Core Viewpoint - The semiconductor testing equipment sector is experiencing significant growth, with companies like Changchuan Technology and Huafeng Measurement Control seeing substantial stock price increases due to strong market demand and positive earnings forecasts [1][2]. Company Summaries - **Changchuan Technology**: Anticipates a net profit of 827 million to 877 million yuan for the first three quarters of 2025, representing a year-on-year growth of 131.39% to 145.38% due to increased market demand and robust sales [2]. - **Huafeng Measurement Control**: Recognized as the largest domestic supplier of semiconductor testing systems, focusing on automation testing systems for various semiconductor applications [1]. - **Jingzhida**: Engaged in comprehensive semiconductor memory testing, with a focus on back-end testing for memory chips and image sensors [1]. - **Gao Lun Electronics**: Provides EDA solutions and is involved in the semiconductor device testing system [1]. - **Deminli**: Operates in NAND Flash and has a strong position in flash memory controller design and firmware development [1]. Industry Insights - The semiconductor testing equipment market is projected to grow significantly, with the global market size expected to reach 7.54 billion USD in 2024 and 9.77 billion USD by 2026, reflecting a year-on-year increase of 29.58% [4]. - The demand for specialized storage testing equipment is rising due to shorter product replacement cycles and the need for high-capacity, high-speed testing capabilities [5]. - The global semiconductor testing equipment market is expected to see a revenue increase of 24% to 34 billion USD by Q2 2025, driven by AI-related investments [4]. - The domestic semiconductor manufacturing capacity is projected to increase, with a forecasted rise in China's share of global wafer foundry capacity from 21% in 2024 to 30% by 2030 [7].

交银国际研究 每日晨报 2025 年 9 月 23 日 主要商品及外汇价格 今日焦点 | 中微公司 | | 688012 CH | | --- | --- | --- | | 刻蚀设备优势明显，产品进一步多元化，首予 | 评级: | 买入 | | 买入 | | | | 收盘价: 人民币 254.00 | 目标价: 人民币 280.00 | 潜在涨幅: +10.2% | | 王大卫, PhD, CFA | Dawei.wang@bocomgroup.com | | 存储器电路结构复杂拉动刻蚀/沉积需求：此前，我们曾在主题报告和北 方华创首次覆盖报告中阐述逻辑电路制程升级会增加刻蚀和沉积设备需 求，本文中，我们深度剖析 3D NAND 的制作过程，随着 3D NAND 的堆 叠层数增加，沉积和刻蚀步骤也将相应增加，对刻蚀的深宽比要求也在 提高。3D NAND 对光刻设备需求较低，而对刻蚀设备需求则较高，这正 是中微公司擅长的领域。 | | | 三个月 | 年初至 | | --- | --- | --- | --- | | | 收盘价 | 升跌% | 今升跌 | | 布兰特 | 66.69 | -13.38 | - ...

摘要 ： 8.1-8.29日，国内多家科研机构公布刻蚀设备采购中标结果，总金额超千万元，北方华创、矢量科学、SENTECH等企业中标，反映半导体设备需求增长 及市场竞争格局。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 8.1-8.29日，国内多家科研机构与实验室刻蚀设备采购项目中标结果陆续公布，涉及ICP电感耦合等离子体刻蚀机、低损伤刻蚀设备等多类高 端工艺装备，总金额 超千万元 ，反映出国内微纳加工与半导体领域持续增强的设备需求。 其 中 ， 中 国 科 学 院 上 海 技 术 物 理 研 究 所 采 购 的 " 低 损 伤 电 感 耦 合 等 离 子 体 刻 蚀 槽 像 元 隔 离 设 备 " 由 北 方 华 创 中 标 ， 型 号 HSE M200 ， 金 额 达 366.6万元，北方华创另一套GSE C200型号ICP刻蚀设备也成功中标松山湖材料实验室，金额205万元，显示出其在刻蚀设备市场的强劲竞 争力。 南京大学采购的ICP刻蚀机由矢量科学（Vector Science）中标，型号V-ICP100S，成交金额148.9万元 ...