● 本报记者 黄一灵 2005年成立、2008年研发出全球首创的SAPS（空间交变相移）兆声波清洗技术、2011年首台12英寸单 片清洗设备拿到海外订单、2013年至今持续维持盈利状态、2017年后设备销售呈指数增长趋势。二十年 磨一剑，半导体设备制造商盛美上海如今已成长为一家平台化公司，布局了七大板块产品，正向着成为 全球半导体设备公司第一梯队的目标大步迈进。 今年不仅是盛美上海创立二十周年，也是其登陆科创板的第四年。盛美上海总经理王坚近日在接受中国 证券报记者专访时表示，公司深切体会到科创板这一平台对企业发展的全方位助推作用。上市以来，盛 美上海迎来了前所未有的发展机遇，实现了从技术积累到产能突破的质的飞跃，同时在财务指标上也实 现了快速增长。 "精进内功，是我们矢志不渝的追求。接下来我们将继续坚持'技术差异化、产品平台化、客户全球 化'的发展战略，以差异化创新铸就'芯'高度，积极向全球市场扩张，为全球集成电路行业提供卓越的设 备及工艺解决方案。"王坚进一步称。 从清洗设备崛起 同时，在公司上市后，清洗设备、电镀设备、先进封装湿法设备、立式炉管设备的种类及先进性也在持 续升级和迭代。"研发不能停、市场拓展 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 136.08 CNY based on a 42x PE ratio for 2025 [2][5]. Core Insights - The company is a leading player in the domestic semiconductor cleaning and plating equipment market, with a strong focus on platformization and differentiation to drive growth [1][9]. - The company is expected to achieve revenue between 6.5 billion to 7.1 billion CNY in 2025, reflecting a year-on-year growth of approximately 16% to 26% [9]. - The semiconductor equipment industry is experiencing significant growth, with China's semiconductor equipment spending projected to reach 49.6 billion USD in 2024, a 35% increase year-on-year [9]. Financial Forecast and Investment Recommendations - The company is projected to have earnings per share of 3.24 CNY, 4.04 CNY, and 4.63 CNY for the years 2025, 2026, and 2027 respectively [2]. - Revenue forecasts for 2023 to 2027 show a consistent upward trend, with total revenue expected to grow from 3.888 billion CNY in 2023 to 9.156 billion CNY in 2027 [4]. - The company’s net profit is anticipated to increase from 911 million CNY in 2023 to 2.045 billion CNY in 2027, indicating a robust growth trajectory [4]. Company Overview - The company has established itself as a leader in the semiconductor equipment sector, with a comprehensive product range that includes cleaning, plating, and advanced packaging equipment [19][24]. - The company has a strong focus on R&D, with a significant increase in R&D expenditure from 141 million CNY in 2020 to 729 million CNY in 2024, supporting its innovation-driven strategy [33][49]. - The company has a well-defined strategic roadmap, transitioning from a single-product focus to a diversified platform strategy that includes six major product lines [23][48]. Market Position and Competitive Advantage - The company aims to capture 55% to 60% of the domestic semiconductor cleaning equipment market, leveraging its technological differentiation and strong R&D capabilities [10]. - The company has developed proprietary technologies such as SAPS and TEBO, which enhance its competitive edge in the cleaning equipment market [46][47]. - The company has established stable relationships with major semiconductor manufacturers, enhancing its market presence and customer base [36][37]. Growth Drivers - The ongoing shift towards high-end semiconductor equipment and the increasing domestic demand for advanced packaging solutions are key growth drivers for the company [9][10]. - The company’s platformization strategy is expected to open new revenue streams and enhance its market competitiveness across various semiconductor equipment segments [11][12]. - The anticipated growth in global semiconductor production capacity and the increasing trend of localization in semiconductor manufacturing will further benefit the company [9][19].