公司基本情况 | 最新收盘价（元） | 436.68 | | --- | --- | | 总股本/流通股本（亿股）5.34 | / 5.34 | | 总市值/流通市值（亿元）2,333 | / 2,331 | | 52 周内最高/最低价 | 486.69 / 283.86 | | 资产负债率(%) | 51.0% | | 市盈率 | 41.30 | | 第一大股东 | 北京七星华电科技集团 | | 有限责任公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 北方华创(002371) 平台型布局加速推进 l 投资要点 成熟产品市占稳步提升，新产品关键技术持续突破。2024 年 公司持续深化半导体基础产品领域布局，核心业务保持高速增长， 2024 年公司实现营收 298.38 亿元，同比+35.14%；归母净利润 56.21 亿元，同比+44.17 ...

金价大跳水了你知道吗？ "昨天早上周大福店员小王发现不对劲：平时摆满金条的柜台，今天突然来了十几波问价的客人，但真正下手的不到两成。与此同时，纽约交易员Mike盯着 屏幕惊呼：'上帝！黄金像自由落体一样往下砸！'" 第一股力量，中美握手释放重磅信号 谈判桌上突然蹦出三个炸弹： 第三股力量，战火商人突然收手 中国将采购荷兰ASML最新光刻机；特斯拉获准扩建上海超级工厂；两国约定不打汇率战。 这意味着什么？ 高盛最新报告悄悄把黄金目标价从2500调到了2150，桥水基金三天抛了23吨黄金ETF。 最狠的是摩根大通，一边喊"黄金永远上涨"，另一边，却偷偷做空，这操作比缅北电诈还刺激！ 俄军从赫尔松后撤15公里的照片刷屏，红海上马士基货轮重新启航，连伊朗油轮，都敢大摇大摆进港了。 好比两个经常吵架的邻居突然合伙开超市，街坊们还囤啥防身武器？ 第二股力量，华尔街大佬集体变脸 这些"战争贩子"一歇业，黄金的"保险金"自然要打折。 家庭主妇李姐的惨痛经历 去年300元/克跟风买金条，现在金店回收价只有285，还要倒贴鉴定费！ 私募经理王总透露—— "现在买黄金股不如买铜矿股，洛阳钼业最近被外资爆买。" 反常识现象 第一招， ...

国内半导体设备商加速平台化布局，零部件国产替代进程加快 证券研究报告 半导体设备&零部件行业2024年报&2025一季报总结： 业绩持续高增，看好自主可控趋势下国产替代加速 首席证券分析师：周尔双 执业证书编号：S0600515110002 zhouersh@dwzq.com.cn 13915521100 证券分析师：李文意 执业证书编号：S0600525080005 liwenyi@dwzq.com.cn 18867136249 2025年5月13日 请务必阅读正文之后的免责声明部分 2 ⚫ 收入端延续高速增长态势，盈利水平进一步提升。我们选取14家半导体设备行业重点标的【北方华创】【中 微公司】【拓荆科技】 【华海清科】【长川科技】【芯源微】【至纯科技】【华峰测控】【盛美上海】【万 业企业】【精测电子】【赛腾股份】【微导纳米】【中科飞测】和4家半导体零部件行业重点标的【英杰电气 】【汉钟精机】【新莱应材】【富创精密】。 1）收入端：2024&2025Q1十四家半导体设备企业合计实现营 业收入732.2/177.4亿元，同比+33/+37%；四家半导体零部件企业合计实现营业收入113.4/24.7亿元，同比 ...

在前道工艺控制中，关键薄膜量测 (Critical Thin Film Thickness)和光学关键尺寸量测（Optical Critical Dimension）具有极高的系统性技术门槛，不断迭代的工艺平台对量测机台性能提出更高 要求，高端量测机台的国产化支撑迫在眉睫。 匠岭科技长期布局半导体前道高端量测领域，通过持续的技术积累和扎实的客户实践， 核心产品 关键薄膜量测机台和光学关键尺寸量测机台，已能够支撑本土晶圆厂稀缺工艺的稳定量产，切实补 齐了本土先进逻辑与高端存储芯片制造上的供应链短板，显著提升了本土半导体产业链在关键量测 环节的自主可控能力。 近日，国产量测设备厂商匠岭科技连续完成B轮与B+轮战略融资，其中 B轮融资由石溪资本 领投，联合投资方为合肥产投国正与俱成资本；B+轮融资由启明创投领投，联合投资方为元 禾璞华、混沌投资、超越创投、临港数科基金、横琴瀚瑞、凯风甬翔，并由老股东冯源资本 多轮次追加投资。 新融资资金将主要用于新产品研发和规模化产能布局。 多重突破， 满足本土稀缺工艺对高端量测的紧迫需求 经过在高技术壁垒领域的长期深耕与持续创新突破，匠岭科技已成功实现多款高端量检测设备的国 产化 ...

