证券代码：688233 证券简称：神工股份 公告编号：2026-009 锦州神工半导体股份有限公司 2025年度业绩快报公告 一、2025年度主要财务数据和指标 单位：万元 币别：人民币 ■ 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。数据 若有尾数差，为四舍五入所致。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 2025年公司实现营业总收入44,277.20万元，同比增长 46.26%；实现归属于上市公司股东的净利润 10,145.47万元；实现归属于上市公司股东的扣除非经常性损益的净利润9,977.64万元。 报告期末，公司总资产208,044.04万元，同比增长 4.39%；归属于上市公司股东的所有者权益188,676.77 万元，同比增长 5.23%；归属于上市公司股东的每股净资产 11.08 元，同比增长5.23%。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载 ...

2月25日，神工股份发布2025年度业绩快报称，2025年，公司实现营业总收入4.43亿元，同比增长46.26%；归属于上市公司股东的净利润达到1.01亿元。在 上一报告期基数较低的情况下，公司通过精准把握市场机遇，成功实现经营面的V型反转。 究竟是什么力量推动神工股份重回增长快车道？业绩快报给出了清晰的答案——"全球市场回暖"与"本土国产替代"形成了强大的共振。 一方面，海外市场受到人工智能需求的强力拉动。随着AI技术的爆发式增长，高端逻辑芯片、存储芯片制造厂的开工率持续提升，资本开支明显增加。作 为芯片制造上游的核心材料供应商，神工股份的大直径硅材料业务直接受益于这一波由AI引领的全球扩产潮，收入实现稳步增长。 另一方面，中国本土市场的国产替代正在加速。国内存储芯片制造厂在技术和产能两方面紧跟全球先进水平，对于关键耗材的本土化需求日益迫切。神工股 份的硅零部件业务精准卡位这一赛道，订单快速放量，成为拉动业绩增长的第二引擎。 除了抓住外部的市场机遇，神工股份在内部的"修炼内功"同样功不可没。报告指出，公司紧抓下游市场回暖的窗口期，通过生产组织优化和工序效率提升， 大幅提高了产能利用率与产销规模。随着产量的提 ...

证券研究报告：电子 | 公司点评报告 发布时间：2026-02-24 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 84.15 | | --- | --- | | 总股本/流通股本（亿股）1.70 | / 1.70 | | 总市值/流通市值（亿元）143 | / 143 | | 周内最高/最低价 52 | 106.78 / 19.30 | | 资产负债率(%) | 7.2% | | 市盈率 | 350.63 | | 第一大股东 | 更多亮照明有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 神工股份(688233) 硅材料到硅零部件一体化生产，充分受益存储扩产 l 投资要点 25Q4 收入大幅增长，具备较强业绩弹性。根据公司 2025 年业绩 预告，营收方面，预告范围为4.3-4.5亿元，同比增长42.04%-48.65%， 公司前三季度单季度平均收入约为 1 亿元（ ...

证券研究报告：电子 | 公司点评报告 发布时间：2026-02-24 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 84.15 | | --- | --- | | 总股本/流通股本（亿股）1.70 | / 1.70 | | 总市值/流通市值（亿元）143 | / 143 | | 周内最高/最低价 52 | 106.78 / 19.30 | | 资产负债率(%) | 7.2% | | 市盈率 | 350.63 | | 第一大股东 | 更多亮照明有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 硅材料到硅零部件一体化生产，充分受益存储扩产 l 投资要点 25Q4 收入大幅增长，具备较强业绩弹性。根据公司 2025 年业绩 预告，营收方面，预告范围为4.3-4.5亿元，同比增长42.04%-48.65%， 公司前三季度单季度平均收入约为 1 亿元（未经审计），第四季度收 入 ...

