如果您希望可以时常见面，欢迎标星收藏哦~ 来 源： 内 容 编译自 embedded 。 想象一下，一家能够实时思考、学习、调整和优化工艺流程的半导体代工厂。这家工厂不仅能检测 每一片晶圆，还能预测每一个缺陷，同时采取纠正措施，并为客户提供改进设计的见解。 这听起来像是科幻小说，但这正是下一代半导体制造的样子，进而创造出一种为人工智能时代而精 心调整的新型代工厂。 单晶圆加工是下一代代工厂愿景的关键。然而，在传统的直线型代工厂中运行单晶圆效率不高。必 须设计一种新型代工厂。这种代工厂能够更流畅地移动晶圆，并从每颗晶圆中学习，然后利用人工 智能模型预测错误并进行修正。为了从每颗晶圆中获取数据，未来的先进代工厂需要重新思考晶圆 在工厂内的移动方式，并调整布局，以便在同一工厂内同时管理多个客户项目和封装项目。 未来的铸造厂需要创新集成来实现制造优化。 半导体制造：前端处理 芯片制造的晶圆或前端工艺始于氧化层，然后使用光刻技术（包括抗蚀剂涂覆、曝光和显影）绘制 图案；蚀刻零件；添加离子；创建金属层和绝缘层；以及平滑表面。这些步骤重复多次，以构建复 杂的电路层。在前端处理（图 1）中，在同一晶圆上重复这些步骤，以构建构 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1]. Core Views - The company plans to acquire Zhongxin Ningbo, aiming to build a full industry chain capability of "chip design + wafer processing" [1][6]. - In 2024, the company experienced a significant revenue decline of 53.26% due to market demand slowdown and intensified competition, but managed to achieve a slight profit increase of 1.13% in net profit [5]. - The company has a diverse chip design capability and has launched various chips with core proprietary intellectual property in multiple fields [6]. - The acquisition of Zhongxin Ningbo is expected to enhance the company's capabilities in high-end BAW filter manufacturing and expand its presence in the RF front-end industry [7][8]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 197,789.18 million yuan, a year-on-year decrease of 53.26%, while net profit reached 9,715.47 million yuan, a year-on-year increase of 1.13% [5]. - The overall gross margin improved to 26.29%, an increase of 13.85 percentage points year-on-year [5]. - R&D investment for 2024 was 67,532.16 million yuan, reflecting a growth of 10.26% year-on-year [5]. Business Strategy - The company is transitioning towards a full industry chain model by integrating chip design and wafer processing capabilities through the acquisition of Zhongxin Ningbo [6]. - The company has established strategic partnerships with leading mobile communication terminal companies, enhancing its market position in the RF front-end sector [7][8]. Earnings Forecast - The company forecasts revenues of 23.35 billion yuan, 28.04 billion yuan, and 35.23 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.58, 1.00, and 1.32 yuan [9]. - The current stock price corresponds to PE ratios of 147, 86, and 65 for the years 2025, 2026, and 2027 respectively [9].