Core Viewpoint - The semiconductor equipment sector is experiencing a high prosperity cycle driven by self-controllable policies and AI technology, with the semiconductor equipment index rising by 57.28% this year [3]. Investment Strategy - The investment framework is divided into three levels: industry prosperity cycle (40%-50% weight), company fundamentals (30%-40% weight), and valuation level [4][5]. - The semiconductor equipment sector is entering a high growth phase, transitioning from 0 to 1 to 1 to 10, making it an ideal investment opportunity [4]. Market Dynamics - The core logic of the self-controllable direction is the increase in domestic production rates combined with demand-driven long-term high growth [6]. - Domestic semiconductor equipment and materials manufacturers are benefiting from the continuous expansion of downstream wafer fabs, providing significant growth space [6]. - The semiconductor equipment sector is currently in the early to mid-stage of high-speed growth, supported by both domestic policies and increasing demand for high-end equipment from wafer fabs [6]. Emerging Opportunities - Advanced packaging is also viewed positively, as it becomes crucial for enhancing chip performance amid the slowdown of Moore's Law, with AI driving related demand [7]. - The investment landscape is characterized by a historic opportunity driven by domestic substitution and AI, with domestic self-controllable processes deepening and being less affected by global economic cycles [8]. Future Outlook - The semiconductor industry is expected to see significant improvements in penetration and domestic production rates over the next three years, maintaining high growth rates [6]. - Companies successfully positioned in the AI supply chain are anticipated to gain global competitiveness, opening up larger development spaces [8]. - Caution is advised regarding stocks that rely heavily on price rebounds, particularly in the storage chip sector, where significant price increases have already occurred [9].

Core Insights - The semiconductor equipment sector is experiencing a high prosperity cycle driven by self-controllable policies and AI technology, with a year-to-date increase of 57.28% in the semiconductor equipment index [1] - Continuous support for self-controllable policies and strong demand from AI and emerging applications are expected to inject robust growth momentum into the domestic advanced process semiconductor chip industry chain from Q4 this year to next year [1] Investment Framework - The investment framework is divided into three levels: industry prosperity cycle (40%-50% weight), company fundamentals (30%-40% weight), and valuation level [2][3] - The semiconductor equipment sector has completed the initial breakthrough and is entering a high-speed growth phase, making it an ideal investment opportunity [2] Growth Drivers - The semiconductor equipment sector is in the early to mid-stage of high-speed growth, benefiting from dual positive drivers: ongoing support for self-controllable policies and increasing demand for mid-to-high-end equipment from large wafer fabs [4] - The recent price increases and shortages in the memory sector are expected to boost capital expenditures, driving demand for etching, thin film deposition, and advanced packaging equipment [4] Future Outlook - The semiconductor self-controllable sector is anticipated to enter a critical breakthrough period over the next three years, with significant improvements in penetration and domestic production rates [5] - The advanced packaging field is also favored, as it becomes a key path for enhancing chip performance amid the slowdown of Moore's Law [5] Investment Opportunities - The investment landscape is characterized by the historical opportunity presented by domestic substitution and AI-driven growth [6] - Companies successfully positioned within the AI industry chain are expected to gain global competitiveness, with a focus on those benefiting from both domestic production rate increases and global competition [6] Market Considerations - Caution is advised for stocks heavily reliant on price rebounds, particularly in the DRAM sector, where prices have more than doubled compared to the end of last year [7]

东海证券研报指出，中微公司是国内半导体设备的龙头企业之一，公司深耕集成电路制造核心设备领 域，主要产品包括刻蚀与薄膜沉积设备两大类：刻蚀设备方面，公司的等离子体刻蚀设备已广泛应用于 国际一线芯片制造商的先进制程产线；薄膜沉积领域，公司近年来成功开发的LPCVD和ALD设备已通 过客户验证，多款产品进入市场并获大批量重复订单。在泛半导体设备领域，公司氮化镓MOCVD设备 保持全球领先，随着全球半导体产业向三五族化合物半导体加速拓展，尤其在Mini/Micro LED新型显 示、新能源汽车功率器件等领域的需求持续释放，MOCVD设备作为关键工艺装备，市场空间将进一步 扩大。此外，公司积极把握半导体设备市场新机遇，通过子公司超微、中微惠创、中微汇链等在量检测 设备、环保设备、工业互联网等领域积极拓展，构建多元化的业绩增长点。作为国内龙头的半导体设备 公司，公司深耕刻蚀设备，同时切入更多细分市场，进一步打开业绩成长空间。首次覆盖，给予"买 入"评级。 ...

