证券研究报告 | 公司点评报告 2025 年 08 月 29 日 中微公司（688012.SH） 25Q2 利润同比稳健增长，加快研发投入和新品推出节奏 TMT 及中小盘/电子 中微公司发布 2025 半年报，25Q2 收入同比高增长，利润稳健增长，公司加大 研发投入以加速新品推出节奏，刻蚀设备在先进制程工艺产线持续上量，EPI 等新品验证进展顺利。维持"增持"投资评级。 ❑ 风险提示：下游晶圆厂扩产不及预期，晶圆厂产能利用率下滑的风险，新品 研发不及预期，行业竞争加剧的风险。 | 财务数据与估值 | | | | | | | --- | --- | --- | --- | --- | --- | | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业总收入(百万元) | 6264 | 9065 | 11929 | 15121 | 18500 | | 同比增长 | 32% | 45% | 32% | 27% | 22% | | 营业利润(百万元) | 1980 | 1704 | 2394 | 3233 | 4212 | | 同比增长 | 57% | -14% | ...

证券研究报告·公司点评报告·半导体 华海清科（688120） 2025 年中报点评：业绩持续高增，看好公司 打造 CMP/减薄设备龙头 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,508 | 3,406 | 4,553 | 5,865 | 7,590 | | 同比（%） | 52.11 | 35.82 | 33.67 | 28.81 | 29.41 | | 归母净利润（百万元） | 723.75 | 1,023.41 | 1,379.90 | 1,777.53 | 2,281.09 | | 同比（%） | 44.29 | 41.40 | 34.83 | 28.82 | 28.33 | | EPS-最新摊薄（元/股） | 2.05 | 2.90 | 3.90 | 5.03 | 6.45 | | P/E（现价&最新摊薄） | 63.47 | 44.89 | 33.29 | 25.84 | 20.14 | [T ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company has experienced rapid revenue growth, with a reported revenue of 1.954 billion yuan for the first half of 2025, representing a year-on-year increase of 54.25%. However, the net profit attributable to shareholders decreased by 26.96% to 94 million yuan [1][3]. - The company's advanced process verification equipment has entered large-scale production, driving revenue growth. The competitive edge of its products continues to improve, with successful customer certifications and increasing production scale [2]. - The company has optimized its customer structure, consolidating partnerships with leading domestic wafer manufacturers while successfully onboarding new clients, leading to an increase in market penetration [2]. - The decline in net profit for the first half of 2025 was primarily due to a significant drop in Q1 profits, but Q2 showed a strong recovery with a net profit of 241 million yuan, a year-on-year increase of 103.37% [3]. - The company is projected to benefit from domestic production increases, with net profit forecasts for 2025, 2026, and 2027 at 1.044 billion yuan, 1.373 billion yuan, and 1.795 billion yuan, respectively [3]. Summary by Sections Financial Performance - Revenue for the first half of 2025 was 1.954 billion yuan, up 54.25% year-on-year. The net profit attributable to shareholders was 94 million yuan, down 26.96% year-on-year, while the non-recurring net profit increased by 91.35% to 38 million yuan [1]. - Q2 2025 saw a significant recovery in profitability, with net profit reaching 241 million yuan, a 103.37% increase year-on-year and a 3.88 billion yuan increase from Q1 [3]. Market Position and Growth - The company’s advanced process verification equipment has successfully passed customer certifications and is now in large-scale production, contributing to strong revenue growth [2]. - The company has improved its customer structure, enhancing market penetration and increasing contract liabilities to 4.536 billion yuan, a 52.07% increase from the end of 2024 [2]. Profitability Forecast - The report forecasts net profits of 1.044 billion yuan for 2025, 1.373 billion yuan for 2026, and 1.795 billion yuan for 2027, with corresponding PE ratios of 53x, 40x, and 31x [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company's profitability has improved, and its product line has been further enriched. The gross margin in Q2 2025 increased significantly, indicating a steady recovery [12][10]. - The company has a substantial backlog of orders, with contract liabilities reaching 4.536 billion, a 52.07% increase compared to the end of 2024, laying a solid foundation for future revenue growth [12][10]. - The company is expanding its product line and enhancing its advanced packaging business, with several new products achieving customer certification and entering mass production [12][10]. Financial Performance Summary - In H1 2025, the company achieved revenue of 1.954 billion, a year-on-year increase of 54.25%. The net profit attributable to the parent company was 94 million, a decrease of 26.96%, while the non-recurring net profit increased by 91.35% to 38 million. The gross margin was 31.96%, down 15.1 percentage points year-on-year [6][12]. - In Q2 2025, the company reported revenue of 1.245 billion, a year-on-year increase of 56.64%, and a net profit attributable to the parent company of 241 million, an increase of 103.37%. The non-recurring net profit surged by 240.42% to 218 million, with a gross margin of 38.82%, down 8.1 percentage points year-on-year [6][12]. Future Profitability Forecast - The company is expected to achieve net profits attributable to the parent company of 950 million, 1.29 billion, and 1.67 billion for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are projected to be 55x, 41x, and 31x based on the current stock price [12][10].

