Core Viewpoint - Chipbond Microelectronics (芯碁微装) expects a significant increase in net profit for 2025, driven by advancements in high-end PCB and semiconductor sectors [1][2] Financial Performance - The company forecasts a net profit of 275 million to 295 million yuan for 2025, representing a year-on-year growth of 71.13% to 83.58% [1] - The non-recurring net profit is expected to be between 264 million and 284 million yuan, with a growth rate of 77.7% to 91.16% [1] - In Q4 2025, the single-quarter net profit is projected to be between 76.19 million and 96.19 million yuan, showing a year-on-year increase of 12.56 to 16.12 times [1] Market Performance - Since the beginning of 2025, Chipbond Microelectronics' stock price has risen over 190%, closing at 167.62 yuan per share, with a market capitalization of 22.1 billion yuan [2] Business Growth Drivers - The growth is attributed to the company's breakthroughs in high-end PCB and semiconductor fields, with strong demand for high-layer and high-density technology [2] - The company has seen high capacity utilization rates and has received significant orders for its high-precision CO2 laser drilling equipment from leading clients [2] - In the semiconductor sector, the company has secured repeat orders for advanced packaging and board-level packaging equipment, contributing to new growth momentum [2] Product Development - Chipbond Microelectronics has launched its WLP series products, which have helped leading advanced packaging manufacturers achieve mass production of CoWoS-L products, with orders exceeding 100 million yuan [2] Industry Position - As a leader in direct imaging equipment, the company’s products cover various lithography processes from microns to nanometers [3] - The surge in global AI computing demand has accelerated the upgrade and production increase in high-layer PCBs and high-end HDI industries, leading to a significant increase in orders [3] - The company has initiated the construction of a second-phase facility to enhance delivery capacity for high-end direct imaging equipment, addressing the growing demand in AI servers, smart driving, and Mini/Micro-LED sectors [3] Global Strategy - Chipbond Microelectronics is advancing its globalization strategy, exporting equipment to regions including Thailand, Vietnam, Japan, South Korea, and Australia [3] - A subsidiary has been established in Thailand to serve as an operational hub for Southeast Asia, capitalizing on the local PCB industry's growth [3] Future Plans - The company is planning to issue H-shares and list on the Hong Kong Stock Exchange, with the process currently underway [4] - Future business plans focus on upgrading high-end equipment, penetrating multiple application scenarios, and enhancing international competitiveness through localized service networks [4]

资料显示，合肥芯碁微电子装备股份有限公司位于安徽省合肥市高新区长宁大道789号1号楼,香港铜锣 湾希慎道33号利园1期19楼1915室，成立日期2015年6月30日，上市日期2021年4月1日，公司主营业务涉 及主要从事以微纳直写光刻为技术核心的直接成像设备及直写光刻设备的研发、制造、销售以及相应的 维保服务,主要产品及服务包括PCB直接成像设备及自动线系统、泛半导体直写光刻设备及自动线系 统、其他激光直接成像设备以及上述产品的售后维保服务,产品功能涵盖微米到纳米的多领域光刻环 节。主营业务收入构成为：激光直写成像设备99.58%，其他(补充)0.42%。 1月19日，芯碁微装涨6.17%，截至发稿，报179.88元/股，成交4927.95万元，换手率0.21%，总市值 236.98亿元。 从基金十大重仓股角度 数据显示，恒越基金旗下1只基金重仓芯碁微装。恒越成长精选混合A（010622）三季度持有股数24.03 万股，占基金净值比例为4.67%，位居第二大重仓股。根据测算，今日浮盈赚取约251.16万元。 截至发稿，廖明兵累计任职时间5年192天，现任基金资产总规模9.55亿元，任职期间最佳基金回报 95. ...