[Table_Reportdate] 2025年11月21日 [证券分析师： Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [晨会纪要 Table_NewTitle] 20251121 重点推荐 财经要闻 晨 会 纪 要 [table_summary] ➢ 1.中微公司（688012）：国产刻蚀设备领军者，薄膜业务蓄势待发——公司深度报告 ➢ 2.金发科技（600143）：从材料到平台，科技浪潮下验证成长逻辑——公司深度报告 ➢ 1.国务院副总理何立峰在湖北、湖南调研时强调，持续推动外贸提质增效 ➢ 2.LPR报价按兵不动 ➢ 3.行业协会将建议设成本红线规范报价，磷酸铁锂行业推进反内卷 ➢ 4.美国9月非农好于预期，失业率小幅上行 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | 1.1. 中微公司（6 ...

Core Viewpoint - North Huachuang's Q3 2025 report shows strong revenue growth and profitability, indicating a robust performance in the semiconductor equipment sector [1][2][4]. Financial Performance - In Q3 2025, the company achieved revenue of 11.16 billion yuan, a year-on-year increase of 38.31%, and a net profit attributable to shareholders of 1.92 billion yuan, up 14.60% [1]. - For the first three quarters of 2025, total revenue reached 27.30 billion yuan, growing 32.97%, with a net profit of 5.13 billion yuan, reflecting a 14.83% increase [1]. - The gross profit margin for Q3 2025 was 40.31%, a decrease of 1.95 percentage points year-on-year, while the margin for the first three quarters was 41.41%, down 2.81 percentage points [1]. R&D and Product Development - The company maintained high R&D intensity, with R&D expenses for the first three quarters of 2025 amounting to 3.28 billion yuan, a 48.4% increase year-on-year, representing 12.0% of revenue, up 1.3 percentage points [2]. - North Huachuang achieved significant milestones with the delivery of its 1,000th unit of vertical furnaces and physical vapor deposition (PVD) equipment, alongside new product launches [2]. Industry Outlook - The semiconductor equipment industry is expected to maintain a favorable outlook, with a 7.22% year-on-year increase in semiconductor equipment imports in China, reaching 32.4 billion USD [3]. - The global semiconductor equipment market is projected to grow, with a 7% increase in spending on 300mm wafer fab equipment expected in 2025, reaching 107 billion USD [3]. Market Position and Future Prospects - North Huachuang, as a leading state-owned enterprise in the semiconductor equipment sector, has a significant competitive edge in technology and product offerings, with its equipment being adopted by major downstream manufacturers [4]. - The company is expected to see long-term growth in revenue and profitability due to the ongoing trend of domestic semiconductor equipment replacement, with projected net profits of 7.10 billion yuan, 9.32 billion yuan, and 11.98 billion yuan for 2025-2027 [4].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Insights - The company achieved a revenue of 8.063 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 46.40%. The net profit attributable to the parent company was 1.211 billion yuan, up 32.66% year-on-year. The net profit excluding non-recurring items was 0.887 billion yuan, an increase of 9.05% year-on-year. In Q3 2025, the revenue reached 3.102 billion yuan, marking a year-on-year growth of 50.62% and a quarter-on-quarter increase of 11.29%. The net profit attributable to the parent company for Q3 was 0.505 billion yuan, up 27.50% year-on-year and 28.62% quarter-on-quarter [2][5][6] Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported a revenue of 8.063 billion yuan, a year-on-year increase of 46.40%. The net profit attributable to the parent company was 1.211 billion yuan, reflecting a year-on-year growth of 32.66%. The net profit excluding non-recurring items was 0.887 billion yuan, up 9.05% year-on-year. For Q3 2025, the revenue was 3.102 billion yuan, with a year-on-year growth of 50.62% and a quarter-on-quarter increase of 11.29%. The net profit attributable to the parent company for Q3 was 0.505 billion yuan, showing a year-on-year increase of 27.50% and a quarter-on-quarter increase of 28.62% [2][5][6] Business Development - The company has made significant progress in its etching equipment segment, with revenue reaching 6.101 billion yuan, a year-on-year increase of approximately 38.26%. The revenue from LPCVD and ALD thin film equipment was 0.403 billion yuan, a remarkable year-on-year growth of approximately 1332.69%. The company has successfully increased the shipment volume of high-end products for key etching processes in advanced logic and memory device manufacturing, achieving large-scale production in various key etching processes [12] Research and Development - The company increased its R&D expenditure to 2.523 billion yuan in the first three quarters of 2025, a year-on-year growth of approximately 63.44%, accounting for about 31.29% of its revenue. The company has made significant advancements in developing high-end products for key etching processes, with notable progress in the development of LPCVD and ALD thin film equipment, which have successfully entered the market [12] Capacity Expansion - The company has expanded its production capacity significantly, with approximately 140,000 square meters of production and R&D facilities in Nanchang and 180,000 square meters in Shanghai. A new headquarters and R&D center of about 100,000 square meters is under construction in Shanghai. The company plans to build new production and R&D bases in Guangzhou and Chengdu to ensure sufficient facilities for future growth [12]

