Core Viewpoint - The largest scale of competitive private placement in the semiconductor equipment industry in the past three years has been completed, with several public funds participating in the allocation [2][12]. Group 1: Fundraising Details - Semiconductor equipment leader, Shengmei Semiconductor Equipment (Shanghai) Co., Ltd., has completed a private placement fundraising of nearly 4.5 billion yuan [2][3]. - The total number of shares issued in this private placement is 38.6013 million shares, with an issue price of 116.11 yuan per share, raising a total of 4.482 billion yuan [3][8]. - The funds raised will enhance the company's R&D capabilities in the semiconductor equipment field [2][8]. Group 2: Participating Institutions - Five public funds participated in the private placement, including E Fund, Xingsheng Global, and others, with E Fund acquiring 144 million yuan worth of shares [3][7]. - Shanghai Pudong New Industry Investment Co., Ltd. received the largest allocation of 1.5 billion yuan, followed by Caitong Fund with 544 million yuan [3][4]. Group 3: Company Performance - Shengmei Shanghai reported a revenue of 3.265 billion yuan in the first half of the year, a year-on-year increase of over 35%, with a net profit of nearly 700 million yuan, up approximately 57% [13]. - The company has seen continuous growth in revenue and net profit from 2018 to 2024, with revenue increasing from 550 million yuan to 5.618 billion yuan, and net profit from 93 million yuan to 1.153 billion yuan, with average annual growth rates exceeding 30% [13]. Group 4: Market Context - The semiconductor market is expected to shrink by 8% in 2023 but is projected to grow by 12% to 687.3 billion dollars by 2025 [12]. - The private placement market has seen a surge in interest in technology innovation sectors, with semiconductor industry private placements reaching 19.4 billion yuan in the first seven months of the year, a fivefold increase compared to the previous year [18][19].

【导读】近三年半导体设备行业最大规模竞价定增落地，易方达、兴证全球等公募获配 中国基金报记者 张燕北 近三年半导体设备行业最大规模竞价定增落地，多家公募基金现身获配名单。 公告显示，国内半导体设备龙头盛美半导体设备（上海）股份有限公司（以下简称盛美上海）近期完成近45亿元的定增募资，包括易方 达、兴证全球、财通、诺德、易米在内的多家公募参与报价并被确定为最终发行对象。 盛美上海表示，本次募集资金有助于进一步增强公司在半导体专用设备领域的研发实力。 今年以来，科技创新领域定增热度升温，AI、机器人、创新药、半导体等赛道成"吸金"主力。公募"带头大哥"易方达频频出手抢筹，被市 场视为机构看好新质生产力领域投资机遇的信号。 盛美上海完成45亿元定增募资 易方达、兴证全球等5家公募获配 日前，盛美上海发布情况报告书，宣布完成向特定对象发行A股股票。 根据报告书，此次参与报价的机构有17家，包括多家公募、私募、保险资管、券商资管等。17家投资者全部按时、完整地发送全部申购文 件，且足额缴纳保证金，均为有效报价，因此全部被确定为最终发行对象。 最终，本次定增发行股票总数量为3860.13万股，发行价格为116.11元/股 ...

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 Viewpoint - The company has demonstrated strong performance in the semiconductor equipment sector, achieving significant revenue and profit growth in the first half of 2025, driven by a focus on core business and technological differentiation [1][2]. Group 1: Financial Performance - In the first half of 2025, the company reported operating revenue of 3.265 billion yuan, a year-on-year increase of 35.83% [1]. - The net profit attributable to shareholders reached 696 million yuan, reflecting a year-on-year growth of 56.99% [1]. - The net profit excluding non-recurring gains and losses was 674 million yuan, up 55.17% year-on-year [1]. Group 2: Market Demand and Strategy - Strong domestic demand for semiconductor equipment has created significant market opportunities, allowing the company to capture a large number of orders [2]. - The company has successfully implemented a product platform strategy, optimizing technology and performance across a diverse product range, covering a market potential of approximately 20 billion USD [2]. - The company has established a presence in seven major product segments, including cleaning equipment and semiconductor plating equipment [2]. Group 3: Competitive Position - According to SEMI, global semiconductor manufacturing equipment sales are projected to grow by 7.4% in 2025, reaching a historical high of 125.5 billion USD [3]. - The company has become a competitive semiconductor equipment supplier, with a global market share of 8.0% in cleaning equipment, ranking fourth globally, and 8.2% in plating equipment, ranking third globally [3]. Group 4: Investor Confidence - The company has implemented a shareholder return plan, including cash dividends totaling approximately 288.25 million yuan, marking the third dividend distribution since its listing [4]. - As of August 4, 2025, the company completed a share buyback of 443,400 shares, representing 0.10% of total share capital, with a total expenditure of approximately 50.01 million yuan [5]. - The company aims to continue enhancing its product technology and expanding its customer base to sustain robust performance and return value to investors [5].

