一、并购重组 5、炬芯科技：目前基于公司ATS308X方案的AI眼镜已正式发布了INMO及Halliday两款产品，同时公司 已有多家客户的多种类型AI眼镜方案在研发推进中。 6、天士力：全资子公司药品普佑克新增适应症获批，为国内目前唯一获批上市的重组人尿激酶原产。 7、智翔金泰：与康哲药业签订唯康度塔单抗和斯乐韦米单抗注射液商业化合作，将获得首付款、里程 碑付款约5.1亿元人民币等权益。 8、贵研铂业：拟定增募资不超过12.91亿元，用于贵金属新材料AI实验室建设项目等。 盛新锂能：拟通过全资子公司四川盛屯锂业有限公司以现金14.56亿元收购四川启成矿业有限公司21% 股权。交易完成后，盛新锂能将直接持有启成矿业70%股权，启成矿业及其控股子公司雅江县惠绒矿业 有限责任公司将纳入合并报表范围。 二、投资合作、经营状况 1、鼎信通讯：公司与阿里平头哥公司签署授权协议，平头哥公司仅将其拥有的E801/E802/E803技术使 用权授权给本公司。 2、鼎通科技：三季度订单饱和，公司液冷产品主要用于对连接器和光模块信号传递接触面进行散热处 理。公司主要客户为安费诺、莫仕、泰科、立讯精密等，已收到客户通知，同步对Ca ...

Group 1 - The company, ChipSource Micro (688037.SH), has reported excellent order performance for its strategic new product, the front-end chemical cleaning machine, which has successfully broken foreign monopolies and gained high recognition from domestic leading clients [1][3] - The high-temperature SPM machine has passed process validation from domestic leading customers, leading to multiple orders and repeat batch orders from several major clients after initial validation [1] - The company expresses confidence in achieving its established annual targets, with good order conditions expected in the first half of 2025 [1] Group 2 - The development and customer introduction of the next-generation front-end coating and developing machine are progressing smoothly, with expectations to deliver to clients for validation in the fourth quarter of 2025 [3] - Industry insiders note that the acceleration of domestic semiconductor manufacturing will significantly enhance the supply chain's self-control capabilities, with local equipment manufacturers making breakthroughs in key process areas [3] - ChipSource Micro's ongoing advancements in front-end cleaning and coating developing fields are expected to further increase market share and drive revenue growth [3]

公司研究 证 券 研 究 报 告 芯源微（688037）2025 年半年报点评 强推（维持） 收入保持稳健，化学清洗&临时键合机放量 目标价：150.2 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,754 | 2,046 | 2,748 | 3,598 | | 同比增速(%) | 2.1% | 16.7% | 34.3% | 30.9% | | 归母净利润(百万) | 203 | 245 | 419 | 603 | | 同比增速(%) | -19.1% | 21.0% | 70.6% | 44.0% | | 每股盈利(元) | 1.01 | 1.22 | 2.08 | 2.99 | | 市盈率(倍) | 123 | 102 | 60 | 41 | | 市净率(倍) | 9.3 | 8.8 | 7.9 | 6.9 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 9 月 1 日收盘价 半导体设备 ...

Core Viewpoint - The company is focusing on the verification progress of its ArF immersion high-capacity coating and developing machine, actively promoting its introduction and validation across different clients [1] Investment Highlights - The company's EPS forecast for 2025-2027 has been updated to 1.35, 2.14, and 3.36 yuan, reflecting growth rates of 34.08%, 58.60%, and 56.93% respectively. The 2025E and 2026E forecasts have been slightly downgraded, while 2027E is a new addition. Given the low domestic localization rate of front-end coating and developing equipment, achieving breakthroughs will create significant competitive barriers, leading to a projected PE valuation of 80 times for 2025, corresponding to a target price of 108.00 yuan [2] Operating Performance Pressure - The company anticipates a revenue of 1.753 billion yuan in 2024, a year-on-year increase of 2.13%, with a net profit of 73.31 million yuan, down 60.83% year-on-year. The decline in net profit is primarily due to increased R&D investment, with R&D expenses expected to reach 297 million yuan in 2024, a 49.93% increase. The company is currently in a critical transition period for upgrading coating and developing equipment and validating new products, resulting in significant performance pressure [3] Product Development Progress - The main products are advancing smoothly at client sites. The high-end offline machines, including SOC, SOD, and NTD, have achieved rapid breakthroughs, and I-Line and KrF machines are showing good production data at multiple client sites. The introduction and validation of the ArF immersion high-capacity coating and developing machine are actively being promoted across different clients [3] - New products are steadily progressing and are expected to contribute to new growth points for the company. The front-end chemical cleaning machine launched in March 2024 has passed client process validation and received orders from several major domestic clients. The temporary bonding and debonding machines have successfully passed validation from multiple clients and are entering a gradual ramp-up phase, with nearly 20 orders in hand. The new Frame cleaning equipment for 2.5D/3D advanced packaging has also passed client validation and is entering small-batch sales [4]