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Insights - The company is a leading supplier of PCB direct imaging equipment and semiconductor direct-write lithography equipment, with a strong market presence in both PCB and semiconductor sectors [1][7] - The company has established itself as a key player in the domestic direct-write lithography equipment market, serving over 600 clients globally, including major PCB manufacturers [1][21] - The demand for PCB equipment is robust, driven by the surge in AI computing needs, leading to significant expansions among PCB manufacturers [2][28] - The company plans to list on the Hong Kong Stock Exchange to raise funds for expanding production capacity and enhancing R&D efforts [3] Summary by Sections Company Overview - Founded in 2015, the company specializes in direct imaging and direct-write lithography equipment, focusing on micro-nano technology [1][7] - It has a diverse product range that includes PCB direct imaging equipment and semiconductor direct-write lithography systems [8][9] Financial Performance - The company expects revenues of CNY 9.53 billion in 2024, with PCB series revenue at CNY 7.82 billion (YoY +32.5%) and semiconductor series revenue at CNY 1.10 billion (YoY +9.2%) [1][30] - The projected revenue growth for 2025-2027 is CNY 14.1 billion, CNY 24.2 billion, and CNY 32.0 billion, with net profits of CNY 3.0 billion, CNY 5.3 billion, and CNY 7.1 billion respectively [3][32] Market Dynamics - The high-end PCB market is experiencing a supply shortage, prompting manufacturers to increase production capacity [2] - The company has made significant advancements in high-end PCB equipment, achieving performance levels comparable to international competitors [2] R&D and Innovation - The company is committed to enhancing its R&D capabilities, with a focus on developing advanced technologies in direct-write lithography [7][23] - It has a strong patent portfolio, with 199 authorized patents, including 75 invention patents [23] Future Outlook - The company anticipates continued growth in both PCB and semiconductor sectors, with a focus on expanding its market share and product offerings [3][29] - The expected revenue growth rates for PCB and semiconductor series are 55.9%, 72.3%, and 33.3% for the next three years [28][30]

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Insights - The company is a leading supplier of PCB direct imaging equipment and semiconductor direct-write lithography equipment, with a strong presence in both PCB and semiconductor sectors [1][7] - The company has established itself as a key player in the domestic direct-write lithography equipment market, serving over 600 clients globally, including major PCB manufacturers [1] - The demand for PCB equipment is expected to remain strong, driven by the surge in AI computing needs and the expansion of PCB manufacturers [2][28] - The company plans to list on the Hong Kong Stock Exchange to raise funds for expanding production capacity and enhancing R&D efforts [3] Summary by Sections Company Overview - Founded in 2015, the company specializes in direct imaging and direct-write lithography equipment, focusing on micro-nano technology [1][7] - The company has a diverse product range that includes PCB direct imaging equipment and semiconductor direct-write lithography systems, with applications across various sectors [8][9] Financial Performance - The company reported a revenue of 9.53 billion yuan for 2024, with PCB series revenue at 7.82 billion yuan (YoY +32.5%) and semiconductor series revenue at 1.10 billion yuan (YoY +9.2%) [1] - Revenue projections for 2025-2027 are 14.1 billion, 24.2 billion, and 32.0 billion yuan, respectively, with net profits expected to reach 3.0 billion, 5.3 billion, and 7.1 billion yuan [3][32] Market Dynamics - The demand for high-end PCBs is outpacing supply, prompting manufacturers to expand production capacity [2] - The company has made significant advancements in high-end PCB equipment, achieving performance levels comparable to international competitors [2] - The semiconductor sector is experiencing rapid growth, with the company leading the domestic replacement process for IC substrates [2][21] R&D and Innovation - The company is committed to enhancing its R&D capabilities, with a focus on developing advanced technologies in direct-write lithography [7][23] - R&D expenses are projected to increase, reflecting the company's strategy to strengthen its technological edge [23][28] Employee Incentives - The company has implemented an employee stock ownership plan to align the interests of employees and shareholders, enhancing motivation and innovation [17][19]