Core Viewpoint - The article discusses the ongoing global AI wave and the resulting shortage of storage chips, which is driving an expansion in production capacity, particularly in high-end storage products like HBM (High Bandwidth Memory) [3][4]. Group 1: Storage Shortage and Expansion Expectations - The current upcycle in storage chips is primarily driven by the explosive demand from AI servers and multimodal applications, leading to shortages and price increases [5]. - In October, prices for various storage models surged, with increases ranging from 40% to 100%. Major manufacturers like SanDisk announced a 50% price hike for NAND flash memory due to heightened demand and tight wafer supply [6]. - The shift of international manufacturers away from low-end markets to focus on high-end products has exacerbated supply shortages, particularly affecting consumer electronics like smartphones and PCs [6][7]. Group 2: Performance of Domestic Semiconductor Equipment - The semiconductor equipment sector has shown strong performance, with the total revenue for the sector reaching 85.21 billion yuan in the first three quarters of 2025, a year-on-year increase of 31.54% [8]. - Companies like拓荆科技 reported a revenue of 4.22 billion yuan, up 85.27%, and a net profit increase of 105.14% [8][9]. - Inventory and contract liabilities are at historical highs, indicating strong order visibility and future revenue potential for equipment manufacturers [9]. Group 3: Domestic Equipment Manufacturers' Growth - Domestic storage leaders like Yangtze Memory Technologies and Changxin Memory are expected to enhance their production capacity post-IPO, further boosting the demand for domestic equipment [7]. - The semiconductor equipment market is benefiting from the expansion of storage production, with key equipment types like etching and deposition devices seeing increased demand [9][10]. - Companies such as北方华创 and中微公司 are achieving significant milestones in equipment delivery and product development, positioning themselves well in the high-end semiconductor equipment market [10].

Core Insights - The global AI wave is driving a significant shortage in storage chips, leading to an expansion trend among manufacturers, particularly in high-end storage products like HBM (High Bandwidth Memory) [1][2] - Domestic storage manufacturers are under increasing pressure to expand production, with semiconductor equipment becoming a focal point for market attention [1][3] - The semiconductor equipment sector has seen strong performance in the stock market, with companies like Tuojing Technology achieving over 120% annual growth [1][3][4] Industry Trends - The current upcycle in storage chips is primarily driven by the explosive demand from AI servers and multimodal applications, resulting in a shortage and price increases [2][3] - Prices for various storage models have surged, with increases ranging from 40% to 100% in October, and major players like SanDisk raising NAND flash contract prices by 50% due to heightened demand and supply constraints [2][3] - The shift of international manufacturers from low-end to high-end markets has exacerbated the supply-demand imbalance, particularly affecting consumer electronics like smartphones and PCs [2][3] Company Performance - The semiconductor equipment sector reported robust growth in Q3, with total revenue reaching 85.207 billion yuan, a year-on-year increase of 31.54% [4][5] - Companies like Tuojing Technology and Zhongwei Company have shown significant revenue and profit growth, with Tuojing's revenue increasing by 85.27% and net profit by 105.14% [4][5] - Inventory and contract liabilities are at historical highs, indicating strong order visibility and future performance potential for equipment manufacturers [5] Equipment Demand - The demand for high-end semiconductor equipment, particularly for etching and thin film deposition, is expected to rise significantly due to the expansion of storage chip production [6] - Domestic manufacturers are increasingly focusing on high-end semiconductor equipment, with companies like Beifang Huachuang achieving significant milestones in equipment delivery [6] - The introduction of new products in the etching and deposition categories by companies like Zhongwei is indicative of the growing market for advanced semiconductor manufacturing [6]

