证券研究报告 亚翔集成 (603929 CH) 境外洁净室投建持续乐观 | 华泰研究 | | | 更新报告 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 16 日│中国内地 | 建筑施工 | 目标价(人民币): | 235.62 | 2026 年 1 月 15 日台积电召开 4Q25 法人说明会，就 4Q25 经营表现进行了 回顾，同时披露 2026 财年资本开支计划为 520~560 亿美金，同比 2025 财 年实际资本支出 409 亿美元增加 27%~37%。AI 应用需求落地下，先进制 程、存储芯片供不应求，跨国半导体产业龙头建厂扩产需求明确，我们认为 洁净室作为场务基础设施环节，基本面有望率先出现积极变化，亚翔集成作 为高端电子洁净室工程服务龙头企业，有望充分受益，维持"买入"评级。 4Q25 法说会台积电 FY26 资本开支指引乐观 台积电披露 26 财年资本开支指引为 520-560 亿美金，同比 25 财年增长 27~37%，计划其中 70-80%用于先进制程技术，约 10%用于特殊制程， 1 ...

Summary of Key Points from Conference Call Records Industry Overview Real Estate Market - Relaxation of real estate policies in first-tier cities significantly supports demand for low-priced housing, with expectations for other core cities to follow suit, potentially leading to more measures to stabilize the real estate market, such as land acquisition and mortgage interest subsidies [1][2][4] - Recent policy changes in Beijing include allowing multi-child families to purchase additional properties and lowering social security requirements for non-residents, which are expected to stimulate demand for affordable housing [2][4] Coal Market - Domestic supply tightening and demand recovery have led to a narrowing decline in thermal coal prices, with expectations for price stabilization in the future [1][5] - The market for coking coal is under short-term pressure due to increased imports and expectations of lower downstream demand for coke, with a forecast of a weak and stable trend for coke prices [1][6] - By 2026, the thermal coal market supply-demand balance is expected to improve, benefiting companies like China Shenhua due to reduced imports from Indonesia [1][8][9] Cleanroom Engineering Industry - The cleanroom engineering market is projected to reach 350 billion yuan by 2026, driven by demand from the electronics industry, particularly in semiconductor and AI technology sectors [1][10][12] - Key players in the cleanroom engineering sector include Shenghui Integration and Yaxiang Integration, which have shown significant revenue growth and are expanding their market presence [12][13] Solar Thermal Power - The government aims to achieve a total installed capacity of 15 million kilowatts for solar thermal power by 2030, with policies in place to support this growth and improve revenue structures for solar thermal plants [1][14][15] - Companies to watch in this sector include Xizi Energy and Material Energy, which have experience in related projects and technologies [15] Key Market Trends and Projections PX and PTA Market - PX prices have risen due to limited new supply expected in the coming years, with a significant increase in demand from downstream products [1][18][19] - PTA is also experiencing a supply vacuum, with no new capacity added this year, leading to improved supply-demand dynamics by 2026 [1][19] Polyester Filament Yarn Industry - The polyester filament yarn industry is seeing price increases due to coordinated production cuts among major manufacturers, with a positive outlook for 2026 driven by both domestic and international demand [1][20] Organic Silicon Market - The organic silicon market is expected to improve in supply-demand balance, with a focus on new applications in renewable energy and electric vehicles driving demand growth [1][21][22] - Companies to monitor include Hesheng Silicon, Xin'an Chemical, and Dongyue Silicon [22][23] Investment Opportunities - Recommended companies for investment consideration include: - In the polyester chain: Tongkun Co., New Fengming, Hengyi Petrochemical, and others [23] - In the organic silicon sector: Hesheng Silicon, Xin'an Chemical, and others [23] This summary encapsulates the key insights and projections from the conference call records, highlighting significant trends and potential investment opportunities across various industries.

