半导体设备是半导体产业链的基石，存储扩产与自主可控共振，国产替代空间广阔。半导体设备位于产 业链上游，是支撑芯片制造与封测的核心产业。根据SEMI的数据，2025年上半年仍以33.2%的份额保持 全球最大单一市场地位，国内设备龙头业绩表现亮眼，2025年前三季度八家龙头公司合计营收同增 37.3%，归母净利润同增23.9%。我们判断，随着AI大模型驱动存储技术向3D化演进，叠加长鑫、长存 等国内存储大厂扩产项目落地，国产半导体设备产业链有望迎来新一轮高速增长机遇。 国金证券近日发布电子行业研究：半导体设备位于产业链上游，是支撑芯片制造与封测的核心产业。根 据SEMI的数据，2025年上半年仍以33.2%的份额保持全球最大单一市场地位，国内设备龙头业绩表现亮 眼，2025年前三季度八家龙头公司合计营收同增37.3%，归母净利润同增23.9%。 以下为研究报告摘要： 行业观点 投资逻辑 全球半导体步入强劲复苏周期，设备市场维持高景气。全球半导体市场已结束去库周期，根据WSTS预 测，2025年上半年全球半导体市场规模同比增长18.9%，全年预计增长15.4%。随着行业供需关系改 善，在AI算力与先进制程扩产的驱动 ...

Group 1: Semiconductor Business Growth - The semiconductor business is experiencing robust growth due to the continuous expansion of domestic memory chip production capacity and the increase in localization rates of equipment in logic and advanced packaging sectors [1] - In the first three quarters of 2025, new orders in the semiconductor sector reached approximately 1.483 billion yuan, a year-on-year increase of 97.26%, with over 80% coming from leading customers in NAND and DRAM memory chips [1] - Revenue from semiconductor equipment in Q3 2025 was approximately 333 million yuan, representing a year-on-year growth of 132.66%, while cumulative revenue for the first three quarters of 2025 was about 526 million yuan, up 78.27% year-on-year [1] Group 2: Investment in Technology and Capacity - The company successfully issued 1.1 billion yuan in convertible bonds, with 643 million yuan allocated for the construction of an intelligent factory for semiconductor thin film deposition equipment, which will significantly enhance production capacity [1] - An additional 227 million yuan is designated for the expansion of R&D laboratories to ensure rapid conversion of cutting-edge technologies into marketable and stable products, aiming for seamless integration from "technology leadership" to "market leadership" [1] Group 3: Advancements in Storage Technology - The transition to 3D architecture in memory chips has led to increased complexity in device structures, making traditional deposition processes inadequate for uniform thin film deposition [2] - ALD technology has become essential for manufacturing 3D NAND and 3D DRAM due to its superior three-dimensional coverage and atomic-level film thickness control, with demand for this technology continuing to rise [2] - The CVD hard mask process, particularly for amorphous carbon deposition, is critical for achieving high-density integration in memory chips, ensuring design integrity during etching processes [2] Group 4: Breakthroughs in Logic Chips and Advanced Packaging - The company has made significant breakthroughs in the logic chip sector, collaborating with major domestic manufacturers and achieving international advanced levels in key performance indicators [3] - The demand for high-end domestic thin film deposition equipment in the logic chip market is expected to grow, supporting ongoing business growth [3] - In the advanced packaging sector, the company’s products utilize unique low-temperature control technology to meet the demands for low thermal budget and high-quality thin films, with ongoing validation and technical exchanges with potential clients [3] Group 5: Revenue and Profit Forecast - The company is projected to achieve revenues of 2.6 billion yuan, 3.1 billion yuan, and 3.6 billion yuan in 2025, 2026, and 2027 respectively, with net profits attributable to the parent company expected to be 300 million yuan, 430 million yuan, and 560 million yuan for the same years [4]

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, focusing on a fabless model in the semiconductor industry, with a strategic emphasis on "computing + storage + analog" across high-growth markets such as automotive electronics, industrial medical, AIoT, and smart security [1][2]. Group 1: Company Overview - Founded in 2005 by Liu Qiang, Beijing Junzheng initially focused on embedded CPU development and has since evolved to become a leader in the automotive storage chip sector following a significant acquisition in 2020 [8][14][15]. - The company was listed on the Shenzhen Stock Exchange in 2011, becoming the first publicly traded company in the embedded CPU chip sector in China, with a current market capitalization of 39.679 billion [7][10]. Group 2: Product Lines - The core product lines include: - **Computing Chips**: These are the brain of devices, including self-developed CPUs and NPUs for AI tasks, used in smart security cameras and robotic devices [3][19]. - **Storage Chips**: Responsible for data storage and retrieval, focusing on high-quality DRAM, SRAM, and Flash chips for harsh environments like automotive and industrial applications [4][21]. - **Analog Chips**: These serve as the bridge between the digital and physical worlds, including LED drivers and combo chips for automotive and smart home applications [5][23]. Group 3: Market Position and Financial Performance - The company has seen significant revenue growth, with a notable increase from 340 million to 2.17 billion in revenue from 2019 to 2020, marking a 538% increase [16]. - Despite a decline in overall revenue from 54.1 billion in 2022 to 45.3 billion in 2023, the computing chip segment experienced a 43.9% growth, indicating resilience in the face of market challenges [26]. Group 4: Future Opportunities - The company identifies three major opportunities in the semiconductor industry: 1. **End-Device AI Explosion**: The market for AI devices is expected to grow from 24.8 million units in 2020 to 311 million units by 2024, with a CAGR of 88.1% [31]. 2. **Storage Revolution**: The shift from 2D to 3D storage technology is anticipated to drive significant market growth, with 3D DRAM expected to rise from $30-40 million in 2024 to over $700 million by 2029 [34]. 3. **Rise of RISC-V Architecture**: The open-source RISC-V architecture is set to lower design costs and enhance customization, providing strategic advantages for companies like Beijing Junzheng [36][39].