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 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 136.08 CNY based on a 42x PE ratio for 2025 [2][5]. Core Insights - The company is a leading player in the domestic semiconductor cleaning and plating equipment market, with a strong focus on platformization and differentiation to drive growth [1][9]. - The company is expected to achieve revenue between 6.5 billion to 7.1 billion CNY in 2025, reflecting a year-on-year growth of approximately 16% to 26% [9]. - The semiconductor equipment industry is experiencing significant growth, with China's semiconductor equipment spending projected to reach 49.6 billion USD in 2024, a 35% increase year-on-year [9]. Financial Forecast and Investment Recommendations - The company is projected to have earnings per share of 3.24 CNY, 4.04 CNY, and 4.63 CNY for the years 2025, 2026, and 2027 respectively [2]. - Revenue forecasts for 2023 to 2027 show a consistent upward trend, with total revenue expected to grow from 3.888 billion CNY in 2023 to 9.156 billion CNY in 2027 [4]. - The company’s net profit is anticipated to increase from 911 million CNY in 2023 to 2.045 billion CNY in 2027, indicating a robust growth trajectory [4]. Company Overview - The company has established itself as a leader in the semiconductor equipment sector, with a comprehensive product range that includes cleaning, plating, and advanced packaging equipment [19][24]. - The company has a strong focus on R&D, with a significant increase in R&D expenditure from 141 million CNY in 2020 to 729 million CNY in 2024, supporting its innovation-driven strategy [33][49]. - The company has a well-defined strategic roadmap, transitioning from a single-product focus to a diversified platform strategy that includes six major product lines [23][48]. Market Position and Competitive Advantage - The company aims to capture 55% to 60% of the domestic semiconductor cleaning equipment market, leveraging its technological differentiation and strong R&D capabilities [10]. - The company has developed proprietary technologies such as SAPS and TEBO, which enhance its competitive edge in the cleaning equipment market [46][47]. - The company has established stable relationships with major semiconductor manufacturers, enhancing its market presence and customer base [36][37]. Growth Drivers - The ongoing shift towards high-end semiconductor equipment and the increasing domestic demand for advanced packaging solutions are key growth drivers for the company [9][10]. - The company’s platformization strategy is expected to open new revenue streams and enhance its market competitiveness across various semiconductor equipment segments [11][12]. - The anticipated growth in global semiconductor production capacity and the increasing trend of localization in semiconductor manufacturing will further benefit the company [9][19].

Group 1 - The core viewpoint of the articles highlights that Shengmei Semiconductor Equipment (Shanghai) Co., Ltd. is moving forward with a private placement of A-shares to raise up to 4.482 billion yuan for R&D and operational needs, marking its first refinancing since its listing in November 2021 [1][2] - The company plans to allocate approximately 922 million yuan for R&D and process testing platform construction, 2.255 billion yuan for high-end semiconductor equipment iterative R&D, and 1.304 billion yuan for working capital [1] - Shengmei Shanghai has developed advanced semiconductor manufacturing equipment and is recognized for its leading position in the domestic market, particularly in wet cleaning equipment [2][3] Group 2 - The company has shown stable growth in its performance over the past three years, with projected revenues for 2025 expected to be between 6.5 billion yuan and 7.1 billion yuan, and an average gross margin anticipated to remain between 42% and 48% [2] - The semiconductor equipment industry is characterized by rapid technological upgrades and high R&D investment, necessitating the company to enhance its R&D efforts through the private placement to keep pace with international competitors [2][3] - The global semiconductor equipment market is expanding rapidly, driven by demand from AI and automotive electronics, prompting domestic companies, including Shengmei Shanghai, to adopt platform development strategies to enhance competitiveness and market share [3]

Fundraising Plan - The company plans to issue up to 44,129,118 shares to raise a total of no more than 448,200 million yuan, with the net proceeds allocated to R&D and process testing platform construction, high-end semiconductor equipment iterative R&D projects, and supplementing working capital [1][2] R&D and Process Testing Platform Construction - The project aims to establish an integrated circuit equipment R&D and process testing platform, enhancing the company's R&D testing capabilities and shortening product verification cycles, thereby improving efficiency and competitiveness [4][6][28] - The platform will utilize existing cleanroom environments and necessary testing instruments, including lithography machines and ion implanters, to support the R&D process from design to product finalization [4][5][6] High-End Semiconductor Equipment Iterative R&D Project - This project focuses on acquiring R&D hardware and software to enhance the company's capabilities in high-end semiconductor equipment, ensuring that key technologies possess differentiated global intellectual property rights [11][12][28] - The project is expected to accelerate the iterative development of cleaning equipment, high-end electroplating equipment, and advanced packaging wet process equipment, positioning the company among the top global semiconductor equipment suppliers [12][14][28] Working Capital Supplement - The company intends to use 130,418.07 million yuan of the raised funds to supplement working capital, addressing the increasing financial demands due to business expansion and ensuring sustainable development [23][26] Market Environment and Competitive Position - The semiconductor equipment market is experiencing significant growth, with China's market size reaching 366 billion USD in 2023, making it the largest globally [17][28] - The company has established a strong customer base and maintains stable relationships with leading semiconductor manufacturers, which supports its project initiatives [18][28] Technological and Talent Foundation - The company has a robust R&D foundation, with 931 R&D personnel, representing 46.50% of total employees, and a high level of educational qualifications among its staff [10][9][28] - The company has accumulated significant technological expertise, holding 470 patents, including 468 invention patents, which underpins its competitive edge in the semiconductor equipment sector [19][20][28]