Group 1 - The company is a leading semiconductor equipment manufacturer in China, ranked first in the domestic market and sixth globally, with a product portfolio covering key front-end equipment such as etching, thin film deposition, cleaning, oxidation/diffusion, epitaxy, and photoresist removal [1] - The global semiconductor equipment market is expected to recover from 2024 to 2027, growing from $125.5 billion to $150.5 billion, with a CAGR of 11.3%. The Chinese mainland market is projected to increase from $49.1 billion to $66.2 billion during the same period [1] - The company is expected to benefit from the ongoing expansion of domestic wafer fabs and the push for domestic substitution, leading to an increase in market share as the penetration rate of domestic semiconductor equipment rises [1] Group 2 - Key assumptions include increased investment in semiconductor self-sufficiency in China, with local special funds likely to provide policy and financial support for domestic equipment substitution [2] - The value structure of equipment in the mainland market from 2025 to 2027 is projected to be 26% for etching, 27% for thin film deposition, 6% for cleaning, 6% for oxidation/diffusion, 7% for epitaxy, 5% for thermal processing, 4% for photoresist removal, and 2% for other auxiliary processes [2] - The company is expected to achieve higher performance potential and growth space through horizontal expansion of equipment categories and vertical integration of process flows, contrary to market perceptions of a slowdown in wafer fab expansion [2] Group 3 - Catalysts for the company's stock performance include successful domestic substitution validation of advanced process equipment, increased capital expenditure from major Chinese wafer fabs, rising investments driven by AI, and the company's efforts in industry consolidation and external acquisitions [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][31]. Core Insights - The company is positioned as a leading platform-type semiconductor equipment manufacturer in China, benefiting significantly from the domestic semiconductor self-sufficiency trend [6][31]. - The company is expected to see substantial revenue growth, with projected revenues of CNY 39.38 billion, CNY 48.75 billion, and CNY 59.96 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 32.0%, 23.8%, and 23.0% [4][31]. - The global semiconductor equipment market is anticipated to grow from USD 125.5 billion in 2024 to USD 150.5 billion in 2027, with a CAGR of 11.3% [6][20]. Financial Data and Profit Forecast - The company’s total revenue is projected to increase from CNY 22.08 billion in 2023 to CNY 29.84 billion in 2024, with a year-on-year growth rate of 50.3% [4]. - The net profit attributable to the parent company is expected to rise from CNY 3.90 billion in 2023 to CNY 5.62 billion in 2024, representing a year-on-year growth of 65.7% [4]. - The company’s gross margin is forecasted to remain stable, with values of 41.1%, 42.9%, and 42.8% for 2023, 2024, and 2025 respectively [4][16]. Industry and Company Situation - The company ranks first in the Chinese market and sixth globally in terms of market share, with a comprehensive product portfolio covering key semiconductor manufacturing processes [6][31]. - The report highlights the company's strategic acquisitions, including the purchase of Akrion in 2018 and Beijing Danpu in 2023, which have strengthened its capabilities in cleaning and coating equipment [7][31]. - The semiconductor equipment market in China is projected to grow from USD 49.1 billion in 2024 to USD 66.2 billion in 2027, driven by domestic wafer fab expansions and localization efforts [20][25]. Key Assumptions - The report assumes that the domestic semiconductor market will see increased investment in self-sufficiency initiatives, supported by local funds and government policies [6][31]. - It is expected that the value structure of semiconductor equipment in the domestic market will shift, with etching and deposition equipment gaining a larger share due to advanced process requirements [20][24]. Catalysts for Stock Performance - Key catalysts for the company's stock performance include successful validation of advanced process equipment, increased capital expenditures from major domestic wafer fabs, and strategic industry consolidation efforts [6][31].

证券研究报告 行业及产业 晶圆产能持续扩张，看好薄膜沉积设备需求 上行 机械设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《智能制造行业周报：人形机器人：产业链协 同开启规模化时代》2025-11-24 系统招标，聚变产业化驶入快车道》 2025-11-19 《智能制造行业周报：人形机器人整机厂正加 速资本化进程》2025-11-17 《智能制造行业周报：看好 SoC 测试设备在 先进制程与端侧 AI 渗透带动下加速放量》 2025-11-10 《智能制造行业周报：关注核聚变冷端演进， 深冷系统厂商迎来切入机遇》2025-11-03 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com ——智能制造行业周报（2025/11/24-2025/11/28） 强于大市 投资要点： 本周（2025/11/24-2025/11/28）沪深 300 指数+1.64%，其中机械设备板块+3.91%， 申万一级行业排名 7/31 位。机械设备子板块中，印刷包装机械+9.01%，表现最佳。本周机 械设备行业 PE-T ...

