Core Viewpoint - The company, ChipSource Micro (芯源微), is a leading player in the semiconductor equipment sector, focusing on R&D, production, and sales of specialized equipment, and has shown growth in various business segments despite challenges in smaller product sizes [2][3][5]. Financial Performance - In 2024, the company achieved revenue of 1.754 billion yuan, a year-on-year increase of 2.13%, with growth in front-end track, cleaning, and advanced packaging segments, while revenue from small-sized products declined due to market conditions [3]. - R&D expenses for 2024 were 297 million yuan, up 49.9% from the previous year, with an R&D expense ratio of 17%, reflecting a significant increase in investment in materials and services [3]. - In Q1 2025, the company reported revenue of 275 million yuan, a 13% year-on-year increase, but net profit attributable to shareholders dropped 70% to 4.66 million yuan [4]. Business Segments - The company has established four main business segments: front-end coating and developing, front-end cleaning, advanced packaging, and core components, with over 2,000 units shipped, solidifying its position as a domestic leader [2]. - The front-end cleaning machines have captured the domestic market with a leading market share, while the front-end chemical cleaning machines have successfully broken foreign monopolies [2][4]. Market Trends - The semiconductor equipment market in mainland China has seen significant growth, with a market size increase from $6.46 billion in 2016 to $36.6 billion in 2023, and a projected record of $49.5 billion in 2024, reflecting a compound annual growth rate of 28.11% [5]. - The company is benefiting from favorable government policies aimed at supporting the semiconductor industry, which is expected to enhance innovation and competitiveness [5]. Strategic Developments - The company has signed new orders worth 2.4 billion yuan in 2024, a 10% increase year-on-year, with strong growth in front-end chemical cleaning and bonding equipment [4]. - North Huachuang (北方华创) is in the process of acquiring shares in ChipSource Micro, which could enhance synergies between the two companies due to their complementary product offerings in the semiconductor equipment sector [6].

主力产品新机在客户端顺利推进。①、前道涂胶显影，包括SOC、SOD、NTD 在内的高端Offline 机台 取得快速突破，I-Line、KrF 机台在多家客户端量产跑片数据良好，正在不同客户端积极推进ArF浸没式 高产能涂胶显影机的导入及验证工作。②、前道物理清洗机，获得国内领先逻辑客户批量订单。③、后 道先进封装用涂胶显影设备、单片式湿法设备获得海外封装龙头客户批量重复性订单。 投资建议。我 们对芯源微未来三年2025-2027年的EPS 进行更新预测，预计为1.35、2.14、3.36 元，增 速为34.08%、58.60%、56.93%。 其中2025E、2026E 的预测较上一次预测值进行了下调，2027E 为新增预测。根据可比公司2025 年的PE 平均值为42.08 倍，考虑到目前国内前道涂胶显影设备的国产化率极低、难度极大，一旦实现突破将具 备极高的竞争壁垒优势且公司未来几年利润增速很快，给予公司2025 年PE 估值80 倍，对应目标价 108.00 元。 经营业绩压力大。公司2024 年收入17.53 亿元，同比增2.13%；扣非后归母净利润7330.66 万元，同 比-60.83%。净利润 ...

