4月17日晚间，中微公司(688012)发布2024年年度报告。报告显示，凭借核心技术突破、研发高强度投 入及运营效率优化，中微公司2024年实现营业收入约90.65亿元，同比增长约44.73%，保持了近四年营 收年均增幅大于40%；扣除非经常性损益的净利润约13.88亿元，同比增长约16.52%。 从行业情况来看，近年来随着人工智能、云计算、大数据、自动驾驶等数码技术相关的产业进一步加速 发展，半导体微观制造设备作为数码产业的基石，其市场高速发展。据国际半导体产业协会(SEMI)数 据，全球半导体设备市场规模由2019年的576亿美元提升至2023年的1063亿美元，年均复合增长率达到 16.55%。2024年，全球半导体设备市场规模1171亿美元，同比增长10.16%；其中，中国大陆半导体设 备市场规模达到496亿美元，同比增长35%，占全球总规模的44%。 "工欲善其事，必先利其器。"在研发方面，2024年，公司研发投入达24.5亿元，同比增长94.3%，占营 业收入比例约27%。高强度的研发投入推动产品迭代速度显著提升——过去开发一款新设备需3至5年， 如今仅需2年甚至更短时间即可完成。 年报显示，目 ...

相应的，4Q24 公司实现营收94.9 亿元，YOY+27%，QOQ+18%；实现净利11.6 亿元，YOY+14%。同 时，公司预计1Q25 实现营收73.8~89.8 亿元，YOY+23%~51%，实现净利润14.2 亿元~17.4 亿元， YOY+25%~53%，扣非后净利润14 亿元~17.2 亿元，YOY+29%~59%,1Q25 业绩继续保持高速增长态 势。我们认为1Q25 公司业绩大幅增长一方面是得益于成熟产品市占率的稳步提升，另一方面也反应电 容耦合等离子体刻蚀设备（CCP）、原子层沉积设备（ALD）等多款新产品实现关键技术突破，从而带 动公司产值规模快速提升。 结论与建议： 得益于精研客户需求，公司产品矩阵进一步丰富，公司1Q25 营收同比增长23%~53%，净利润同比增长 29%~59%，继续保持高增态势。展望未来，中美科技争端、贸易争端已进入白热化阶段，美国对于中 国半导体先进制程的限制不断提升，因此半导体设备、制造领域国产替代的进程将进一步加速。 公司作为国内半导体设备平台型公司，承载中国半导体产业崛起的希望，业绩亦有望保持快速增长态 势。目前股价对应2025、2026 年PE33 倍 ...

数据四舍五入，查看更多财务数据>> 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2900 | 0.3500 | -17.14 | 2.2400 | | 每股净资产（元） | 21.36 | 21.01 | 1.67 | 34.22 | | 每股公积金(元) | 17.49 | 17.07 | 2.46 | 26.11 | | 每股未分配利润(元) | 2.63 | 2.56 | 2.73 | 6.61 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.11 | 2.37 | 31.22 | 3.5 | | 净利润(亿元) | 0.2 | 0.25 | -20 | 1.26 | | 净资产收益率(%) | 1.38 | 1.64 | -15.85 | 16.56 | 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 135.22万股，累计占流通股比： 5.56%，较上期变 ...

4月17日罗博特科股价盘中闪崩12%、收盘跌6.72%的直接导火索，是当日深交所对其重大资产重组案的 二次审核会议。此次交易的核心是通过发行股份及现金支付方式收购德国企业ficonTEC的剩余股权，以 实现100%控股。尽管该并购自2020年启动以来被视为公司转型半导体设备领域的战略举措，但其复杂 性和潜在风险在审核前夕集中暴露，引发资金避险情绪。 2025年1月首次上会时，深交所已因交易关联性、估值合理性等问题暂缓审议。尽管公司3月23日补充了 实控人戴军的业绩承诺协议（承诺2025-2027年累计净利润不低于5814.5万欧元），但市场对监管态度 仍存疑虑。 2020年联合财团增持至93.03%； 2025年拟将剩余股权装入上市公司。 对此，监管质疑，公司前次交易协议中存在"斐控晶微应尽最大努力寻找买方转让斐控泰克股权"的条 款，实控人有没有可能主导了交易连续性；若被认定为一揽子交易，需合并计算总交易规模，可能触 发"借壳上市"审查（标的净资产10.51亿元已超过上市公司净资产8.46亿元）。 若被认定为一揽子交易，审核标准趋严，交易失败概率上升，则可能导致股价进一步承压。 定价与估值风险：高溢价合理性存 ...