Group 1: 中远海控 - Company achieved operating revenue of 1090.99 billion yuan, a year-on-year increase of 7.78% [1] - Net profit attributable to shareholders was 175.36 billion yuan, up 3.95% year-on-year [1] - Proposed cash dividend of 0.56 yuan per share (tax included) [1] Group 2: 冰川网络 - Company reported operating revenue of 12.57 billion yuan, a year-on-year increase of 4.21% [2] - Net profit attributable to shareholders was 3.36 billion yuan, compared to a loss of 5.15 billion yuan in the previous year [2] - Proposed cash dividend of 10.00 yuan for every 10 shares (tax included) [2] Group 3: 中国宝安 - Company achieved operating revenue of 108.39 billion yuan, a year-on-year increase of 8.07% [2] - Net profit attributable to shareholders was 2.44 billion yuan, up 24.51% year-on-year [2] - Basic earnings per share were 0.09 yuan [2] Group 4: 英诺特 - Company reported operating revenue of 2.76 billion yuan, a year-on-year decrease of 34.35% [3] - Net profit attributable to shareholders was 1.25 billion yuan, down 39.36% year-on-year [3] - Basic earnings per share were 0.92 yuan [3] Group 5: 兴业银行 - Company achieved operating revenue of 1104.58 billion yuan, a year-on-year decrease of 2.29% [3] - Net profit attributable to shareholders was 431.41 billion yuan, up 0.21% year-on-year [3] - Basic earnings per share were 1.91 yuan [3] Group 6: 海天味业 - Company reported operating revenue of 152.30 billion yuan, a year-on-year increase of 7.59% [5] - Net profit attributable to shareholders was 39.14 billion yuan, up 13.35% year-on-year [5] - Proposed cash dividend of 2.60 yuan for every 10 shares (tax included) [5] Group 7: 捷昌驱动 - Company achieved operating revenue of 20.07 billion yuan, a year-on-year increase of 27.31% [7] - Net profit attributable to shareholders was 2.71 billion yuan, up 43.29% year-on-year [7] - Basic earnings per share were 0.71 yuan [7] Group 8: 上海银行 - Company reported operating revenue of 273.44 billion yuan, a year-on-year increase of 4.18% [8] - Net profit attributable to shareholders was 132.31 billion yuan, up 2.02% year-on-year [8] - Proposed cash dividend of 3.00 yuan for every 10 shares (tax included) [8] Group 9: 北方华创 - Company achieved operating revenue of 161.42 billion yuan, a year-on-year increase of 29.51% [9] - Net profit attributable to shareholders was 32.08 billion yuan, up 14.97% year-on-year [9] - Basic earnings per share were 4.45 yuan [9] Group 10: 南京银行 - Company reported operating revenue of 284.80 billion yuan, a year-on-year increase of 8.64% [11] - Net profit attributable to shareholders was 126.19 billion yuan, up 8.84% year-on-year [11] - Basic earnings per share were 1.13 yuan [11] Group 11: 博瑞医药 - Company achieved operating revenue of 5.37 billion yuan, a year-on-year decrease of 18.28% [12] - Net profit attributable to shareholders was 17.17 million yuan, down 83.85% year-on-year [12] - Basic earnings per share were 0.04 yuan [12] Group 12: 青岛银行 - Company reported operating revenue of 76.62 billion yuan, a year-on-year increase of 7.50% [14] - Net profit attributable to shareholders was 30.65 billion yuan, up 16.05% year-on-year [14] - Basic earnings per share were 0.53 yuan [14] Group 13: 招商蛇口 - Company achieved operating revenue of 514.85 billion yuan, a year-on-year increase of 0.41% [16] - Net profit attributable to shareholders was 14.48 billion yuan, up 2.18% year-on-year [16] - Basic earnings per share were 0.14 yuan [16] Group 14: 南方精工 - Company reported operating revenue of 4.14 billion yuan, a year-on-year increase of 13.92% [16] - Net profit attributable to shareholders was 2.29 billion yuan, compared to a loss of 70.06 million yuan in the previous year [16] - Basic earnings per share were 0.66 yuan [16] Group 15: 安克创新 - Company achieved operating revenue of 128.67 billion yuan, a year-on-year increase of 33.36% [17] - Net profit attributable to shareholders was 11.67 billion yuan, up 33.80% year-on-year [17] - Proposed cash dividend of 7.00 yuan for every 10 shares (tax included) [17] Group 16: 格力电器 - Company reported operating revenue of 973.25 billion yuan, a year-on-year decrease of 2.46% [18] - Net profit attributable to shareholders was 144.12 billion yuan, up 1.95% year-on-year [18] - Basic earnings per share were 2.60 yuan [18] Group 17: 海力风电 - Company achieved operating revenue of 20.30 billion yuan, a year-on-year increase of 461.08% [19] - Net profit attributable to shareholders was 2.05 billion yuan, up 90.61% year-on-year [19] - Basic earnings per share were 0.94 yuan [19] Group 18: 先导智能 - Company reported operating revenue of 66.10 billion yuan, a year-on-year increase of 14.92% [22] - Net profit attributable to