国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 6月25日消息，近日，有认证为南京芯启源半导体员工的网友爆料，芯启源自三月份以来就已经停 发工资、暴力裁员零赔偿、不发年终奖以及区别对待员工等。 2023年，实现了营业收入17.17亿元，同比增长23.98%；净利润为2.51亿元，同比增长25.21%。这一增 长主要得益于其核心产品——光刻工序涂胶显影设备的强劲表现。2023年，该类设备销售收入达到 10.66亿元，同比增长40.8%，占公司总收入的63.48%。此外，单片式湿法设备销售收入为6.00亿元，同 比增长9.09%，进一步推动了公司整体营收的增长。 同时，积极扩张产能，上海临港厂区于2023年1月主体结构封顶。该厂区主要用于研发与生产前道ArF 光刻工艺涂胶显影机、浸没式光刻工艺涂胶显影机及单片式化学清洗机等高端半导体专用设备。此外， 公司还计划建设高端晶圆处理设备产业化项目（二期），进一步扩大产能，满足业务快速增长的需求。 然而，转折发生在2024年第一季度。财报显示，该季度公司营收同比下滑15.27%，净利润仅1601.09万 元， ...

并购重组新规后首单吸并出炉！ 5月25日晚间，科创板上市公司海光信息（688041）、沪主板上市公司中科曙光（603019）双双发布公告，二者正在筹划由海光信息通过向中科曙光全体A股换股股 东发行A股股票的方式换股吸收合并中科曙光，并发行A股股票募集配套资金，两家公司A股股票将于5月26日起停牌，预计停牌时间不超过10个交易日。 证券时报记者获悉，该交易将成为5月16日《上市公司重大资产重组管理办法》修订发布后，首单上市公司之间吸收合并交易。 | 证券代码 证券简称 停复牌类型 | 停牌起始日 | 停牌期间 停牌终止日 复牌日 | | --- | --- | --- | | 688041 海光信息 A 股 停牌 | 2025/5/26 | | 作为国内信息产业的头部企业，中科曙光在高端计算、存储、云计算等领域具有深厚积累，海光信息则专注于国产架构CPU、DCU等核心芯片设计。中科曙光与海 光信息进行整合，将优化从芯片到软件、系统的产业布局，汇聚信息产业链上下游优质资源，实现产业链"强链补链延链"。当前，全球科技产业正处于快速变革和 重构期，在业内人士看来，此次两家公司整合符合全球产业链延伸发展的大趋势，有望推 ...

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 ...

事件: 2025 年4 月26 日，芯源微发布2024 年年报；4 月29 日，公司发布2025年一季报。 2024 年：公司实现营收17.54 亿元，同比+2.13%；归母净利润2.03 亿元，同比-19%；扣非归母净利润 0.73 亿元，同比-61%，扣非归母净利润明显低于归母净利润主要系政府补助同比大幅增加；主营业务 毛利率36.85%，同比-0.90pct；销售净利率11.49%，同比-3.08pct。整体来看，公司2024 年报业绩表现稍 逊于业绩快报。 2024Q4：公司实现营收6.49 亿元，同比+27%，环比+58%；归母净利润0.95 亿元，同比+213%，环比 +202%，创单季度历史新高；扣非归母净利润0.33 亿元，同比+514%，环比+679%；毛利率29.54%，同 比-13.15pct，环比-16.69pct，结合销售费用同环比显著降低，我们认为公司毛利率下滑主要受会计准则 变化影响；销售净利率14.85%，同比+8.99pct，环比+7.48pct，净利率同环比显著改善得益于政府补助 较多增厚利润，同时期间费用率有所下滑。 2025Q1：公司实现营收2.75 亿元，同比+13% ...

丨证券研究报告丨 联合研究丨公司点评丨芯源微（688037.SH） [Table_Title] 芯源微：新产品进展积极顺利，引入龙头拓展市 场增量 报告要点 [Table_Summary] 近期，芯源微发布 2024 年年报及 2025 年一季度报告。 2024 年公司实现营收 17.54 亿元，同比增加 2.13%；实现归母净利润 2.03 亿元，同比减少 19.08%；2025Q1 公司实现营收 2.75 亿元，同比增加 12.74%；实现归母净利润 0.05 亿元， 同比减少 70.89%。 分析师及联系人 [Table_Author] 杨洋 赵智勇 倪蕤 王泽罡 SAC：S0490517070012 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490521120001 SFC：BUW100 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 芯源微（688037.SH） cjzqdt11111 [Table_Title 芯源微：新产品进展积极顺利，引入龙头拓展市 2] 场增量 [Table_S ...

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]

Core Insights - The company reported a slight increase in revenue but a significant decline in net profit for the year 2024, indicating challenges in maintaining profitability amidst rising costs and increased R&D investments [1][2]. Financial Performance - Revenue for 2024 reached ¥1,753,605,965.73, a 2.13% increase from ¥1,716,969,907.58 in the previous year, demonstrating stability in a competitive semiconductor equipment market [2]. - Net profit attributable to shareholders was ¥202,811,998.36, down 19.08% year-on-year, primarily due to increased R&D spending and rising operational costs [2]. - The company's non-recurring net profit fell by 60.83% to ¥73,306,592.00, highlighting challenges in core business profitability [2]. Earnings Per Share - Basic earnings per share decreased to ¥1.01, a 44.51% drop from ¥1.82, influenced by lower net profit and an increase in total shares due to stock incentives [3]. - The non-recurring earnings per share fell by 72.79% to ¥0.37, indicating a significant decline in core business profitability [3]. Cost and Expense Analysis - Sales expenses rose by 22.44% to ¥89,833,591.30, driven by increased employee compensation and service fees as the company expanded [4]. - Management expenses increased by 36.93% to ¥249,302,182.63, reflecting higher costs associated with business expansion [4]. - R&D expenses surged by 49.93% to ¥296,653,098.59, representing 16.92% of revenue, up from 11.52% the previous year, indicating a strong focus on innovation [4][6]. Cash Flow and Financial Health - Net cash flow from operating activities improved to ¥441,809,413.08, a turnaround from a negative cash flow of ¥562,876,699.27 the previous year, indicating enhanced cash generation capabilities [5]. - Net cash flow from investing activities was -¥201,463,591.83, an improvement from -¥504,561,073.41, suggesting a slowdown in fixed asset investments [5]. - Net cash flow from financing activities decreased by 12.80% to ¥609,966,263.66, primarily due to increased short-term loan repayments [5]. R&D and Personnel Growth - R&D expenses reached ¥297 million, a 49.93% increase, with R&D investment as a percentage of revenue rising by 5.40 percentage points [6]. - The number of R&D personnel increased by 28.57% to 459, with total R&D personnel compensation rising to ¥103.37 million, reflecting the company's commitment to innovation [7].