（文/罗叶馨梅）11月24日，芯源微在2025年第三季度业绩说明会上，就前三季度经营情况和未来发展规划与投资者进行了交流。公司介绍，其专业从事半 导体专用设备的研发、生产和销售，总部位于沈阳浑南，并在日本、上海、广州等地设有子公司，已形成前道涂胶显影、前道清洗、后道先进封装及化合 物、核心零部件四大业务板块，累计出厂设备超过2000台套，被视为国内半导体设备细分领域龙头企业之一。 在产品布局方面，芯源微表示，公司目前主营产品包括前道涂胶显影设备、前道物理清洗设备、前道化学清洗设备以及后道先进封装和化合物等小尺寸设 备。其中，前道涂胶显影机、前道物理清洗机持续获得国内领先逻辑、存储等客户订单，前道化学清洗机已取得多家大客户正式订单及验证性订单。后道先 进封装用涂胶显影设备、单片式湿法设备，已连续多年作为主流机型批量应用于台积电、盛合晶微、长电科技、华天科技、通富微电、珠海天成等海内外一 线大厂，并持续获得海外封装龙头客户的重复性批量订单。 谈及前三季度经营业绩时，芯源微披露，公司实现营业收入9.9亿元，同比下降10%，归属于母公司股东的净利润为-1004.9万元。公司解释称，收入下滑主 要有三方面原因：一是前道 ...

芯源微11月24日召开2025年第三季度业绩说明会，公司针对2025年第三季度的经营成果及财务指标的具 体情况与投资者进行交流。 芯源微专业从事半导体专用设备的研发、生产和销售，公司总部位于沈阳市浑南区，并在日本、上海、 广州等地设有子公司。公司已形成前道涂胶显影、前道清洗、后道先进封装及化合物、核心零部件四大 业务板块，产品累计出厂超过2000台套，是国内半导体设备细分领域龙头。 芯源微在本次业绩说明会上介绍，公司产品包括前道涂胶显影设备、前道物理清洗设备、前道化学清洗 设备、后道先进封装设备和化合物等小尺寸设备。公司前道涂胶显影机、前道物理清洗机持续获得国内 领先逻辑、存储等客户订单；前道化学清洗机获得国内多家大客户订单及验证性订单；后道先进封装用 涂胶显影设备、单片式湿法设备已连续多年作为主流机型批量应用于台积电、盛合晶微、长电科技 （600584）、华天科技（002185）、通富微电（002156）、珠海天成等海内外一线大厂，持续获得海外 封装龙头客户批量重复性订单。 在谈及经营业绩情况时，芯源微表示，公司前三季度实现营业收入9.9亿元，同比下降10%，主要原因 一是前道Track产品成熟性还不高，客 ...

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 1.754 billion yuan for 2024, a year-on-year increase of 2.13%, while the net profit attributable to the parent company was 203 million yuan, a decrease of 19.08% [2][6] - In Q1 2025, the company achieved a revenue of 275 million yuan, representing a year-on-year increase of 12.74%, but the net profit attributable to the parent company dropped to 5 million yuan, a decrease of 70.89% [2][6] - The company signed new orders worth 2.4 billion yuan, a year-on-year growth of 10%, with significant growth in front-end chemical cleaning and bonding equipment [13] - The introduction of new products, such as the FTEX high-capacity coating and developing machine, is progressing well and is expected to meet future high-end lithography machine capacity demands [13] - The potential acquisition of a controlling stake by Northern Huachuang is expected to enhance collaboration across various fields, leveraging strong customer resources and R&D capabilities [13] - The competitive landscape remains favorable, with the company leading in domestic market share for front-end coating and developing equipment, and the advanced packaging demand is anticipated to drive growth in the back-end product portfolio [13] Financial Summary - For 2024, the company is projected to achieve total revenue of 1.754 billion yuan, with a gross profit margin of 38% [18] - The net profit attributable to the parent company is expected to grow to 285 million yuan by 2025 and reach 597 million yuan by 2027 [18] - The company’s earnings per share (EPS) is projected to increase from 1.01 yuan in 2024 to 2.97 yuan in 2027 [18]