芯源微回复称，公司目前的产品线主要分为四大板块：前道涂胶显影设备、前道清洗设备、后道先进封 装设备以及化合物等小尺寸设备，公司产品持续获得国内头部客户订单。具体情况请关注公司后续发布 的公告。 格隆汇2月3日｜有投资者在互动平台向芯源微提问：贵公司为何不公布订单情况？近3个月是否签定新 定单？ ...

芯源微 芯源微围绕前道涂胶显影、前道单片清洗、后道先进封装三大主赛道。 新一代架构涂胶显影机26年可在客户端看到整体表现；化学清洗瞄准超临界和高温硫酸两款高端机台实现卡位； 高端封装设备聚焦热压键合技术。 涂胶显影：公司目前系国内唯一可提供量产型前道涂胶显影机的厂商，新一代超高产能涂胶显影机架构FTAlkaid 有望明年在客户端看到整体表现。 清洗：前道化学清洗设备聚焦先进制程，前三季度签单同比数倍增长。 芯源微已成为国内首个通过高温硫酸清洗工艺验证并获得重复订单的企业，超临界机台已陆续向多家客户发出样 机开展工艺验证。 后道先进封装：芯源微作为成套工艺设备提供商，产品市占率超50%；目前公司临时键合大品类在手订单饱满， 未来将聚焦键合、解键合关键技术，研究解决热压键合关键技术。 涂胶显影：公司目前系国内唯一可提供量产型前道涂胶显影机的厂商，新一代超高产能涂胶显影机架构FT 芯源微 芯源微围绕前道涂胶显影、前道单片清洗、后道先进封装三大主赛道。 新一代架构涂胶显影机26年可在客户端看到整体表现；化学清洗瞄准超临界和高温硫酸两款高端机台实现卡位； 高端封装设备聚焦热压键合技术。 在控股股东北方华创的赋能下，公司 ...

【方正电子】持续重点推荐芯源微 涂胶显影：公司目前系国内唯一可提供量产型前道涂胶显影机的厂商，新一代超高产能涂胶显影机架构FTAlkaid 有望明年在客户端看到整体表现。清洗：前道化学清洗设备聚焦先进制程，前三季度签单同比数倍增长。芯源微 已成为国内首个通过高温硫酸清洗工艺验证并获得重复订单的企业，超临界机台已陆续向多家客户发出样机开展 工艺验证。后道先进封装：芯源微作为成套工艺设备提供商，产品市占率超50%；目前公司临时键合大品类在手 订单饱满，未来将聚焦键合、解键合关键技术，研究解决热压键合关键技术。 芯源微报告： 【方正电子团队|芯源微】新一代涂胶显影机稳步推进，高端化学清洗机加速放量 【方正电子】持续重点推荐芯源微 芯源微围绕前道涂胶显影、前道单片清洗、后道先进封装三大主赛道。新一代架构涂胶显影机26年可在客户端看 到整体表现；化学清洗瞄准超临界和高温硫酸两款高端机台实现卡位；高端封装设备聚焦热压键合技术。在控股 股东北方华创的赋能下，公司有望实现业绩高速增长。 芯源微围绕前道涂胶显影、前道单片清洗、后道先进封装三大主赛道。新一代架构涂胶显影机26年可在客户端看 到整体表现；化学清洗瞄准超临界和高温硫 ...

证券日报网讯1月21日，芯源微在互动平台回答投资者提问时表示，公司目前的产品线主要分为四大板 块：前道涂胶显影设备、前道清洗设备、后道先进封装设备以及化合物等小尺寸设备。由于半导体工艺 复杂多样，是否使用氨水发生器将根据具体工艺场景与技术指标确定。有关产品与技术情况，请参见公 司公告。 ...

Core Viewpoint - The company, ChipSource Micro, is actively expanding its product offerings and market reach, focusing on advanced equipment for semiconductor manufacturing and packaging [1] Group 1: Product Offerings - The company's products include four main categories: front-end coating and developing equipment, front-end cleaning equipment, back-end advanced packaging equipment, and small-sized compound devices [1] Group 2: Market Expansion - The company's products have been sold to regions including Taiwan, South Korea, and Southeast Asia, indicating a strategy to continuously expand into overseas markets [1]

Core Viewpoint - The company, Xinyuan Micro, is expanding its overseas market presence, particularly in the semiconductor equipment sector, with a focus on regions such as Taiwan, South Korea, and Southeast Asia [1] Group 1: Company Overview - Xinyuan Micro has established its sales headquarters in Shenyang and has offices in Suzhou, Kunshan, Wuhan, Shanghai, and Taiwan, covering key industrial areas in the Yangtze River Delta, Pearl River Delta, and Taiwan [1] - The company's product offerings include four main categories: front-end coating and developing equipment, front-end cleaning equipment, advanced packaging equipment, and small-sized compound devices [1] Group 2: Market Expansion - The company has successfully sold its products to Taiwan, South Korea, and Southeast Asia, indicating a strategy to continuously expand its overseas market [1]

