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投资笔记:半导体掩膜版的投资逻辑分析(含平板显示)(13634字)
材料汇· 2025-06-06 15:03
点击 最 下方 " 推荐"、"赞 "及" 分享 ","关注"材料汇 添加 小编微信 ,遇见 志同道合 的你 正文 目录 以晶圆制造为例,其制造过程需要经过多次曝光工艺,利用掩膜版的曝光掩蔽作用,在半导体晶圆表面形成栅极、源漏极、掺杂窗口、电极接触孔等。相 比较而言, 半导体掩膜版在最小线宽、 CD 精度、位置精度等重要参数方面 ,均显著高于平板显示、 PCB 等领域掩膜版产品。 掩膜版是光刻过程中的重要部件,其性能的好坏对光刻有着重要影响。根据基板材质的不同, 掩膜版主要可分为石英掩膜版、苏打掩膜版和其他 (包含凸版、菲林等) 。 一、什么是掩膜版: 定义、分类 二、掩膜版制造加工工艺: 关键参数量测及检测 三、掩膜版产业链: 产业链、结构与成本 四、掩膜版技术演变: OPC 和 PSM 五、半导体掩膜版: 市场及行业特征 六、平板显示掩膜版: 市场及行业特征 七、掩膜版竞争格局 八、掩膜版未来趋势 九、掩膜版重点企业介绍 一、什么是掩膜版 掩膜版( Photomask )又称光罩、光掩膜、光刻掩膜版等 ,是微电子制造过程中的图形转移工具或母版,是图形设计和工艺技术等知识产权信息的载 体。在光刻过程中,掩膜版 ...
美埃科技(688376):2024、2025Q1业绩点评:海外业务增速亮眼,并购捷芯隆完善业务布局
Changjiang Securities· 2025-04-28 15:32
Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In 2024, the company achieved operating revenue of 1.72 billion yuan, a year-on-year increase of 14.45%, and a net profit attributable to the parent company of 190 million yuan, up 10.83% year-on-year. For Q1 2025, the operating revenue was 320 million yuan, reflecting a year-on-year growth of 16.02%, with a net profit of 40 million yuan, an increase of 18.45% year-on-year [2][6]. - The company completed the privatization of Jiexinlong, which enhances its business layout through multiple synergies in the supply chain and sales regions [2][6]. Summary by Sections Financial Performance - The company reported a total operating revenue of 1.72 billion yuan in 2024, with a gross profit of 510 million yuan, resulting in a gross margin of 29.62%, an increase of 2.90 percentage points year-on-year. The overseas revenue reached 228 million yuan, growing 33.28% year-on-year, which is higher than the overall growth rate [11]. - For Q1 2025, the company achieved an operating revenue of 320 million yuan, with a net profit of 40 million yuan, marking an 18.45% increase year-on-year [6]. Business Expansion - The acquisition of Jiexinlong is expected to enhance the company's business, particularly in overseas markets. Jiexinlong reported revenue of 357 million yuan in 2023, with a net profit of 55 million yuan and a healthy gross margin of 31.7% [11]. - The company plans to expand its production capacity, which is currently at full utilization, to support future revenue and profit growth [11]. Future Outlook - The company has set ambitious performance targets through a stock incentive plan, aiming for revenues of at least 2 billion yuan in 2024, 2.75 billion yuan in 2025, and 3.8 billion yuan in 2026, corresponding to growth rates of 32.9%, 37.5%, and 38.2% respectively [11]. - The projected net profits for 2024, 2025, and 2026 are 240 million yuan, 300 million yuan, and 360 million yuan, respectively, with corresponding price-to-earnings ratios of 20x, 16x, and 13x [11].