Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [5][16]. Core Views - The company's profitability has significantly rebounded in Q2 2025, driven by successful product validation and increased revenue scale, leading to a substantial improvement in gross margin [6][7]. - The company has successfully introduced new products that have passed customer validation, contributing to revenue growth and enhancing market penetration [8][10]. - The increase in contract liabilities indicates a strong order backlog, which supports future revenue growth [8]. Financial Performance Summary - In Q2 2025, the company reported revenue of 1.245 billion yuan, a year-on-year increase of 56.6% and a quarter-on-quarter increase of 75.7% [7]. - The net profit attributable to the parent company reached 241 million yuan, a year-on-year increase of 103%, marking a turnaround from a loss of 147 million yuan in Q1 2025 [7]. - The gross margin for Q2 2025 was 38.8%, showing a year-on-year decrease of 8.1 percentage points but a quarter-on-quarter increase of 18.9 percentage points [7]. - The net profit margin improved to 19.4%, up 4.4 percentage points year-on-year [7]. Revenue and Profit Forecast - The revenue forecast for 2023A is 2.705 billion yuan, with projected growth rates of 59% for 2023, 52% for 2024, and 31% for 2025 [5]. - The net profit forecast for 2025E is 978 million yuan, with a growth rate of 42% compared to 2024 [5]. - The earnings per share (EPS) is projected to be 3.50 yuan for 2025E, increasing to 5.06 yuan in 2026E [5]. Market Position and Trends - The company is expanding its coverage in thin film deposition equipment and has achieved comprehensive coverage of various hard mask processes, positioning itself as a leading equipment manufacturer in the domestic integrated circuit field [10][11]. - The company has received repeat orders for its wafer-to-wafer hybrid bonding equipment, indicating strong demand in advanced storage and logic sectors [11].

键合设备在先进产线拓展顺利，新一代晶圆-晶圆混合键合设备发货验证。公司晶圆对晶圆混合键合设 备获得重复订单，同时，公司研发的新一代高速高精度晶圆对晶圆混合键合产品已发货至客户端验证。 目前公司产品已出货至先进存储、逻辑、图像传感器等客户。 投资建议。公司25H1 收入同比高增长，25Q2 利润环比大幅扭亏，在手订单饱满。公司工艺覆盖度持续 提升，薄膜沉积产品在先进产线出货顺利，晶圆对晶圆混合键合设备获得重复订单。我们预计公司 2025/2026/2027 年收入为54.1/68.6/85.1 亿元，预计归母净利润为9.6/13.0/17.5 亿元，对应PE 为 53.6/39.4/29.2 倍，维持"增持"投资评级 风险提示：下游晶圆厂扩产不及预期，宏观经济下滑的风险，新品研发不及预期，行业竞争加剧的风 险。 25Q2 收入同比加速增长，利润环比大幅扭亏。①25H1 收入19.54 亿元，同比+54.3%；归母净利润0.943 亿元，同比-27%；扣非净利润0.38 亿元，同比+91%。②25Q2 收入12.5 亿元，同比+56.6%/环比 +75.7%；毛利率38.8%，同比-8.1pcts/环比+19pc ...