上证指数站稳5日线，MACD红柱放大，短期趋势确实强。但30分钟级别顶背离已经出现三次，就像开车遇到急转弯，得踩踩刹车。历史经验告诉我们，快 速突破后如果量能跟不上，5%-8%的回撤很正常。所以咱们得盯紧量能——今天要是早盘半小时成交量破3000亿，指数冲3400点才有戏；要是缩量冲高，该 减仓就得减。 第三，聪明钱在悄悄换赛道 老铁们好，这里是帮主郑重每天的盘前策略时间。老规矩，咱们不整虚的，直接上干货，拆解这波行情里的机会和门道。 先说个大实话：昨天A股这根放量长阳，成交额1.3万亿，北向资金狂买118亿，确实够劲爆！但别急着喊牛市，咱们得看清楚这波行情的底层逻辑。 军工板块集体爆发不是偶然，成飞概念股涨停潮背后，是政策对高端制造的持续加码。科技这边更热闹，人形机器人、AI算力、低空经济这些赛道全线开 花，消费电子更是被中美关税松绑的消息点燃。但别光看热闹，得看资金往哪流——北向资金昨天118亿真金白银砸向科技成长股，说明外资对中国产业升 级的信心回来了。 第二，技术面强但别贪杯 2. 死磕主线：科技成长（AI算力、机器人）、新能源（固态电池）、消费电子（关税松绑受益股）这三个方向，重点看有技术突破的龙头 ...

Core Viewpoint - Shengmei Shanghai (688082.SH) demonstrates strong growth momentum driven by its core strategies of "technological differentiation, product platformization, and global customer base," as evidenced by its impressive Q1 2025 financial results [1][14]. Financial Performance - In Q1 2025, Shengmei Shanghai reported revenue of 1.306 billion yuan, a year-on-year increase of 41.73%, and a net profit attributable to shareholders of 246 million yuan, a staggering year-on-year growth of 207.21% [1]. - The company's net profit after deducting non-recurring items reached 248 million yuan, reflecting a year-on-year increase of 194.14% [1]. - The revenue and net profit figures represent historical highs for the company in the same quarter [1]. Market Outlook - UBS forecasts Shengmei Shanghai's revenue to reach 7.05 billion yuan in 2025, with a compound annual growth rate of over 20% expected from 2025 to 2027 [2]. - The company has built strong competitive barriers, and the Q1 2025 results are seen as the beginning of accelerated performance release, with expectations of entering a new high-growth phase [2]. Order Backlog and Cash Flow - Shengmei Shanghai's contract liabilities totaled 1.228 billion yuan, a year-on-year increase of 31.13%, indicating a robust order backlog [4]. - The net cash flow from operating activities improved significantly to 93 million yuan, compared to a cash outflow of 155 million yuan in the same period last year [4]. Industry Context - The global semiconductor equipment market is expected to recover, with a projected market size of 113 billion USD in 2024, growing by 6.4% year-on-year [6]. - China is the largest semiconductor equipment market, with a compound annual growth rate exceeding 20% from 2020 to 2024, significantly outpacing global growth [9]. Product Diversification and Platform Development - Shengmei Shanghai has successfully developed a diverse product portfolio, including cleaning equipment, electroplating equipment, and various semiconductor process equipment, positioning itself as a leading platform enterprise in the industry [10]. - The company has achieved significant market shares in cleaning and electroplating equipment, with international market shares of 8% and 8.2%, respectively [10]. - The company is expanding its product offerings and has begun mass production of several new technologies, including advanced packaging electroplating equipment and atomic layer deposition (ALD) systems [11][12]. Future Growth Potential - Shengmei Shanghai's platform development is expected to accelerate, with new products projected to become significant revenue contributors in the next two to three years [12]. - The company is poised for continued high growth as it capitalizes on the recovery of the semiconductor industry and its strong order backlog [14].

江苏微导纳米科技股份有限公司 2024 年年度股东大会会议资料 江苏微导纳米科技股份有限公司 江苏·无锡 江苏微导纳米科技股份有限公司 2024 年年度股东大会会议资料 目 录 江苏省无锡市新吴区长江南路27号公司会议室。 三、会议召开方式 本次会议采用的是现场投票和网络投票相结合的方式。 四、会议议程 (一)参会人员签到、领取会议资料，股东及股东代理人发言登记 (二)主持人宣布股东大会开始，介绍出席会议人员情况 议案十一 关于延长公司向不特定对象发行可转换公司债券股东大会决议有效期 议案十二 关于提请股东大会延长授权董事会办理本次向不特定对象发行可转换 江苏微导纳米科技股份有限公司 2024 年年度股东大会会议资料 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台 的投票时间为股东大会召开当日的交易时间段，即2025年5月19日的9:15-9:25， 二、现场会议地点 江苏微导纳米科技股份有限公司 2024 年年度股东大会会议资料 为了维护广大投资者的合法权益，保证股东在本公司股东大会上依法行使职 权，提高股东大会议事效率，根据中国证券监督管理委员会《上市公司股东大会 规则》及《公司章程》 ...

