Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, focusing on domestic demand recovery and opportunities in equipment exports [1]. Core Insights - The machinery equipment industry is expected to benefit from a recovery in domestic demand, particularly in engineering machinery, with a projected revenue increase of 3% in 2024 and 11% in Q1 2025 for selected companies [1]. - The report highlights the importance of key sectors such as general automation, humanoid robots, and testing services, indicating potential growth opportunities in these areas [2][3][9]. Summary by Sections Engineering Machinery - The engineering machinery sector is projected to see a revenue increase of 290.5 billion CNY in 2024 and 80.3 billion CNY in Q1 2025, with a year-on-year growth of 3% and 11% respectively [1]. - Key drivers include rural water conservancy projects and a global interest rate reduction cycle, leading to a recovery in domestic and export demand [1]. General Automation - The general automation sector is expected to achieve a revenue of 59.25 billion CNY in 2024, with a year-on-year growth of 6% [2]. - The injection molding machine segment shows promising growth, with companies like Haitian International and Yizumi projected to achieve revenue increases of 23% and 24% respectively [2]. Humanoid Robots - The humanoid robot industry is entering a golden development period, with a focus on dexterous hands and lightweight materials [3]. - Investment opportunities are identified in micro-screw components and sensors, which are crucial for the functionality of dexterous hands [3]. Testing Services - The testing services sector is projected to generate 46.8 billion CNY in revenue in 2024, despite a 4% decline year-on-year [9]. - The report emphasizes the resilience of the sector, particularly when excluding companies heavily involved in medical testing [9]. Forklift Industry - The forklift sector is expected to see a revenue of 47.3 billion CNY in 2024, with a 2% year-on-year growth [4]. - The report notes a shift towards overseas markets, which are expected to grow by 7% [4]. Semiconductor Equipment - The semiconductor equipment sector is projected to achieve a revenue of 73.22 billion CNY in 2024, with a year-on-year growth of 33% [10]. - The report highlights the importance of domestic equipment manufacturers in capturing market share as the industry continues to grow [10]. Photovoltaic Equipment - The photovoltaic equipment sector is expected to generate 84.86 billion CNY in revenue in 2024, with a slight increase of 2% year-on-year [11]. - The report suggests that leading companies in this sector are well-positioned to navigate through the current challenges [11].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry [1] Core Views - The machinery equipment industry is expected to benefit from domestic demand recovery and increased exports, particularly in sectors like engineering machinery and oil services [1][4] - The report highlights a significant improvement in the performance of engineering machinery companies, with projected revenue growth of 3% in 2024 and 11% in Q1 2025 [1] - The report emphasizes the importance of smart logistics in the forklift sector, suggesting a second growth curve for companies in this space [4] Summary by Sections Engineering Machinery - The analysis of 13 A-share listed companies in the engineering machinery sector shows a total revenue of 290.5 billion CNY in 2024, with a year-on-year increase of 3% [1] - The net profit for these companies is projected to reach 20.3 billion CNY in 2024, reflecting a 26% increase year-on-year [1] - Key companies to watch include SANY Heavy Industry, XCMG, and LiuGong [1] General Automation - The industrial automation sector is expected to see a revenue of 592.48 billion CNY in 2024, with a year-on-year growth of 6% [2] - The injection molding machine segment is projected to grow significantly, with companies like Haitian International and Yizumi showing strong revenue growth [2][22] - The report identifies opportunities in the FA automation segment, particularly for companies like Yihada [2][21] Forklift Industry - The forklift sector is projected to achieve a total revenue of 473 billion CNY