证券研究报告·公司点评报告·半导体 芯源微（688037） 2025 年中报点评：业绩环比改善，看好涂胶 显影设备龙头新一轮成长 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,717 | 1,754 | 1,980 | 2,535 | 3,525 | | 同比（%） | 23.98 | 2.13 | 12.89 | 28.07 | 39.04 | | 归母净利润（百万元） | 250.63 | 202.81 | 232.61 | 375.39 | 591.84 | | 同比（%） | 25.21 | (19.08) | 14.69 | 61.39 | 57.66 | | EPS-最新摊薄（元/股） | 1.25 | 1.01 | 1.16 | 1.87 | 2.94 | | P/E（现价&最新摊薄） | 99.79 | 123.31 | 107.52 | 66.62 | 42.26 | [Table_Tag ...

瑞财经 吴文婷 8月28日，华海清科发布公告称，为加快推进公司的国际化战略及海外业务布局，持续吸引并集聚优秀的国际化研发与管理人才，进一步提高 公司综合竞争力及国际品牌形象，优化资本结构，增强公司的境外融资能力，公司正在筹划发行境外上市股份(H股)并在香港联合交易所有限公司主板上 市。 早在2022年6月8日，华海清科登陆上交所科创板。截至发稿时，其报126.04元，总市值约445.29亿元。 相关公司：华海清科sh688120 公开资料显示，华海清科主要从事半导体专用装备的研发、生产、销售及技术服务，通过向下游集成电路制造商及科研院所等客户销售CMP、减薄、划 切、边抛、离子注入及湿法等半导体装备，并提供关键耗材与维保、升级等技术服务和晶圆再生业务来实现收入和利润。 2025上半年，公司实现营收为19.5亿元，同比增长30.28%；归母净利润为5.05亿元，同比增长16.82%。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | | --- | --- | --- | | 营业收入 | 1, 949, 592, 075. 74 | 1. 496. 518. | | 利润总额 | 549.784 ...

报告发布方：中金企信国际咨询 中金企信国际咨询致力于"为政府部门、企事业单位及国内外各领域企业战略决策、产业规划、市场地位&市场占有率认证&证明、进入性研究、市场调查、 行研报告、数据分析、项目可行性&商业计划书、行业研究等提供全套解决方案"的专业咨询顾问机构。拥有"专业自建团队、自建数据库、各领域顾问团 队、官方与三方数据渠道等"集13年咨询平台10万+例各类项目经验优势，是国内领先的多元化咨询服务提供商之一。 在半导体制造领域，质量控制至关重要，ReviewSEM设备（缺陷复检设备，DR-SEM）作为电子束检测设备的重要分支，发挥着不可或缺的作用。它集成了 传统扫描电子显微镜（SEM）成像功能与自动化缺陷复查系统，广泛应用于半导体晶圆制造、光掩模检测以及高精密器件生产的质量控制环节。 电子束检测设备涵盖多种类型，除DR-SEM外，还包括电子束缺陷检测设备（EBI）。其中，ReviewSEM设备能够对检测机或缺陷检测系统预先标记出的微 缺陷，进行高分辨率图像采集与自动识别，实现对缺陷类型、尺寸、形貌的精准分类、分析和记录。与普通SEM相比，它具备自动导航、高通量图像采 集、AI缺陷分类以及与FAB生产系统联 ...

