盛美上海 20250706 摘要 2024 年全球半导体设备总支出达 1,171 亿美元，中国以 496 亿美元支 出居首，预计 2026 年中国 300 毫米晶圆产能将占全球 26%，国产自 主率到 2027 年有望达 26.6%，高端设备国产化是重点。 盛美上海在清洗设备领域优势显著，SUBS Tibo 超声波清洗技术适用于 28 纳米及以下制程，并陆续推出高温单片 SPM、单片槽式组合清洗等 新型工艺，力求覆盖超过 95%的清洗需求。 盛美上海平台化布局成型，拓展电镀、先进封装湿法、立式炉管、涂胶 显影 track 以及 PCVD 五大系列产品，扩大市场份额，提高综合竞争力， 从单一产品线扩展至多个细分赛道。 ACMR 公司创始人王辉博士带领团队持续技术创新，成功将立式炉管 ALD 设备推向市场，首台自主知识产权涂胶显影设备实现出机，并推出 迭代 PECVD 设备平台，缩小占地面积并提高处理能力。 ACMR 公司 2024 年营收 56 亿元，同比增长 49%，复合增长率高达 54%，毛利率 50%左右，净利率超 20%。2025 年第一季度营收同比 增长 42%至 13.1 亿元，归母净利润同比大增超 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's core products are experiencing steady growth, while short-term profits are under pressure due to the performance of the hearing aid segment [5][7] - The company is expected to focus on core products and self-manufactured items, with a rich product pipeline that is likely to enhance profitability in the future [7] Financial Performance Summary - For 2023, the company reported revenue of 2,854 million RMB, with a year-on-year decline of 4.14%. The net profit attributable to the parent company was 254 million RMB, down 15.71% year-on-year [6] - Revenue is projected to grow to 3,495 million RMB in 2025, representing a year-on-year increase of 17.15%. The net profit is expected to reach 376 million RMB, with a growth rate of 20.45% [6][8] - The gross margin for 2024 is reported at 51.9%, an increase of 8.6 percentage points year-on-year, with significant improvements in the rehabilitation aids segment [7] Business Segment Performance - The rehabilitation aids segment achieved revenue of 1.1 billion RMB, up 42.8% year-on-year. The traditional Chinese medicine therapy and other segments generated 180 million RMB, up 20.5% year-on-year [7] - The hearing aid segment reported revenue of 270 million RMB, a year-on-year increase of 37.9%, but also faced a net loss of 43.25 million RMB due to a challenging consumer environment and new store performance [7] Profitability and Valuation - The company is expected to see net profits of 3.8 billion RMB, 4.5 billion RMB, and 5.4 billion RMB from 2025 to 2027, with growth rates of 20.4%, 20.2%, and 20.6% respectively [7] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 19X, 16X, and 13X respectively [7]

受打印复印耗材原装芯片新品发布同比减少，以及新领域芯片开发影响，净利润同比有所收窄。 此外，传统打印复印通用耗材板块，经营情况保持稳定，受终端市场需求影响，营业收入同比略降，归 母净利润同比收窄。 投资分析意见：根据公司25Q1 经营数据，参考公司股权激励目标，小幅上调公司2025-2026年归母净利 润预测为6.87、9.73 亿元（原值为6.66、9.65 亿元），新增2027 年归母净利润预测为12.34 亿元，当前 市值对应PE 为41、29、23X，看好公司电子材料平台化布局，维持"增持"评级。 风险提示：1）新项目进展不及预期；2）客户导入不及预期；3）下游需求不及预期；4）2024年12 月 19 日公司就深交所问询函进行了回复。 公司发布2024 年报：报告期内，公司实现营收33.38 亿元（YoY+25%），归母净利润5.21亿元 （YoY+135%），扣非归母净利润4.69 亿元（YoY+185%），销售毛利率46.88%，同比+9.93pct，净利 率19.14%，同比+8.35pct。其中，24Q4 单季度实现营收9.12 亿元（YoY+15%，QoQ+1%），归母净利 润1.44 亿 ...

