Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [6]. Core Insights - The company is a leading manufacturer of front-end thin film deposition equipment in China, with core products including PECVD, ALD, SACVD, and HDPCVD, which are widely used in integrated circuit manufacturing and advanced packaging [9][14]. - The global thin film deposition equipment market is expected to reach $34 billion by 2025, with a CAGR of 13.3% from 2020 to 2025, driven by the continuous evolution of advanced logic processes and the increasing complexity of storage devices [6][43]. - The company has a clear layout in three-dimensional integration and is transitioning from a single deposition equipment focus to a dual-engine platform that includes both deposition and bonding technologies [6][9]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 2,705 million yuan in 2023 to 10,817 million yuan in 2027, with a CAGR of 54.4% [5]. - The net profit attributable to the parent company is expected to increase from 663 million yuan in 2023 to 2,522 million yuan in 2027, reflecting a growth rate of 40.4% [5]. - The gross margin is forecasted to stabilize around 41.1% by 2027, after experiencing fluctuations due to new product introductions and validation costs [29]. Company and Industry Situation - The company has established a strong competitive position in the PECVD segment, which accounts for approximately 33% of the thin film deposition market value, and is the only domestic manufacturer to achieve stable mass production of PECVD equipment [47][59]. - The thin film deposition equipment is a core component of the semiconductor front-end equipment system, with a stable market share of about 22% in wafer manufacturing equipment [47]. - The company is well-positioned to benefit from the ongoing expansion of domestic wafer fabs and the trend towards domestic substitution in semiconductor equipment [6][43]. Product and Technology Development - The company’s product lineup includes advanced bonding equipment and supporting measurement devices, which have already achieved mass production in fields such as advanced storage and image sensors [19][21]. - The PECVD series products have maintained a competitive advantage, with significant production scale expansion, while ALD products have also begun to receive repeat orders due to their leading domestic process coverage [19][20]. - The company’s new product introductions, including ALD and SACVD, are expected to enhance profitability as they transition from validation to mass production [21][25].

证券日报网讯12月17日，联得装备（300545）在互动平台回答投资者提问时表示，在先进封装领域，公 司有开发针对细间距高密度的高精度驱动芯片键合设备，该设备广泛应用于高端显示芯片封装。 ...

格隆汇12月17日丨深科达(688328.SH)在投资者互动平台表示，公司产品目前暂未直接出口欧盟国家， 公司的海外业务主要集中于东南亚、印度、俄罗斯等国家和地区，业务涵盖半导体设备以及平板显示模 组类生产设备。除此之外，公司目前已于北美知名存储厂商建立了直接合作，公司为其提供存储AOI检 测设备等多款设备，智能眼镜业务订单也与北美客户建立良好合作并取得了快速增长。未来公司将继续 积极拓展海外市场，在提升国内市场占有率的同时，扩大产品出口范围。 ...

格隆汇12月17日丨深科达(688328.SH)在投资者互动平台表示，公司产品目前暂未直接出口欧盟国家， 公司的海外业务主要集中于东南亚、印度、俄罗斯等国家和地区，业务涵盖半导体设备以及平板显示模 组类生产设备。除此之外，公司目前已于北美知名存储厂商建立了直接合作，公司为其提供存储AOI检 测设备等多款设备，智能眼镜业务订单也与北美客户建立良好合作并取得了快速增长。未来公司将继续 积极拓展海外市场，在提升国内市场占有率的同时，扩大产品出口范围。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [4]. Core Insights - The company has confirmed its strategic layout for self-developed key ASIC chips, with a significant revenue increase of 33% year-on-year for the first three quarters of 2025, reaching 753 million yuan. However, the net profit attributable to the parent company decreased by 19.29% to 41 million yuan [1][2]. - The semiconductor testing equipment business has seen explosive growth, contributing 56.2% to total revenue, establishing a dual main business structure of "semiconductor + display" [2]. - The storage testing business has doubled, with revenue reaching 420 million yuan, a 220.5% increase year-on-year, driven by domestic storage manufacturers' expansion and increased localization of equipment [2]. - The company has secured over 200 million yuan in orders for G8.6 generation key detection equipment, demonstrating its technological dominance in the Cell/Module segment [3]. - The forecast for net profit attributable to the parent company for 2025-2027 is 159 million, 261 million, and 365 million yuan, respectively, with corresponding P/E ratios of 116, 71, and 51 times [3]. Financial Summary - For 2023, the company expects revenue of 649 million yuan, with a growth rate of 28.53%. The net profit is projected at 116 million yuan, reflecting a significant increase of 75.10% [9]. - The company anticipates a revenue increase to 1.17 billion yuan in 2025, representing a growth rate of 45.69%, with net profit expected to reach 159 million yuan [10]. - The gross profit margin is expected to improve as the proportion of high-margin semiconductor equipment continues to rise [2].

