688630 专用机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 资料来源：中原证券研究所，聚源 相关报告 -11% 15% 41% 66% 92% 118% 144% 170% 2024.12 2025.04 2025.08 2025.12 芯碁微装 沪深300 投资要点： 风险提示：1：PCB 客户扩产节奏低于预期；2：公司泛半导体业务 拓展不及预期；3：行业竞争加剧，毛利率不及预期；4：公司新产品 研发、市场拓展不及预期。 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 829 | 954 | 1,350 | 1,833 | 2,373 | | 增长比率（%） | 27.07 | 15.09 | 41.52 | 35.78 | 29.44 | | 净利润（百万元） | 179 | 161 | 296 | 437 | 580 | | 增长比率（%） | 31.28 | -10.38 | 84. ...

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]

Core Insights - Chipone Microelectronics has seen a stock price increase of 5% as of October 24, reaching 136.45 CNY per share, with a trading volume of 658 million CNY and a turnover rate of 3.73%, resulting in a total market capitalization of 17.976 billion CNY [1] - The company's stock has risen for four consecutive days, accumulating a total increase of 7.89% during this period [1] Company Overview - Chipone Microelectronics, established on June 30, 2015, and listed on April 1, 2021, is located in Hefei, Anhui Province, China [1] - The company specializes in the research, development, manufacturing, and sales of direct imaging equipment and direct-write lithography equipment, focusing on micro-nano direct-write lithography technology [1] - Main products include PCB direct imaging equipment, semiconductor direct-write lithography equipment, and related maintenance services, with 99.58% of revenue coming from laser direct imaging equipment [1] Fund Holdings - Guolian Fund has a significant holding in Chipone Microelectronics, with its Guolian Xinrui Select One-Year Holding Mixed A Fund (010987) holding 31,900 shares, accounting for 3.48% of the fund's net value, ranking as the tenth largest holding [2] - The fund has realized a floating profit of approximately 207,400 CNY today and 303,100 CNY during the four-day stock price increase [2] - The Guolian Xinrui Select One-Year Holding Mixed A Fund was established on April 29, 2021, with a current scale of 51.521 million CNY and has achieved a year-to-date return of 44.86% [2]

Group 1 - The core viewpoint of the news is that Chipone Microelectronics has seen a significant increase in its stock price, rising 5% on October 24, with a total market value of 17.976 billion yuan and a cumulative increase of 7.89% over four consecutive days [1] - Chipone Microelectronics, established on June 30, 2015, 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 its total revenue, with other supplementary services making up the remaining 0.42% [1] Group 2 - According to data, Hongde Fund holds a significant position in Chipone Microelectronics, with its Hongde Honghua Mixed Fund owning 167,400 shares, representing 3.13% of the fund's net value, making it the seventh-largest holding [2] - The Hongde Honghua Mixed Fund has generated a floating profit of approximately 1.0884 million yuan today and a total of 1.5907 million yuan during the four-day increase [2] - The fund, established on December 1, 2016, has a current scale of 425 million yuan, with a year-to-date return of 22.92% and a one-year return of 20.36% [2]

Core Insights - Chipone Microelectronics has seen a stock price increase of 7.89% over the past four days, currently trading at 129.95 CNY per share with a market capitalization of 17.12 billion CNY [1] Company Overview - Chipone Microelectronics, established on June 30, 2015, and listed on April 1, 2021, is based in Hefei, Anhui Province. The company 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 services contribute 0.42% [1] Fund Holdings - The Xinghe Anying Mixed A Fund (017813) holds a significant position in Chipone Microelectronics, with 3,500 shares representing 4.34% of the fund's net value, making it the seventh-largest holding [2] - The fund has generated a floating profit of approximately 26.25 million CNY today, with a total floating profit of 33,200 CNY during the four-day stock price increase [2] Fund Manager Performance - The fund manager, Sun Qi, has a tenure of 9 years and 197 days, with a total fund size of 6.40 million CNY and a best return of 12.73% during his tenure [3] - Co-manager Liang Chenxing has been in the role for 2 years and 78 days, managing a fund size of 55.41 million CNY, achieving a best return of 88.37% [3]