点击招商研究小程序查看PDF报告原文 华海清科发布2024年报和2025年一季报，收入同比稳健增长，盈利能力维持较高水平，CMP设备市占 率持续提升，各新品拓展顺利，设备平台化布局初显成效。 2024年和25Q1公司收入同比稳健增长，盈利能力维持高位。 公司CMP设备市占率持续提升，多款新品 初显成效，耗材维保等业务继续贡献利润增长点。 1）2024年： 公司收入34.06亿元，同比+35.8%；毛 利率43.2%，同比-2.8pcts，主要系产品结构影响；归母净利润10.23亿元，同比+41.4%；扣非净利润8.56 亿元，同比+40.8%； 2）25Q1： 公司收入9.12亿元，同比+34%/环比-4.4%；毛利率46.4%，同 比-1.6pcts/环比+9.9pcts；归母净利润2.33亿元，同比+15.5%/环比-22.9%；扣非净利润2.12亿元，同比 +23.5%/环比-12%；扣非净利率23.3%，同比-2pcts/环比-2pcts。 团队荣誉： 11/12/14/15/16/17/19/20/21/22年《新财富》电子行业最佳分析师第2/5/2/2/4/3/3/4/3/5名， 11/12/14 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a revenue of 12.117 billion yuan in Q1 2025, representing a year-on-year increase of 2.92% and a quarter-on-quarter increase of 9.24%. The net profit attributable to shareholders was 1.41 billion yuan, up 53.98% year-on-year and 270.08% quarter-on-quarter [1]. - The company's gross margin for Q1 2025 was 28.67%, with a net margin of 12.51%, reflecting improvements in profitability due to a higher proportion of high-margin overseas business and recovery in domestic sales [1]. - The company is focusing on enhancing its platform-based development potential, with significant growth in traditional product lines and emerging businesses, including a 122% year-on-year revenue increase in agricultural machinery [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a net operating cash flow of 740 million yuan, a year-on-year increase of 141%, indicating substantial improvement [1]. - The forecast for total revenue from 2024 to 2027 shows a growth trajectory, with expected revenues of 52.649 billion yuan in 2025, 63.309 billion yuan in 2026, and 73.651 billion yuan in 2027, reflecting growth rates of 15.8%, 20.2%, and 16.3% respectively [4][9]. Business Development - The company is expanding its overseas market presence, with a diversified regional sales structure and a focus on enhancing its direct sales system, which supports market expansion and risk mitigation [3]. - The company is also investing in new business areas such as mining machinery and emergency equipment, driven by technological innovation and increased R&D investment [2]. Profitability and Valuation - The projected net profit attributable to shareholders for 2025 is 5.062 billion yuan, with a corresponding PE ratio of 12x, indicating a favorable valuation outlook [4][9].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 208.76 CNY per share, maintaining the rating [6][9]. Core Views - The company has demonstrated significant revenue and profit growth, with a 35.82% year-on-year increase in revenue to 3.406 billion CNY and a 41.4% increase in net profit to 1.023 billion CNY for the year 2024 [1][2]. - The company's CMP (Chemical Mechanical Planarization) equipment continues to lead the domestic market, with a 31.16% increase in sales revenue to 2.987 billion CNY in 2024 [3][4]. - The company is expanding its product lines and platform development, including advancements in cutting, polishing, and ion implantation equipment, which are currently undergoing client validation [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.406 billion CNY, a year-on-year increase of 35.82%, and a net profit of 1.023 billion CNY, up 41.4% [1][2]. - For Q1 2025, the company reported a revenue of 912 million CNY, a 34.14% increase year-on-year, and a net profit of 233 million CNY, up 15.47% [1]. Profitability Metrics - The company's gross margin for 2024 was 43.2%, a decrease of 2.81 percentage points year-on-year, while the net margin improved to 30.05%, an increase of 1.19 percentage points [2]. Product Development - The company has successfully launched the Universal-H300 CMP system and developed specialized CMP equipment for third-generation semiconductors, which is currently in client validation [3]. - The company has made significant progress in domestic production of key components for its thinning equipment, meeting mass production requirements [3]. Market Position and Growth - The company maintains a leading market share in CMP equipment, with a strong focus on innovation and customer expansion, particularly in advanced process equipment [3][4]. - The company is expected to achieve revenues of 4.667 billion CNY, 5.833 billion CNY, and 6.883 billion CNY for the years 2025, 2026, and 2027, respectively [9].

2024 年公司新签订单101.5 亿元（含税），同比-22%，截至2024 年末，公司在手订单118.3 亿元（含 税），同比-10%。新签订单的下滑主要系光伏设备新签订单下滑所致，锂电&半导体设备新签订单均保 持增长。 海外市场持续发力，看好公司平台化布局 2024 年公司加快海外布局，在马来西亚设立以生产、销售自动化设备为主的合资公司，且将于2025 年 正式投产，有望在国内光伏龙头加快海外产能布局的进程中，获得设备供应的先发优势。（1）光伏领 域：组件端串焊机全球市占率超70%；硅片端低氧单晶炉2024 年9 月份连获海外13 亿元订单(含税)；电 池端BC 印胶线获得龙头批量订单。（2）锂电领域：模组PACK 线获得蜂巢等头部订单。（3）半导体 领域：2024 年新签订单突破1 亿元，半导体单晶炉出口海外客户并实现量产，铝线键合机和AOI 检测 设备获得设备批量订单，划片机和装片机已在客户端进行验证，CMP 设备处于内部调试阶段，产品覆 盖四大工艺段"划片-装片-键合-AOI 检测"。 看好公司通过内生外延穿越行业周期 事件 公司发布公告，2024 年营收92.0 亿元，同比+46%，归母净利润12 ...