Group 1 - Shenghui Integrated has seen a stock price increase of 5.24% on December 25, reaching 82.20 CNY per share, with a trading volume of 371 million CNY and a turnover rate of 4.67%, resulting in a total market capitalization of 8.22 billion CNY [1] - The stock has experienced a continuous rise for three days, accumulating a total increase of 33.11% during this period [1] - Shenghui Integrated, established on September 3, 2003, and listed on October 13, 2022, primarily engages in cleanroom engineering services in high-tech industries such as IC semiconductors and optoelectronics [1] Group 2 - Guodu Securities has one fund heavily invested in Shenghui Integrated, with Guodu Jucheng (011389) holding 10,000 shares, representing 3.9% of the fund's net value, making it the fourth-largest holding [2] - The fund has realized a floating profit of approximately 40,900 CNY today, with a total floating profit of 194,300 CNY during the three-day increase [2] - Guodu Jucheng was established on March 25, 2021, with a current scale of 11.67 million CNY, and has reported a year-to-date return of 11.89%, ranking 5500 out of 8087 in its category [2] Group 3 - The fund managers of Guodu Jucheng include Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with varying tenures and performance records [3] - Liao Xiaodong has a tenure of 5 years and 226 days, with a total fund size of 22.45 million CNY, and has experienced a best return of -24.14% during his tenure [3] - Zhang Xiaolei has a tenure of 7 years and 11 days, with the same fund size, achieving a best return of 80.09% [3] - Gong Yongjin has a tenure of 1 year and 267 days, managing a fund size of 11.67 million CNY, with a best return of 9.26% [3]

Core Viewpoint - The stock price of Yaxing Integrated (603929) reached a historic high of 108.31 CNY per share, marking a significant milestone as it surpassed the 100 CNY threshold [1] Company Summary - Yaxing Integrated specializes in providing cleanroom engineering, process secondary engineering, and construction services for the IC semiconductor and high-tech electronics industries [1] - In the first three quarters of the year, the company achieved a net profit of 442 million CNY, reflecting a year-on-year growth of 0.78% [1]

Summary of Cleanroom Industry Conference Call Industry Overview - The cleanroom industry is experiencing significant growth driven by the expansion of the semiconductor sector, particularly led by TSMC and followed by companies like Micron. The demand for high-end cleanroom engineering services is surging, resulting in equipment shortages and presenting opportunities within the cleanroom supply chain [1][2]. Key Points and Arguments - **Cleanroom Engineering Services**: These services are akin to industrial construction, designed to meet strict cleanliness and air composition requirements across sectors such as semiconductors, renewable energy, and biomedicine. Cleanroom classifications range from level 1 to 9, with semiconductor applications typically requiring levels 1 to 5 [1][4]. - **Capital Expenditure Trends**: Domestic capital expenditure in semiconductor cleanrooms increased to 20-30 billion yuan in 2022, with a structural rise in advanced process investments due to AI demand, benefiting engineering service providers with advanced process experience [1][10]. - **Market Dynamics**: The cleanroom industry is currently witnessing a strong stock performance, with a new round of capital expenditure in the semiconductor supply chain across domestic and Southeast Asian markets. Companies are beginning to see fundamental improvements [2][6]. - **Core Players**: Major players in the cleanroom engineering services include M+W Group from Germany and Taiwanese firms like HanTang and AsiaXiang, which are securing significant projects from TSMC and other major clients [8][9]. Additional Insights - **Operational Complexity**: Cleanroom engineering involves two core components: design and installation by engineering service providers, and the supply of fans and filters. The highest difficulty level is in wafer manufacturing, with fewer players in this space [5]. - **Investment Opportunities**: In the current market, it is recommended to focus on cleanroom companies with solid fundamentals and low valuations, as high-end engineering service providers are experiencing supply shortages and strong equipment demand [6]. - **Future Projections for AsiaXiang**: AsiaXiang is expected to secure new orders exceeding 10 billion yuan in Singapore by 2025, with profit margins potentially exceeding 30% as management experience improves [13]. - **Impact of TSMC's Expansion**: TSMC's global expansion plans are driving investment enthusiasm throughout the supply chain, with significant capital expenditures announced by companies like Micron in North America and Japan [14]. Company-Specific Highlights - **Mei Ai Technology**: As a leading domestic cleanroom equipment manufacturer, Mei Ai holds a 30% market share in China's semiconductor cleanroom sector. The company benefits from both domestic and international capital expenditure trends and is expanding its overseas market presence through acquisitions [15][16][17]. - **Competitive Advantages**: Mei Ai's cost control capabilities and alignment with domestic localization needs position it favorably against international competitors. The company aims for significant revenue growth, targeting 7 billion yuan in revenue by 2026 [17]. Conclusion - The cleanroom industry is poised for continued growth, driven by robust capital expenditures in the semiconductor sector and increasing demand for advanced manufacturing processes. Companies with strong fundamentals and strategic positioning are likely to benefit significantly in the coming years [18].

