国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 6月25日消息，近日，有认证为南京芯启源半导体员工的网友爆料，芯启源自三月份以来就已经停 发工资、暴力裁员零赔偿、不发年终奖以及区别对待员工等。 2023年，实现了营业收入17.17亿元，同比增长23.98%；净利润为2.51亿元，同比增长25.21%。这一增 长主要得益于其核心产品——光刻工序涂胶显影设备的强劲表现。2023年，该类设备销售收入达到 10.66亿元，同比增长40.8%，占公司总收入的63.48%。此外，单片式湿法设备销售收入为6.00亿元，同 比增长9.09%，进一步推动了公司整体营收的增长。 同时，积极扩张产能，上海临港厂区于2023年1月主体结构封顶。该厂区主要用于研发与生产前道ArF 光刻工艺涂胶显影机、浸没式光刻工艺涂胶显影机及单片式化学清洗机等高端半导体专用设备。此外， 公司还计划建设高端晶圆处理设备产业化项目（二期），进一步扩大产能，满足业务快速增长的需求。 然而，转折发生在2024年第一季度。财报显示，该季度公司营收同比下滑15.27%，净利润仅1601.09万 元， ...

丨证券研究报告丨 联合研究丨公司点评丨芯源微（688037.SH） [Table_Title] 芯源微：新产品进展积极顺利，引入龙头拓展市 场增量 报告要点 [Table_Summary] 近期，芯源微发布 2024 年年报及 2025 年一季度报告。 2024 年公司实现营收 17.54 亿元，同比增加 2.13%；实现归母净利润 2.03 亿元，同比减少 19.08%；2025Q1 公司实现营收 2.75 亿元，同比增加 12.74%；实现归母净利润 0.05 亿元， 同比减少 70.89%。 分析师及联系人 [Table_Author] 杨洋 赵智勇 倪蕤 王泽罡 SAC：S0490517070012 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490521120001 SFC：BUW100 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 芯源微（688037.SH） cjzqdt11111 [Table_Title 芯源微：新产品进展积极顺利，引入龙头拓展市 2] 场增量 [Table_S ...

Core Insights - The company reported a slight increase in revenue but a significant decline in net profit for the year 2024, indicating challenges in maintaining profitability amidst rising costs and increased R&D investments [1][2]. Financial Performance - Revenue for 2024 reached ¥1,753,605,965.73, a 2.13% increase from ¥1,716,969,907.58 in the previous year, demonstrating stability in a competitive semiconductor equipment market [2]. - Net profit attributable to shareholders was ¥202,811,998.36, down 19.08% year-on-year, primarily due to increased R&D spending and rising operational costs [2]. - The company's non-recurring net profit fell by 60.83% to ¥73,306,592.00, highlighting challenges in core business profitability [2]. Earnings Per Share - Basic earnings per share decreased to ¥1.01, a 44.51% drop from ¥1.82, influenced by lower net profit and an increase in total shares due to stock incentives [3]. - The non-recurring earnings per share fell by 72.79% to ¥0.37, indicating a significant decline in core business profitability [3]. Cost and Expense Analysis - Sales expenses rose by 22.44% to ¥89,833,591.30, driven by increased employee compensation and service fees as the company expanded [4]. - Management expenses increased by 36.93% to ¥249,302,182.63, reflecting higher costs associated with business expansion [4]. - R&D expenses surged by 49.93% to ¥296,653,098.59, representing 16.92% of revenue, up from 11.52% the previous year, indicating a strong focus on innovation [4][6]. Cash Flow and Financial Health - Net cash flow from operating activities improved to ¥441,809,413.08, a turnaround from a negative cash flow of ¥562,876,699.27 the previous year, indicating enhanced cash generation capabilities [5]. - Net cash flow from investing activities was -¥201,463,591.83, an improvement from -¥504,561,073.41, suggesting a slowdown in fixed asset investments [5]. - Net cash flow from financing activities decreased by 12.80% to ¥609,966,263.66, primarily due to increased short-term loan repayments [5]. R&D and Personnel Growth - R&D expenses reached ¥297 million, a 49.93% increase, with R&D investment as a percentage of revenue rising by 5.40 percentage points [6]. - The number of R&D personnel increased by 28.57% to 459, with total R&D personnel compensation rising to ¥103.37 million, reflecting the company's commitment to innovation [7].