数据显示，瑞达基金旗下1只基金重仓芯碁微装。瑞达先进制造混合型发起式A（018226）三季度持有 股数1.08万股，占基金净值比例为4.5%，位居第三大重仓股。根据测算，今日浮盈赚取约8.13万元。 瑞达先进制造混合型发起式A（018226）成立日期2023年4月14日，最新规模1518.25万。今年以来收益 2.85%，同类排名4499/8823；近一年收益58.07%，同类排名1403/8083；成立以来收益45.39%。 1月7日，芯碁微装涨5.4%，截至发稿，报146.96元/股，成交5.13亿元，换手率2.74%，总市值193.61亿 元。 资料显示，合肥芯碁微电子装备股份有限公司位于安徽省合肥市高新区长宁大道789号1号楼,香港铜锣 湾希慎道33号利园1期19楼1915室，成立日期2015年6月30日，上市日期2021年4月1日，公司主营业务涉 及主要从事以微纳直写光刻为技术核心的直接成像设备及直写光刻设备的研发、制造、销售以及相应的 维保服务,主要产品及服务包括PCB直接成像设备及自动线系统、泛半导体直写光刻设备及自动线系 统、其他激光直接成像设备以及上述产品的售后维保服务,产品功能涵盖微米到纳 ...

Group 1 - The core viewpoint of the news is that Chip Quik Microelectronics Equipment Co., Ltd. (芯碁微装) experienced a decline in stock price, closing at 133.60 yuan per share, with a total market capitalization of 17.601 billion yuan [1] - The company, established on June 30, 2015, specializes in the research, manufacturing, and sales of direct imaging equipment and related maintenance services, primarily focusing on micro-nano direct writing lithography technology [1] - The main revenue source for the company comes from laser direct imaging equipment, accounting for 99.58% of total revenue, while other supplementary services contribute 0.42% [1] Group 2 - From the perspective of the top ten circulating shareholders, Xingsheng Global Fund holds a position in Chip Quik Microelectronics Equipment, having reduced its holdings by 2.1722 million shares, now owning 1.0389 million shares, which represents 0.79% of circulating shares [2] - The fund, Xingsheng Commercial Model Mixed (LOF) A, has a total scale of 14.567 billion yuan and has achieved a year-to-date return of 39.06%, ranking 2103 out of 8087 in its category [2] - The fund manager, Qiao Qian, has been in position for 8 years and 173 days, with the fund's total asset scale reaching 25.241 billion yuan, achieving a best return of 209.69% during the tenure [3]

Company Overview - Chipone Microelectronics Equipment Co., Ltd. is located in Hefei, Anhui Province, and was established on June 30, 2015. The company went public on April 1, 2021. Its main business involves the research, development, manufacturing, and sales of direct imaging equipment and direct writing lithography equipment, focusing on micro-nano direct writing lithography technology [1] - The company's primary products include PCB direct imaging equipment, semiconductor direct writing lithography equipment, and other laser direct imaging equipment, along with corresponding maintenance services. The revenue composition is 99.58% from laser direct writing imaging equipment and 0.42% from other supplementary services [1] Stock Performance - On December 22, Chipone Microelectronics saw a stock price increase of 5.21%, reaching 132.18 yuan per share, with a trading volume of 238 million yuan and a turnover rate of 1.40%. The total market capitalization is 17.413 billion yuan [1] Fund Holdings - According to data from major fund holdings, Yuanxin Yongfeng Fund has a significant position in Chipone Microelectronics. The Yuanxin Yongfeng Technology-Driven Mixed Fund A (024592) held 5,500 shares in the third quarter, accounting for 3.43% of the fund's net value, ranking as the tenth largest holding. The estimated floating profit for today is approximately 36,000 yuan [2] - The Yuanxin Yongfeng Technology-Driven Mixed Fund A was established on July 4, 2025, with a current scale of 16.2452 million yuan and a cumulative return of 47.66% since inception [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][9]. Core Insights - The company is a leading domestic manufacturer of direct imaging lithography equipment, primarily serving the PCB and semiconductor industries. It has rapidly expanded its market share and product offerings, particularly in high-end PCB applications and the semiconductor sector [9][14]. - The PCB industry is expected to grow significantly, driven by demand from sectors such as electric vehicles and cloud computing, with a projected compound annual growth rate (CAGR) of 5.5% over the next five years [9][37]. - The company's revenue and profit forecasts indicate strong growth, with expected revenues of 1.35 billion yuan in 2025 and 2.37 billion yuan in 2027, alongside net profits of 296 million yuan and 580 million yuan respectively [9][8]. Summary by Sections Company Overview - The company was established in June 2015 and went public in April 2021. It is located in Hefei, Anhui Province, and focuses on R&D and manufacturing of direct imaging equipment, holding over 200 patents [14][15]. - The company has shown robust growth, with revenue increasing from 310.9 million yuan in 2020 to 954 million yuan in 2024, representing a compound annual growth rate of 32.44% [20][24]. PCB Industry Development - The PCB industry is a crucial part of the electronic information sector, benefiting from national policies and a growing demand for electronic products. The global PCB market is projected to reach 73.565 billion USD in 2024, with a growth rate of 5.8% from the previous year [37][38]. - The domestic PCB market is also expanding, with a forecasted CAGR of 4.0% through 2028, driven by the shift of production capacity to China and the growth of downstream electronic manufacturing [49][50]. Financial Performance - The company maintains a high gross margin of approximately 42% and a net margin around 21%, indicating strong profitability [24][28]. - The revenue structure is primarily composed of PCB equipment, which accounted for 81.95% of total revenue in 2024, while the semiconductor equipment segment is growing rapidly [28][29]. Future Growth Potential - The company is well-positioned to benefit from the ongoing transition to high-end PCB products and the expansion of its semiconductor business, which is expected to drive significant revenue growth in the coming years [9][37]. - The report highlights the increasing demand for advanced packaging and IC substrates, which are expected to contribute to the company's growth trajectory [9][38].

