11月6日，圣晖集成涨5.08%，截至发稿，报51.89元/股，成交2.17亿元，换手率4.28%，总市值51.89亿 元。 资料显示，圣晖系统集成集团股份有限公司位于江苏省苏州高新区浒墅关经济开发区石林路189号，成 立日期2003年9月3日，上市日期2022年10月13日，公司主营业务涉及公司主要从事IC半导体、光电等高 科技产业的洁净室工程服务业务。主营业务收入构成为：洁净室工程64.36%，其他机电安装工程 31.78%，设备销售3.74%，其他(补充)0.11%。 截至发稿，廖晓东累计任职时间5年177天，现任基金资产总规模2245.5万元，任职期间最佳基金回 报-24.14%， 任职期间最差基金回报-66.33%。 张晓磊累计任职时间6年327天，现任基金资产总规模2245.5万元，任职期间最佳基金回报80.09%， 任 职期间最差基金回报-25.18%。 龚勇进累计任职时间1年218天，现任基金资产总规模1166.65万元，任职期间最佳基金回报10.07%， 任 职期间最差基金回报10.07%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股 ...

格隆汇10月20日｜东吴证券研报指出，圣晖集成前三季度实现归母净利润0.96亿元，同比+29.1%，其中 Q3单季度分别实现营收/归母净利润8.21亿元/3318万元，同比分别+59.4%/+93.9%。营收延续逐季增长 的态势，毛利率表现或仍受合同确认影响。公司在手订单保障充分，国内与海外市场机遇有望支撑中长 期增长。此外，公司筹划布局美国市场，关注美国台积电的扩产以及产业链的业务机会，公司有望凭借 客户基础将美国市场培育成为新增长点。公司作为全球化布局领先的洁净室工程企业，境内外业务协同 发展有望开启新成长周期，2025年上半年海外收入突破50%，在手订单保障充分。中长期来看，国内国 产替代进程有望加速，海外洁净室需求有望受益于产业链景气度提升和产能新布局，公司东南亚市场布 局享有先发优势，谋划开拓美国市场，有望形成新成长曲线。基于公司在手订单增长以及下游景气提 升、海外市场开拓潜力，上调公司2025-2027年归母净利润预测为1.53/2.06/2.59亿元（前值为 1.40/1.63/1.86亿元），维持"买入"评级。 ...

Group 1 - The core viewpoint is that factory and cleanroom engineering are essential components for the expansion of the AI computing power industry chain, with cleanrooms providing controlled environments necessary for the production of precision products such as wafers, chip substrates, packaging, consumer electronics, and server assembly [1] - Investment in factory and cleanroom engineering typically accounts for 10-20% of total investment, and the global demand for cleanroom engineering is rapidly increasing, particularly in North America, which is identified as the market with the greatest potential [1][3] - The surge in investment intensity has led to saturation among primary suppliers involved in factory construction, and the long training cycle for new engineers makes it difficult to meet the short-term spike in demand, resulting in an inevitable overflow of orders [1][3] Group 2 - Supply chain security and AI computing power are the two core factors driving global chip expansion, with the mature process chip expansion being driven by risk-averse demand and the advanced process chip expansion being driven by AI computing power demand [2] - TSMC holds 90% of the global advanced process capacity and is significantly accelerating capacity expansion in Taiwan and the United States through substantial capital expenditures [2] Group 3 - Investment recommendations highlight Shenghui Integrated (603163.SH) and Yaxiang Integrated (603929.SH) as key players in the cleanroom engineering sector, with Shenghui expected to benefit from expanding overseas business and significant growth in revenue and profit [4] - Shenghui's new orders increased by 70% in the first half of 2025, with a 63% increase in orders on hand compared to the end of the previous year, and a projected net profit growth of 24.1% to 47.9% from 2025 to 2027 [4] - Yaxiang is benefiting from the restructuring of the global semiconductor supply chain and has secured major overseas wafer factory projects, with expectations of continued significant orders due to ongoing demand for semiconductor capacity expansion in Singapore [4]

Core Insights - The company reported a total revenue of 1.295 billion yuan for the first half of 2025, representing a year-on-year increase of 39.04% [1] - The net profit attributable to shareholders was 62.4643 million yuan, up 9.63% year-on-year, while the net profit after deducting non-recurring gains and losses was 62.6758 million yuan, an increase of 9.93% year-on-year [1] - However, the second quarter saw a decline in net profit attributable to shareholders, which was 33.513 million yuan, down 14.45% year-on-year, indicating volatility in quarterly performance [1] Financial Performance - The gross profit margin was 9.95%, a decrease of 26.15% year-on-year, while the net profit margin was 5.13%, down 15.96% year-on-year [6] - Earnings per share increased by 8.77% to 0.62 yuan, and net assets per share rose by 4.34% to 10.94 yuan [6] - Operating cash flow per share saw a significant increase of 211.46%, reaching 1.06 yuan [6] Cost and Expense Control - The ratio of three expenses to revenue was 1.66%, a decrease of 49.51% year-on-year, indicating improved cost control [3] Revenue Composition - The main business revenue was derived from cleanroom engineering, accounting for 64.36% of total revenue with a gross margin of 9.03% [6] - Other electromechanical installation projects contributed 31.78% of total revenue with a gross margin of 10.44% [6] - Equipment sales made up 3.74% of total revenue with a gross margin of 19.80% [6] Accounts Receivable Risk - The accounts receivable amounted to 525 million yuan, which is 459% of the latest annual net profit, indicating a significant amount that requires attention regarding its collection [4]