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强Call板块 ‖ 半导体设备
2025-08-25 14:36
国内晶圆厂扩产边际提速,预计 2025 年下半年下单节奏将改善,带动 国内整体晶圆厂的扩展,并逐步改善对半导体设备的下单需求,预示着 半导体设备市场潜在增长。 半导体设备国产替代加速,尽管过去两年国产化率提升不明显,但海外 设备公司中国大陆收入占比下降至 30%左右,国内半导体设备公司订单 收入增长乐观,国产替代进程加快。 关键半导体设备研发取得突破,尤其是在 EUV 光刻机等受美国出口管制 领域,国内研发端取得进展,推动设备国产化进程,有望打破技术壁垒。 美国 AI 行动计划对半导体设备及零部件实施更严格限制,进一步提升了 国产替代的紧迫性,为国内半导体设备厂商带来发展机遇。 国内 AI 创新推动先进逻辑代工和存储大厂在 2025 年下半年加速扩张, 同时成熟工艺维持较好景气度并保持稳健扩产,为半导体设备市场提供 双重驱动力。 中国头部 Fab 厂成熟工艺稼动率高于海外龙头公司,表明 China for China 需求优先利好国内头部晶圆厂,全球成熟工艺供过于求仅为阶段 性现象,需求有望反转。 半导体设备行业马太效应明显,应把握龙头企业成长确定性,同时关注 国产化率较低且成长空间大的细分领域龙头企业,核心 ...
新益昌(688383):持续研发投入,聚焦新型显示和半导体
Ping An Securities· 2025-08-19 04:17
Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company focuses on continuous R&D investment in new display technologies and semiconductors, with a significant drop in revenue and net profit in the first half of 2025 due to reduced orders in smart equipment and international trade policy impacts [5][9] - The company is a leading domestic manufacturer of LED die bonders and is expected to benefit from the growth of the Mini/MicroLED industry, with a projected market value increase for COB LED display technology [10] - The company has made substantial investments in R&D, totaling approximately 44.88 million yuan in the first half of 2025, marking a 3.37% increase year-on-year, and has secured 35 new patents and 6 software copyrights [9][10] Financial Summary - In the first half of 2025, the company achieved revenue of 402 million yuan, a decrease of 28.30% year-on-year, and a net profit of 2.62 million yuan, down 96.05% year-on-year [5][9] - Revenue projections for 2025-2027 are 887 million yuan, 1.15 billion yuan, and 1.50 billion yuan respectively, with corresponding net profits of 0.51 billion yuan, 1.04 billion yuan, and 1.40 billion yuan [10] - The company's gross margin and net margin for the first half of 2025 were 32.94% and 1.43%, respectively, reflecting a decline from the previous year [9] Industry Position - The company has established strong partnerships with notable clients in the LED and semiconductor sectors, including BOE, Huaxing, and international firms like Samsung [9][10] - The report highlights the company's strategic acquisitions and new subsidiaries aimed at enhancing its capabilities in semiconductor packaging and robotics, positioning it for diversified growth [10]
波长光电(301421):专注精密光学元件、组件的光电领域供应商,“光学+”战略引领未来
SINOLINK SECURITIES· 2025-08-15 09:12
Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company focuses on the research and manufacturing of optical components and modules, with stable revenue growth projected to reach 420 million yuan in 2024, a year-on-year increase of 14%, and a compound annual growth rate (CAGR) of 13% from 2019 to 2024 [2]. - The company is expected to benefit from the increasing demand for precision optical components in the semiconductor and general semiconductor manufacturing sectors, with a reported revenue of 51.09 million yuan in 2024, a year-on-year increase of 82.3% [2]. - The company has also begun supplying optical products for AR/VR applications, generating approximately 5.5 million yuan in revenue in 2024 [2]. Summary by Sections Company Overview - The company operates in the midstream of the optical industry, producing optical components that cover a wavelength range from ultraviolet to far infrared [14]. Downstream Applications - The demand for precision optics is driven by various emerging fields, including semiconductors, smart manufacturing, infrared security, and consumer-level optical products like AR/VR [25]. Revenue Growth and Business Expansion - The company achieved a revenue of 99 million yuan in Q1 2025, reflecting a year-on-year growth of 20.9% [33]. - The company's overseas business revenue reached 130 million yuan in 2024, a year-on-year increase of 35%, accounting for 31% of total revenue [3]. Profit Forecast and Valuation - The company is projected to achieve revenues of 510 million yuan, 640 million yuan, and 800 million yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 50 million yuan, 70 million yuan, and 90 million yuan [4]. - The report assigns a target price of 100.08 yuan per share based on a 2026 price-to-sales (P/S) ratio of 18x [4].
豪赌5.3亿跨界半导体,绿通科技求解业绩困局,股价应声飙涨!