in 2024, with a year-on-year increase of 2% [4] - The report notes a shift towards overseas markets, with overseas revenue expected to grow by 7% [4] - Companies such as Anhui Heli and Hangcha Group are highlighted as key players [4] Semiconductor Equipment - The semiconductor equipment sector is expected to see a total revenue of 732.2 billion CNY in 2024, with a year-on-year growth of 33% [10] - The net profit for semiconductor equipment companies is projected to reach 119 billion CNY, reflecting a 15% increase year-on-year [10] - Key companies include North China Innovation and Zhongwei Technology [10] Photovoltaic Equipment - The photovoltaic equipment sector is projected to achieve a total revenue of 848.6 billion CNY in 2024, with a year-on-year growth of 2% [11] - The report indicates a significant decline in net profit, expected to drop by 57% to 54.8 billion CNY [11] - Companies such as Jingcheng Machinery and High Measurement are recommended for investment [12] Testing Services - The testing services sector is expected to generate revenue of 468 billion CNY in 2024, with a year-on-year decline of 4% [9] - The net profit for the sector is projected to decrease by 56% to 18 billion CNY [9] - Recommended companies include Huace Testing and Guodian Measurement [9][30]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：本文来自 semiengineering ，谢谢。 吞吐量仍然是一个问题，解决方案需要多种技术的结合。 事实证明，电子束检测对于发现 5 纳米以下尺寸的关键缺陷至关重要。现在的挑战是如何加快这 一流程，使其在经济上符合晶圆厂的接受度。 电子束检测因灵敏度和吞吐量之间的权衡而臭名昭著，这使得在这些先进节点上利用电子束进行 全面缺陷覆盖尤为困难。例如，对于英特尔的18A逻辑节点（约1.8纳米级）和三星数百层的3D NAND存储器，缺陷检测已达到极限。 传统检测方法在 5 纳米以下开始遭遇根本性的物理限制。光学检测系统历来是缺陷检测的主力， 但由于衍射极限、复杂材料堆叠导致的对比度降低以及日益细微的缺陷特征，在先进节点上表现 不佳。 电子束检测提供纳米级分辨率，能够捕捉光学工具可能遗漏的微小致命缺陷，但这些优势也伴随 着显著的代价。吞吐量是主要瓶颈。用单束电子束扫描整个300毫米晶圆可能需要数小时甚至数 天，远远超出了现代晶圆厂严格的时间预算。 PDF Solutions先进解决方案副总裁 Michael Yu 表示："如果想在 7nm 或 5nm 等先进节点的生 产 ...

申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 据知情人士透露，韩国政府计划限制 HBM （高带宽内存）设备的出口，特别是关键的 TC Bonder （热压键合机）设备。据悉，韩国政府已要求本土主要 的 TC Bonder 制造商，暂停向特定国家和地区的客户交付设备，同时收紧对相关技术出口的审批流程。 HBM TC Bonder 在深入探讨韩国断供事件之前，我们先来了解一下 TC Bonder 到底是什么，以及它在半导体行业中为何如此重要。 TC Bonder ，也就是热压键合机，别看它只是一台设备，却是半导体封装环节中的 " 关键先生 " 。尤其在 HBM 的制造过程中，它承担着将多个 DRAM 芯 片精准堆叠并实现电气连接的重任。打个比方，如果把 HBM 比作一座高楼大厦，那么 TC Bonder 就是那位技艺精湛的 " 建筑大师 " ，负责将每一块 " 芯 片砖块 " 严丝合缝地堆叠起来，确保整座 " 大厦 " 能够稳定运行。 目前，根据填充材料的不同，热压键合技术分为 TC-NCF 、 TC-NCP 、 TC-CUF 、 TC-MUF 等多种类型；而依据基板材料的差异，又有 Chip-to- ...

Group 1 - Yitong Century won a bid for a communication engineering construction service project from China Mobile, with a total bid amount of 228 million yuan (including tax) [1] - Zhiyuan New Energy plans to repurchase shares worth between 33 million and 66 million yuan, with a maximum repurchase price of 22.00 yuan per share [1] - GAC Group reported April automobile sales of 116,400 units, a year-on-year decrease of 12.66% [2] - JAC Motors reported April automobile sales of 30,764 units, a year-on-year decrease of 3.55% [3] Group 2 - Fosun Pharma's subsidiary received FDA approval for a clinical trial of a live biotherapeutic product aimed at treating androgenetic alopecia [4] - Liangxin Co. obtained multiple patent certificates, including 2 invention patents and 32 utility model patents [5] - Sainuo Medical's two products received medical device registration certificates in Mexico and Ecuador [5] - Huayu Pharmaceutical's two products received marketing approvals in France and Spain [6] Group 3 - Shengnong Development reported April sales revenue of 1.533 billion yuan, a year-on-year increase of 0.68% [6] - Hasi Lian's potassium chloride and sodium chloride injection passed the consistency evaluation [7] - Shapuaisi received approval for a supplemental application for levofloxacin eye drops [9] - Tianyu Biological reported April sales revenue of 59.32 million yuan from pig sales [10] Group 4 - *ST Weihai was pre-awarded a project worth 108 million yuan [12] - Luoniushan reported April sales revenue of 125 million yuan from pig sales, a year-on-year increase of 12.72% [13] - Minhe Co. reported April sales revenue of 68.30 million yuan from chick sales, a year-on-year increase of 0.51% [14] Group 5 - Double Ring Technology's application for a specific stock issuance was approved by the Shenzhen Stock Exchange [15] - Hualu Hengsheng plans to repurchase shares worth between 200 million and 300 million yuan [16] - Baolong Technology plans to repurchase shares worth between 100 million and 200 million yuan [17] Group 6 - Huasheng Technology's subsidiary plans to sell shares of a company for 200 million yuan [24] - *ST Gengxing's controlling shareholder plans to increase holdings worth between 30 million and 60 million yuan [25] - Ruihuatai's shareholder plans to reduce holdings by up to 1% of the company's shares [26] Group 7 - Foton Motor reported April commercial vehicle sales of 54,816 units, a year-on-year increase of 21.63% [20] - China Merchants Bank plans to invest 15 billion yuan to establish a financial asset investment company [22] - Jinchengxin plans to invest approximately 231 million USD in the Alacran copper-gold-silver mine project [23] Group 8 - Zhongji United's controlling shareholder plans to reduce holdings by up to 2% of the company's shares [30] - Ningbo Huaxiang signed a strategic cooperation agreement to strengthen collaboration in various areas [31] - SMIC reported a net profit of 1.356 billion yuan for Q1 2025, a year-on-year increase of 166.5% [32] Group 9 - FAW Fuwi received a project notification to develop seat products for a luxury brand, with a total sales amount expected to be 1.39 billion yuan [33] - Huakang Clean won a bid for a purification project worth 64.425 million yuan [34] - Lihua Co. reported April sales revenue of 1.125 billion yuan from chicken sales [35]

丨证券研究报告丨 公司研究丨点评报告丨微导纳米（688147.SH） [Table_Title] 微导纳米 2024&2025Q1 点评：半导体订单高 增，双轮驱动展现韧性 报告要点 [Table_Summary] 公司发布 2024 年报&2025Q1 季报，2024 年营收 27.00 亿元同比增长 60.74%，归母净利润 2.27 亿元同比减少 16.16%；2025Q1 营收 5.10 亿元同比增长 198.95%，归母净利润 0.84 亿 元同比增长 2253.57%。 分析师及联系人 [Table_Author] %% %% research.95579.com 1 微导纳米（688147.SH） cjzqdt11111 [Table_Title 微导纳米 2024&2025Q1 2] 点评：半导体订单高 增，双轮驱动展现韧性 [Table_Summary2] 事件描述 赵智勇 倪蕤 SAC：S0490517110001 SAC：S0490520030003 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% 公司发布 2024 年报&2025Q1 季报，2024 年营收 27.00 ...

Core Viewpoint - The company is focused on enhancing its semiconductor equipment and materials business, leveraging its recent acquisition by a leading technology group to drive growth and innovation in the semiconductor industry. Group 1: Company Overview - The company held its annual shareholder meeting on May 16, 2025, to discuss the 2024 annual report and various proposals for the upcoming year [3][4]. - The board of directors has been actively involved in decision-making, holding seven meetings during the reporting period to address key issues such as financial planning and profit distribution [4][5]. Group 2: Business Performance - The company’s subsidiary, Kaishitong, has made significant advancements in the development of ion implantation machines, achieving notable sales milestones with over 40 units delivered and a total order value of nearly 1.4 billion [8][9]. - Kaishitong has expanded its product offerings, including low-energy and high-energy ion implantation machines, to meet the growing demands of the semiconductor market [7][9]. Group 3: R&D and Innovation - The company has increased its R&D personnel from 157 to 213, marking a growth rate of 35.67%, to enhance its innovation capabilities [15]. - The company has established a comprehensive patent system, with a total of 332 patent applications filed, including 188 invention patents [14]. Group 4: Market Trends and Opportunities - The global semiconductor equipment market is projected to grow, with a forecasted increase in sales of 7.7% to $121.5 billion in 2025, driven by rising demand for advanced manufacturing processes [19][21]. - The company is strategically positioned to capitalize on the growing demand for bismuth materials in the semiconductor industry, with plans to expand its production capabilities [22][23]. Group 5: Future Strategies - The company aims to accelerate the reduction of real estate inventory while leveraging its technology group's resources to cultivate new growth points in semiconductor materials [26]. - Plans include enhancing product development in ion implantation equipment and optimizing the supply chain to ensure stability and quality [27][28].

