Core Viewpoint - ChipSource Micro has become the only domestic company capable of providing mass-produced mid-to-high-end coating and developing equipment in China [1][2]. Group 1: Industry Context - The photolithography process is crucial in integrated circuit manufacturing, accounting for 50% of production time and 30% of costs. The domestic replacement rate for photolithography machines is less than 3%, while the coating and developing equipment, which is highly monopolized by Japanese companies, has a replacement rate of less than 10% [2][4]. - Coating and developing machines, along with photolithography machines and photoresists, are considered the three essential elements of the photolithography process [2]. Group 2: Company Development - ChipSource Micro was founded in 2002 when the domestic semiconductor market was undeveloped, lacking products, supply chains, and customers. The company has grown from 4-inch and 6-inch wafers to 8-inch and 12-inch, expanding from LED to advanced packaging and front-end fields [2]. - The company successfully went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2019, becoming the first stock from Liaoning Province on this board, and has since become a leader in the domestic coating and developing equipment sector [2]. Group 3: Market Position and Growth Potential - The low domestic replacement rate indicates significant growth potential. ChipSource Micro's front-end equipment covers all process nodes above 28nm, accounting for over 90% of China's mature semiconductor processes. The company has achieved international advanced levels in front-end physical cleaning equipment, becoming the market leader domestically [4]. - In the advanced packaging sector, ChipSource Micro has over 50% market share as a key supplier of mass production equipment, while also expanding into emerging fields like 2.5D and 3D packaging [4]. Group 4: R&D and Innovation - ChipSource Micro has maintained R&D expenses at over 10% of its revenue for several years, with R&D investment reaching 297 million yuan in 2024, a nearly 50% increase year-on-year [4]. - The company emphasizes the complexity of coating and developing equipment, which consists of over 150 units and requires high precision and reliability to avoid affecting the performance of photolithography machines [5].

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 ...