9月29日，多家上市公司通过互动平台、披露投资者关系活动记录表等渠道披露公司在传媒、电子等方 面最新情况： 【电子】 【其他】 (本文来自第一财经) 南京聚隆：目前产品不涉及超高分子量聚乙烯材料 云图控股：雷波牛牛寨北矿区东段磷矿未勘测到锂辉石矿 中材科技：公司超低损耗低介电纤维布已完成头部客户认证及批量供货 【机器人】 机器人：在具身智能业务方面暂未与宇树、优必选或特斯拉有合作 【半导体】 捷佳伟创：目前公司半导体清洗设备不断获得新订单 【化工】 【传媒】 光线传媒：正积极探索微短剧领域并已筹划投资组建相关公司 华数传媒：与阿里系企业在互联网电视等多方面开展了长期业务合作 天龙集团：子公司在鲸鸿动能平台为京东等头部客户提供互联网营销服务 秋田微：目前公司产品未应用于AI眼镜 光峰科技：完成与国内外一流主流AR眼镜C端品牌客户的光机对接 京东方A：三季度以来面板备货需求逐步恢复 行业稼动率有所恢复 温氏股份：受"桦加沙"台风影响 公司在广东区域局部资产出现一定损失 康龙化成：截至目前美国加征关税对公司业务产生的影响有限 爱丽家居：今年9月北美两大基地外产外销在公司营收占比预计首次突破50% 飞亚达：目前与阿里 ...

捷佳伟创9月29日在互动平台表示，目前公司的半导体清洗设备不断获得新订单，并且公司在持续研发 其他半导体及泛半导体相关设备。 ...

盛美上海 (688082) 30% 1 0% -10% 9/25 3/25 6/25 -30% 沪深300 分析师:陈耀波 执业证书号：S0010523060001 邮箱:chenyaobo@hazq.com 相关报告 1）盛美上海:设备国产化需求旺盛, Q3 收入创历史新高 20241113 2) 盛美上海: 2024 年业绩稳健成长, 研发持续投入,力争成为平台型设备 公司 20250406 公司点评 上海：2025年上半年业绩持续成长, 为半导体设备平台型公司 公司评级:买入(维持) 报告日期:2025-09-24 | 收盘价（元） | 164.80 | | --- | --- | | 近 12 个月最高/最低（元） 170.6/72.56 | | | 总股本(百万股) | 441.3 | | 流通股本(百万股) | 436.1 | | 流通股比例 (%) | 98.8 | | 总市值 (亿元) | 727.2 | | 流通市值(亿元) | 718.2 | 公司价格与沪深 300 走势比较 主要观点: ● 事件: 盛美上海公布 2025 年半年报 2025 年 1-6 月公司营业收入为 32.65 亿元 ...

Core Insights - The article discusses the balance between immediate profits and long-term technological development in the semiconductor industry, highlighting North China Huachuang's strategy of achieving both [1] - North China Huachuang has maintained a net profit growth rate of over 25% for ten consecutive years, making it a standout in the semiconductor sector [1] Group 1: Company Performance - North China Huachuang's R&D investment from 2015 to 2024 reached 13.132 billion yuan, with a compound annual growth rate of approximately 28%, while its net profit grew at an annual compound rate of about 65% [1] - Since its listing in 2021, Shengmei Shanghai has maintained a net profit growth rate of over 25% for eight consecutive years, with R&D investment nearly equal to its net profit [3] Group 2: Market Position - In the global market, Lam Research leads the wafer manufacturing equipment market with a 24% market share, while Shengmei Shanghai ranks third with a 15% market share, being the only Chinese semiconductor equipment company in the top five [6] - Shengmei Shanghai's profitability is heavily reliant on semiconductor cleaning equipment, which accounts for approximately 70% of its profits [8] Group 3: Competitive Strategy - Shengmei Shanghai employs a strategy of "racehorse" and "horse breeding," balancing innovative competition with sustainable development [8][10] - The company has developed single-wafer cleaning technology, which prevents cross-contamination and is crucial in the semiconductor manufacturing process, with cleaning steps accounting for over 30% of the total chip manufacturing process [11] Group 4: Financial Health - Shengmei Shanghai's average net profit margin from 2020 to 2024 was 20.64%, outperforming competitors like North China Huachuang and Tuo Jing Technology [12] - In 2024, Shengmei Shanghai's operating cash flow reached 1.216 billion yuan, reversing five years of losses, with its cleaning equipment business revenue growing by 55.2% [23] Group 5: Future Outlook - The global semiconductor equipment sales are projected to reach 117.1 billion USD in 2024, with a year-on-year growth of 10.16%, driven by demand in AI, HBM, and advanced packaging [19] - Shengmei Shanghai's R&D investment in the first half of 2025 was 544 million yuan, a 39.47% increase, indicating a strong commitment to innovation and expansion [17]

