晶盛机电 20250825 摘要 金盛机电如何看待当前光伏行业风险释放情况以及未来行业走势？ Q&A 请简要介绍金盛机电 2025 年上半年的业绩表现及主要业务发展情况。 2025 年上半年，金盛机电实现营业收入 57.99 亿元，归属于上市公司股东的 净利润为 6.39 亿元。公司在半导体业务方面持续发展，截至 2025 年 6 月 30 日，未完成的集成电路及化合物半导体装备合同金额超过 37 亿元。在全球半 导体产业链重构及光伏新能源产业供需变化的背景下，公司积极推进业务发展， 形成了半导体装备、半导体衬底材料、半导体耗材及零部件三大核心业务板块。 在集成电路装备领域，公司成功交付 12 英寸常压硅外延设备给国内头部客户， 并实现了 12 英寸硅减压外延生长设备的销售出货。新产品如 12 英寸干进干出 边缘抛光机和双面减薄机正在进行客户验证。此外，公司开发了超快紫外激光 开槽设备，实现国产替代。在化合物半导体装备领域，公司加强 8 英寸碳化硅 外延设备和检薄设备的市场推广，并推进碳化硅氧化炉、激活炉和离子注入设 备的客户验证。在新能源光伏装备领域，公司通过自动化、智能化及先进制造 金盛机电预计碳化硅发展 ...

[Table_Reportdate] 2025年08月22日 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [证券分析师： Table_Authors] [晨会纪要 Table_NewTitle] 20250822 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.燕京啤酒（000729）：飞轮效应显现，盈利持续向上——公司简评报告 ➢ 2.全球智能眼镜市场上半年同比增长110%，国产半导体设备迎双重突破——电子行业周 报2025/8/11-2025/8/18 ➢ 1.美国8月标普全球制造业PMI初值为53.3，好于预期 ➢ 2.美国与欧盟发表联合声明，双方已就贸易协定框架达成一致 ➢ 3.国家发改委：将于近期开展中央冻猪肉储备收储 | 1.1. 燕京啤酒（0 ...

Group 1: Global Smart Glasses Market - The global smart glasses market experienced a year-on-year growth of 110% in the first half of 2025, with expectations of maintaining a compound annual growth rate (CAGR) of over 60% from 2024 to 2029 [6][7] - Meta leads the market with a 73% share, driven by the popularity of Ray-Ban smart glasses, while new entrants like Xiaomi and RayNeo are accelerating market expansion [7] - AI smart glasses accounted for 78% of total shipments in the first half of 2025, indicating a strong trend towards AI integration in this sector [7] Group 2: Domestic Semiconductor Equipment Breakthroughs - Domestic semiconductor equipment has achieved significant breakthroughs, including the mass production of 28nm electron beam measurement equipment and the testing of the first commercial electron beam lithography machine [8][10] - The domestic market for semiconductor electron beam measurement equipment is projected to reach $2.383 billion in 2024, with a 35.84% share from China, and is expected to grow at a CAGR of 22.46% from 2024 to 2030 [8][10] - The first domestic commercial electron beam lithography machine, designed for quantum chips and new semiconductor devices, has entered the testing phase, marking a significant advancement in China's semiconductor technology [10] Group 3: Yanjing Beer Company Performance - Yanjing Beer reported a revenue of 8.558 billion yuan in H1 2025, a year-on-year increase of 6.37%, with a net profit of 1.103 billion yuan, up 45.45% [12][13] - The beer business saw a revenue of 7.896 billion yuan, with sales volume reaching 2.3517 million kiloliters, reflecting a 2.03% increase [13] - The company's gross margin improved to 45.50% in H1 2025, driven by product structure upgrades, while the net profit margin reached 12.89% [14][15] Group 4: Robotics Industry Development - The first World Humanoid Robot Games took place in Beijing, showcasing 280 teams and highlighting the rapid development of the humanoid robotics industry [17][18] - The event serves as a platform for technological innovation and market entry for startups, indicating a growing interest and investment in robotics [18] - The competition included teams from 15 countries, emphasizing the global nature of advancements in humanoid robotics [18]