Core Viewpoint - The company reported mixed financial results for 2024, with revenue growth but a significant decline in net profit, primarily due to increased R&D expenses and government subsidies impacting profitability [1][3]. Financial Performance - In 2024, the company achieved revenue of 1.754 billion yuan, a year-on-year increase of 2.13%, while net profit attributable to shareholders was 203 million yuan, down 19% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 649 million yuan, a year-on-year increase of 27% and a quarter-on-quarter increase of 58%, with net profit reaching a record high of 95 million yuan, up 213% year-on-year [1]. - For Q1 2025, revenue was 275 million yuan, a 13% increase year-on-year, but net profit dropped to 5 million yuan, down 71% year-on-year [2]. R&D Investment - The company significantly increased R&D investment in 2024, totaling 297 million yuan, a 50% year-on-year increase, with an R&D expense ratio of 16.9% [3]. - The number of employees grew to 1,366, a 22% increase year-on-year, contributing to rising personnel costs [3]. Product Performance - The company's product segments showed varied performance, with the Track equipment generating 1.05 billion yuan in revenue, a slight decline of 1.52% year-on-year, but with a gross margin of 34.81% [4]. - The bonding machine segment saw revenue growth of 13.75%, with a high gross margin of 78.60%, indicating strong performance from new products [4]. Order Growth and New Products - New orders signed in 2024 reached approximately 2.4 billion yuan, a 10% year-on-year increase, indicating robust demand [5]. - The introduction of new products, such as the chemical cleaning machine and bonding machine, is expected to enhance market share and revenue potential [6][7]. Strategic Partnerships - The company is in discussions with Northern Huachuang to transfer control, which could lead to synergies in product offerings and accelerate domestic semiconductor equipment replacement [8]. Future Projections - Revenue forecasts for 2025-2027 are projected at 2.053 billion, 2.701 billion, and 3.622 billion yuan, with net profits expected to grow significantly during this period [8].

芯源微 20250428 摘要 • 新元科技 2024 年营收增长，但小尺寸产品收入因行业景气度下降。新签 订单 24 亿元，同比增长 10%，前道化学清洗机、键合机等新产品增长迅 速，高温硫酸清洗设备打破国外垄断，获国内领先逻辑客户认可。 • 2024 年公司规模利润 2 亿元，同比下降 19%，主要因研发投入和人员成 本增加。研发投入同比增长 1 亿元，管理和销售费用增长超 8,000 万元。 综合毛利率与去年基本持平，但会计政策调整影响报表显示。 • 2024 年经营活动现金流量净额 4.4 亿元，同比大幅转正，得益于销售回 款和政府补助增加，以及库存管理和采购付款节奏优化。预付款制度对订 单确认收入及合同负债产生影响。 • 2025 年一季度收入 2.75 亿元，同比增长 13%，但归母利润同比下降 70%，因研发费用和人员成本增加。一季度新签订单良好，全年订单和收 入增长有信心。 • 新元科技与北方华创在干法和湿法设备领域形成互补优势，双方在研发、 生产、供应链、销售等方面进行对接，共享客户资源，共同开发共性技术 和零部件，以降低成本，提高效率。 Q&A 公司 2024 年度的财务表现如何？ 202 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 25Q1 业绩点评：新接订单较好，Track、化学 清洗机等加速突破 [Table_Title2] 芯源微(688037) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688037 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 120.0/56.18 | | 目标价格： | | 总市值(亿) | 200.54 | | 最新收盘价： | 99.7 | 自由流通市值(亿) | 200.54 | | | | 自由流通股数(百万) | 201.14 | [Table_Summary] 事件概述 公司发布 2025 年一季报。 ► 25Q1 新接订单良好，化学清洗、先进封装等新品开始放量 2025Q1 公司实现营收 2.75 亿元，同比+12.74%，Q1 为传统淡季，保持稳健增长。1）分产品看， 我们判断前道 Track、前道物理清洗和后道先进封装设备仍为主要收入来源，保持较好增长；新 品化学清洗机、键 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to see performance improvement in Q4 2024, driven by its dual focus on chemical cleaning and coating development products [1] - The revenue for 2024 is projected to be 1.754 billion yuan, with a year-on-year growth of 2.13% [1] - The net profit attributable to the parent company for 2024 is forecasted to be 202.81 million yuan, reflecting a year-on-year decline of 19.08% [1] - The company is focusing on enhancing its leading position in the chemical cleaning and coating development equipment market, with significant orders from major domestic clients [1] Financial Performance Summary - The total revenue for 2023 was 1.717 billion yuan, with a year-on-year increase of 23.98% [1] - The projected revenue for 2025 is 1.980 billion yuan, representing a year-on-year growth of 12.89% [1] - The projected net profit for 2025 is 232.61 million yuan, indicating a recovery with a year-on-year growth of 14.69% [1] - The earnings per share (EPS) for 2024 is expected to be 1.01 