点击招商研究小程序查看PDF报告原文 公司是国内产品覆盖度最全的探针台设备龙头，主要产品和客户来自半导体和LED光电芯片领域。2024年全球和国内探针台设备市场规模预计分别为超 10亿美金和约30亿人民币，公司国内市占率仅为15%，考虑到公司技术实力国内领先且持续进行产品迭代，未来晶圆探针台有望在更多客户实现突破，从 而持续受益于国产替代趋势，另外公司积极布局分选机、AOI检测机等多项新品，面向的市场空间有望进一步打开。 国内探针台设备龙头，客户和产品覆盖半导体及LED等领域。 矽电股份成立于2003年，公司主营半导体探针台设备，用于IC、光电芯片、分立器件、第 三代化合物半导体等领域，目前已成长为中国大陆规模最大的探针台设备龙头，客户覆盖士兰微、比亚迪半导体、燕东微、华天科技、三安光电、光迅科 技、歌尔微等厂商。公司收入从2020年的1.88亿元增长至2024年的5.08亿元，CAGR为28.2%；公司2024年收入中晶粒探针台和晶圆探针台分别占比55%和 36%，目前仍以晶粒探针台为主要收入来源，但近三年来晶圆探针台占比持续提升；另外公司晶圆探针台中12英寸高精度产品占比亦逐渐提升，从2021年 的7.6 ...

新股探寻 （屹唐股份、信通电子）20250627 屹唐股份本次募集资金的投向及预期效益是什么？ 屹唐股份计划募集资金约 25 亿元，主要投入两个项目。第一个是集成电路装 备研发制造服务中心项目，该项目已于 2021 年开始投建，并于 2023 年实现 管理层预计 2025 年上半年营收同比增长 10%-19.6%，归母净利润同 比增长 24%-37%，备品备件业务基于 4,800 台设备存量，预计将成为 持续稳定的收入来源。 公司面临的风险包括半导体扩张速度、部分零部件依赖进口、技术升级 迭代验证和进度，以及电力行业智能化改造政策波动等因素。 投产，旨在提升公司现有干法去胶设备、快速热处理设备和干法刻蚀设备的生 产能力。第二个项目主要用于高端产品的研发，包括现有设备的升级迭代和新 产品的研发，例如新一代超高产能去除设备和刻蚀设备的研发，以及新型等离 子体刻蚀设备的开发。 屹唐股份在集成电路前道制造设备领域的主要产品线有哪些？ 屹唐股份主要提供晶圆加工设备，特别是集成电路前道制造过程中的关键设备， 包括干法去胶设备、快速热处理设备和干法刻蚀设备。 屹唐股份的全球客户覆盖情况如何？ 截至 2024 年末，屹唐股份 ...

半导体基石：自主可控驱动业绩高增+订单兑现，把握设备 材料投资机遇 20260629 摘要 半导体设备与材料板块估值相对较低，市场关注度提升，受资金轮动、 市场情绪及基本面预期影响，下游招标、晶圆厂进展和个股业绩是关键 驱动因素。 政策自主可控主线强化，头部晶圆厂乐观信息利好板块。设备公司预计 2025 年上半年订单同比稳定，晶圆厂采购动力维持高位，全年订单展 望积极。 中国大陆半导体制造自主可控持续推进，预计 2025-2026 年核心设备 和先进制程良率将有突破，中美差距依然显著，政策收紧强化自主可控。 半导体设备投资价值在于国产替代带来的订单增长，虽非爆发性增长， 但国产设备订单倾斜和公司平滑策略确保业绩稳定，低估值是布局时机。 半导体材料投资逻辑出现变化，本土外资晶圆厂和国内龙头晶圆厂均提 升国产材料接纳度，供应链安全和成本降低是主要驱动因素。 2025 年晶圆厂满载扩产利好材料公司，竞争格局良好且有卡位优势的 公司受益明显，产能扩张直接带动产品需求。 半导体材料板块估值已回调至合理水平，部分龙头公司具备配置价值。 设备领域推荐北方华创等龙头及国产化率低的个股，材料领域推荐卡位 优势明显的鼎龙股份和安 ...