Core Viewpoint - The article highlights the successful development and testing of China's first domestically produced commercial electron beam lithography machine, named "Xizhi," which aims to enhance the country's semiconductor industry and reduce reliance on foreign technology [2][4]. Group 1: Product Development - The "Xizhi" is a next-generation 100kV electron beam lithography machine, designed for quantum chips and new semiconductor research, achieving a precision of 0.6 nanometers and a line width of only 8 nanometers, comparable to international mainstream equipment [4]. - Unlike traditional lithography machines, the electron beam lithography machine offers unique advantages in prototype design, rapid iteration, and small batch production, significantly improving the efficiency of early-stage chip development [4]. Group 2: Market Impact - The introduction of "Xizhi" breaks the long-standing export control barriers that prevented domestic research institutions and enterprises from acquiring advanced electron beam lithography equipment, facilitating collaboration with various domestic companies and research institutions [4].

Group 1 - The stock price of Zhongwei Company is reported at 195.93 yuan, with a decrease of 0.30 yuan, representing a decline of 0.15% from the previous trading day [1] - The trading volume for the day was 65,144 hands, with a transaction amount reaching 1.284 billion yuan [1] - Zhongwei Company operates in the semiconductor equipment industry, focusing on the research, production, and sales of high-end semiconductor equipment, including etching and thin film deposition equipment, which play a crucial role in semiconductor manufacturing [1] Group 2 - Analysts suggest that driven by AI advancements and increased domestic production rates, domestic wafer fabs and storage manufacturers are expected to expand rapidly [1] - The semiconductor equipment industry faces uncertainties due to geopolitical factors, tariff fluctuations, and export controls, which may accelerate the process of achieving self-sufficiency [1] - On August 8, Zhongwei Company saw a net inflow of main funds amounting to 35.50 million yuan, with a cumulative net inflow of 176.22 million yuan over the past five days [1]

Core Viewpoint - Kema Technology (301611) announced plans to acquire 73% of Suzhou Kaixin Semiconductor for 102 million RMB, aiming to enhance its product offerings in silicon carbide ceramic materials and components [2][5]. Group 1: Acquisition Details - The acquisition will help Kema Technology to enrich and complete its product layout in the silicon carbide ceramic materials and components sector [5]. - Suzhou Kaixin Semiconductor specializes in the research, production, and sales of chemical vapor deposition (CVD) silicon carbide coatings and bulk ceramic components, with a focus on semiconductor equipment [5][9]. Group 2: Financial Performance of Suzhou Kaixin - In Q1 2025, Suzhou Kaixin reported revenue of 11.03 million RMB and a net loss of 4.48 million RMB. For the fiscal year 2024, the revenue was 33.12 million RMB with a net loss of 21.88 million RMB [6][15]. - Total assets as of March 31, 2025, were approximately 141.17 million RMB, with total liabilities of about 102.78 million RMB, resulting in total equity of around 38.39 million RMB [11]. Group 3: Market Position and Product Offerings - Suzhou Kaixin is recognized as a leading domestic enterprise in advanced ceramic materials, particularly for semiconductor equipment components, and has made significant progress in developing advanced products such as silicon carbide etching rings and spray heads [5][9]. - The company’s core products are widely applied in silicon-based semiconductors, third-generation semiconductors, LED, and photovoltaic fields [9][16]. Group 4: Industry Context - The acquisition aligns with Kema Technology's strategy to strengthen its advanced ceramic materials layout and enhance its service capabilities for semiconductor clients [5]. - The silicon carbide materials market is expected to see increased applications across various sectors of the national economy, driven by advancements in semiconductor technology [5].