Summary of the Conference Call for New Yuan Technology Company Overview - **Company**: New Yuan Technology - **Industry**: Semiconductor Equipment Manufacturing Key Financial Performance - **2024 Revenue**: 17.54 billion RMB, a year-on-year increase of 2.13% [3] - **2024 Gross Profit**: 2 billion RMB, a year-on-year decrease of 19% due to increased R&D and personnel costs [5] - **2024 Operating Cash Flow**: 4.4 billion RMB, a significant improvement from -5.6 billion RMB the previous year, attributed to better sales collection and government subsidies [6] - **Q1 2025 Revenue**: 2.75 billion RMB, a year-on-year increase of 13%, but net profit down 70% due to rising costs [7] Product and Market Insights - **New Product Development**: Rapid growth in new products like front-end chemical cleaning machines and bonding machines, with high-temperature sulfuric acid cleaning equipment breaking foreign monopolies [2][3] - **Order Growth**: New signed orders totaled 24 billion RMB in 2024, a 10% increase year-on-year [2][3] - **Market Expansion**: Benefiting from overseas clients' expansion, with expectations for 2025 overseas orders to be at least equal to 2024 [4][15] Collaboration and Synergies - **Partnership with Northern Huachuang**: Strong complementary advantages in dry and wet equipment sectors, focusing on shared resources and joint technology development to reduce costs and improve efficiency [8] R&D and Product Launches - **New Generation Coating and Developing Machine**: Development on schedule, expected to be sent for client validation in Q3 2025 [9] - **Chemical Vapor Cleaning Equipment**: Strong order signing performance in Q1 2025, with expectations to exceed annual targets [10] Financial Adjustments and Challenges - **Gross Margin Impact**: Adjustments in accounting policies have affected reported gross margins, which are expected to stabilize around 40% [11][21] - **Cost Pressures**: New product launches are exerting pressure on margins, particularly for high-end products [16] Future Outlook - **2025 Expectations**: Overall order growth is expected to remain stable, with significant growth anticipated in chemical cleaning machines and bonding machines [24] - **Market Strategy**: Focus on high-temperature sulfuric acid and supercritical cleaning equipment to drive sales in the front-end market, which is seen as a blue ocean opportunity [19][25] Conclusion - **Strategic Positioning**: New Yuan Technology is well-positioned to leverage its R&D capabilities and partnerships to navigate market challenges and capitalize on growth opportunities in the semiconductor equipment sector. The company aims to maintain operational stability while enhancing its competitive edge through innovation and collaboration.

Core Viewpoint - The transfer of shares from Shen Yang Zhongke Tiansheng Automation Technology Co., Ltd. to Northern Huachuang is expected to enhance the collaboration between the two companies, potentially leading to accelerated growth in performance for Chip Source Microelectronics [3][4]. Group 1: Share Transfer Details - Shen Yang Zhongke Tiansheng Automation Technology Co., Ltd. transferred 16,899,750 shares, accounting for 8.41% of the total share capital of Chip Source Microelectronics [3]. - Northern Huachuang is set to acquire an additional 9.49% of shares from Advanced Manufacturing, totaling 19,064,915 shares, which will increase its stake to 17.90% if both transfers are completed [4]. Group 2: Business Performance and Strategy - In 2024, Chip Source Microelectronics experienced revenue growth in the front-end wafer processing sector, particularly in photoresist coating and development, with ongoing advancements in high-capacity machine models [4]. - The company maintains its leading position in the domestic market for front-end physical cleaning machines, with successful client introductions for new strategic products, including chemical cleaning machines [4].