Group 1: Financial Performance - The company's 2024 semiconductor equipment revenue was CNY 26.578 billion, with a net profit of CNY 5.218 billion, driven by over CNY 10 billion from thin film deposition equipment and over CNY 8 billion from etching equipment [5][10]. - In Q1 2025, the company reported revenue of CNY 7.859 billion and a net profit of CNY 1.579 billion, with a positive trend in new orders [10][12]. - The company's operating cash flow has declined due to increased raw material inventory to meet customer demand, but new orders remain strong [2][3]. Group 2: Market Position and Competition - The company holds nearly 3,000 patents, the highest among domestic semiconductor equipment firms, indicating strong R&D investment and technological innovation [3][4]. - In 2024, the total revenue from ALD equipment was nearly CNY 2 billion, suggesting a market share of approximately 30% in the domestic ALD equipment market [10][12]. - The company expects continued growth in the semiconductor equipment sector, with significant market opportunities compared to international competitors [5][6]. Group 3: Strategic Initiatives - The company has no current plans for stock buybacks but is focused on enhancing shareholder returns through strategic acquisitions, such as the acquisition of Chip Source Micro [3][8]. - The company is actively pursuing new product development and market expansion to increase its market share and operational efficiency [12][13]. - The company plans to distribute cash dividends of CNY 10.60 per 10 shares and a capital reserve increase of 3.5 shares for every 10 shares held to enhance stock liquidity [8][11]. Group 4: Industry Outlook - The domestic semiconductor equipment industry is expected to maintain a growth trend in the coming years, driven by advancements in technology and increased capital expenditure from wafer fabs [6][12]. - The company anticipates that the demand for advanced process equipment will continue to rise, despite potential fluctuations in the market [10][12]. - The impact of U.S.-China trade policies on the company's performance is expected to be minimal, given the high technical barriers in semiconductor equipment [8][10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][8]. Core Insights - The company is experiencing continuous improvement in profitability and steady progress in platform development, with a projected revenue of 3.406 billion yuan in 2024, representing a year-on-year growth of 35.82% [3][10]. - The company has successfully increased its market share and sales scale in various fields, including logic chips, storage chips, advanced packaging, and third-generation semiconductors, leading to a significant rise in net profit [3][4]. - The acquisition of a controlling stake in a subsidiary focused on ion implantation technology is expected to enhance the company's product offerings and support its "equipment + service" platform strategy [5][7]. Financial Performance Summary - The company is projected to achieve revenues of 4.732 billion yuan in 2025, 5.918 billion yuan in 2026, and 7.404 billion yuan in 2027, with corresponding net profits of 1.379 billion yuan, 1.751 billion yuan, and 2.256 billion yuan respectively [8][10]. - The expected growth rates for revenue are 38.91% in 2025, 25.07% in 2026, and 25.12% in 2027, while net profit growth rates are projected at 34.79%, 26.96%, and 28.79% for the same years [10][11]. - The company's earnings per share (EPS) are forecasted to be 5.83 yuan in 2025, 7.40 yuan in 2026, and 9.53 yuan in 2027, indicating a strong upward trend in profitability [10][11]. Market Opportunities - The report highlights the growing demand for advanced packaging and compound semiconductors, driven by the increasing need for high-performance computing chips, particularly in the context of artificial intelligence [4]. - The company is positioned to benefit from the rising demand for thinning and cutting equipment, as it has made significant technological advancements to compete with international suppliers [4][5].

Investment Rating - The mechanical industry is rated as "Buy" (maintained) [1] Core Views - The humanoid robot sector is experiencing significant advancements, with various companies unveiling new models and applications, indicating a strong growth trajectory for the industry [2][3][6][7] - The engineering machinery sector is showing signs of recovery, with excavator sales in April 2025 reaching 22,142 units, a year-on-year increase of 17.6% [13] - The agricultural machinery market is facing challenges, with the China Agricultural Machinery Market Sentiment Index dropping to 47.9% in April 2025, reflecting a decline in various sub-indices [9][10] Summary by Relevant Sections Humanoid Robots - Lenovo's humanoid robot showcased at the Tech World 2025 conference demonstrates advanced capabilities such as Tai Chi performance and business Q&A [2] - Sichuan Mianyang deployed humanoid robots for traffic guidance, highlighting practical applications in urban settings [2] - ZTE is entering the companion robot market, indicating a growing interest from major tech companies [2] Engineering Machinery - Excavator sales in April 2025 reached 22,142 units, with domestic sales at 12,547 units and exports at 9,595 units, showing strong growth [13] - The industry is expected to benefit from increased infrastructure investment as major projects are set to commence [13] Agricultural Machinery - The Agricultural Machinery Market Sentiment Index for April 2025 is at 47.9%, down 13.8 points month-on-month, indicating a downturn in market conditions [9] - The production of various types of tractors has shown mixed results, with large tractors increasing by 6.1% while smaller models have seen declines [10] Robotics and Automation - The production line for humanoid robots is expected to ramp up significantly in 2025, with a focus on high-complexity functions and cost reduction [7] - Companies like Midea and KUKA are collaborating on humanoid robots for factory operations, indicating a trend towards automation in manufacturing [6] Market Trends - The overall mechanical industry is experiencing a recovery phase, with various sectors showing positive growth indicators, particularly in robotics and engineering machinery [13][17]