Ge Long Hui· 2025-08-05 07:45
Core Viewpoint - Greenway Technology has announced an investment of over 530 million yuan to enter the semiconductor sector by acquiring a controlling stake in Jiangsu Damo Semiconductor, which has positively impacted its stock price [1][3]. Group 1: Acquisition Details - The acquisition involves two parts: the purchase of 46.9167% equity from existing shareholders for 450.4 million yuan and an additional capital increase of 80 million yuan for a 7.6923% stake, totaling 530.4 million yuan [5]. - After the transaction, Greenway Technology will hold a 51% stake in Damo Semiconductor, making it a subsidiary included in the consolidated financial statements [5]. Group 2: Financial Performance of Damo Semiconductor - Damo Semiconductor, established in 2017, specializes in semiconductor front-end measurement equipment solutions, with projected revenues of 278 million yuan and net profits of approximately 64.9 million yuan for 2024 [6][7]. - The company has shown steady performance in Q1 2024, achieving revenues of 59.33 million yuan and net profits of 17.76 million yuan [7]. Group 3: Greenway Technology's Financial Struggles - Greenway Technology has faced declining performance, with revenues dropping from 1.08 billion yuan in 2023 to 831 million yuan in 2024, a decrease of 23.15% [9][10]. - The net profit for 2024 is reported at 142 million yuan, down 45.98% from the previous year [10]. - In Q1 2025, the company reported revenues of 165 million yuan, a slight decrease of 0.06%, and a net profit of 28.27 million yuan, down 26.16% year-on-year [11]. Group 4: Strategic Implications - The acquisition is expected to enhance Greenway Technology's financial condition and sustainable profitability through Damo Semiconductor's established repair services and technical capabilities [11]. - The move aims to optimize asset quality and overcome business development bottlenecks, facilitating a fundamental strategic transformation for the company [11].
半导体行业双周报(2025、07、11-2025、07、24):长江存储全国产化产线今年试产,关注半导体设备国产替代机遇-20250725
Dongguan Securities· 2025-07-25 07:37
Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry [3] Core Insights - Yangtze Memory Technologies Co. has achieved significant breakthroughs in domestic equipment manufacturing, with its first fully domestic production line set to trial in the second half of 2025. This positions the company to capture a larger share of the global NAND Flash market, currently at approximately 8% [4][13] - The global semiconductor equipment sales are projected to reach a record $125.5 billion in 2025, representing a year-on-year growth of 7.4%. This growth is driven by advancements in logic, memory, and technology migration [4][36] - The domestic semiconductor equipment sector has made progress in localization, particularly in etching, film deposition, and cleaning equipment, with a localization rate exceeding 20%. However, areas such as lithography and measurement still lag behind [4][57] Industry Review - The semiconductor industry index increased by 4.33% over the past two weeks, outperforming the CSI 300 index by 0.86 percentage points. Year-to-date, the index has risen by 5.47%, also surpassing the CSI 300 by 0.03 percentage points [12] - Key industry news includes the trial production of Yangtze Memory's fully domestic production line, NVIDIA's approval to sell H20 chips in China, and anticipated price increases for NAND Flash products in Q3, with some products expected to rise over 15% [4][25][36] Company Announcements and Dynamics - Lanke Technology expects a net profit increase of 85.50% to 102.36% for the first half of 2025, driven by the AI industry trend [37] - Silan Microelectronics forecasts a net profit of 235 million to 275 million yuan for the first half of 2025, marking a return to profitability [38] - Zhongwei Company anticipates a net profit increase of 31.61% to 41.28% for the first half of 2025, supported by significant growth in etching and LPCVD equipment sales [39] - Longchuan Technology reported a 98.73% increase in net profit for the first half of 2025, exceeding performance forecasts [42] Semiconductor Industry Data Update - Global smartphone shipments reached 295 million units in Q2 2025, a year-on-year increase of 1.03% [45] - Domestic new energy vehicle sales in June 2025 totaled 1.329 million units, reflecting a year-on-year growth of 26.7% [50] - Global semiconductor sales in May 2025 amounted to $58.98 billion, a year-on-year increase of 19.8% [53] Investment Recommendations - The report suggests focusing on the domestic semiconductor equipment import process and localization opportunities, particularly in light of the advancements made by Yangtze Memory Technologies [57] - Recommended stocks include North China Huachuang, Zhongwei Company, Huahai Qingke, Longchuan Technology, and others, which have shown promising performance and growth potential [58]
芯源微(688037):国内领先大湿法设备厂商,北方华创获得控制权再添新动能
Hua Yuan Zheng Quan· 2025-07-24 05:22
Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company, Xinyuan Micro (芯源微), is a leading domestic manufacturer of large wet processing equipment, focusing on providing comprehensive solutions for semiconductor front-end and back-end equipment and processes. The company has optimized its product layout, forming a product matrix that includes front-end coating and developing equipment, front-end cleaning equipment, back-end advanced packaging equipment, and other small-sized devices [5][8]. - The company has successfully developed various models of front-end coating and developing equipment, achieving coverage of wafer processing for technology nodes of 28nm and above by 2024. The company is also actively seeking client validation for its next-generation ultra-high-capacity coating and developing machine architecture [5][6]. - The company has received substantial orders for its physical cleaning machines and has launched a new chemical cleaning machine that meets high-temperature SPM process requirements, which has been validated by clients and is expected to drive future growth [5][6]. - The recovery of the packaging market is driving high growth in demand for the company's back-end equipment, with continuous orders from domestic and international clients [6][8]. Financial Summary - The company’s revenue is projected to grow from 1,754 million RMB in 2024 to 4,029 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 38.07% [7]. - The net profit attributable to the parent company is expected to recover from a decline in 2024 to 693 million RMB by 2027, reflecting a significant growth rate of 68.71% [7][11]. - The company’s earnings per share (EPS) is forecasted to increase from 1.01 RMB in 2024 to 3.44 RMB in 2027, indicating strong profitability growth [7][10]. Control and Synergy - Northern Huachuang has gained control over the company, which is expected to inject new momentum into its development. This control is anticipated to enhance collaboration in equipment processes and provide a more comprehensive and efficient solution for clients [8].
拓荆科技二季度反转预盈2.38亿 三年累投17亿研发新品量产优化
Chang Jiang Shang Bao· 2025-07-20 22:51
Core Viewpoint - The company,拓荆科技, is experiencing a rapid recovery in its operating performance, driven by the successful introduction and mass production of new products, alongside a strong focus on independent innovation [1][2]. Financial Performance - For Q2 2025, the company expects revenue between 1.21 billion to 1.26 billion yuan, representing a year-on-year growth of 52% to 58% [2] - The projected net profit for the same period is between 238 million to 247 million yuan, showing a significant increase of 101% to 108% year-on-year [2] - The company reported a net loss of 147 million yuan in Q1 2025, marking its first loss since its listing in April 2022, primarily due to high costs during the customer validation of new products [2][3] Product and Market Strategy - The company is capitalizing on the domestic semiconductor equipment replacement strategy, leveraging its advanced technology in thin film deposition and 3D integration equipment [3] - The advanced process verification machines have successfully passed customer certification and are entering mass production [3] Research and Development - The company has consistently invested in R&D, with total expenditures from 2022 to 2024 amounting to 1.711 billion yuan, maintaining a high R&D expense ratio of around 20% [1][4] - As of the end of 2024, the company had 648 R&D personnel, accounting for 42.3% of its total workforce, and had applied for a total of 1,640 patents [4] Financial Health - The company reported a net cash flow from operating activities of 10.93 million yuan in Q1 2025, a year-on-year increase of 101.51% [5] - As of Q1 2025, the company's total assets reached 16.21 billion yuan, a 4.61-fold increase compared to 2.888 billion yuan in the same period of 2022 [5]
拓荆科技: 2025年第二季度业绩预告的自愿性披露公告
Zheng Quan Zhi Xing· 2025-07-17 09:17
Performance Forecast - The company forecasts a net profit of between 238 million and 247 million yuan for the second quarter of 2025, representing a year-on-year increase of 101% to 108% [1] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, is expected to be between 215 million and 224 million yuan, showing a year-on-year increase of 235% [1] Previous Year Performance - In the second quarter of 2024, the company achieved an operating income of 795.10 million yuan [1] - The net profit attributable to the parent company was 118.62 million yuan [1] - The net profit after deducting non-recurring gains and losses was 64.17 million yuan [1] - The net cash flow from operating activities was -178.46 million yuan [1] Reasons for Performance Changes - The significant growth in operating income for the second quarter of 2025 is attributed to the company's strategic focus on domestic substitution in semiconductor equipment, leveraging its advanced technology in thin film deposition equipment and three-dimensional integration bonding equipment [1] - The company’s advanced process verification machines have successfully passed customer certification and are entering large-scale production [2] - The gross profit margin for the second quarter is expected to improve significantly compared to the previous quarter, indicating a steady recovery [2] - The net cash flow from operating activities is expected to increase significantly year-on-year due to a substantial rise in advance payments and sales collections [2]
工业基础是“土壤”,产业集聚是“阳光”,科教基因是“种子” “芯”火“辽”原已成势 资本市场擎起半导体设备“第三极”
Zheng Quan Shi Bao· 2025-06-24 18:43