长江商报消息 ●长江商报记者 徐佳 作为直写光刻龙头设备厂商，芯碁微装（688630.SH）将借港股市场加速国际化布局。 6月27日晚间，芯碁微装宣布，为加快公司的国际化战略及海外业务布局，打造国际化资本运作平台， 进一步提升公司品牌形象及知名度，提高公司的资本实力和综合竞争力，根据公司总体发展战略及运营 需要，公司拟在境外发行股份（H股）并在香港联合交易所有限公司（以下简称"香港联交所"）上市。 长江商报记者注意到，近两年来，芯碁微装的国际化布局提速。2024年，芯碁微装来自海外市场的收入 为1.88亿元，同比增长212.32%。特别是随着泰国子公司完成设立，带动公司东南亚地区营收占比提升 至近20%。 今年第一季度，芯碁微装实现营业收入2.42亿元，同比增长22.31%；归属于上市公司股东的净利润（净 利润，下同）5186.68万元，同比增长30.45%。 截至6月27日收盘，芯碁微装二级市场股价79.2元/股，年内累计上涨超31%。 A股上市4年拟赴港IPO 6月27日晚间，芯碁微装发布公告称，公司拟在境外发行股份（H股）并在香港联交所上市。公司董事 会同意授权公司管理层启动本次H股上市的前期筹备工作， ...

根据市场公开信息及6月27日披露的机构调研信息，知名私募淡水泉近期对2家上市公司进行了调研，相 关名单如下： 淡水泉成立于 2007 年，是中国领先的私募证券基金管理人之一，专注于与中国相关的投资机会，同时 开展国内私募证券投资、海外对冲基金和QFII/机构专户业务。客户群体包括全球范围内的政府养老 金、主权基金、大学捐赠基金、保险公司等机构客户及高净值个人客户。公司以北京为总部，在上海、 深圳、香港、新加坡和美国设有办公室。 2）精智达 （淡水泉参与公司券商策略会） 调研纪要：精智达介绍了其产品情况，包括DRM老化测试修复设备、MEMS探针卡、存储器通用测试 验证机、新型显示器件检测设备等。公司正在研发满足先进封装测试要求的升级版CP测试机、高速FT 测试机，并已获得客户认可。公司计划拓展MEMS探针卡产品线，研发分选机、探针台等测试设备，并 成立了南京精智达技术有限公司。公司正开发针对KGSD、HBM等2.5D和3D封装技术的测试技术和设 备。公司设定2025年营业收入增长率不低于60%，半导体业务营业收入增长率不低于500%。 机构简介： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310 ...

Group 1 - Notable private equity firm NanTu Asset recently conducted research on a listed company, Jingzhida, which participated in a brokerage strategy meeting [1] - Jingzhida introduced its product offerings, including DRM aging test repair equipment, MEMS probe cards, general testing verification machines for memory, and new display device testing equipment [1] - The company is developing upgraded CP testing machines and high-speed FT testing machines to meet advanced packaging testing requirements, which have already gained customer recognition [1] - Jingzhida plans to expand its MEMS probe card product line and develop sorting machines and probe stations, establishing Nanjing Jingzhida Technology Co., Ltd. [1] - The company is also developing testing technologies and equipment for 2.5D and 3D packaging technologies such as KGSD and HBM [1] - Jingzhida has set a target for a revenue growth rate of no less than 60% by 2025, with a semiconductor business revenue growth rate of no less than 500% [1] Group 2 - NanTu Asset Management Co., Ltd. was established in 2015 and is currently an observer member of the Asset Management Association of China [2] - The company emphasizes a reliable, sustainable, and excellence-driven development philosophy, focusing on client interests [2] - NanTu Asset aims to build a long-lasting and outstanding asset management company, with a core team of 16 employees, including 11 investment research personnel [2] - The average securities industry experience of the investment research personnel is over 7 years, with backgrounds from renowned public institutions such as CICC, E Fund, and Agricultural Bank of China [2] - The team covers key industries including pharmaceuticals, TMT, new energy vehicles, consumer goods, and cyclical sectors [2]

Core Viewpoint - The article discusses the challenges and potential solutions related to high numerical aperture (NA) EUV lithography, particularly focusing on the issues of mask stitching and the implications of larger mask sizes on manufacturing efficiency and yield [1][2][9]. Group 1: Challenges of High NA EUV Lithography - The transition to high NA (0.55) EUV lithography presents significant challenges in circuit stitching between exposure fields, impacting design, yield, and manufacturability [1][2]. - The use of deformable optics in high NA systems reduces the exposure area of standard 6×6 inch masks by half, complicating the alignment and yield of critical layers [2][3]. - Misalignment at the stitching boundaries can lead to significant errors in critical dimensions, with a 2nm misalignment potentially causing at least a 10% error in pattern dimensions [2][3]. Group 2: Impact on Yield and Performance - The reliance on precise calibration in advanced lithography is crucial to avoid interference between features across different masks, which can lead to yield issues [3][4]. - The introduction of stitching-aware design strategies is necessary to mitigate performance degradation, with potential frequency reductions of up to 3% and increased power consumption by 3% in worst-case scenarios [5][6]. - Optimizations in design can reduce the impact of stitching on performance, with some strategies achieving a reduction in stitching area loss to below 0.5% and performance degradation to around 0.2% [6][8]. Group 3: Solutions and Industry Perspectives - Increasing the mask size to 6×11 inches could eliminate stitching issues and improve throughput, although it would significantly increase equipment costs and require extensive changes to existing manufacturing infrastructure [9][10]. - The production of larger masks poses additional challenges in stress management and defect control, which are already critical in EUV mask fabrication [10][11]. - Despite the technical advantages of larger masks, industry skepticism remains regarding the associated costs and the need for upgrades to meet future technology nodes [11].