8月28日晚间，金海通（603061）发布2025年半年度报告。报告期间，公司实现营业收入3.07亿元，较 上年同期的1.83亿元同比增长67.86%；归母净利润7600.55万元，同比增长91.56%；扣非净利润7381.41 万元，增幅高达113.80%，盈利能力显著提升。基本每股收益1.32元，较上年同期的0.68元增长 94.12%。 对于营收增长的原因，金海通表示，主要原因为公司所在的半导体封装和测试设备领域需求回暖、三温 测试分选机及大平台超多工位测试分选机（针对于效率要求更高的大规模、复杂测试）需求持续增长， 公司测试分选机产品销量实现较大提升。 金海通专注于全球半导体芯片测试设备领域，同时致力于以高端智能装备核心技术助力我国半导体行业 发展。 技术创新方面，公司适用于MEMS、碳化硅及IGBT、先进封装产品的测试分选平台已经在多个客户现 场进行产品验证。同时，对于适用于Memory测试分选平台，公司在既有技术储备的基础上持续关注细 分市场不断变化的测试分选需求。公司持续加大研发投入，募投项目"半导体测试设备智能制造及创新 研发中心一期项目"按计划推进，建成后将进一步提升公司研发与制造综合竞争力 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 ■■■■■ 证券代码：688409 证券简称：富创精密 公告编号：2025-053 沈阳富创精密设备股份有限公司 关于召开2025年半年度业绩 说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 投资者可于2025年9月17日（星期三）至9月23日（星期二）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱zhengquanbu@syamt.com进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 沈阳富创精密设备股份有限公司（以下简称"公司"）已于2025年8月29日发布公司2025年半年度报告， 为便于广大投资者更全面深入地了解公司2025年半年度经营成果、财务状况，公司计划于2025年9月24 日（星期三）09:00-10:00举行2025年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2025年半年度的经营成果及财务指标的具体情况与 投资者进 ...

Summary of the Conference Call Company and Industry Overview - The conference featured Bryce Hill, CFO of Applied Materials, discussing the semiconductor equipment industry, particularly focusing on DRAM and leading logic markets [1][2]. Key Points and Arguments Earnings and Market Outlook - Applied Materials reported record revenues and earnings per share in Q3, driven by strong demand in DRAM and leading logic, despite facing headwinds in the ICAPs segment, particularly in China [4][5]. - The company expected DRAM and leading logic to be the fastest-growing equipment markets over the next five years, with a projected growth rate of 26% [10][18]. - The leading edge market showed unexpected non-linear demand, primarily influenced by a significant customer and their factory timing [6][8]. China Market Dynamics - China’s market is experiencing slower growth, with a decrease of over 24% expected in the ICAP space, which is attributed to previous over-investments in 2023 and 2024 [5][18]. - The company has lost approximately $400 million in business due to restrictions on serving entity-listed customers in China, but anticipates potential recovery depending on future regulatory changes [25][28]. Technology and Innovation - The transition to advanced nodes, such as gate-all-around transistors, is expected to enhance power efficiency by 20% to 30%, making it a favorable choice for AI applications [6][14]. - Applied Materials is focusing on new applications and architectures as customers reevaluate their equipment needs during technology transitions [11][12]. DRAM and HBM Market Trends - High Bandwidth Memory (HBM) is projected to grow at a CAGR of 30% to 40%, with 15% of DRAM capacity currently allocated for HBM production [55]. - The overall DRAM market is expected to be one of the fastest-growing equipment markets, driven by multinationals compensating for lost business in China [56]. Services and Gross Margins - The services segment, particularly subscription-based revenues, is expected to grow at low double digits, supported by an increasing installed base and demand for expert technicians [61][64]. - Gross margins are projected at 48.1%, with improvements attributed to a better product mix and pricing strategies, despite challenges from tariffs [66][68]. Other Important Insights - The semiconductor industry is experiencing a shift in customer order patterns, with increased volatility and late commitments due to uncertainties in the market [22][23]. - The competitive landscape is evolving, with potential impacts from government incentives for foundries, but Applied Materials does not foresee significant changes in overall demand forecasts [30][35]. - The company is optimistic about the long-term growth potential in both DRAM and leading logic, despite short-term challenges in the China market and ICAPs segment [19][20].

Almere, the Netherlands August 28, 2025 ASM International N.V. (Euronext Amsterdam: ASM) will host its Investor Day on September 23, 2025, in London, UK. ASM’s Investor Day will provide a comprehensive update on the company’s performance and strategic direction, with a focus on how its Growth through Innovation strategy continues to deliver value for all stakeholders. Presenters will include Hichem M’Saad, CEO, Paul Verhagen, CFO, and other members of our senior management team. The formal program will star ...

