Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Viewpoints - The company successfully issued convertible bonds amounting to 1.17 billion yuan, primarily aimed at expanding the production capacity of semiconductor thin-film deposition equipment, enhancing R&D capabilities, and supplementing working capital [1][8] - The company is a leading domestic supplier of ALD equipment, with a focus on advanced semiconductor thin-film deposition processes, including High-k ALD technology, which is crucial for manufacturing integrated circuits below the 28nm process node [2] - The company has also made significant strides in CVD equipment, with a growing order book and a projected increase in semiconductor revenue share over the next three years [3] - In the photovoltaic equipment sector, the company is a pioneer in applying ALD technology at scale, maintaining a leading position in revenue, order volume, and market share among domestic peers [4] Summary by Sections Semiconductor Equipment - The company has a strong foothold in ALD and CVD equipment, with a 66% year-on-year increase in semiconductor orders, totaling 1.5 billion yuan by the end of 2024 [3] - The company is expanding its production capacity with a new smart factory project, expected to generate annual sales of 1.565 billion yuan upon reaching full capacity [8] Photovoltaic Equipment - The company is recognized as a leader in high-efficiency battery technology and equipment, collaborating with major domestic photovoltaic manufacturers [4] - Despite a decline in new orders for photovoltaic equipment this year, the company is well-positioned to benefit from the upcoming growth in new battery technologies [4] Financial Forecast - Revenue projections for 2025-2027 are 2.7 billion, 3.1 billion, and 3.4 billion yuan, with corresponding net profits of 340 million, 460 million, and 560 million yuan, reflecting growth rates of 51%, 34%, and 21% respectively [9][11]

Core Viewpoint - Jiangsu Weidao Nano Technology Co., Ltd. plans to issue convertible bonds totaling up to RMB 1.17 billion to support its growth in the semiconductor and photovoltaic sectors, leveraging its advanced thin-film deposition technology [1][3]. Company Overview - Jiangsu Weidao Nano Technology Co., Ltd. specializes in the research, development, production, and sales of thin-film deposition equipment, primarily serving the semiconductor and photovoltaic industries [5]. - The company has established a strong market position in the domestic ALD (Atomic Layer Deposition) thin-film deposition equipment market, with a focus on high-performance equipment [5][8]. - The company was founded in December 2015 and transitioned to a joint-stock company in December 2019, with a successful IPO on the Sci-Tech Innovation Board in December 2022 [3]. Financial Information - The company aims to raise up to RMB 1.17 billion through the issuance of convertible bonds, with a term of 6 years [3][4]. - The funds will be allocated to projects including the construction of an intelligent factory for semiconductor thin-film deposition equipment and the expansion of R&D laboratories [4][5]. - The company has shown rapid revenue growth in recent years, with a strong order backlog supporting future performance [1][5]. Industry Context - The thin-film deposition equipment market is experiencing significant growth, driven by advancements in semiconductor technology and increasing demand for photovoltaic products [6][8]. - The semiconductor equipment market in China is projected to grow significantly, with sales expected to reach approximately USD 495.5 billion in 2024, marking a 35% year-on-year increase [6][7]. - The photovoltaic sector is also expanding, with a forecasted increase in installed capacity, further driving demand for thin-film deposition equipment [6][9]. Market Position and Competitive Landscape - Jiangsu Weidao Nano is one of the few domestic manufacturers in a market dominated by international players, with a low domestic production rate for ALD equipment [8]. - The company has established stable partnerships with key upstream and downstream manufacturers, enhancing its competitive edge [1][5]. - The industry is characterized by high technical barriers and a concentrated customer base, which poses both opportunities and risks for the company [2][8].

Core Viewpoint - MicroGuide Nano plans to issue convertible bonds to raise up to 1.17 billion yuan for the construction of an intelligent factory for semiconductor thin film deposition equipment, laboratory expansion, and working capital supplementation [1] Group 1: Company Overview - MicroGuide Nano is a global manufacturer of high-end micro-nano equipment for semiconductors and related industries, focusing on the research, production, and sales of advanced micron and nano-scale thin film deposition equipment [1] - The company has developed a product system centered on Atomic Layer Deposition (ALD) technology, with Chemical Vapor Deposition (CVD) and other vacuum thin film technologies [3] - MicroGuide Nano is the first domestic manufacturer to successfully apply mass production High-k ALD equipment in the front-end production line of integrated circuit manufacturing [1][3] Group 2: Fund Utilization - The company intends to use 643 million yuan of the raised funds for the construction of an intelligent factory for semiconductor thin film deposition equipment, with a total investment of 670 million yuan [2] - The project aims to enhance production capacity and is expected to generate annual sales revenue of 1.565 billion yuan upon reaching full production [2] Group 3: Market Demand and Growth - The demand for thin film deposition equipment is continuously growing due to the expanding domestic semiconductor market, while China currently relies heavily on imports for high-end thin film deposition equipment [2] - The sales revenue of MicroGuide Nano's semiconductor thin film deposition equipment increased from 25 million yuan in 2021 to 332 million yuan in 2024, with a compound annual growth rate (CAGR) of 136.21% [3] - As of the end of 2024, the company has an order backlog of 1.505 billion yuan in the semiconductor sector, indicating a need for expanded production capacity to meet growing business scale [3]