Core Points - Shenghui Integrated has seen a stock price increase of 5.08%, reaching 55.66 CNY per share, with a trading volume of 1.07 billion CNY and a turnover rate of 1.98%, resulting in a total market capitalization of 55.66 billion CNY [1] Company Overview - Shenghui Integrated System Group Co., Ltd. is located in Suzhou High-tech Zone, Jiangsu Province, established on September 3, 2003, and listed on October 13, 2022 [1] - The company's main business involves cleanroom engineering services in high-tech industries such as IC semiconductors and optoelectronics [1] - Revenue composition includes: cleanroom engineering 64.36%, other electromechanical installation engineering 31.78%, equipment sales 3.74%, and others 0.11% [1] Fund Holdings - Guodu Securities has a fund that heavily invests in Shenghui Integrated, with Guodu Jucheng (011389) holding 10,000 shares, accounting for 3.9% of the fund's net value, making it the fourth-largest holding [2] - The fund has generated an estimated floating profit of approximately 26,900 CNY today [2] Fund Manager Performance - The fund managers of Guodu Jucheng (011389) include Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with varying tenures and performance metrics [3] - Liao Xiaodong has a tenure of 5 years and 203 days, with a best return of -24.14% and a worst return of -67.48% [3] - Zhang Xiaolei has a tenure of 6 years and 353 days, with a best return of 80.09% and a worst return of -27.74% [3] - Gong Yongjin has a tenure of 1 year and 244 days, with a consistent return of 4.91% [3]

Group 1 - The core point of the article highlights the recent performance of Shenghui Integrated, which saw a 5.28% increase in stock price, reaching 49.87 CNY per share, with a total market capitalization of 4.987 billion CNY [1] - Shenghui Integrated specializes in cleanroom engineering services within the high-tech sectors, including IC semiconductors and optoelectronics, with its main revenue sources being cleanroom engineering (64.36%), other electromechanical installation projects (31.78%), equipment sales (3.74%), and other supplementary services (0.11%) [1] Group 2 - From the perspective of fund holdings, Guodu Securities has a fund that heavily invests in Shenghui Integrated, with Guodu Jucheng holding 10,000 shares, accounting for 3.9% of the fund's net value, making it the fourth-largest holding [2] - Guodu Jucheng, established on March 25, 2021, has a current scale of 11.6662 million CNY, with a year-to-date return of 2.06% and a one-year return of 5.7% [2] - The fund managers of Guodu Jucheng include Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with varying tenures and performance records [2]