Summary of MKS Instruments (MKSI) 2025 Conference Call Company Overview - **Company**: MKS Instruments (MKSI) - **Event**: 2025 Conference on August 27, 2025 - **Speakers**: John Lee (President and CEO), Ram Mayamparat (CFO) Key Points Financial Performance - **Revenue**: Reported revenue of $473 million, marking a significant increase after eight quarters of lower performance [10] - **Gross Margin**: Achieved a gross margin of 46.6%, impacted by tariffs; without tariffs, it would have been close to 48% [11] - **Cash Flow**: Free cash flow represented 14% of revenue, indicating strong cash generation capabilities [11] - **Deleveraging**: Prepaid $200 million in debt over the last two months, demonstrating commitment to reducing leverage [13] Market Trends and Performance - **Semiconductor Market**: MKS outperformed the broader wafer fabrication equipment (WFE) market, growing 18% year-over-year compared to WFE's 5% [16] - **Inventory Levels**: Customer inventories have been reduced, allowing for a more normalized order pattern [32] - **NAND Upgrades**: Continued upgrades in NAND memory are expected, driven by applications in AI data centers [29] Strategic Initiatives - **Portfolio Strategy**: Focus on broad portfolio strategy to capitalize on various semiconductor market segments, particularly in depth etch and lithography [19] - **Optics Business**: Significant growth in the optics segment, doubling revenue from $150 million to $300 million over five years [27] - **Chemistry Market**: High market share in chemistry associated with equipment, expected to drive future revenue growth [48] Industry Dynamics - **Electronics and Packaging (E&P)**: The E&P segment is expected to grow at GDP plus 300 basis points, driven by AI applications across various PCB technologies [42] - **Advanced Packaging Technologies**: Incremental tailwinds from new packaging technologies like COWAS and CoPOS, which are expected to enhance MKS's market position [54] Challenges and Risks - **Tariff Impact**: The company faced challenges due to tariffs, which affected gross margins; however, mitigation strategies are in place [67] - **Market Volatility**: The semiconductor industry is characterized by cyclical demand, requiring agility in operations and strategy [66] Future Outlook - **Leverage Goals**: Aiming to reduce net leverage from four times to between 2.0 and 2.5 times over the next 18 months [78] - **M&A Strategy**: Future acquisitions will focus on tuck-ins rather than large-scale M&A, with a higher bar for new investments [80] Miscellaneous - **R&D Efficiency**: The company leverages R&D investments across segments to enhance profitability in specialty industrial markets [61] - **Operational Excellence**: Continued focus on maintaining operational efficiency while investing in talent and infrastructure [73] This summary encapsulates the key insights and strategic directions discussed during the MKS Instruments conference call, highlighting the company's financial performance, market positioning, and future growth strategies.

上周末，风云君复盘的时候，照例去寻找当下市场的"能量中心"，也就是市场资金聚集、主线运行延 续的板块。在大大小小的能量中心里，半导体板块的强势，有目共睹。 在全球科技竞争格局深刻变革的今天，半导体产业已成为大国博弈的战略焦点。一系列技术封锁与供 应链重组，将高端设备国产化的紧迫性推至前所未有的高度。这片曾被国际巨头牢牢掌控的领域，如 今不仅是自主可控的关键突破口，更是一条充满潜力的黄金赛道。 技术突破、全栈布局。 作者 | beyond 编辑 | 小白 在此背景下，国内半导体设备领域一位举足轻重的参与者正崭露头角。它身处产业最前沿的"卖水 人"位置，承载着打通芯片制造第一关的重任。 随着国内晶圆厂扩产潮的推进与本土替代进程的加速，该公司凭借其深厚的研发积累与全栈式产品布 局，已成为推动产业链上游突破的核心力量之一。 ...

BROOKFIELD, Conn., Aug. 27, 2025 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its third quarter of fiscal year 2025 ended August 3, 2025. Commenting on the third-quarter performance, Chairman and CEO George Macricostas said, "Photronics delivered very good results in our fiscal third quarter with revenue, profitability and EPS ahead of expectations. Looking ahead, we remain focused on operational efficien ...