Core Viewpoint - The stock of Silicon Electric Co., Ltd. has shown significant growth in 2023, with a year-to-date increase of 41.92% and notable recent performance in trading volumes and market capitalization [1][2]. Group 1: Stock Performance - As of December 2, the stock price reached 222.77 yuan per share, with a market capitalization of 9.296 billion yuan [1]. - The stock has experienced a 10.12% increase over the last five trading days, a 16.94% increase over the last 20 days, and a 37.74% increase over the last 60 days [1]. - The company has appeared on the trading leaderboard 14 times this year, with the most recent appearance on September 26, where it recorded a net buy of -86.72 million yuan [1]. Group 2: Company Overview - Silicon Electric Co., Ltd. was established on December 25, 2003, and is located in Longgang District, Shenzhen, Guangdong Province [2]. - The company specializes in the research, production, and sales of semiconductor equipment, focusing on semiconductor probe testing technology [2]. - The revenue composition includes 54.52% from die probe tables, 34.00% from wafer probe tables, and 11.48% from other sources [2]. Group 3: Financial Performance - For the period from January to September 2025, the company reported a revenue of 289 million yuan and a net profit attributable to shareholders of 25.06 million yuan, reflecting a year-on-year decrease of 61.30% [2]. - Cumulative cash dividends since the A-share listing amount to 39.9747 million yuan [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 15.30% to 12,100, with an average of 862 circulating shares per person, a decrease of 13.27% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 266,000 shares, an increase of 181,800 shares from the previous period [3].

Group 1: A-Share Market Insights - The A-share market in 2025 is characterized by "structural differentiation and prominent main lines," with technology, non-ferrous metals, and new energy sectors standing out, particularly in AI computing power, semiconductor equipment, gold, and lithium resources [1] - The rise in these sectors is driven by the global explosion in AI demand, supportive new energy policies, and improved supply-demand relationships [1] - Challenges include slow recovery in traditional real estate and consumer sectors, as well as external factors like fluctuating Federal Reserve policies and geopolitical conflicts affecting market trends [1] Group 2: Global Economic Impact - Global macroeconomic events, such as Federal Reserve interest rate cuts and geopolitical tensions, have an indirect but significant impact on A-shares [2] - Interest rate cuts can attract foreign capital into A-shares, but expectations during the cut process may lead to short-term volatility [2] - Geopolitical conflicts may increase energy prices, affecting industry costs and enhancing the attractiveness of assets like gold [2] Group 3: Investment Opportunities - Three key areas to focus on include: 1. Technological innovation, such as AI, semiconductors, and biomanufacturing, benefiting from national policies and technological breakthroughs [3] 2. Consumption upgrades, including cultural tourism, health, and green consumption, showing strong demand resilience [3] 3. High-end manufacturing, like new energy equipment and industrial mother machines, aligning with global industrial chain restructuring trends [3] - Some sectors have seen valuation recoveries, suggesting a diversified approach through index or sector funds to mitigate risks associated with single-stock bets [3] Group 4: Bond Investment Risks - Key risks in bond investment include interest rate risk, where market rate changes can lead to bond price fluctuations, and credit risk, which refers to the possibility of the issuer failing to pay interest or principal [4] - Investors are advised to prioritize government bonds or high-credit-rated bonds to mitigate these risks [4] Group 5: Balanced Investment Strategy - The effectiveness of a balanced stock-bond strategy lies in the inverse relationship between stocks and bonds, where stocks provide returns during market upswings and bonds may appreciate during downturns, thus cushioning losses [5] - Historical data indicates that during significant A-share adjustments, the bond market often performs well, leading to lower drawdowns in balanced portfolios compared to pure equity investments [5] Group 6: Public Fund Benefits - Public funds address the high entry barriers of direct stock and bond investments by offering professional management, diversified investment, and low minimum investment thresholds [6] - Funds select a basket of stocks or bonds, automatically diversifying risk, and have flexible investment amounts starting as low as 10 yuan [6] Group 7: Risk Preference-Based Fund Allocation - Investors should assess their risk tolerance before determining stock-bond fund ratios, with suggested allocations for different risk profiles: 1. Defensive investors: Up to 30% in stock funds, at least 70% in bond funds, focusing on low-volatility assets [7] 2. Moderate investors: Approximately equal allocation (around 50% each) with potential inclusion of thematic or convertible bond funds [7] 3. Aggressive investors: 70%-80% in stock funds, 20%-30% in bond funds, focusing on growth-oriented stock funds [7] Group 8: Additional Considerations - Factors such as age and investment horizon should influence asset allocation, with younger investors leaning towards aggressive strategies and those nearing retirement shifting to defensive ones [8] - Regular review and adjustment of investment ratios are essential to align with life stages, market changes, and goals [8] - Diversification within the same asset class is crucial to further reduce non-systematic risks [8]

