Core Viewpoint - The company has demonstrated strong growth in its order backlog and is actively expanding its market presence in the semiconductor equipment industry, driven by technological advancements and product development [4][5]. Group 1: Order Backlog and Growth - As of September 29, 2025, the company's order backlog reached 9.072 billion yuan, representing a year-on-year increase of 34.10% [4]. - The semiconductor equipment demand in China has remained robust in 2025, allowing the company to deepen its existing market and explore new opportunities [4]. Group 2: Fundraising and Investment - The company announced a plan to issue A-shares to specific investors, aiming to raise 4.482 billion yuan through the issuance of 38.6013 million shares at a price of 116.11 yuan per share [4]. - The raised funds will primarily be allocated to three projects: the construction of R&D and process testing platforms, iterative R&D of high-end semiconductor equipment, and supplementing working capital [6]. Group 3: Product Development and Innovation - The company has placed significant emphasis on product R&D, with new products contributing to sustained order growth [5]. - In March 2025, the company successfully validated its self-developed single-wafer high-temperature SPM equipment with key customers, which is crucial for the manufacturing of next-generation semiconductor devices [5]. - The delivery of the 1500th electroplating chamber for ECP equipment in the first half of 2025 has achieved full coverage of electroplating technology across various applications [5].

点评： 公司重视产品研发，新产品的逐步放量带来公司订单持续增长。2025 年3 月，公司自主研发的单晶圆高 温 SPM 设备已成功通过关键客户验证，该工艺对下一代半导体器件制造具备重要价值。2025 年上半 年，公司ECP 设备第1500 电镀腔完成交付，实现电镀技术全领域覆盖（前道铜互连/后道晶圆级封 装/3D 堆叠/化合物半导体）。公司自主研发的面板级水平电镀设备荣获美国3D InCites 协会颁发 的"Technology Enablement Award"。新产品的不断完善，为公司长期快速增长打下基础。 公司募集资金主要用于研发项目及补充流动资金。公司募集资金主要投向三个项目：研发和工艺测试平 台建设项目、高端半导体设备迭代研发项目和补充流动资金。此次发行的发行对象认购的股份自发行结 束之日起六个月内不得上市交易。 盈利预测、估值与评级：公司产品不断迭代升级，新产品市场推广顺利，我们维持公司2025-2026 年归 母净利润预测分别为14.76、18.29 亿元，新增2027 年归母净利润预测为22.85 亿元，对应的PE 值为 59x、47x 和38x。公司是国内半导体清洗设备的领军企业，将持续受 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has seen a significant increase in its order backlog, reaching 9.072 billion yuan as of September 29, 2025, representing a year-on-year growth of 34.10% [1]. - The semiconductor equipment demand in China remains strong, and the company is leveraging its technological advantages and market recognition to expand its market presence [1]. - The company successfully raised 4.482 billion yuan through a private placement of shares, which will primarily be used for R&D projects and working capital [2]. Summary by Sections Company Orders and Financials - As of September 29, 2025, the company's order backlog is 9.072 billion yuan, a 34.10% increase year-on-year [1]. - The company reported a net profit forecast of 1.476 billion yuan for 2025, with projections of 1.829 billion yuan for 2026 and 2.285 billion yuan for 2027 [3]. Product Development and Market Position - The company emphasizes product R&D, with new products contributing to continuous order growth [2]. - The successful validation of the self-developed high-temperature SPM equipment in March 2025 is expected to add significant value to next-generation semiconductor device manufacturing [2]. Financial Projections and Valuation - Revenue projections for 2025 are set at 6.984 billion yuan, with a growth rate of 24.33% [4]. - The company is projected to maintain a P/E ratio of 59x for 2025, decreasing to 38x by 2027 [3][4].

| 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 ...