Company Overview - Chipone Microelectronics Equipment Co., Ltd. is located in Hefei, Anhui Province, China, and was established on June 30, 2015. The company went public on April 1, 2021. Its main business involves the research, development, manufacturing, sales, and maintenance services of direct imaging equipment and direct-write lithography equipment, with a focus on micro-nano direct-write lithography technology [1] - The company's primary products include PCB direct imaging equipment, semiconductor direct-write lithography equipment, and other laser direct imaging devices, covering lithography processes from microns to nanometers. The revenue composition is 99.58% from laser direct-write imaging equipment and 0.42% from other supplementary services [1] Market Performance - On September 26, Chipone Microelectronics Equipment's stock fell by 5.01%, trading at 152.01 CNY per share, with a transaction volume of 534 million CNY and a turnover rate of 2.61%. The total market capitalization is 20.026 billion CNY [1] Fund Holdings - According to data, one fund under Guotai Fund holds a significant position in Chipone Microelectronics Equipment. The Guotai Industry Prosperity Flexible Allocation Mixed Fund (003593) held 205,500 shares in the second quarter, accounting for 4.93% of the fund's net value, making it the seventh-largest holding. The estimated floating loss today is approximately 1.6458 million CNY [2] - The Guotai Industry Prosperity Flexible Allocation Mixed Fund was established on March 20, 2017, with a current size of 331 million CNY. Year-to-date returns are 62.09%, ranking 576 out of 8,171 in its category. Over the past year, returns are 124.82%, ranking 249 out of 8,004, and since inception, returns are 245.17% [2]

Group 1 - The core viewpoint of the news is the performance and market position of Chipone Microelectronics, which saw a stock price increase of 5.69% to 165.00 CNY per share, with a total market capitalization of 21.737 billion CNY [1] - Chipone Microelectronics, established on June 30, 2015, 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 writing imaging equipment, accounting for 99.58% of total revenue, with other supplementary services making up the remaining 0.42% [1] Group 2 - From the perspective of fund holdings, Chipone Microelectronics is a significant investment for Guotai Fund, with its Guotai Industry Flexibly Configured Mixed Fund (003593) holding 205,500 shares, representing 4.93% of the fund's net value [2] - The Guotai Industry Flexibly Configured Mixed Fund has shown impressive performance, with a year-to-date return of 55.31% and a one-year return of 122.29%, ranking 307 out of 7996 in its category [2] - The fund manager, Du Pei, has been in charge for 5 years and 142 days, achieving a best return of 119.58% during his tenure [3]

Group 1 - The core viewpoint of the news is the performance and market position of Chipone Microelectronics, which experienced a decline in stock price and trading volume [1] - Chipone Microelectronics, established on June 30, 2015, specializes in the research, manufacturing, and sales of direct imaging equipment and related maintenance services, with a primary revenue source from laser direct imaging equipment accounting for 99.58% of its total revenue [1] - As of the report, Chipone Microelectronics' stock price was 135.81 CNY per share, with a market capitalization of 17.892 billion CNY [1] Group 2 - According to data, Huaxia Fund holds a significant position in Chipone Microelectronics, with its Huaxia Specialized and New Mixed Fund A (018916) being the tenth largest holding, representing 4.81% of the fund's net value [2] - The Huaxia Specialized and New Mixed Fund A has a total asset size of 13.5564 million CNY and has achieved a year-to-date return of 21.61% [2] - The fund manager, Tang Mingzhen, has been in position for nearly two years, with the best fund return during this period being 71.69% [3]

Core Viewpoint - Chip Quasar Microelectronics Equipment Co., Ltd. (Chip Quasar) has submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to expand its market presence after being listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board since April 2021 [1][3]. Company Overview - Chip Quasar was established in June 2015 and transformed into a joint-stock company in October 2019. It went public on the Sci-Tech Innovation Board in April 2021 with an initial offering price of 15.23 CNY per share [1]. - The company specializes in manufacturing, selling, and maintaining direct imaging and direct writing lithography equipment, which are critical in the integrated circuit and related industries [3]. Financial Performance - In August 2023, Chip Quasar was approved for a private placement of 10.4972 million shares at a price of 75.99 CNY per share, raising approximately 798 million CNY, with net proceeds around 789 million CNY [3]. - The company's projected revenues for 2022, 2023, 2024, and the first half of 2025 are approximately 652 million CNY, 829 million CNY, 954 million CNY, and 654 million CNY, respectively. Corresponding net profits are estimated at 137 million CNY, 179 million CNY, 161 million CNY, and 142 million CNY [3][4]. - Chip Quasar is the largest supplier of PCB direct imaging equipment globally, holding a market share of 15% based on projected revenues for 2024 [3]. Product and Service Offering - The main products and services offered by Chip Quasar include PCB direct imaging equipment, automatic line systems, semiconductor direct writing lithography equipment, and after-sales maintenance services [3]. - Revenue from PCB direct imaging equipment and automatic line systems during the reporting period was approximately 527 million CNY, 590 million CNY, 773 million CNY, and 475 million CNY [4]. Production Facilities - Chip Quasar operates a production base in Hefei, China, with a total construction area of approximately 34,879.8 square meters, dedicated to producing high-end PCB direct imaging equipment, wafer-level packaging direct imaging lithography equipment, and FPD equipment [5].