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中微公司(688012):点评:1H2025收入业绩持续高增,平台化布局高端产品逐步放量
SINOLINK SECURITIES· 2025-08-28 15:28
Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth of 30% for 2025-2027 and corresponding net profit growth of 36%/42%/35% [4] Core Insights - In the first half of 2025, the company achieved revenue of 4.961 billion RMB, a year-on-year increase of 43.88%, and a net profit of 706 million RMB, up 36.62% year-on-year [2] - The company has significantly increased its R&D investment, totaling 1.492 billion RMB in the first half of 2025, representing a 53.70% increase year-on-year, with R&D expenses accounting for 30.07% of revenue [2] - The company is focusing on advanced etching and film deposition equipment, with notable revenue growth in its etching equipment business, which generated 3.781 billion RMB, a 40.12% increase year-on-year [3] Summary by Sections Performance Review - In Q2 2025, the company reported a quarterly revenue of 2.787 billion RMB, a year-on-year increase of 51.26% and a quarter-on-quarter increase of 28.25% [2] - The net profit for Q2 2025 was 393 million RMB, reflecting a year-on-year increase of 46.82% and a quarter-on-quarter increase of 25.47% [2] Business Analysis - The company is deepening collaborations with domestic and international clients and increasing R&D efforts, with ongoing projects covering six types of equipment, including core equipment for key processing technologies [2] - The company's plasma etching equipment is being utilized by leading international clients for advanced integrated circuit manufacturing processes [2] - The LPCVD and ALD film deposition equipment developed in the past two years have entered the market and received substantial repeat orders [2] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 11.821 billion RMB, 15.243 billion RMB, and 19.765 billion RMB, with year-on-year growth rates of 30% for each year [4] - The projected net profit for the same period is 2.205 billion RMB, 3.120 billion RMB, and 4.208 billion RMB, with growth rates of 36%, 42%, and 35% respectively [4]