证券日报网讯 12月17日，国林科技在互动平台回答投资者提问时表示，二者核心差异是作用相反，且 均依托自限性循环：臭氧在ALD中作氧前驱体，与TMA等反应沉积单原子层氧化物薄膜；在ALE中作 氧化剂，氧化基底表面原子后剥离，实现单原子层刻蚀。 （文章来源：证券日报） ...

Group 1 - The core point of the article highlights the recent decline in the stock price of Weidao Nano, which fell by 5.02% to 57.08 CNY per share, with a trading volume of 460 million CNY and a turnover rate of 7.74%, resulting in a total market capitalization of 26.323 billion CNY [1] - Weidao Nano, established on December 25, 2015, and listed on December 23, 2022, focuses on advanced micro and nano-level film deposition technology and equipment, primarily serving the photovoltaic, integrated circuit, and flexible electronics sectors [1] - The company's revenue composition is as follows: photovoltaic equipment accounts for 76.54%, semiconductor equipment 18.43%, supporting products and services 3.07%, and other sources 1.89% [1] Group 2 - From the perspective of the top ten circulating shareholders, Penghua Fund has a fund that ranks among the top shareholders of Weidao Nano, with the Science and Technology Innovation 100 ETF (588220) newly entering the top ten in the third quarter, holding 836,800 shares, which is 0.83% of the circulating shares [2] - The Science and Technology Innovation 100 ETF (588220) was established on September 6, 2023, with a latest scale of 7.552 billion CNY, achieving a year-to-date return of 44.07% and a one-year return of 38.48% [2]

Summary of Solid-State Battery and Equipment Conference Call Industry Overview - The solid-state battery and equipment sector is experiencing significant changes, with the Ministry of Industry and Information Technology (MIIT) evaluating the market and major battery manufacturers exceeding tender expectations by the end of the year [1][2][3] - The lithium battery industry is expected to maintain a high demand, with over 80% capacity utilization necessitating expansion [1][4] Key Points and Arguments - **Market Demand and Supply**: The demand for lithium batteries is projected to be optimistic for next year, with expectations of price increases for materials, particularly small auxiliary materials like VC and lithium hexafluorophosphate [1][2] - **Production Capacity Expansion**: Companies like CATL plan to expand production capacity significantly, with a target of 200 GWh this year and potentially reaching 300 GWh next year [1][4] - **Technological Advancements**: The introduction of new technologies, such as ALD (Atomic Layer Deposition) for solid-state battery modification, is anticipated to enhance battery performance and reduce production complexity [8][10] - **Investment Opportunities**: Investors are encouraged to focus on companies with scarce resources and strong positions in the supply chain, particularly those involved in the production of solid-state battery equipment and materials [1][3] Competitive Landscape - **Key Players**: Traditional equipment suppliers like Lead Intelligent and Lianying Laser have established partnerships with leading companies, while emerging firms like Honggong are also gaining traction [6][9] - **Critical Success Factors**: Success in the solid-state battery equipment sector hinges on two main factors: customer positioning within leading battery manufacturers' supply chains and securing key technological processes [6][9] Future Trends - The solid-state battery equipment market is expected to grow due to robust lithium battery demand and advancements in technology [7][8] - The industry is likely to see continued investment and development in new manufacturing processes, such as dry rolling and isostatic pressing, which will optimize production efficiency [10] Additional Insights - The MIIT's delayed evaluation reflects high technical barriers in battery technology, particularly in the sulfide electrolyte direction, highlighting the scarcity of certain companies within the supply chain [1][3] - The overall sentiment in the market is positive, with expectations of increased orders and performance across the sector [8][10]

Core Viewpoint - MicroGuide Nano (688147.SH) is a leading domestic supplier of ALD equipment, with products covering mainstream ALD film materials and processes required in the industry [1] Group 1: Company Overview - The company has developed the first domestically successful mass production High-k ALD equipment for integrated circuit manufacturing, addressing the critical High-k gate oxide film process for nodes below 28nm [1] - The company is continuously expanding its technological coverage by developing and launching solutions such as HKMG technology, column capacitors, metallization film deposition technology, and high aspect ratio 3D NAND, 3D DRAM, and TSV technologies [1] Group 2: Industry Insights - ALD technology has promising application prospects in advanced semiconductor film deposition processes, particularly in nodes below 45nm and 3D structures, making it one of the fastest-growing areas in semiconductor equipment [1] - The company's ALD technology solutions cover major application scenarios in logic chips, memory chips, advanced packaging, compound semiconductors, and new displays (silicon-based OLED) [1]