Core Viewpoint - The company, ShenGong Co., Ltd. (688233.SH), is positioned as a global leader in the production capacity and technological strength of large-diameter silicon materials, with significant potential for increased operational efficiency and market demand response [1] Group 1: Production Capacity and Market Demand - The company's current production capacity for large-diameter silicon materials is sufficient to meet potential market demand, indicating a significant room for improvement in operational rates [1] - Since December 2025, the company has received new orders from overseas markets and will closely monitor the development trends in these markets to adjust production capacity accordingly [1] Group 2: Business Growth and Profitability - The rapid growth of the company's silicon component business has significantly reduced its reliance on external cyclical markets for the large-diameter silicon materials segment [1] - This growth is expected to drive up the operational rates of the large-diameter silicon materials business, potentially expanding scale efficiencies, lowering production costs, and enhancing overall profitability for the company [1]

Group 1 - The company will hold its first extraordinary general meeting of shareholders in 2026 on February 10, 2026 [2][5] - The meeting will utilize the Shanghai Stock Exchange's online voting system, allowing shareholders to vote both on-site and online [3][4] - Shareholders must register to attend the meeting, with specific procedures outlined for both individual and corporate shareholders [11][14] Group 2 - The company forecasts its 2025 annual revenue to be between 430 million and 450 million yuan, representing a year-on-year increase of 42.04% to 48.65% [19][22] - The projected net profit for 2025 is expected to be between 110 million and 130 million yuan, reflecting a significant year-on-year growth of 135.30% to 178.09% [20][22] - The anticipated net profit attributable to the parent company is estimated to be between 90 million and 110 million yuan, indicating a year-on-year increase of 118.71% to 167.31% [20][22] Group 3 - The company plans to terminate the "Silicon Material Expansion Project for Integrated Circuit Etching Equipment" and will permanently supplement its working capital with the remaining raised funds of approximately 131.95 million yuan [39][44] - The decision to terminate the project is based on changes in the global market environment and the rapid development of domestic semiconductor manufacturers [44][46] - The company has effectively managed its project costs, resulting in surplus funds that will be redirected to support ongoing operations [47][48]

Group 1 - The storage "super cycle" narrative is gaining momentum, with several companies in the storage industry chain reporting positive news, including expected significant profit growth for 2025 [2][5] - Shannon Chip Creation (香农芯创) forecasts a net profit of 480 million to 620 million yuan for 2025, representing a year-on-year increase of 81.77% to 134.78% [2] - Dongxin Co. (东芯股份) anticipates a net loss of 17.4 million to 21.4 million yuan for 2025, although the storage segment has achieved profitability [3] Group 2 - Zhongwei Company (中微公司) expects a net profit of 2.08 billion to 2.18 billion yuan for 2025, reflecting a year-on-year growth of approximately 28.74% to 34.93% [4] - Shengen Co. (神工股份) projects a net profit of 90 million to 110 million yuan for 2025, with a year-on-year increase of 118.71% to 167.31% [5] - The companies involved in storage chip design, semiconductor equipment, and materials are benefiting from the storage market's positive impact on their performance, driven by the growing demand for enterprise-level storage due to the rise of artificial general intelligence (AGI) [5] Group 3 - Shannon Chip Creation's proprietary brand "Haipu Storage" has launched multiple products in the enterprise SSD and DRAM segments, expecting sales revenue of 1.7 billion yuan for 2025, with 1.3 billion yuan projected for Q4 [6] - Zhongwei Company reports increased recognition for its plasma etching equipment, with significant growth in shipments for advanced logic and storage device manufacturing [6] - Shengen Co. indicates that the global semiconductor market is recovering, leading to increased revenue from its large-diameter silicon materials business due to rising demand for key consumables in the domestic market [6] Group 4 - Future storage product prices are expected to continue rising, with a significant increase in procurement costs for DRAM products anticipated in 2026 [7] - The market expects a general increase in wafer foundry prices in 2026, with TSMC and SMIC likely to raise prices for advanced processes [7] - The anticipated increase in storage prices is expected to tighten foundry capacity, benefiting domestic foundry companies like SMIC and Huahong [7] Group 5 - The demand for storage price increases is expected to transmit to the upstream packaging and testing sector, with companies like Licheng and Huadong adjusting their packaging prices by up to 30% due to high capacity utilization [8] - The advanced packaging and storage-related packaging sectors are likely to benefit from the price increases driven by demand [8]

