12月18日，中微公司一纸公告引发了资本市场的关注，其拟发行股份拿下杭州众硅的控制权。 而这笔交易其实早有伏笔，中微公司在收购之前就已是杭州众硅第二大股东。此次收购后，公司将锁定 46.95%的绝对控制权，交易不构成重大资产重组也让市场看到了快速落地的希望。 事实上，能被中微公司看中，杭州众硅也绝非普通之流，其已实现9轮融资，并且背后集结了一批明星 机构。若此次收购成功，意味着中微公司在平台化布局上又迈出了一步。 控股杭州众硅 12月18日，市值1700亿的半导体设备龙头中微公司抛出一则牵动资本市场的公告，其拟通过发行股份来 收购杭州众硅的控制权，并同步募集配套资金。这一资本运作直接触发了中微公司的停牌（自12月19日 起，不超过10个交易日）。 从此次交易的核心细节来看，中微公司已与杭州众硅7家核心股东签署了《发行股份购买意向协议》， 若协议股权全额交割，中微公司将新增34.91%股权，叠加原本持有的12.04%股权，其将合计掌控 46.95%的股权，成为杭州众硅的控股股东。 值得关注的是，中微公司此前已通过产业资本入股了杭州众硅，且已成为其第二大股东，这也导致此次 收购控制权的交易与谈判难度本身并不是非常 ...

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - In 2024, the company achieved a revenue of 9.065 billion yuan, representing a year-on-year growth of 44.73%. However, the net profit attributable to the parent company was 1.616 billion yuan, a decline of 9.53% year-on-year. The non-recurring net profit was 1.388 billion yuan, showing a growth of 16.51% year-on-year. In Q4 2024, revenue reached 3.558 billion yuan, up 60.11% year-on-year, with a net profit of 703 million yuan, an increase of 12.24% year-on-year [2][6]. Summary by Sections Financial Performance - The company reported a total revenue of 9.065 billion yuan for 2024, with a gross profit of 3.722 billion yuan, resulting in a gross margin of 41% [15]. - The company’s R&D expenses for 2024 were approximately 2.452 billion yuan, accounting for about 27.05% of total revenue, which is an increase of 6.90 percentage points compared to 2023 [11]. Growth Drivers - The etching equipment segment generated revenue of 7.277 billion yuan, a year-on-year increase of 54.72%, significantly contributing to overall performance. The company has maintained an average annual growth rate of over 50% in this segment over the past four years [11]. - The company has made substantial progress in platform development, with new equipment for various applications entering the market and receiving repeat orders [11]. Future Outlook - The company is expected to achieve revenues of 11.9 billion yuan and 15.2 billion yuan in 2025 and 2026, respectively [8]. - The company is expanding its production capacity with new facilities in Nanchang, Shanghai, Guangzhou, and Chengdu to support future growth [11].