 亿元（YoY +5.59%）, 归母净利润为-0.98 亿元(YoY-165.02%)，业绩短期承压主要原因系：（1） 下调部分显示产品价格导致显示业务毛利率同比下降 9.02pct，新能源业务 亏损约 0.89 亿元；（2）半导体业务虽实现营收 7.68 亿元(YoY +94.65%)， 但研发投入较高占公司研发投入 49%，仍处投入期。进入 1Q25，公司利润端 环比改善，单季度实现营收 6.89 亿元(YoY+64.92%,QoQ-6.13%)，归母净利 润 0.38 亿元(YoY+336.1%，QoQ+121.9%)，毛利率 41.75%(YoY-5.26pct， QoQ+10.41pct)，显示与半导体业务毛利率逐步改善。 半导体业务先进制程应用顺利推进，在手订单 16.68 亿元。1Q25 半导体业务 实现销售收入 2.12 亿元 ...

文 | 张冰冰 「国奥科技」基于新型多自由度电机理论，设计了全新的技术方案。传统电机一个动子加一个定子，只能做旋转或直线一个维度的运动，「国奥科 技」电机一个动子可以做双轴运动，既可以旋转，又可以直线运动。"当直线和旋转运动同时在一个电机中实现时，我们的执行精度就会更高。而 且我们没有任何机械传动，机械连接全部采用直驱的传动方式，通过磁场变化来控制运动的速度、节拍、力。"李思阳总结道。 编辑 | 阿至 36氪获悉，国奥科技（深圳）有限公司（以下简称「国奥科技」）近日宣布完成数千万元A轮融资，本轮融资由深创投投资，资金将主要用于扩大 产能，以及加速高端半导体、汽车、机器人等领域的产品研发。 「国奥科技」成立于2018年，是一家专注于多自由度精密电机研发与制造的高科技企业，致力于为半导体设备、精密自动化等领域提供高精度运动 控制解决方案，2024年获评为深圳市专精特新中小企业。 「国奥科技」自主研发的"一体式直线旋转电机"可实现二自由度微纳米定位，软着陆功能，精准力控达±0.01N，可应用于半导体先进封装、高精度 量测、3C、光声电精密贴装、协作及人形机器人等领域，多款产品已被半导体、3C头部厂商采用。 一、抓住 ...