Core Viewpoint - The company is expected to achieve significant growth in its financial performance for the fiscal year 2025, driven by the recovery of the global semiconductor market and the acceleration of domestic production processes [1][4]. Financial Performance Summary - The company forecasts annual revenue between 430 million and 450 million yuan, representing an increase of 127.27 million to 147.27 million yuan, with a year-on-year growth of 42.04% to 48.65% [1]. - The projected net profit for 2025 is expected to be between 110 million and 130 million yuan, reflecting a year-on-year increase of 135.30% to 178.09% [1]. - The net profit attributable to shareholders is anticipated to be between 90 million and 110 million yuan, with a growth rate of 118.71% to 167.31% [1]. - The net profit after deducting non-recurring gains and losses is expected to range from 88 million to 108 million yuan, indicating a growth of 129.50% to 181.66% [1]. Market and Operational Insights - The company's performance improvement is primarily attributed to the ongoing recovery in the global semiconductor market and the accelerated domestic production processes [4]. - Strong demand for artificial intelligence is driving capacity increases in high-end logic and memory chip manufacturing, leading to increased capital expenditures and steady growth in the company's large-diameter silicon materials business [4]. - In the domestic market, the deepening process of domestic substitution in the semiconductor supply chain has significantly increased the demand for key materials and components, resulting in rapid growth in the company's silicon components business [4]. - The continuous improvement in downstream market demand has effectively enhanced the company's capacity utilization, leading to the gradual realization of economies of scale [4]. - Through ongoing optimization of internal operations, the company has achieved simultaneous improvements in gross margin and net margin, steadily enhancing overall profitability [4].

Core Viewpoint - The company Jinzhou Shengong Semiconductor Co., Ltd. is expected to see significant growth in net profit in 2025, driven by the recovery of the global semiconductor market [1] Financial Performance - The company forecasts 2025 operating revenue between 430 million to 450 million yuan, representing a year-on-year increase of 42.04% to 48.65% [1] - Expected net profit for 2025 is projected to be between 110 million to 130 million yuan, indicating a year-on-year growth of 135.30% to 178.09% [1] - The net profit attributable to the parent company is anticipated to be between 90 million to 110 million yuan, reflecting a year-on-year increase of 118.71% to 167.31% [1] Market Dynamics - The global semiconductor market is experiencing a sustained recovery, with increased demand driven by artificial intelligence [1] - The operational rates of high-end logic and memory chip manufacturing plants are rising, leading to increased capital expenditures and steady growth in the company's large-diameter silicon materials business [1] - In the domestic market, the acceleration of domestic substitution and continuous growth in capital expenditures are contributing to rapid revenue growth in the company's silicon component business [1] Operational Efficiency - The improvement in downstream demand is enhancing the company's capacity utilization, leading to the realization of scale effects [1] - Internal management optimization is contributing to simultaneous increases in gross margin and net margin, resulting in a steady rise in the company's profitability [1]

Core Viewpoint - The company, ShenGong Co., Ltd. (688233.SH), anticipates a significant increase in net profit for the year 2025, projecting a range of 90 million to 110 million yuan, representing a year-on-year growth of 118.71% to 167.31% compared to the previous year [1] Group 1: Financial Performance - The expected net profit for 2025 is between 90 million and 110 million yuan, an increase of 48.8493 million to 68.8493 million yuan from the previous year [1] - The projected growth rate for net profit is between 118.71% and 167.31% year-on-year [1] Group 2: Market Conditions - The global semiconductor market is experiencing a recovery, driven by demand from artificial intelligence [1] - The operating rates of high-end logic and memory chip manufacturers are continuously improving, leading to increased capital expenditures [1] Group 3: Business Segments - The company's revenue from large-diameter silicon materials is steadily growing due to the recovery in the global semiconductor market [1] - In the domestic market, the acceleration of domestic substitution is evident, with ongoing growth in capital expenditures, particularly in memory chip manufacturing, which is keeping pace with global advanced levels [1] - The demand for key consumables is increasing, resulting in rapid revenue growth for the company's silicon component business [1]