Core Insights - The company held a performance briefing on November 24, 2025, to discuss its Q3 results and financial indicators with investors [1] - The company specializes in the R&D, production, and sales of semiconductor equipment, with a strong presence in the domestic market and established subsidiaries in Japan, Shanghai, and Guangzhou [1] - The company has four main business segments: front-end coating and developing, front-end cleaning, back-end advanced packaging, and core components, having delivered over 2,000 sets of equipment [1] Business Performance - For the first three quarters of 2025, the company reported a revenue of 990 million yuan, a year-on-year decrease of 10% due to slower client acceptance of front-end Track products and delays in the acceptance of large orders for front-end physical cleaning equipment [2] - The net profit attributable to the parent company for the same period was -10.05 million yuan, primarily due to the decline in revenue and increased R&D investments in new products and talent [2] Cash Flow and Contracts - The net cash flow from operating activities for the first three quarters was -230 million yuan, attributed to increased procurement for strategic new products and higher personnel costs [3] - The company's contract liabilities grew nearly 80% compared to the end of the previous year, indicating a strong order intake [3] Future Outlook and Innovations - The company aims to enhance the reliability and stability of its front-end coating and developing equipment and is focusing on key technologies for high-capacity inline and offline systems [4] - Research will also be directed towards improving the capacity of front-end chemical cleaning equipment and advancing high-end packaging technologies [4]

Group 1 - The core viewpoint of the report is that Xinyuanwei (688037.SH) is rated as a buy due to its leading position in the domestic wet processing equipment market and its comprehensive solutions for semiconductor front-end and back-end equipment and processes [2] - The company has made continuous breakthroughs in coating and developing equipment, and the industrialization progress of chemical cleaning equipment is proceeding smoothly, while its advantages in advanced packaging equipment are being consolidated [2] - There is a sustained growth in demand for semiconductor equipment, with strong domestic substitution demand for coating, developing, and cleaning equipment [2] - The acquisition of control by Beifang Huachuang provides new momentum for the company's development, supported by an industry leader [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company, Xinyuan Micro (芯源微), is a leading domestic manufacturer of large wet processing equipment, focusing on providing comprehensive solutions for semiconductor front-end and back-end equipment and processes. The company has optimized its product layout, forming a product matrix that includes front-end coating and developing equipment, front-end cleaning equipment, back-end advanced packaging equipment, and other small-sized devices [5][8]. - The company has successfully developed various models of front-end coating and developing equipment, achieving coverage of wafer processing for technology nodes of 28nm and above by 2024. The company is also actively seeking client validation for its next-generation ultra-high-capacity coating and developing machine architecture [5][6]. - The company has received substantial orders for its physical cleaning machines and has launched a new chemical cleaning machine that meets high-temperature SPM process requirements, which has been validated by clients and is expected to drive future growth [5][6]. - The recovery of the packaging market is driving high growth in demand for the company's back-end equipment, with continuous orders from domestic and international clients [6][8]. Financial Summary - The company’s revenue is projected to grow from 1,754 million RMB in 2024 to 4,029 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 38.07% [7]. - The net profit attributable to the parent company is expected to recover from a decline in 2024 to 693 million RMB by 2027, reflecting a significant growth rate of 68.71% [7][11]. - The company’s earnings per share (EPS) is forecasted to increase from 1.01 RMB in 2024 to 3.44 RMB in 2027, indicating strong profitability growth [7][10]. Control and Synergy - Northern Huachuang has gained control over the company, which is expected to inject new momentum into its development. This control is anticipated to enhance collaboration in equipment processes and provide a more comprehensive and efficient solution for clients [8].

Core Viewpoint - The article discusses a significant acquisition transaction in the semiconductor industry, where Northern Huachuang plans to gain control of Chip Source Micro through a two-step process, highlighting the strategic moves within the sector to enhance collaboration and shareholder returns [1][2]. Group 1: Acquisition Details - Northern Huachuang intends to acquire 19,064,900 shares of Chip Source Micro from its second-largest shareholder at a price of 88.48 yuan per share, totaling approximately 1.687 billion yuan [1]. - The third-largest shareholder will also transfer all its shares, amounting to 16,899,700 shares, representing 8.41% of the total equity, with Northern Huachuang expected to participate in the public bidding [1]. - If successful, Northern Huachuang will hold a total of 17.9% of Chip Source Micro's shares, valued at around 3.182 billion yuan based on the acquisition price [1]. Group 2: Company Background - Chip Source Micro, established in 2002 and listed on the A-share market in 2019, is one of the early semiconductor equipment companies on the Sci-Tech Innovation Board and is recognized as a national high-tech enterprise [2]. - The company has developed four main business segments: front-end coating and developing equipment, front-end cleaning equipment, advanced packaging equipment, and small-sized compound equipment [2]. - For the fiscal year 2024, Chip Source Micro reported revenues of 1.77 billion yuan, a year-on-year increase of 3.09%, while its net profit attributable to shareholders decreased by 15.85% to 211 million yuan [2].