yuan, with a projected increase to 1.16 yuan in 2025 [1] Market Position and Strategy - The company has secured significant orders for its advanced offline coating and development machines, indicating strong customer recognition and market acceptance [1] - The company is actively working on the introduction and validation of ArF immersion coating and development machines [1] - The company is planning a change in control, which may lead to synergies with Northern Huachuang, enhancing its integrated circuit equipment solutions [1]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 115.85 CNY per share, maintaining the rating [5][9]. Core Views - The company achieved record high performance in Q4 2024, with revenue of 6.49 billion CNY, a year-on-year increase of 27.13%, and a net profit of 0.95 billion CNY, a year-on-year increase of 213.09% [1]. - The company has made significant breakthroughs in the semiconductor equipment sector, securing orders from leading domestic clients in both front-end and back-end equipment [2][3]. - The strategic investment from Northern Huachuang, which will become the largest shareholder with a 17.88% stake, is expected to enhance the company's competitiveness in the semiconductor industry [4]. Financial Performance - In 2024, the company reported total revenue of 1.754 billion CNY, a slight increase of 2.13% year-on-year, and a net profit of 203 million CNY, a decrease of 19.08% year-on-year [1][11]. - The projected revenues for 2025, 2026, and 2027 are 2.648 billion CNY, 3.429 billion CNY, and 4.183 billion CNY respectively, with net profits expected to be 339 million CNY, 493 million CNY, and 653 million CNY [9][11]. Market Position and Growth Potential - The company has established itself as a leader in the domestic semiconductor equipment market, particularly in photoresist coating and developing products, with strong order growth from both domestic and international clients [2][3]. - The introduction of new products, such as the KS-CM300/200 chemical cleaning machine, has broken foreign monopolies and is expected to drive further growth [3]. Valuation Metrics - The company is valued at a price-to-sales (PS) ratio of 8.8 for 2025, reflecting its leading position in the front-end equipment market and promising growth in back-end products [9][12].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported significant performance improvement in Q4 2024, with revenue growth driven by new products such as chemical cleaning and advanced packaging [3] - The company faces profit pressure due to increased R&D expenses, with a notable decline in net profit for the year [4] - The upcoming control change with Beifang Huachuang is expected to enhance the company's business development and accelerate domestic substitution of equipment [5] Revenue Performance - In 2024, the company achieved revenue of 1.754 billion yuan, a year-on-year increase of 2.1%. Q4 revenue was 649 million yuan, up 27.13% year-on-year and 57.91% quarter-on-quarter [3] - The revenue breakdown shows that coating and developing equipment generated 1.05 billion yuan, down 1.52% year-on-year, while single-wafer wet processing equipment revenue was 640 million yuan, up 7.43% year-on-year [3] Profitability Analysis - The company reported a net profit of 203 million yuan for 2024, a decrease of 19% year-on-year, with a significant improvement in Q4 net profit [4] - The overall gross margin for 2024 was 37.7%, a slight decline of 0.9 percentage points year-on-year, with R&D expenses rising to 297 million yuan, an increase of 49.93% [4] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 2.096 billion yuan and 2.693 billion yuan, representing year-on-year growth of 19.5% and 28.5% respectively [7] - The projected net profit for 2025 is 264 million yuan, with an expected increase of 30% year-on-year [7] Market Position and Product Development - The company has secured orders from leading domestic clients for its coating and developing equipment, indicating strong market demand [5] - New products in advanced packaging, such as temporary bonding and debonding machines, are entering the volume production stage, with nearly 20 units on order [6]

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， ...