Investment Rating - The report assigns an "Accumulate" rating for the semiconductor equipment industry, indicating a positive outlook for the sector [2][17]. Core Insights - The report highlights that hybrid bonding solutions are becoming a critical breakthrough for AI chips and advanced packaging, with significant developments expected in the coming years [3][4]. - Applied Materials (AMAT) has acquired a 9% stake in Besi, viewing hybrid bonding as a strategic long-term investment, and both companies will collaborate on developing hybrid bonding solutions [3][4]. - The demand for hybrid bonding technology is projected to surge, particularly in the logic process field starting in 2022, with a second wave of demand anticipated in 2024 [4]. Summary by Sections Industry Overview - Hybrid technology is expected to begin mass production in the logic process field in 2022, with further adoption in the memory sector by 2025-2026 and in advanced packaging (AP) by 2027-2028 [4]. - By 2030, the demand for hybrid bonding equipment is estimated to reach around 1,400 units [4]. Company Developments - AMAT's acquisition of Besi shares is part of a long-standing partnership aimed at developing the industry's first fully integrated equipment solution for wafer-based hybrid bonding [4]. - Besi's equipment orders are expected to increase significantly in 2024, driven primarily by demand from AI applications [4]. Financial Performance - Besi is projected to achieve revenues of €607.5 million in 2024, reflecting a year-on-year increase of 4.9%, with a gross margin of 65.2% [4]. - The company's order intake is expected to rise to €586.7 million, a 7.0% increase year-on-year, largely due to the growing demand for AI application equipment [4]. Recommended Companies - The report recommends companies such as Tuojing Technology and Northern Huachuang for investment, highlighting their potential benefits from the hybrid bonding technology [4][9].

4月15日晚间，深圳至正高分子材料股份有限公司（以下简称"至正股份（603991）"或"公司"）发布 2024年年度报告。公司2024年实现营业收入3.65亿元，较上年同期增加52.27%。归属于上市公司股东的 净亏损3053.38万元，归属于上市公司股东的扣除非经常性损益的净利润-3558.68万元，较上年同期亏损 有所减少。公司2024年度合并报表实现归属于母公司所有者的净利润-3053.38万元，母公司期末可供分 配利润为2737.39万元。这也是至正股份自2019年以来连续6年亏损，2023年度公司的归母净利润为亏损 4442万元。 综观至正股份2024年年报，尽管全年营收同比增长超五成，但净利润亏损仍在持续。这家以高分子材料 和半导体设备为主业的公司，在规模扩张与盈利能力的平衡木上走得颇为艰难。年报数据显示，公司全 年营收增长主要得益于线缆用高分子材料和半导体设备两大板块的双位数增长，但增收不增利的矛盾依 然突出。核心业务线缆用高分子材料虽贡献超六成营收，却因产品价格持续走低陷入"增产不增收"的怪 圈。部分特种材料产品年内售价同比跌幅超三成，直接导致毛利率空间被压缩。与此同时，半导体设备 业务虽保持 ...

Summary of Conference Call Records Company and Industry Overview - The company operates in the semiconductor industry, providing third-party testing services to a diverse range of clients, including over 2,000 global customers such as Qualcomm and Broadcom, as well as domestic firms and major foundries like TSMC and ASE [1][2][3] Key Points and Arguments - The semiconductor testing market is divided into two main types: third-party testing laboratories and in-house testing facilities. Third-party testing is noted for its higher economic efficiency due to lower capital investment in high-end equipment [2][3] - The global semiconductor third-party testing market is experiencing growth, with China's market size for material analysis estimated at approximately 14 billion and reliability testing at around 28 billion, contributing to an overall third-party testing market size of 60-70 billion in 2023 [4][5] - The company has a market share of approximately 4.23% in the mainland semiconductor third-party laboratory market, with a 7.9% share in the more technically demanding areas of reliability and material analysis [5][6] - The company is expanding its operations, with new laboratories established in Shenzhen and Qingdao, indicating confidence in future growth and the ability to serve new clients such as ZTE and BYD [6][7] - The company is also diversifying into new sectors such as aerospace and biomedicine, with established collaborations with major players in these fields [7][8] Financial Performance - The company's revenue is projected to grow from 290 million in 2022 to 420 million in 2024, with a forecasted net profit increase of around 40% in Q1 2025 [8][9] - The company faces potential risks from major clients establishing in-house laboratories, international trade disputes, and cyclical fluctuations in the semiconductor market [9][10] Competitive Landscape - The company is a leading domestic supplier of semiconductor probe test equipment, with a market share of 25.7% in mainland China as of 2023. The overall market for probe test equipment is valued at approximately 3.27 billion USD, with a projected growth rate of 20% [10][11] - The company has successfully broken the overseas monopoly in probe test equipment, with a strong technical team and historical expertise in semiconductor development [12][13] Product Development and Innovation - The company is focusing on developing advanced testing equipment for integrated circuits and is the first in mainland China to produce 12-inch wafer probe test equipment, which is crucial for the domestic semiconductor industry [13][14] - The company is also expanding its product line to include sorting machines and automated optical inspection devices, enhancing its capabilities in semiconductor manufacturing [14][15] Risks and Challenges - The company must navigate a competitive landscape dominated by international firms, particularly in the integrated circuit sector, where domestic market penetration remains low [15][16] - The company is also monitoring supply-demand dynamics and price volatility in the semiconductor equipment market, which could impact future performance [20][21] This summary encapsulates the key insights from the conference call, highlighting the company's position in the semiconductor testing industry, its growth strategies, financial outlook, and potential risks.