Core Viewpoint - The company, Jiejia Weichuang, is primarily focused on the research, production, and sales of photovoltaic cell equipment, while its semiconductor equipment business remains relatively small [1] Group 1: Business Focus - The main business of the company is the research, production, and sales of photovoltaic cell equipment [1] - The company is actively expanding into the semiconductor and third-generation semiconductor equipment sectors [1] Group 2: Recent Developments - The company's semiconductor cleaning equipment is continuously receiving new orders [1] - The silicon carbide high-temperature heat treatment process equipment has been delivered to leading industry clients [1] - The company is engaged in ongoing research and development of other semiconductor and related equipment [1]

Macro Strategy - The report anticipates a decline in loan demand for July and stable growth in social financing [1] - The geopolitical situation and rising interest rate expectations have boosted market sentiment, leading to an increase in US stock prices [1] - The 10-year US Treasury yield rose by 6.7 basis points to 4.283% due to weak auction results reflecting soft market demand [1] Fixed Income Analysis - The report highlights the investment value of non-ETF component bonds in the Sci-Tech bond market, suggesting a shift towards these bonds due to their higher yield and credit spread compared to ETF components [2] - It notes that 14.79% of the non-ETF component bonds have a credit spread exceeding 40 basis points, indicating potential for yield compression [2] - The "anti-involution" policy is expected to have a longer-lasting impact compared to previous supply-side reforms, with a focus on high-quality development rather than large-scale demand-side stimulus [3][4] Company-Specific Insights - Guodian Measurement (002967) is recommended for its AI chip localization and high-end PCB expansion, with profit forecasts for 2025-2027 set at 4.0/4.5/5.2 billion [9] - Aisheng Co., Ltd. (600732) has shown a significant increase in shipments and profitability, with revised profit forecasts for 2025-2027 at 3.8/15.6/24.9 billion, reflecting a growth rate of 107%/307%/60% [10] - Yanjing Beer (000729) continues to perform well with a focus on its U8 product line, with profit forecasts adjusted to 16.03/19.26/22.74 billion for 2025-2027 [11] - Gole Technology (002241) is expanding its AR capabilities through investment in Micro-LED technology, with profit forecasts adjusted to 34/44 billion for 2025-2026 [13] - Pop Mart (09992.HK) is expected to see rapid revenue growth driven by its IP strategy, with profit forecasts raised to 100.3/144.9/182.9 billion for 2025-2027 [14]

Core Insights - The article discusses the evolving landscape of IPO requirements across different stock exchanges in China, highlighting the increasing profit thresholds for companies seeking to go public [1][2][3]. IPO Requirements by Exchange - **North Exchange (北交所)**: - The North Exchange has become a primary venue for IPOs, with 116 companies applying, benefiting from low thresholds and efficient review processes [8][27]. - Companies listed here do not undergo on-site inspections, significantly reducing compliance costs and time [32]. - **ChiNext (创业板)**: - Companies need a minimum net profit of 1.5 billion to be considered viable for listing, with many firms in the semiconductor sector applying despite recent losses [2][15]. - The average revenue for companies applying is above 3 billion, with a median of 9.41 billion [16]. - **Sci-Tech Innovation Board (科创板)**: - The board has accepted several loss-making companies with high valuations, indicating a focus on innovative firms [3][20]. - Companies must demonstrate significant revenue, with a median of 4.56 billion for applicants [22]. - **Main Board (主板)**: - The main board has seen a resurgence in traditional industries, with companies needing at least 2 billion in net profit to apply [5][13]. - The average revenue for applicants is above 5 billion, with a median of 27.02 billion [11]. Market Trends - The first half of 2025 saw a significant increase in IPO applications, with a total of 177 companies, marking a 130% increase from the previous year [8]. - The North Exchange accounted for 65% of these applications, reflecting its attractiveness to innovative small and medium enterprises [8][32]. - The overall market is showing a trend towards supporting consumer-oriented companies, aligning with government policies [13][15].