Core Insights - Jiangsu Jingjiang Pioneer Precision Technology's "5nm chip process etching machine core component PM module" has gained significant attention at the 13th China Semiconductor Equipment and Core Components and Materials Exhibition, marking a technological breakthrough for the company [1] - The company has established an innovative mechanism combining "industry chain chief experts + industry technology diagnosis teams + technology brokers," facilitating interaction between schools, enterprises, and local governments [1] - A series of projects integrating industry, education, and talent have accelerated, including collaborations between Jiangsu Jixin Ship Equipment Co., Ltd. and Nanjing University of Aeronautics and Astronautics, as well as Jiangsu Shuangda Pump Industry Co., Ltd. with the team of Academician Lin Zhongqin from Shanghai Jiao Tong University [1] Industry Developments - The establishment of high-level industry-university-research application centers, such as the provincial shipbuilding industry research institute and the Beihang University Aerodynamic Acoustics Experimental Base, has been a focus for promoting high-end intellectual resources to serve grassroots needs [1] - Over 30 technology diagnosis and challenge activities have been conducted, with 27 school-enterprise cooperation intentions collected, effectively promoting the transition of scientific and technological achievements from laboratories to production lines [1]

Core Viewpoint - Baiao Chemical is actively expanding into the semiconductor equipment sector, marking a strategic shift in its business focus towards this high-growth area [1][2]. Group 1: Company Overview - Baiao Chemical, established in 2003, specializes in the research, production, and sales of isothiazolinone-based industrial biocides [1]. - The company is strategically controlling and investing in semiconductor equipment firm Xinhuilian, indicating a significant entry into the semiconductor equipment market [1]. Group 2: Semiconductor Business Development - The semiconductor industry is facing challenges in the post-Moore's Law era, with the importance of advanced packaging for enhancing semiconductor performance becoming increasingly critical [1]. - Xinhuilian's new bonding equipment focuses on four key areas: advanced processes, advanced packaging, advanced displays, and advanced materials, and is actively collaborating with leading companies in these fields [1]. Group 3: Research and Development Initiatives - Xinhuilian (Foshan) Semiconductor Technology Co., a subsidiary of Baiao Chemical, plans to invest 219 million yuan in a collaborative R&D project for large-generation dry etching equipment, which is essential for flat panel display production [2]. - The project aims to address the low domestic market share of large-generation etching equipment, currently dominated by Japanese and Korean manufacturers, and seeks to achieve domestic substitution through technological breakthroughs [2]. Group 4: Strategic Direction and Competitive Advantage - The semiconductor equipment business is identified as a crucial strategic development direction for the company, with plans to build deep competitive advantages in niche areas through resource allocation and continuous R&D [3]. - The company has established a systematic collaboration framework for industry-academia-research integration, focusing on basic research, industry demand, and talent cultivation to drive technological innovation and long-term growth [3].

Group 1 - The core viewpoint of the article highlights that Shengmei Shanghai has launched multiple devices compatible with HBM (High Bandwidth Memory) technology, indicating a strong focus on advanced packaging technology [2] - The UltraECP3d device is specifically mentioned as suitable for TSV (Through-Silicon Via) copper filling, showcasing the company's commitment to innovation in this area [2] - The company emphasizes its strategy of product platformization, continuously enhancing product technology levels and performance to meet diverse customer needs [2] Group 2 - Shengmei Shanghai is actively pursuing market opportunities presented by the rapid development of HBM technology, aiming for sustained high-speed growth [2] - The company has a comprehensive range of equipment, including wet cleaning and copper plating devices, applicable to HBM processes and advanced packaging for high-performance chips [2] - The focus on cutting-edge market demands and the development of advanced packaging technologies positions the company favorably for future growth [2]

一、ASML的"技术围栏"：选什么，绝不选什么？ 光刻机是芯片制造的"心脏"——没有它，再精密的芯片设计也无法转化为硅片上的电路。但ASML对中 国市场的供应清单，像一道画好的技术边界：EUV极紫外光刻机完全禁售，即便是DUV深紫外光刻 机，也只开放2013-2014年的旧型号。换句话说，我们能买到的设备，距离ASML最新的四到五代先进 DUV，还差着一道看不见的"技术墙"。 这种"选择性供应"本质上是一场"技术围栏战"：把中国芯片制造圈在28nm及以上的成熟工艺领域，既 不让你触碰7nm以下的高端芯片门槛，又让你离不开他们的设备支持。毕竟，中国是全球最大的芯片消 费市场，ASML不可能放弃这块每年数百亿的"现金蛋糕"——但他们要的，是"赚安全的钱"。 二、"落后10年"的玄机：既不让你饿死，也不让你吃饱 ASML CEO口中的"微妙平衡点"，藏着最现实的算计：卖给中国的设备，必须"比中国自研的强一点"。 太落后了不行——如果中国企业发现"买的不如自己造的"，反而会全力投入研发；太先进了也不行—— 要是中国能用这些设备造出高端芯片，ASML的技术垄断就会被打破。 这让我想起上世纪90年代日本对中国的机床出口策 ...

两融数据显示，该股最新融资余额为24.00亿元，近5日减少2.38亿元，降幅为9.03%。（数据宝） 12月16日北方华创大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 折溢价（%） | | | | 股） | | （元） | | | | | | | | | 国信证券股份有限公司深 | 中国银河证券股份有限公司 | | 6.19 | 2557.09 | 413.10 | -6.72 | 圳红岭中路证券营业部 | 东莞东城中路证券营业部 | （文章来源：证券时报网） 北方华创12月16日大宗交易平台出现一笔成交，成交量6.19万股，成交金额2557.09万元，大宗交易成交 价为413.10元，相对今日收盘价折价6.72%。该笔交易的买方营业部为国信证券股份有限公司深圳红岭 中路证券营业部，卖方营业部为中国银河证券股份有限公司东莞东城中路证券营业部。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为1.35亿元。 证券时报·数据宝统计 ...