shareholders was 7.40 billion yuan, up 61.19% year-on-year [22] - Basic earnings per share were 0.48 yuan [22] Group 19: 中远海特 - Company achieved operating revenue of 107.75 billion yuan, a year-on-year increase of 44.05% [23] - Net profit attributable to shareholders was 8.25 billion yuan, up 13.08% year-on-year [23] - Basic earnings per share were 0.34 yuan [23] Group 20: 郑州银行 - Company reported operating revenue of 66.90 billion yuan, a year-on-year increase of 4.64% [24] - Net profit attributable to shareholders was 16.27 billion yuan, up 2.10% year-on-year [24] - Basic earnings per share were 0.18 yuan [24] Group 21: 英科医疗 - Company achieved operating revenue of 49.13 billion yuan, a year-on-year increase of 8.90% [25] - Net profit attributable to shareholders was 7.10 billion yuan, up 21.02% year-on-year [25] - Proposed cash dividend of 0.50 yuan for every 10 shares (tax included) [25] Group 22: 润禾材料 - Company plans to issue convertible bonds to raise no more than 400 million yuan for high-end organic silicon new materials project and to supplement working capital [25]

Core Viewpoint - The company reported significant growth in revenue and profit, driven by its strategic focus on semiconductor equipment and materials, particularly in the bismuth sector, which has become a core engine for performance improvement [1][2] Group 1: Financial Performance - The company achieved a revenue of 699 million yuan, representing a year-on-year increase of 247.76% [1] - The net profit attributable to shareholders reached 40.81 million yuan, marking a turnaround from previous losses [1] Group 2: Business Strategy and Operations - The company is expanding its business in the semiconductor equipment and materials sector, focusing on core processes in integrated circuit manufacturing [1] - The bismuth business has significantly contributed to the company's performance, with Anhui Wandao generating 525 million yuan in sales, accounting for 75.14% of total revenue [1] - The company has established a solid competitive advantage in bismuth metal purification and compound preparation, leveraging the technological expertise accumulated by its parent group [1] Group 3: Production Capacity - Production bases in Anhui Wuhua and Guangdong Qingyuan have entered the production phase, while new capacity in Hubei Jingzhou and Zhejiang Quzhou is under development, with plans to complete expansion by the end of 2025 [1] - The company aims to maintain a leading position in terms of annual production capacity and sales volume within the industry [1] Group 4: Semiconductor Equipment Development - The subsidiary, KST, continues to lead in the domestic ion implantation machine market, delivering 8 new 12-inch ion implantation machines during the reporting period [2] - KST's low-energy high-current ion implantation machine has achieved its first acceptance, filling a domestic gap and enhancing the company's capability to cover new processes for clients [2] - As of June 30, KST has secured over 12 clients for low-energy high-current ion implantation machines and has delivered more than 40 machines since 2020, demonstrating reliability in large-scale production [2]

8月29日，微导纳米跌5.12%，截至发稿，报42.07元/股，成交3.54亿元，换手率8.09%，总市值194.01亿 元。 银华中小盘混合（180031）基金经理为张萍、李晓星、杜宇。 截至发稿，张萍累计任职时间6年299天，现任基金资产总规模205.78亿元，任职期间最佳基金回报 138.99%， 任职期间最差基金回报-34.57%。 李晓星累计任职时间10年57天，现任基金资产总规模246.74亿元，任职期间最佳基金回报228.71%， 任 职期间最差基金回报-34.17%。 杜宇累计任职时间5年264天，现任基金资产总规模88.19亿元，任职期间最佳基金回报33.68%， 任职期 间最差基金回报-6.12%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，江苏微导纳米科技股份有限公司位于江苏省无锡市新吴区长江南路27号，成立日期2015年12 月25日，上市日期2022年12月23日，公司主营业务涉及以ALD技术为核心,致力于先进 ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a revenue of 1.95 billion yuan in the first half of 2025, representing a year-on-year growth of 30.28%, and a net profit attributable to shareholders of 505 million yuan, up 16.82% year-on-year [5][9] - The company is actively seizing market opportunities driven by the demand in the integrated circuit industry, increasing R&D investment and production capacity, which enhances its core competitiveness [9] - The company's CMP products, as key equipment in the front-end manufacturing of integrated circuits, have gained more customers, leading to an increasing market share [9] - The trend of AI is expected to drive rapid development in 3D IC technology, which will likely create strong demand for the company's equipment [10] Financial Performance Summary - For the first half of 2025, the company reported a revenue of 1.95 billion yuan and a net profit of 505 million yuan, with a gross margin of 46.08% [9] - The company forecasts revenues of 3.41 billion yuan, 