Group 1: Semiconductor Industry - The U.S. President Trump announced a potential 100% tariff on chips and semiconductors, but the overall impact on China's semiconductor industry is expected to be minimal due to the relatively small proportion of semiconductor trade in China's total exports [2] - In the semiconductor cleaning equipment sector, the company holds a global market share of 8.0%, ranking fourth globally, and a market share of over 30% in China, ranking second [3] - The company also has a global market share of 8.2% in the semiconductor plating equipment sector, ranking third globally, indicating strong competitive positioning in a market with weak domestic competition [3] Group 2: Oil and Gas Equipment Services - The company reported a revenue of 6.9 billion yuan in the first half of 2025, a year-on-year increase of 39%, with a net profit of 1.24 billion yuan, up 14% [4] - New orders in the oil and gas equipment and engineering services sector reached 9.88 billion yuan, a year-on-year increase of 37.65%, indicating strong demand and growth potential [4] - The company’s backlog of orders stood at 12.39 billion yuan, reflecting a year-on-year growth of 34.76%, suggesting sustained performance in the oil and gas sector [4] Group 3: Electric Vehicle Industry - Li Auto's stock fell by 5.3% following a 39.74% year-on-year decline in vehicle deliveries in July, raising concerns about its market position [7] - The competitive landscape for electric vehicles is intensifying, with a shift from product definition to deeper technological capabilities becoming crucial for survival [7] - The luxury six-seat SUV market is experiencing a downturn, diminishing Li Auto's competitive advantage in this segment [7] Group 4: Lithium Iron Phosphate Battery Market - Lithium iron phosphate materials accounted for 84% of the installed capacity in power batteries in the first half of 2025, with total production reaching approximately 583 GWh, a 70.6% year-on-year increase [8] - The demand for energy storage is expected to remain strong due to seasonal sales peaks and supportive government policies, indicating a positive outlook for the lithium iron phosphate sector [8] - The potential emergence of sodium-ion batteries could pose a cost competition to lithium iron phosphate in sensitive markets [8] Group 5: Gaming Industry - The domestic gaming market achieved a sales revenue of 168 billion yuan in the first half of 2025, a year-on-year increase of 14.08%, marking a historical high [10] - The user base for gaming reached 679 million, also a historical high, driven by the performance of new releases and the growth of e-sports and mini-program games [10] - Self-developed games generated a domestic revenue of 140.45 billion yuan, up 19.29% year-on-year, indicating robust market conditions [10]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by strong market performance and continuous innovation in semiconductor equipment [1][2]. Financial Performance - The company achieved a revenue of 3.265 billion yuan, a year-on-year increase of 35.83% [1] - The net profit attributable to shareholders was 696 million yuan, reflecting a growth of 56.99% compared to the previous year [1] - The net profit excluding non-recurring items was 674 million yuan, up by 55.17% year-on-year [1] Product Development and Innovation - The company has focused on product platformization and enhancing technical performance, which contributed to its revenue growth [2] - In the semiconductor cleaning equipment sector, the company holds a global market share of 8.0% [3] - The company’s semiconductor plating equipment has a global market share of 8.2% [3] - The company invested 544 million yuan in R&D, a 39.47% increase year-on-year, and has filed a total of 1,800 patents, with 494 granted [3] Manufacturing and Operational Efficiency - The "Semiconductor Equipment R&D and Manufacturing Center" reached operational status in June 2025, enhancing production efficiency and capacity [4] - The center supports rapid business growth and timely order fulfillment [4] Industry Outlook - The company anticipates continued high demand in the semiconductor equipment market, supported by national policies and increased capital expenditure from major clients [5] - Global semiconductor equipment sales are projected to reach a record high of 117.1 billion USD in 2024, with a 10% year-on-year growth [5] - The domestic market is expected to grow by 35% to 49.6 billion USD, accounting for 42% of the global market [5] - The company has developed innovative cleaning technologies, including the SAPS/TEBO megasonic cleaning technology, positioning itself competitively in the market [5][6] New Product Launches - The company has introduced several new devices and processes with independent intellectual property rights, including the Ultra PmaxTM plasma-enhanced chemical vapor deposition equipment [6] - The company is also validating new ALD furnace tube technologies, further strengthening its competitive position in furnace equipment [7]

| 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | --- | --- | --- | --- | | | (1-6月) | | 同期增减(%) | | 营业收入 | 3,265,291,841.84 | 2,403,896,730.50 | 35.83 | | 利润总额 | 820,349,219.58 | 468.057.022.56 | 75.27 | | 归属于上市公司股东的净利润 | 695,772,727.73 | 443,182,595.18 | 56.99 | | 归属于上市公司股东的扣除非经常性 损益的净利润 | 674,279,774.93 | 434,539,165.13 | 55.17 | | 经营活动产生的现金流量净额 | -131.953.945.43 | 446.718.846.79 | -129.54 | | | 本报告期末 | 上年度末 | 本报告期末比上 | | | | | 年度末增减(%) | | 归属于上市公司股东的净资产 | 8.240.138.955.07 | 7.665.635.114.21 | 7.49 | | 总资产 | 13.288.5 ...