Core Viewpoint - Yitang Semiconductor Technology Co., Ltd. (Yitang Co., stock code "688729") successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 8, 2023, with a significant first-day performance, closing at 23.2 yuan per share, a 174.56% increase, and raising 2.497 billion yuan in its IPO, making it the top fundraising company in Beijing [2][5]. Group 1: Company Overview - Yitang Co. was established in December 2015 and operates globally, with R&D and manufacturing bases in China, the USA, and Germany [3]. - The company specializes in the R&D, production, and sales of wafer processing equipment necessary for integrated circuit manufacturing, providing solutions to global semiconductor manufacturers [3]. - Yitang's products are utilized by leading global semiconductor manufacturers, including TSMC, Samsung, Micron Technology, Intel, SK Hynix, SMIC, and Hua Hong Semiconductor [3]. Group 2: Market Position and Performance - As of the end of 2024, Yitang's cumulative global installed equipment exceeds 4,800 units, holding a leading position in its market segments [3]. - According to Gartner's 2023 statistics, Yitang ranks second globally in dry stripping and rapid thermal processing equipment market share, and is among the top ten in dry etching equipment market share [3]. Group 3: R&D and Innovation - Yitang emphasizes R&D and innovation, with R&D expenses of 529 million yuan, 608 million yuan, and 716 million yuan from 2022 to 2024, representing 11.13%, 15.47%, and 15.47% of revenue, respectively [4]. - The company holds 445 invention patents as of February 11, 2025, and plans to invest IPO proceeds into the construction of an integrated circuit equipment R&D and manufacturing service center [4]. Group 4: Financial Performance - Yitang achieved revenues of 4.763 billion yuan, 3.931 billion yuan, and 4.633 billion yuan from 2022 to 2024, with net profits of 383 million yuan, 310 million yuan, and 540 million yuan, respectively [6]. - The gross profit margins for the main business were 28.52%, 35.03%, and 37.39% during the same period [6]. Group 5: Strategic Developments - In May 2016, Yitang acquired Mattson Technology for $300 million, marking a significant step in filling the domestic high-end semiconductor equipment technology gap [5]. - The establishment of a new factory in Beijing in 2018 led to the production of the first domestically manufactured dry stripping equipment, increasing the domestic 12-inch wafer fab coverage from 15% to 60% [5].

Core Viewpoint - Yitang Semiconductor Technology Co., Ltd. successfully listed on the A-share Sci-Tech Innovation Board, achieving a market capitalization of 77.4 billion yuan with a first-day opening price of 26.2 yuan, reflecting a 210% increase, marking a significant milestone in China's semiconductor equipment sector [1] Group 1: Strategic Positioning - Huangpujiang Capital made a strategic investment in Yitang shares during the initial wave of semiconductor equipment localization in 2020, recognizing the company's 34.6% global market share in dry stripping equipment and its 13.05% share in rapid thermal processing equipment [4] - The domestic semiconductor equipment localization rate increased from less than 10% in 2018 to 28% in 2024, with market size growing nearly threefold over five years due to policy incentives [4] - Yitang's net profit is projected to grow by 60%-86% in 2024, with a remarkable 113% growth rate in the first quarter of 2025 [4] Group 2: Industry Chain Restructuring - Huangpujiang Capital implemented two strategic transformations, including the full production of core components for dry stripping equipment localized in Beijing Economic-Technological Development Area by 2023 [6] - The introduction of seven strategic investors, including China Insurance Investment Fund, secured 681 million yuan in IPO allocation, increasing the company's order amount from 675 million yuan in 2021 to 1.546 billion yuan in 2024, a 129% increase [7] Group 3: Investment Ecosystem Development - The listing of Yitang marks the completion of Huangpujiang Capital's semiconductor investment strategy, with upstream investments in leading memory interface chip company Lanke Technology and downstream support for automotive-grade AI chip company Horizon, which plans to raise 5.1 billion HKD in its 2024 Hong Kong listing [9] - Huangpujiang Capital's strategy emphasizes a three-dimensional linkage between equipment, chips, and materials, effectively bridging technological gaps [9] Group 4: Future Outlook - Huangpujiang Capital views domestic substitution as a core battlefield and future journey, having shifted focus from consumer internet to the underappreciated semiconductor equipment localization sector [10] - The capital's foresight in recognizing the necessity of domestic substitution amid technological blockades positioned Yitang as a key player capable of breaking international monopolies [11] - The listing of Yitang is seen as a starting point for deeper capital empowerment in hard technology, transforming financial capital into a catalyst for industrial innovation [12]