Core Insights - The "2024-2025 Shanghai Key Industries International Competitiveness Index Report" indicates that Shanghai's key industries competitiveness index increased from 121.9 in 2019 to 126 in 2024, reflecting a cumulative growth of 4.1 over six years, transitioning from "speed chasing" to "quality leading" in strategy [1][2]. Industry Analysis - The report highlights that in 2024, industries such as new energy vehicles, biomedicine, integrated circuits, and shipbuilding and marine engineering are the primary contributors to the competitiveness index, forming the "first tier" of Shanghai's key industries [2]. - Advanced materials, artificial intelligence, and civil aviation are identified as "frontier fields" in a critical phase of technological accumulation and market expansion, expected to become new growth points for Shanghai's industrial competitiveness [2]. - Traditional industries like petrochemicals and steel are undergoing transformation and upgrading, with a reduction in output value but still maintaining large scale, potentially reshaping competitive advantages through integration with emerging industries [2]. Sector-Specific Insights - The competitiveness of the new energy vehicle industry reflects Shanghai's early advantages in green and low-carbon transformation, with recommendations to deepen smart factory construction and supply chain collaboration to enhance industrial efficiency [2]. - The integrated circuit sector has seen the largest competitiveness increase in both international and domestic markets, attributed to its comprehensive industry chain layout and large-scale production of high-end equipment, with a call for continued investment in cutting-edge fields to overcome key technological bottlenecks [2][3]. Strategic Recommendations - The report suggests that global industrial competition has shifted from relying on scale, cost, and single-point technological advantages to focusing on rule systems, technological innovation, green compliance, digital operations, and regional collaboration [3]. - It emphasizes the need for Shanghai's industrial policies to transition from "factor aggregation" to "system capability," forming a systemic competitiveness structure centered on technology, institutions, and ecology [3].

Core Insights - The company reported a revenue growth of 51% in Q3 2025, with contract liabilities increasing by 39% quarter-over-quarter, indicating strong order confirmations and faster growth in new orders, leading to overall performance exceeding expectations [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 8.06 billion yuan, a year-over-year increase of 46.4%, with etching equipment revenue at 6.1 billion yuan, up approximately 38% [2]. - The revenue from LPCVD and ALD thin film equipment reached 400 million yuan, showing a significant year-over-year growth of about 1333% [2]. - The net profit for the same period was 1.21 billion yuan, reflecting a year-over-year growth of 32.7%, with an EPS of 1.94 yuan [2]. - In Q3 2025, the company generated a revenue of 3.1 billion yuan, a year-over-year increase of 50.6%, and a net profit of 510 million yuan, up 27.5% year-over-year [2]. Market Position and Expansion - The company is a leader in the domestic semiconductor etching equipment sector and is expanding into other areas such as thin films and measurement [1][2]. - The company aims to cover over 60% of the equipment market in key integrated circuit areas through independent research and development as well as external acquisitions over the next five to ten years, further opening growth potential [1][2]. Industry Context - The expansion of advanced processes in China's semiconductor industry is expected to benefit the company, especially as the U.S. continues to exert pressure on China's semiconductor sector, creating a demand gap in high-end GPU and storage products [3]. - Increased funding and policy support for advanced processes, including lithography machines and EDA tools, are anticipated to drive a new round of capacity expansion in China's semiconductor industry [3]. Profit Forecast - The company is projected to achieve net profits of 2.1 billion yuan, 3.09 billion yuan, and 4.03 billion yuan for the years 2025, 2026, and 2027, representing year-over-year growth rates of 31%, 46%, and 30%, respectively [3]. - The expected EPS for these years is 3.42 yuan, 4.97 yuan, and 6.48 yuan, with the current stock price corresponding to PE ratios of 82, 57, and 44 for 2025-2027 [3].