| 3 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 0119.HK | 保利置业集团 | | 000099.SZ | 中信海直 | | 601872.SH | 招商轮船 | | 600352.SH | 浙江龙盛 | | 002409.SZ | 雅克科技 | | 002709.SZ | 天赐材料 | | 300760.SZ | 迈瑞医疗 | | 605338.SH | 巴比食品 | | 1579.HK | 颐海国际 | | 601888.SH | 中国中免 | | 689009.SH | 九号公司-WD | | 688630.SH | 芯碁微装 | 证券研究报告——晨会聚焦 2026 年 3 月 5 日 证券分析师：王军 中银晨会聚焦-20260305 ■重点关注 【宏观经济】2025 年 CPI 权重更新*张晓娇 朱启兵。2026 年开始到 2030 年 的五年，将使用 2025 年作为对比基期；统计局公布了八个大类的权重，我 们以 2025 年数据为主、2022 年-2024 年数据为辅，计算 2025 年 CPI 各中类 的权重；我们预计 2026 年 CPI 同比 ...

高盛：东京电子（8035.T）电话会议核心要点 —— 营收增长有望跑赢晶圆制造设备市场，利润率持续扩张； 维持买入评级 3 月 2 日上午，高盛与东京电子投资者关系团队召开电话会议，以下将总结本次会议的核心要点，包括东京电 子对晶圆制造设备市场的看法及其盈利预期。 东京电子管理层表示，公司 2026 财年第三季度利润率处于预期区间下限，不过当前的商业环境较三个月前已 出现显著改善。 高盛：东京电子（8035.T）电话会议核心要点 —— 营收增长有望跑赢晶圆制造设备市场，利润率持续扩张； 维持买入评级 3 月 2 日上午，高盛与东京电子投资者关系团队召开电话会议，以下将总结本次会议的核心要点，包括东京电 子对晶圆制造设备市场的看法及其盈利预期。 东京电子管理层表示，公司 2026 财年第三季度利润率处于预期区间下限，不过当前的商业环境较三个月前已 出现显著改善。 关于 2026 日历年的晶圆制造设备市场，东京电子指出，目前市场需求咨询热度较高，主要集中在 DRAM 以及 先进逻辑芯片 / 晶圆代工领域，这使得市场实现同比 20% 以上增长成为可能。 高盛依旧维持预期，认为东京电子从 2026 财年第四季度至 2 ...

高盛：东京电子（8035.T）电话会议核心要点 —— 营收增长有望跑赢晶圆制造设备市场，利润率持续扩张；维持 买入评级 3 月 2 日上午，高盛与东京电子投资者关系团队召开电话会议，以下将总结本次会议的核心要点，包括东京电子 对晶圆制造设备市场的看法及其盈利预期。 东京电子管理层表示，公司 2026 财年第三季度利润率处于预期区间下限，不过当前的商业环境较三个月前已出现 显著改善。 < 高盛：东京电子（8035.T）电话会议核心要点 —— 营收增长有望跑赢晶圆制造设备市场，利润率持续扩张；维持 买入评级 3 月 2 日上午，高盛与东京电子投资者关系团队召开电话会议，以下将总结本次会议的核心要点，包括东京电子 对晶圆制造设备市场的看法及其盈利预期。 东京电子管理层表示，公司 2026 财年第三季度利润率处于预期区间下限，不过当前的商业环境较三个月前已出现 显著改善。 高盛依旧维持预期，认为东京电子从 2026 财年第四季度至 2027 财年 3 月，将实现营收的强劲增长，同时利润率 同步扩张。 高盛持续看好东京电子的盈利增长有望跑赢晶圆制造设备整体市场，并重申对该公司的买入评级。 2026 财年（截至 3 月） ...