Core Viewpoint - The company, Shengmei Semiconductor Equipment (Shanghai) Co., Ltd., is undergoing significant governance changes, including the cancellation of the supervisory board and an increase in the number of directors, which may impact its operational structure and strategic direction [2][7]. Group 1: Stock Performance - As of June 27, 2025, Shengmei Shanghai's stock closed at 112.9 yuan, reflecting a 3.11% increase from the previous week [1]. - The stock reached a peak price of 115.5 yuan and a low of 108.45 yuan during the week [1]. - The company's current total market capitalization is 49.822 billion yuan, ranking 16th out of 161 in the semiconductor sector and 273rd out of 5,151 in the A-share market [1]. Group 2: Corporate Governance Changes - The second supervisory board's twentieth meeting approved three key resolutions: the cancellation of the supervisory board, an increase in the number of directors, and adjustments to the share repurchase price limit [2]. - The company plans to hold its third extraordinary general meeting on July 15, 2025, to discuss the cancellation of the supervisory board and the increase in the number of directors [3]. - The board intends to increase its size from 6 to 8 members, adding independent director Jiang Shoule [5]. Group 3: Financial Management - The company approved the temporary use of up to 250 million yuan of idle raised funds to supplement working capital, with a validity period of 12 months from the board's approval [6][7]. - The share repurchase price limit has been adjusted from 99.02 yuan per share to 120.00 yuan per share to ensure the smooth implementation of the repurchase plan [8].

Core Viewpoint - Hangzhou Changchuan Technology Co., Ltd. has announced its largest refinancing plan since its listing, aiming to raise no more than 3.132 billion yuan, with significant investments directed towards semiconductor equipment R&D and working capital [1][10]. Group 1: Financial Performance - The company expects a profit of 360 million to 420 million yuan for the first half of the year, representing a year-on-year growth of 67.54% to 95.46% [2]. - In 2024, the company reported a revenue of 3.642 billion yuan, a year-on-year increase of 105.15%, and a net profit of 458 million yuan, up 915.14% [7]. - In Q1 of this year, net profit surged by 2623.82% to 111 million yuan, attributed to strong market demand and effective cost control [9]. Group 2: R&D and Market Position - Changchuan Technology is a leading player in China's integrated circuit testing equipment sector, focusing on the R&D, production, and sales of specialized equipment [6]. - The company has significantly increased its R&D investment from 25 million yuan in 2016 to 967 million yuan in 2024, a nearly 40-fold increase, with R&D accounting for 28.14% of revenue in 2024 [13]. - The company holds over 1,000 authorized patents, including more than 350 invention patents, and its products are integrated into the supply chains of major domestic and international companies [13]. Group 3: Challenges and Regulatory Issues - Despite impressive financial results, the company faces challenges, including delays in previous fundraising projects and a low domestic semiconductor equipment localization rate of 13.6% [3][10]. - The company has encountered regulatory warnings due to issues such as premature revenue recognition and mismanagement of raised funds, leading to warnings issued to top executives [14].

公众号记得加星标⭐️，第一时间看推送不会错过。 在半导体先进封装技术加速迭代的背景下，国产 D2W 混合键合设备首次被 Yole Group 报告收录。 Yole 报告收录，亿级市场空间 混合键合技术是从焊料凸块转向铜 - 铜直接键合的先进互连工艺，通过无凸点键合实现纳米级 精度互联，解决传统微凸点技术在高密度封装中的瓶颈问题。 根 据 Yole 公 开 数 据 显 示 ， 2020 全 球 混 合 键 合 设 备 市 场 规 模 达 3.2 亿 美 元 ， 预 计 2027 年 CoW(D2W)/WoW(W2W)市场规模将分别攀升至 2.3亿/5.1亿 美元，CAGR高达 69%/16% ，凸显该 领域强劲增长潜力。 随着 AI 算力需求爆发对高密度封装的需求增加，混合键合在 HBM、3D IC 等高端封 装场景的渗透率持续提升。以HBM市场应用为例，据国泰证券引用Yole 数据，2028 年混合 键合在HBM 市场渗透率将 从 2025 年的 1% 跃升至 36% 。 图源：Yo l e ,国泰证券 国际巨头混合键合领域布局： 图源：Yole《High-End Pe rformance Packaging ...