Core Viewpoint - The semiconductor materials and equipment sector is experiencing significant growth, highlighted by the strong performance of the semiconductor materials ETF and the successful IPO of Yitang Semiconductor, which reflects the increasing importance of domestic semiconductor manufacturing capabilities [1][2]. Group 1: Market Performance - As of July 8, the CSI Semiconductor Materials and Equipment Theme Index rose by 1.10%, with key stocks such as Yake Technology up by 4.03% and Zhuchun Technology up by 3.76% [1]. - The semiconductor materials ETF (562590) increased by 1.27%, with a trading volume of 56.95 million yuan and a turnover rate of 17.11%, indicating active market participation [1]. - The ETF has seen significant growth in scale and shares over the past week, leading comparable funds in these metrics [1]. Group 2: Company Highlights - Yitang Semiconductor, the only domestic company with leading international technology in both plasma and wafer thermal processing, officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board at an initial price of 8.45 yuan per share, opening at 26.20 yuan, a 210.06% increase [1][2]. - Yitang Semiconductor specializes in the research, production, and sales of wafer processing equipment necessary for integrated circuit manufacturing, providing advanced technology solutions to global manufacturers [1][2]. Group 3: Industry Insights - The semiconductor equipment sector in China is expected to see an increase in domestic production rates, driven by supportive policies and the need for self-sufficiency in semiconductor manufacturing [2]. - The industry is likely to undergo consolidation, enhancing competitiveness across the entire supply chain, with leading companies benefiting from financial scale and industry dominance [2]. - The semiconductor materials ETF closely tracks the CSI Semiconductor Materials and Equipment Theme Index, which includes 40 companies deeply involved in the semiconductor materials and equipment sectors, reflecting the trend towards domestic substitution and industry upgrades [3].

Core Viewpoint - Yitang Semiconductor Technology Co., Ltd. has achieved a significant milestone by listing on the A-share Sci-Tech Innovation Board, with a market capitalization of 77.4 billion yuan and a first-day opening price of 26.2 yuan, reflecting a 210% increase [1] Group 1: Market Position and Growth - Yitang holds a 34.6% global market share in dry etching equipment, ranking second worldwide, and has a 13.05% share in rapid thermal processing equipment, serving major clients like TSMC and Samsung for over a decade [4] - The domestic semiconductor equipment localization rate has increased from less than 10% in 2018 to 28% in 2024, with market size growing nearly threefold over five years due to policy incentives [4] - Yitang's net profit is projected to grow by 60%-86% in 2024, with a staggering 113% growth rate in Q1 2025 [4] Group 2: Strategic Transformations - Huangpujiang Capital has implemented two strategic transformations: localizing 100% of core components for dry etching equipment through the Beijing Economic-Technological Development Area and securing 681 million yuan in IPO allocations from seven strategic investors [7] - The company's order value has increased from 675 million yuan in 2021 to 1.546 billion yuan in 2024, marking a 129% growth [7] Group 3: Investment Ecosystem - The listing of Yitang marks the completion of Huangpujiang Capital's semiconductor investment strategy, which includes upstream investments in leading memory interface chip company Lanke Technology and downstream support for AI chip company Horizon's IPO [8] - Huangpujiang Capital's strategy emphasizes a three-dimensional linkage between equipment, chips, and materials, aiming to bridge technological gaps through capital [8] Group 4: Future Outlook - Huangpujiang Capital views domestic substitution as a core battlefield and future journey, having recognized the necessity for localization in the semiconductor equipment sector amidst technological blockades [9] - The company anticipates exponential growth in the semiconductor equipment field as national policies align with market demands, a prediction validated over the past five years [9] - The listing is seen as a starting point for Yitang and Huangpujiang, symbolizing a commitment to empowering hard technology through financial capital [9]