A股光刻机概念拉升，康鹏科技涨逾10%，华融化学、高盟新材等大涨。 ...

Investment Rating - The report maintains a positive outlook on the engineering machinery sector, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [46]. Core Viewpoints - In March, domestic excavator sales exceeded expectations, with 19,517 units sold, representing a year-on-year increase of 28.5%. Export sales also grew by 2.87% to 10,073 units [10][11]. - The domestic market is anticipated to enter a new upward cycle, supported by continuous policy efforts, a gradual recovery in construction activity, and an ongoing equipment replacement cycle [10][11]. - The government plans to allocate 4.4 trillion yuan in special bonds for local governments, an increase of 500 billion yuan from the previous year, aimed at investment in construction and infrastructure [10]. - The average working hours for major engineering machinery products in March 2025 reached 90.1 hours, a year-on-year increase of 6.53% and a month-on-month increase of 94.3% [10]. - The report expects a strong recovery in domestic excavator sales throughout 2025, driven by both domestic and international demand [10][11]. Summary by Sections Industry Viewpoints and Investment Recommendations - The report emphasizes the strong performance of excavator sales in March and maintains a positive outlook on the engineering machinery sector [10][11]. Key Industry News - The bauma 2025 exhibition in Munich showcased the latest technologies and products in the engineering machinery sector, attracting significant global participation [11][12]. - The Ministry of Finance and the Ministry of Housing and Urban-Rural Development announced continued support for urban renewal actions, which will benefit the engineering machinery sector [13]. - Major engineering projects are ramping up, leading to increased demand for construction machinery, as highlighted by a report on SANY Heavy Industry's production capacity [14][15]. Key Company Announcements - Various companies in the sector reported significant revenue growth in their 2024 annual reports, with notable increases in both revenue and net profit [28][31][32].

中国关税报复对美方造成重大打击的是高科技产业不可或缺的稀土。美国零售企业的杂货和家电产 品等也高度依赖中国。中美的报复战已经进入危险水域，不仅对经济放缓的中国，也将给美国企业 和消费者带来巨大负担…… 美国总统特朗普4月9日宣布，将对等关税的一部分暂停90天，同时对中国加征的关税上调至 125%。中国刚决定4月10日对来自美国的进口商品加征84%的关税。中美的报复战已经进入危 险水域，不仅对经济放缓的中国，也将给美国企业和消费者带来巨大负担。 特朗普9日宣布将对中国加征的关税提高至125%后表示，"中国希望进行交易，他们不知道该 怎么做"。虽然强调在与中国的"交易"中处于优势地位，但中方也没有改变强硬态度。 中国掌握生命线的稀土 中国报复对美方造成重大打击的是高科技产业和纯电动汽车(EV)不可或缺的稀土的采购。 为了观察关税的影响，甚至出现了暂时停止向美国供应的动向。台湾经济报《工商时报》9日 报道称，美国惠普、美国戴尔科技、中国联想集团等个人电脑巨头要求合作伙伴停止供应从 例如从国防领域到发光二极管(LED)都广泛使用的钇。德国调查公司Statista的数据显示，美国 进口的钇90%依赖于中国。 各生产基地 ...