Core Viewpoint - The article highlights the transformation of Shenyang, a city in Liaoning Province, from a traditional industrial base to a burgeoning hub for semiconductor equipment manufacturing, showcasing significant advancements in domestic production capabilities and a supportive ecosystem for innovation and investment [1][2][3]. Group 1: Industry Development - Shenyang has evolved from a steel manufacturing center to a key player in the semiconductor equipment industry, with five major companies listed in the capital market since 2019 [2][3]. - The semiconductor equipment industry in Liaoning is characterized by a "6+N" development system, with six leading companies supported by numerous ancillary firms [2][3]. - Companies like拓荆科技, 芯源微, and 富创精密 have achieved international standards in their respective technologies, contributing to the domestic semiconductor equipment landscape [3][4]. Group 2: Research and Education - Liaoning boasts a robust educational foundation with 114 higher education institutions, including 63 undergraduate colleges, which supports the semiconductor industry's growth [4][5]. - The province's scientific research institutions, particularly those affiliated with the Chinese Academy of Sciences, have played a crucial role in nurturing leading semiconductor companies [4][5]. Group 3: Financial Support and Policy - The development of the semiconductor industry in Liaoning has been significantly bolstered by national policies and financial support, including the establishment of the National Integrated Circuit Industry Investment Fund [6][7]. - The launch of the Sci-Tech Innovation Board has provided essential funding and resources for semiconductor companies, facilitating their growth and expansion [7][8]. - The local government has adopted a proactive approach to improve the business environment, offering tailored support to companies in the semiconductor sector [10][11]. Group 4: Future Prospects - The article emphasizes the need for continued investment in the semiconductor ecosystem, including enhancing local venture capital capabilities and filling gaps in the industrial chain [12][13]. - The goal is to position Shenyang as a globally competitive center for integrated circuit equipment, thereby elevating its status in the national and international markets [14].
半导体设备市场:中外冰火两重天!
是说芯语· 2025-06-19 12:02
Core Viewpoint - The global semiconductor equipment market is projected to grow by 21% year-on-year in Q1 2025, reaching $32.05 billion, despite a 5% quarter-on-quarter decline, indicating resilience in the industry amid geopolitical uncertainties and supply chain adjustments [1][37]. Regional Summaries Chinese Mainland - In Q1 2025, the revenue was $10.26 billion, maintaining its position as the largest single market globally, but experienced a 14% quarter-on-quarter and 18% year-on-year decline, reflecting a "double drop" trend [5][6][25]. - The market share of the Chinese mainland shrank from 47% in the previous year to 32% due to significant investments in semiconductor equipment in Taiwan and Korea [6]. Korea - The Korean semiconductor equipment market saw a robust performance in Q1 2025, with revenues of $7.69 billion, marking a 24% quarter-on-quarter and 48% year-on-year increase, driven by a recovery in memory chips and substantial investments from major companies [9][10]. - The Korean government’s "K-Semiconductor Strategy" includes significant tax incentives and subsidies, further boosting the market [10][11]. Chinese Taiwan - Taiwan's semiconductor equipment market experienced a remarkable growth of 203% year-on-year in Q1 2025, reaching $7.09 billion, fueled by major manufacturers' expansion plans and advanced packaging technologies [12][15]. - TSMC's aggressive investment in advanced processes, including a significant capital expenditure directed towards new technologies, has been a key driver of this growth [12][14]. North America - North America's equipment market revenue reached $2.93 billion in Q1 2025, reflecting a 41% quarter-on-quarter decline but a 55% year-on-year increase, indicating a "pulse-like" expansion pattern influenced by concentrated procurement in the previous quarter [16][17]. - The market is expected to rebound in Q2 2025, driven by ongoing investments in advanced manufacturing processes and local production initiatives [17]. Japan - Japan's semiconductor equipment market reported a 20% year-on-year increase in Q1 2025, reaching $2.18 billion, supported by government subsidies and local production expansions, despite an 18% quarter-on-quarter decline [19][20]. Europe - The European semiconductor equipment market faced a significant downturn, with revenues dropping 54% year-on-year and 11% quarter-on-quarter to $0.87 billion, attributed to ineffective policy execution and reduced capital expenditures [21][22]. - The lack of competitive local semiconductor manufacturing capabilities has exacerbated the market's decline, leading to increased supply chain risks [23][24]. Industry Dynamics - The global semiconductor equipment market is characterized by a structural differentiation, with high-end chips driven by AI demand maintaining price resilience, while mid-range chips face downward pressure due to overcapacity [39][42]. - The industry is currently in a recovery phase, with Q1 2025's decline attributed to seasonal fluctuations and geopolitical factors rather than a complete cycle shift [40][42]. - Future growth is anticipated as capacity expansion and demand recovery are expected to lead the industry into an expansion phase in the latter half of 2025 [42].