Group 1: Company Performance and Financial Outlook - In Q1 2025, the company's revenue declined by 63%, with a net loss of over 26 million [6] - The company anticipates that the optical electronics business will gradually improve its revenue and net profit due to ongoing projects and orders [7] - The company expects to see a significant increase in production capacity to meet customer delivery requirements after the acquisition of ficonTEC is completed [4] Group 2: ficonTEC Acquisition and Integration - The acquisition of ficonTEC has been approved by the China Securities Regulatory Commission, and it will become a wholly-owned subsidiary of the company [4][13] - The integration of ficonTEC is expected to enhance operational efficiency and reduce production costs, contributing positively to the company's performance [3][4] - The company plans to implement a "dual headquarters" global layout to better serve customers in the Asia-Pacific region while expanding overseas [4] Group 3: Market Demand and Customer Orders - ficonTEC has secured orders from major clients, including Tesat-Spacecom GmbH, a subsidiary of Airbus, and other leading companies in the satellite communication sector [3] - The company is actively expanding its service capabilities in Southeast Asia, Taiwan, and South Korea to meet the growing demand for Co-Packaged Optics (CPO) and optical transceiver technologies [7] - The domestic market for ficonTEC's equipment is expected to grow significantly, with increasing collaboration with major Chinese companies like Huawei and others [11] Group 4: Technology and Product Development - ficonTEC has developed equipment to enhance yield rates in wafer and chip manufacturing, which has been showcased at industry events [13] - The company is focusing on advancing its technology in the photonics field, with applications in data communication, AI, and quantum computing [13] - The company is a core member of the Taiwan Silicon Photonics Industry Alliance, collaborating with top semiconductor companies to promote the commercialization of silicon photonics technology [13] Group 5: Challenges and Market Conditions - The company faces challenges due to cyclical demand fluctuations in the photovoltaic industry, which have impacted its equipment segment [6][24] - Concerns have been raised regarding the low yield rates of the CPO project with NVIDIA and TSMC, but the company assures that measures are in place to improve these rates [6] - The company is closely monitoring geopolitical situations, such as the India-Pakistan tensions, to mitigate any potential impacts on its operations in India [15]

Group 1 - The core viewpoint is that ASML dominates the photolithography market, holding over 80% market share, particularly in the high-end EUV lithography machines, which are essential for manufacturing chips below 7nm [1] - Global companies are seeking alternatives to bypass ASML's monopoly, especially regarding EUV technology, which could potentially reshape the semiconductor equipment landscape [3] - Various alternative technologies have been proposed, including Japan's NIL nanoimprint technology and the US's EBL electron beam technology, which are claimed to be capable of producing 5nm chips [5] Group 2 - The University of Southampton in the UK has announced the establishment of the first advanced electron beam lithography center with a resolution below 5nm, marking a significant development in chip manufacturing technology that does not rely on EUV machines [5][7] - The current electron beam lithography technology is limited to 200mm wafers (8 inches), with future advancements needed to support 300mm (12 inches) wafers [7] - If breakthroughs in electron beam lithography are achieved, ASML may face significant challenges, leading to a potential reshuffling of the current market dynamics [7]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company reported a revenue of 2.173 billion yuan in Q1 2025, representing a year-on-year growth of 35.4%. The net profit attributable to shareholders was 313 million yuan, up 25.67% year-on-year, while the net profit excluding non-recurring items was 298 million yuan, reflecting a 13.44% increase year-on-year [2][6] - The company is expected to achieve revenues of 11.9 billion yuan and 15.2 billion yuan in 2025 and 2026, respectively [8] Summary by Sections Financial Performance - In Q1 2025, the company experienced rapid revenue growth, with net profit growth slightly lagging behind revenue growth due to increased R&D expenses, which rose approximately 116.80% year-on-year. The company also reported a significant increase in inventory and contract liabilities, with inventory at 7.448 billion yuan and contract liabilities at 3.067 billion yuan, both showing substantial increases [6][11] R&D and Product Development - The company significantly increased its R&D investment to approximately 687 million yuan in Q1 2025, a year-on-year increase of about 90.53%, accounting for approximately 31.60% of its revenue. The company is working on over twenty new devices across six major categories, with a notable acceleration in the development cycle [11][11] Capacity Expansion - The company has expanded its production and R&D facilities, with a 140,000 square meter base in Nanchang and an 180,000 square meter base in Shanghai now operational. Additionally, new facilities are planned in Guangzhou and Chengdu to support future product development and production capacity [11][11]