近日，国内高端芯片封测龙头盛合晶微上市辅导工作完成验收，距上市仅一步之遥。其在国内高端封测 领域地位领先，若顺利上市将带动上游半导体设备需求。预计2031年全球封装设备市场规模达775.4亿 美元。国内封装设备企业芯源微发展势头良好，已形成四大业务板块，产品应用于海内外大厂，营收大 幅提升。公司在多个细分领域打破国际垄断，是国内唯一提供量产型前道涂胶显影机的厂商，新产品不 断推进验证。2025年国内前道涂胶显影市场规模预计超130亿，公司份额仅5%，国产替代空间大。随着 盛合晶微上市，以芯源微为代表的半导体设备行业有望迎来新发展高潮。 国内唯一，全球寡头，尖端设备大杀四方 股票名称["盛合晶微","芯源微"] 板块名称["半导体设备","高端芯片封测"] 盛合晶微、芯源微、半导体设备 看多看空文中提到盛合晶微若顺利上市将显著带动对上游相关半导体设备的需求，芯源微作为封 装设备相关领域代表企业，技术、产品快速突破，业绩提升，在多个细分领域打破国际垄断，国 产替代空间巨大，伴随着盛合晶微上市，半导体设备行业将迎来新的发展高潮，所以看多A股。 和讯自选股写手 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的 ...

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]

公司研究 证 券 研 究 报 告 芯源微（688037）2024 年报&2025 年一季报点评 强推（维持） 订单稳健增长，化学清洗&Track 进展顺利 目标价：122.0 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 | 261 | 418 | 606 | | 同比增速(%) | -19.1% | 28.7% | 60.2% | 45.0% | | 每股盈利(元) | 1.01 | 1.30 | 2.08 | 3.01 | | 市盈率(倍) | 95 | 73 | 46 | 32 | | 市净率(倍) | 7.1 | 6.7 | 6.0 | 5.3 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 30 日 ...

点击注册小程序 点评： 2025年3月10日，北方华创与先进制造签署了股份转让协议，北方华创拟受让先进制造持有的公司9.49%股 份，合计19,064,915股，截至2025年4月1日，该协议受让尚在推进过程中。如前所述，北方华创协议受让 中科天盛所持公司股份也尚在推进过程中。如两次协议受让均过户完成，则北方华创对公司的持股比例将 达到17.90%，北方华创将成为公司第一大股东，北方华创计划通过前述协议受让和改组公司董事会取得公 司控制权。 2024年，芯源微前道晶圆加工领域产品收入保持增长，其中，在前道涂胶显影领域，公司围绕下游核心客 户需求，持续开展机台导入与高端工艺验证，新一代超高产能机型研发正在稳步推进中；在前道清洗领 域，公司优势产品前道物理清洗机继续保持国内龙头地位，公司战略新产品前道化学清洗机客户端导入顺 利，高温硫酸清洗机台顺利通过国内某重要客户工艺验证，机台现场表现优异，有望成为公司新的业务名 片及业绩增长点。 此次股份转让，芯源微有望充分发挥和北方华创的协同效应，在研发和销售上更进一步，未来业绩有望更 快增长。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写， ...