4.55 billion yuan, and 5.92 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.36 billion yuan, 1.74 billion yuan, and 2.22 billion yuan [11][12] - The company’s EPS is projected to grow from 2.90 yuan in 2024 to 6.27 yuan in 2027 [12] Market Position and Product Development - The company’s CMP equipment has a solid foundation, and it is steadily expanding its product lines in thinning, slicing, and ion implantation equipment [10] - The new CMP polishing system Universal-H300 has received bulk orders and is being shipped at scale [10] - The 12-inch ultra-precision wafer thinning machine Versatile-GP300 has gained significant market recognition, leading to a substantial increase in order volume [10] Future Outlook - The company is expected to benefit from the domestic trend of localization and self-sufficiency, particularly in the context of AI driving advanced packaging and chip stacking technologies [10] - The projected net profits for 2025-2027 are 1.36 billion yuan, 1.74 billion yuan, and 2.22 billion yuan, with corresponding P/E ratios of 33.8X, 26.3X, and 20.7X based on the closing price on August 28 [10]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expected stock performance that is better than the market by 10% to 20% over the next six months [13]. Core Insights - The company reported a revenue of 4.961 billion yuan for the first half of 2025, representing a year-over-year increase of 43.88%, and a net profit attributable to shareholders of 706 million yuan, up 36.62% year-over-year [4][8]. - The company benefits from the domestic production of semiconductor equipment, with significant growth in sales of etching equipment and a strong focus on R&D, which accounted for 30.07% of revenue in the first half of 2025 [8][9]. Financial Performance Summary - Revenue projections for the company are as follows: 2025E at 11.785 billion yuan, 2026E at 15.320 billion yuan, and 2027E at 19.916 billion yuan, with year-over-year growth rates of 30% for 2025-2027 [7][10]. - The net profit is projected to be 2.363 billion yuan in 2025E, 3.084 billion yuan in 2026E, and 4.059 billion yuan in 2027E, with corresponding year-over-year growth rates of 46.2%, 30.5%, and 31.6% respectively [7][10]. - The gross margin is expected to stabilize around 43% from 2025 to 2027, while the net margin is projected to improve slightly from 20% in 2025 to 20.4% in 2027 [11]. R&D and Product Development - The company invested 1.492 billion yuan in R&D in the first half of 2025, a 53.70% increase from the previous year, indicating a strong commitment to innovation and product development [8][9]. - The company has successfully expanded its product lines in etching equipment, with significant orders for both CCP and ICP etching devices, and has maintained a leading position in the MOCVD equipment market [9][10]. Market Position and Outlook - The company is positioned as a leading domestic semiconductor equipment provider, benefiting from the ongoing trend of domestic substitution in the semiconductor industry [9][10]. - The report maintains previous profit forecasts, expecting net profits to reach 2.363 billion yuan in 2025, 3.084 billion yuan in 2026, and 4.059 billion yuan in 2027, with corresponding price-to-earnings ratios of 60x, 46x, and 35x respectively [9][10].

Core Viewpoint - Northern Huachuang (002371.SZ) reported strong financial performance in its 2025 mid-year report, showing significant growth in revenue and net profit compared to the same period last year [1] Financial Performance - The company's total operating revenue reached 16.142 billion yuan, ranking 3rd among disclosed peers, with an increase of 3.678 billion yuan, representing a year-on-year growth of 29.51% [1] - The net profit attributable to shareholders was 3.208 billion yuan, ranking 1st among disclosed peers, with an increase of 418 million yuan, reflecting a year-on-year growth of 14.97% [1] - The net cash flow from operating activities was -3.191 billion yuan [1] Financial Ratios - The latest debt-to-asset ratio stood at 52.49%, a decrease of 1.05 percentage points compared to the same period last year [1] - The latest gross profit margin was 42.17%, ranking 38th among disclosed peers [1] - The latest return on equity (ROE) was 9.49%, ranking 5th among disclosed peers [1] Earnings Per Share - The diluted earnings per share were 4.45 yuan, ranking 1st among disclosed peers, with an increase of 0.55 yuan, marking a year-on-year growth of 14.23% [1] Efficiency Metrics - The latest total asset turnover ratio was 0.21 times, ranking 46th among disclosed peers [1] - The latest inventory turnover ratio was 0.34 times [1]