Core Viewpoint - The company is initiating a dual-driven model of "capital operation + strategic focus" to overcome growth bottlenecks amid the domestic semiconductor equipment wave, following significant management changes [1][4]. Group 1: Management Changes - The company appointed Lang Yu, former director of institutional department at CITIC Securities Shenzhen, as the board secretary, indicating a strong focus on capital operations [2]. - The management restructuring includes the return of founder Zheng Guangwen as general manager, which is seen as a key move to stabilize strategic direction [3]. - Internal promotion of financial director Luan Yufeng from a grassroots position is expected to improve cost control and gross margin [3]. Group 2: Financial Performance - In the first three quarters of 2025, the company's net profit attributable to shareholders declined by 80.24%, while revenue growth was 17.94%, resulting in a low net profit margin of 0.96% [2]. - The gross margin for the same period was reported at 24.94%, down by 1.03 percentage points year-on-year [3]. Group 3: Strategic Focus - The company is heavily reliant on the integrated circuit sector, with 88.61% of revenue coming from this segment in 2024 [4]. - The management changes aim to accelerate technological breakthroughs and capacity expansion, with a 35% year-on-year increase in R&D investment in the first three quarters of 2025 [4]. - The company is focusing on domestic production of core components for etching and thin film deposition equipment, aiming to shorten the R&D cycle for high-end products [4]. Group 4: Market Reaction - Following the announcement, the company's stock price did not show significant movement, indicating a cautious market sentiment [5]. - Investors are particularly focused on the effectiveness of the new management in integrating capital operations into actual order growth, the progress of gross margin improvement, and the ability to capture market share amid changing international trade conditions [5].

北方华创科技集团股份有限公司（以下简称"公司"）于2025年11月21日召开第八届董事会第二十九次会 议，审议通过《关于〈北方华创科技集团股份有限公司2025年股票期权激励计划（草案）〉及其摘要的 议案》等与公司拟实施股权激励计划相关议案。 根据《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司股权激励管理办法》（以下简 称"《管理办法》"）和《深圳证券交易所股票上市规则》（以下简称"《上市规则》"）的相关规定，公 司将《2025年股票期权激励计划激励对象名单》（以下简称"激励对象名单"）在公司内部进行了公示。 公司董事会薪酬与考核委员会结合公示情况对激励对象人员名单进行了核查，相关情况如下： 一、公示情况说明及核查方式 1.公示情况说明 公司于2025年11月21日至2025年11月30日通过公司公告栏对本次激励计划拟激励对象名单进行了公示， 公示期间共计10天。公示期内，公司员工可当面或通过信函、电话等形式向公司董事会薪酬与考核委员 会反馈意见。截至2025年11月30日公示期满，公司董事会薪酬与考核委员会未收到任何关于对本次激励 计划拟激励对象提出的异议。 登录新浪财经APP 搜索【信披】查看 ...

Group 1 - The company has approved a share repurchase plan to buy back its issued A-shares using its own funds and raised funds, with a total repurchase amount between RMB 50 million and RMB 100 million, and a maximum repurchase price of RMB 173.00 per share [1] - The repurchase period is set to not exceed 12 months from the date of the shareholders' meeting that approved the plan [1] - The company has repurchased a total of 376,940 shares as of November 30, 2025, which represents 0.1066% of the total share capital, with a total expenditure of RMB 50,224,678.50 [2] Group 2 - The highest price paid for the repurchased shares was RMB 142.89 per share, while the lowest price was RMB 127.30 per share [2] - The company will continue to make repurchase decisions based on market conditions and will fulfill its information disclosure obligations in a timely manner [2]

Group 1 - The company repurchased a total of 2,096,273 shares from February 8, 2024, to April 30, 2024, which represents 0.33% of the total share capital. The repurchased shares are intended to maintain company value and shareholder rights, and will be sold through centralized bidding within 12 months after the announcement of the repurchase results [2][3] - As of November 30, 2025, the company has sold 86,273 shares at an average price of 273.55 yuan per share during the reduction period [3][4] - The company confirmed that the reduction plan is consistent with previous commitments made by major shareholders and executives, and it will not significantly impact the company's operations, finances, or future development [4][6] Group 2 - The company will adhere to specific regulations during the share reduction process, including restrictions on the sale price and volume, ensuring compliance with the Shanghai Stock Exchange's guidelines [5][6] - The company has stated that the reduction will not lead to a change in control of the company [6]

Core Viewpoint - Maiwei Co., Ltd. is enhancing its product offerings in the semiconductor equipment sector, particularly focusing on high selectivity etching and hybrid bonding equipment for DRAM and high bandwidth memory (HBM) processes, which are critical for high-performance computing and AI training applications [1][3]. Group 1: Company Developments - The company has confirmed that its high selectivity etching and hybrid bonding equipment can meet some advanced storage process requirements, supporting clients in expanding production and technological upgrades in high-performance storage [1][3]. - Maiwei's etching and thin film deposition equipment are widely used in the manufacturing of storage and logic chips, achieving stable operation across various wafer production lines [3]. - The introduction of equipment capable of servicing DRAM and HBM processes highlights the company's product coverage capabilities in key semiconductor front-end processes [3]. Group 2: Industry Context - HBM, as a key storage product for high-performance computing and AI training, demands higher precision in processes, interconnects, and yield control, making the performance of etching and hybrid bonding equipment crucial for consistency and signal transmission efficiency [3]. - The entry of domestic semiconductor equipment companies into the DRAM and HBM process segments is expected to benefit from the trends of storage technology upgrades and domestic substitution [4]. - The release of orders for Maiwei's related equipment will be influenced by factors such as downstream capital expenditure cycles, validation periods, and the international competitive landscape [4].