Summary of Cleanroom Industry Conference Call Industry Overview - The cleanroom engineering service market is experiencing significant growth driven by multiple factors, including strong performance from companies like Yaxiang Integration and the increasing demand in the semiconductor and new energy sectors [1][2][3] - The market for semiconductor-related cleanroom capital expenditure has notably increased, reaching approximately 30 billion RMB, with expectations for further growth due to domestic substitution trends [1][8] Key Companies - **Yaxiang Integration**: Recommended as a top stock, benefiting from overseas capital expenditure trends in the semiconductor and new energy sectors. The company achieved its best quarterly gross margin and scale of operations in Q3 [1][2] - **Mei'an Technology**: A leading air purification equipment manufacturer, expected to achieve a profit of at least 300 million RMB by 2026, with a reasonable market valuation of around 6 billion RMB [3][14][16] - **Shenghui**: Engaged in upstream and downstream cleanroom engineering, focusing on projects related to Huawei and PCB [6][7] Financial Performance and Projections - Yaxiang Integration's Q3 performance exceeded expectations, with a projected net profit of 900-1,000 million RMB by 2026, and a target market capitalization of around 15 billion RMB [3][4][12] - The company is expected to secure over 10 billion RMB in new orders in the Singapore market by 2025, with a gross margin of approximately 27.5% [1][11] - Mei'an Technology's revenue structure is less affected by investment cycle fluctuations due to a significant portion of sales coming from replacement demand [15][16] Market Dynamics - The cleanroom engineering service market is driven by the need for high cleanliness levels in various sectors, including semiconductors, new energy, biomedicine, and food and beverage [5] - The overseas market is benefiting from AI demand and geopolitical factors, with significant orders being awarded to a few service providers, enhancing operational efficiency [9][10] Future Trends - The semiconductor industry is entering a new investment cycle, particularly in Southeast Asia, with major investments announced by companies like Micron and World Advanced [10][11] - The cleanroom capital expenditure is expected to structurally increase as domestic players tackle advanced processes, with a focus on companies with rich experience in the field [8][9] Conclusion - The cleanroom engineering service market is poised for substantial growth, driven by strong demand in the semiconductor sector and supportive macroeconomic factors. Companies like Yaxiang Integration and Mei'an Technology are well-positioned to capitalize on these trends, with promising financial projections and market opportunities ahead [1][2][3][4][12][16]

Core Viewpoint - The stock of Yaxiang Integrated has experienced significant volatility, with a cumulative price increase exceeding 20% over three consecutive trading days, raising concerns about irrational speculation and shareholder reduction risks [2]. Group 1: Stock Performance and Trading Activity - Yaxiang Integrated's stock price closed at 58.18 yuan per share on November 18, with a daily increase of 10%, achieving a "three days, two boards" performance [4]. - The company announced that the stock price's short-term increase may be due to irrational speculation, urging investors to be cautious in their trading decisions [2]. Group 2: Shareholder Reduction Risk - The company disclosed that shareholder EVER CREATIVE INVESTMENTS LTD. has a share reduction plan in place from September 23 to December 22, 2025, having already reduced its holdings by 130,000 shares as of November 18 [2]. - The ongoing reduction by EVER CREATIVE poses a potential risk to the stock price stability [2]. Group 3: Financial Performance - For the first three quarters of 2025, Yaxiang Integrated reported an operating revenue of approximately 3.109 billion yuan, a year-on-year decrease of 29.63% [3]. - The net profit attributable to shareholders was approximately 442 million yuan, reflecting a slight year-on-year increase of 0.78% [3]. - The net cash flow from operating activities was about 1.07 billion yuan, down 20.29% year-on-year [3]. Group 4: Business Overview - Yaxiang Integrated specializes in providing cleanroom engineering, process secondary配工程, and construction services for the IC semiconductor and high-tech electronics industries [2].

Core Insights - Shenghui Integration's stock rose by 5.13% to 44.68 CNY per share, with a trading volume of 71.1 million CNY and a turnover rate of 1.63%, resulting in a total market capitalization of 4.468 billion CNY [1] Group 1: Company Overview - Shenghui System Integration Group Co., Ltd. is located in Suzhou High-tech Zone, Jiangsu Province, established on September 3, 2003, and listed on October 13, 2022 [1] - The company's main business involves cleanroom engineering services in high-tech industries such as IC semiconductors and optoelectronics [1] - Revenue composition includes: cleanroom engineering 64.36%, other electromechanical installation engineering 31.78%, equipment sales 3.74%, and others 0.11% [1] Group 2: Fund Holdings - Guodu Securities has a fund that heavily invests in Shenghui Integration, with Guodu Jucheng (011389) holding 10,000 shares, accounting for 3.9% of the fund's net value, making it the fourth-largest holding [2] - The fund has generated a floating profit of approximately 22,000 CNY today [2] Group 3: Fund Manager Performance - Fund managers of Guodu Jucheng include Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with varying tenures and performance metrics [3] - Liao Xiaodong has a tenure of 5 years and 189 days, with the best return of -24.14% and the worst return of -66.84% [3] - Zhang Xiaolei has a tenure of 6 years and 339 days, with the best return of 80.09% and the worst return of -26.3% [3] - Gong Yongjin has a tenure of 1 year and 230 days, with both the best and worst return at 7.67% [3]