Core Insights - On November 21, Chipone Microelectronics experienced a decline of 6.16% in stock price, with a trading volume of 470 million yuan [1] - The company reported a net financing outflow of 28.93 million yuan on the same day, with a total financing and securities balance of 887 million yuan [1] Financing Overview - On November 21, Chipone Microelectronics had a financing purchase amount of 51.01 million yuan, with a current financing balance of 886 million yuan, representing 6.35% of its market capitalization [1] - The financing balance is above the 80th percentile of the past year, indicating a high level of financing activity [1] Securities Lending Overview - On November 21, the company repaid 3,747 shares in securities lending, with no shares sold, resulting in a lending balance of 95,000 yuan, which is below the 20th percentile of the past year [1] Company Profile - Chipone Microelectronics, established on June 30, 2015, and listed on April 1, 2021, specializes in the research, manufacturing, and sales of direct imaging equipment and related maintenance services, primarily focusing on micro-nano direct writing lithography technology [2] - The company's main revenue source comes from laser direct imaging equipment, accounting for 99.58% of total revenue, with other services contributing 0.42% [2] Financial Performance - For the period from January to September 2025, Chipone Microelectronics achieved a revenue of 934 million yuan, representing a year-on-year growth of 30.03%, and a net profit attributable to shareholders of 199 million yuan, up 28.20% year-on-year [2] Dividend Distribution - Since its A-share listing, Chipone Microelectronics has distributed a total of 177 million yuan in dividends, with 153 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 105.75% to 20,600, with an average of 6,406 circulating shares per person, a decrease of 51.40% from the previous period [2][3] - Notable changes in institutional holdings include a reduction in shares held by major funds, with some exiting the top ten shareholders list [3]

Group 1 - The core point of the news is that Chipone Microelectronics has seen a 5% increase in stock price, reaching 141.89 CNY per share, with a trading volume of 9.57 billion CNY and a market capitalization of 18.693 billion CNY as of October 29 [1] - Chipone Microelectronics, established on June 30, 2015, and listed on April 1, 2021, specializes in the research, manufacturing, and sales of direct imaging equipment and related maintenance services, focusing on micro-nano direct writing lithography technology [1] - The company's main revenue source comes from laser direct imaging equipment, accounting for 99.58% of total revenue, while other supplementary services contribute 0.42% [1] Group 2 - According to data, a fund under China Post Fund holds a significant position in Chipone Microelectronics, with a reduction of 37,500 shares in the third quarter, leaving 12,500 shares, which represents 3.06% of the fund's net value [2] - The China Post Specialized New One-Year Holding Period Mixed Fund A (015505) has achieved a year-to-date return of 41.68%, ranking 1804 out of 8155 in its category, and a one-year return of 35.87%, ranking 1945 out of 8031 [2] - The fund manager, Cao Si, has been in position for 11 years and 159 days, with the fund's total assets amounting to 367 million CNY, achieving a best return of 107.3% and a worst return of 5.69% during his tenure [3]