Company Overview - Jiangsu Weidao Nano Technology Co., Ltd. is located in Wuxi, Jiangsu Province, and was established on December 25, 2015. The company went public on December 23, 2022. It focuses on advanced micro and nano-scale film deposition technology and equipment, primarily serving the photovoltaic, integrated circuit, flexible electronics, and semiconductor industries with high-end equipment and technical solutions [1]. Business Segmentation - The company's revenue composition is as follows: 76.54% from photovoltaic equipment, 18.43% from semiconductor equipment, 3.07% from supporting products and services, and 1.89% from other sources [1]. Stock Performance - On September 17, the stock price of Weidao Nano increased by 5.06%, reaching 49.79 CNY per share, with a trading volume of 499 million CNY and a turnover rate of 10.12%. The total market capitalization is 22.961 billion CNY [1]. Fund Holdings - According to data from major funds, one fund under Nuoan Fund has a significant position in Weidao Nano. The Nuoan High-end Manufacturing Stock A Fund (001707) increased its holdings by 10,000 shares in the second quarter, bringing the total to 90,000 shares, which accounts for 4.21% of the fund's net value, ranking it as the seventh-largest holding. The estimated floating profit today is approximately 216,000 CNY [2]. Fund Performance - The Nuoan High-end Manufacturing Stock A Fund (001707) was established on June 8, 2017, with a latest scale of 62.7319 million CNY. Year-to-date returns are 28.72%, ranking 1670 out of 4222 in its category. Over the past year, the return is 59.24%, ranking 1655 out of 3804. Since inception, the fund has achieved a return of 76.6% [2]. Fund Management - The fund manager of Nuoan High-end Manufacturing Stock A is Tong Yu, who has been in the position for 4 years and 262 days. The total asset size of the fund is 64.438 million CNY, with the best return during his tenure being 11.45% and the worst being -5.09% [3].

Overview of Continuous Supervision Work - The sponsor has established a continuous supervision work system and corresponding work plan, clarifying the requirements for on-site inspections [2] - A sponsorship agreement has been signed between the sponsor and the company, outlining the rights and obligations during the supervision period [2] - The sponsor has performed continuous supervision duties in accordance with relevant regulations, including reviewing corporate governance documents, financial management systems, and fundraising management [2] Issues and Rectification - No significant issues were found during the continuous supervision period [3] Major Risk Matters - **Core Competitiveness Risk**: The company must keep pace with evolving customer requirements in thin film deposition technology; failure to do so may adversely affect operational performance [3] - **Operational Risks**: - New product validation may not meet expectations due to long verification cycles [5] - Quarterly performance may fluctuate significantly due to non-uniform customer orders and varying project timelines [5] - Order fulfillment risks may arise from market downturns or changes in customer demand [6] - **Financial Risks**: - High inventory levels may lead to inventory impairment risks if market conditions change [7] - Increased accounts receivable and contract assets may pose collection risks if customer financial conditions deteriorate [8] - **Industry Risks**: - Downstream industry fluctuations, particularly in the semiconductor and photovoltaic sectors, may impact demand for the company's products [9] - Intensifying domestic competition in ALD and CVD technologies may compress profit margins [10] - **Macroeconomic Risks**: Global supply chain adjustments and trade frictions may disrupt component supply and affect production capabilities [11] - **Intellectual Property Disputes**: The company may face risks related to potential infringement claims or challenges to its patents [12] Financial Performance - For the first half of 2025, the company reported revenue of 1,049.95 million, a year-on-year increase of 33.42%, driven by growth in the photovoltaic and semiconductor sectors [13] - Net profit attributable to shareholders reached 192.36 million, up 348.95% year-on-year, due to increased revenue and reduced expenses [13] - The net cash flow from operating activities was -181.70 million, an improvement compared to the previous year [13] Core Competitiveness - **Technological Advantages**: The company focuses on ALD technology, which offers significant application potential in various high-tech fields [14] - **R&D Team and Infrastructure**: The company has a strong R&D team with extensive experience and has established an industrial application center to support innovation [15] - **Technology Accumulation**: The company has developed eleven core technologies successfully applied in its products, enhancing its market position [16] - **Product Matrix**: The company offers a diverse range of products across multiple sectors, which helps mitigate market volatility [17] - **Customer Resources**: The company has secured orders from leading semiconductor and photovoltaic manufacturers, establishing a solid customer base [18] - **Customer Service**: The company provides tailored solutions and efficient technical support to meet customer needs [19] Changes in Core Competitiveness - No significant adverse changes in core competitiveness were identified during the supervision period [20] R&D Expenditure and Progress - R&D expenditure has decreased due to the completion of certain projects, but the company continues to innovate, with 40 new patents granted during the period [21] Compliance with Fundraising Regulations - The company has effectively complied with regulations regarding the use of raised funds, ensuring proper management and oversight [22] Shareholding and Management - The controlling shareholder holds a 50.43% stake, with no significant changes in shareholding or pledging during the supervision period [22]

Investment Rating - Investment Rating: "Accumulate" (Maintain) [1] Core Views - The company reported a significant increase in performance, with a 33.42% year-on-year growth in revenue to 1.05 billion yuan and a 348.95% increase in net profit to 192 million yuan for the first half of 2025 [4] - The semiconductor business continues to grow, with a 27.17% increase in revenue and a substantial order backlog of 2.328 billion yuan, reflecting a 54.72% increase since the beginning of the year [6][7] - The photovoltaic segment is also showing resilience, with ongoing technology upgrades and new battery technology development, contributing to stable growth [8] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.05 billion yuan, with a gross margin of 36.05% and a net profit margin of 18.32% [4] - In Q2 2025, revenue was 540 million yuan, a 12.43% decline year-on-year but a 5.76% increase quarter-on-quarter, with net profit reaching 108 million yuan, up 175.65% year-on-year [5] - The company forecasts revenues of 2.946 billion yuan, 3.332 billion yuan, and 3.589 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 318 million yuan, 496 million yuan, and 530 million yuan for the same years [9][10] Business Segment Analysis - Semiconductor: The company is focusing on expanding its semiconductor product offerings, with several new ALD and CVD equipment series gaining market acceptance and orders from key clients [7] - Photovoltaic: The company is enhancing its technology capabilities and optimizing costs while expanding its market presence, particularly with its JW series edge passivation equipment and new XBC battery line solutions [8]