国产光刻机领域又传来新消息。 近日，上海威耀实业有限公司（简称"威耀实业"）发生股东信息变更，持股100%的上海微电子装备（集团）股份有限公司（简称"上海微电子"）退出， 上海芯上微装科技股份有限公司（简称"芯上微装"）成为威耀实业的新增全资股东，认缴出资额同样为2.285亿元。 | | 股东信息 29 Q发生变更时提醒我 | | | 园 查看股权结构 | 持股比1 | | --- | --- | --- | --- | --- | --- | | 序号 | | 发起人名称 | | 持股比例 | 认缴出资客 | | | 不 国 | 上海芯上威企业管理合伙企业(有 限合伙) 大股东 ▼ | 股权结构 > | 24.48908% 持股详情 > | 1.431.1037] | | 2 | 泰力 产业 | 上海泰力产业投资管理有限公司 曾用名▼ | 股权结构 > | 16.32732% 持股详情 > | 954.1429万 | | 3 | 张江 浩成 | 上海张江浩成创业投资有限公司 曾用名▼ | 股权结构 > | 14.19679% 持股详情 > | 829.6381万 | | ব | 金石 | 金石泓光（嘉兴）股 ...

Group 1 - Shanghai Weiyao Industrial Co., Ltd. has undergone a shareholder change, with Shanghai Micro Electronics Equipment (Group) Co., Ltd. exiting and Shanghai Chip Up Micro Equipment Co., Ltd. becoming a new wholly-owned shareholder with a subscribed capital of 228.5 million yuan [1][2] - Weiyao Industrial, established in 2003, primarily engages in non-ferrous metal smelting and rolling processing, and was previously a member of Shanghai Electric Group [2][3] - Chip Up Micro Equipment, founded on February 8, 2025, focuses on high-end semiconductor equipment R&D, production, and services, aiming to provide high-precision and high-performance solutions for advanced chip manufacturing and packaging [3][4] Group 2 - Chip Up Micro Equipment is a spin-off from Shanghai Micro Electronics, with its core team originating from the latter, indicating a strategic repositioning towards listing related assets under Shanghai Micro Electronics [3][4] - As of August 8, 2025, Chip Up Micro Equipment delivered its 500th stepper lithography machine to Shenghe Jingwei Semiconductor Co., Ltd., a leading global advanced packaging enterprise [6] - The company successfully completed the factory debugging and acceptance of its first 350nm stepper lithography machine (AST6200) on November 25, 2025, marking a significant milestone in its product development [6]

Core Viewpoint - The company reported strong financial results for 2024 and Q1 2025, with revenue and net profit growth exceeding market expectations, indicating robust operational performance and market position [1][2][4]. Financial Performance - For 2024, the company achieved revenue of 29.838 billion yuan, a year-on-year increase of 35.14%, and a net profit of 5.621 billion yuan, up 44.17% year-on-year, aligning with previous forecasts [1]. - In Q1 2025, revenue reached 8.206 billion yuan, reflecting a 37.90% year-on-year growth, with net profit at 1.581 billion yuan, up 38.80% year-on-year, slightly exceeding market expectations [1]. Revenue Breakdown - In 2024, electronic equipment revenue was 27.707 billion yuan, up 41.28% year-on-year, with a gross margin of 41.50%, an increase of 3.83 percentage points [2]. - Semiconductor equipment revenue included over 8 billion yuan from etching equipment, over 10 billion yuan from thin film deposition equipment, and over 2 billion yuan from thermal processing equipment [2]. Expense Management - Sales and management expenses for 2024 were 1.085 billion yuan and 2.111 billion yuan, showing a year-on-year increase of 0.1% and 20.5%, respectively, indicating improved expense efficiency [3]. - R&D expenses rose to 3.669 billion yuan, a 48.2% increase year-on-year, with R&D personnel increasing from 3,656 to 4,583, reflecting a strong commitment to innovation [3]. Inventory and Debt - As of the end of 2024 and Q1 2025, inventory stood at 23.479 billion yuan and 25.211 billion yuan, respectively, while contract liabilities were 6.214 billion yuan and 5.751 billion yuan [3]. - Long-term borrowings increased from 3.946 billion yuan at the end of 2024 to 4.858 billion yuan in Q1 2025, with plans to issue bonds up to 15 billion yuan for working capital [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting revenue growth of 27.2% and 24.1% for 2025 and 2026, reaching 37.960 billion yuan and 47.102 billion yuan, respectively [4]. - The current stock price corresponds to a P/E ratio of 31.4x for 2025 and 25.1x for 2026, with a target price of 515 yuan, indicating a potential upside of 14% [4].