Core Viewpoint - The company has implemented a special action plan for 2025 focused on quality improvement and efficiency enhancement, aiming to drive high-quality development and maintain its leading position in the domestic semiconductor equipment industry. Group 1: Focus on Core Business and Operational Optimization - The company continues to focus on its core business, enhancing the competitiveness of its main products through independent innovation and operational management [1][2] - The company has shipped over 3,000 equipment reaction chambers, entering more than 70 production lines [1] - The company has expanded the production scale of advanced PECVD and ALD equipment, achieving significant order growth in the advanced storage sector [2][3] Group 2: Deepening Customer Cooperation and Market Expansion - The company has maintained strategic cooperation with customers, responding to their needs for new processes and products, and has expanded its customer base [3][4] - The company has a full order book, indicating strong demand for its products [3] Group 3: Accelerating Investment Projects and Capacity Expansion - The company has completed the construction of its semiconductor advanced process equipment R&D and industrialization project, significantly enhancing its capacity [4][5] - The company is progressing with the establishment of a new high-end semiconductor equipment industrialization base [5] Group 4: Enhancing Operational Management for High-Quality Development - The company has upgraded its smart manufacturing execution system (MES) to improve production efficiency and monitoring [5][6] - A comprehensive quality management system has been established to ensure product performance and safety [6] Group 5: Strengthening Supply Chain and Talent Development - The company has enhanced its supply chain stability through collaboration and training with suppliers [6][7] - The workforce has grown to 1,569 employees, with ongoing training programs to improve management and technical skills [7] Group 6: Optimizing Performance Assessment and Shareholder Returns - The company has set performance indicators for management and staff, linking their performance to the company's operational results [7][8] - A cash dividend of approximately 75.18 million yuan has been distributed to shareholders, reflecting the company's commitment to shareholder returns [13] Group 7: Enhancing Information Disclosure and Investor Communication - The company has improved the quality of its information disclosure and actively engaged with investors through various platforms [14] Group 8: Strengthening Corporate Governance and Risk Management - The company has implemented a market value management system and focused on high-end semiconductor equipment, enhancing its core competitiveness [15][16] - The company has established an ESG framework to promote sustainable development and compliance with regulations [16]

Core Viewpoint - The company reported significant revenue growth in 2024, but faced challenges in Q1 2025 due to high customer validation costs and increased operating expenses, leading to a net loss. Financial Performance - In Q1 2025, the company achieved revenue of 709 million yuan, a year-on-year increase of 50.22%, but reported a net loss of 147 million yuan compared to a profit of 10 million yuan in the same period last year [1] - For the full year 2024, the company reported revenue of 4.103 billion yuan, a year-on-year increase of 51.70%, and a net profit of 688 million yuan, up 3.86% [1] Business Segments - The semiconductor equipment segment generated revenue of 3.958 billion yuan in 2024, a year-on-year increase of 50.25%, while other businesses achieved revenue of 145 million yuan, a growth of 105.84% [2] - The film deposition equipment segment contributed 3.863 billion yuan in revenue, up 50.29%, and advanced bonding equipment and related testing equipment generated 96 million yuan, an increase of 48.78% [2] Order Backlog and Future Outlook - As of the end of 2024, the company had an order backlog of approximately 9.4 billion yuan, providing a solid foundation for continued growth [2] - The company plans to enhance its product offerings and has made significant investments in R&D, with R&D expenses reaching 756 million yuan in 2024, a year-on-year increase of 31.26% [3] Product Development - The company continues to expand its product line in film deposition equipment, with key products like PECVD maintaining a competitive edge and achieving repeat orders [4] - The company has completed the construction of its semiconductor advanced process equipment R&D and industrialization project, which is expected to be operational by June 2025 [4] Profitability Metrics - The company's gross margin for 2024 was 41.69%, a decrease of 5.42 percentage points, primarily due to the high proportion of new product revenues and customer validation costs [3] - The net profit margin for 2024 was 16.75%, down 7.79 percentage points [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 4.1 billion yuan in 2024, representing a year-over-year increase of 51.7%, driven by increased demand for domestic semiconductor equipment from wafer manufacturers [4][5] - The net profit attributable to shareholders for 2024 was 690 million yuan, with a year-over-year growth of 3.9% [5] - The gross margin for 2024 was 41.7%, a decrease of 9.3 percentage points compared to the previous year [5] - As of the end of 2024, the company had nearly 9.4 billion yuan in orders on hand, providing strong support for future performance [5] - In Q1 2025, the company continued to achieve high growth with a revenue of 710 million yuan, a year-over-year increase of 50.2% [5] - The company is expanding its film deposition process coverage and developing 3D integration equipment, which is expected to benefit from the expansion of advanced processes and packaging [5][6] Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 5.8 billion yuan, 7.7 billion yuan, and 9.5 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 940 million yuan, 1.49 billion yuan, and 1.96 billion yuan [5][7] - The projected P/E ratios for 2025, 2026, and 2027 are 47, 31, and 23 times respectively [5][7] - The company’s gross margin is expected to recover to 45.2% in 2025 and further improve in subsequent years [7] - The company’s total assets are projected to reach 15.3 billion yuan in 2024 and 22.8 billion yuan in 2027 [9]