股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (6.3) (10.8) 10.9 54.9 相对上证综指 (9.7) (11.3) 3.5 32.1 发行股数 (百万) 480.16 流通股 (百万) 436.38 总市值 (人民币 百万) 82,703.58 3 个月日均交易额 (人民币 百万) 705.66 主要股东 ACM Research, Inc. 73.49% (13%) 9% 32% 55% 77% 100% Feb-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 盛美上海 上证综指 资料来源：公司公告， Wind ，中银证券 以 2026 年 2 月 27 日收市价为标准 相关研究报告 电子 | 证券研究报告 — 调整盈利预测 2026 年 3 月 4 日 688082.SH 增持 原评级：增持 市场价格:人民币 172.24 板块评级:强于大市 《盛美上海》20250304 《盛美上海》20240812 《盛美上海》20220430 中银国际证券股份有限公司 ...

Investment Rating - The report maintains a positive outlook on the semiconductor manufacturing equipment industry, with expectations for the industry index to outperform the benchmark index [57]. Core Insights - Tokyo Electron (TEL) reported FY26Q3 revenue of 552 billion yen, down 15.7% year-on-year and 12.4% quarter-on-quarter, with a gross margin of 42.7% [1][19]. - The semiconductor production equipment segment generated revenue of 385.1 billion yen, with DRAM, NVM, and non-storage chips contributing 36%, 8%, and 56% respectively [2]. - The company raised its FY2026 full-year guidance, projecting a revenue of 2.41 trillion yen, with a gross margin of 45.3% and operating margin of 24.6% [3][34]. Summary by Sections Financial Performance - FY26Q3 revenue was 552 billion yen, with a gross profit margin of 42.7%, reflecting a decrease due to changes in product mix and increased fixed costs [1][19]. - The net profit attributable to owners was 118.5 billion yen, down 24.6% year-on-year [1]. Business Segments - The semiconductor production equipment segment saw a revenue decline of 24.6% year-on-year, while the after-sales service segment grew by 14.2% year-on-year [2]. - DRAM revenue was 138.6 billion yen, showing resilience despite overall segment declines [2][22]. Market Outlook - The global wafer front-end (WFE) market is expected to exceed 130 billion USD in 2026, driven by strong demand for AI servers and advanced semiconductor investments [3][27]. - The report anticipates a 20% growth rate in the WFE market, with significant investments in DRAM and logic chips [28][39]. Investment and Returns - The company plans to increase its capital expenditure to 240 billion yen, focusing on R&D and production capacity expansion [3][36]. - The dividend per share is projected to rise to a historical high of 601 yen, with total shareholder returns expected to reach 426.2 billion yen [38].

Core Viewpoint - The company emphasizes the importance of expanding into overseas markets and adheres to a development strategy focused on "technological differentiation, product platformization, and global customer base" [1] Group 1: Market Expansion Strategy - The product matrix includes cleaning equipment, electroplating equipment, advanced packaging wet process equipment, vertical furnace tube series equipment, coating and developing equipment, PECVD equipment, and panel-level equipment, all possessing global independent intellectual property rights [1] - The company has gained attention and recognition from several international clients for its self-developed differentiated core equipment, with products already entering the Singapore market this year and four units sold to the U.S. market last year [1] Group 2: Future Outlook - The company is actively pursuing expansion into overseas markets such as Taiwan and South Korea, with an expectation that the pace of overseas market development will accelerate in 2026 compared to 2025 [1] - The ongoing global customer strategy aims to increase overseas market sales share and support overall revenue growth while contributing to the development of the global semiconductor industry [1]

格隆汇1月29日丨盛美上海(688082.SH)近日接受特定对象调研时表示，公司高度重视海外市场的拓展， 始终坚持"技术差异化、产品平台化、客户全球化"的发展战略，产品矩阵已覆盖清洗设备、电镀设备、 先进封装湿法设备、立式炉管系列设备、涂胶显影设备、PECVD设备和面板级设备等，且所有设备均 拥有全球自主知识产权、具备差异化的市场竞争优势，持续提升了国际市场的客户认可度。目前，公司 自主研发的差异化核心设备已获得多家国际客户的关注与认可，今年公司已经有产品进入新加坡市场， 去年也有四台设备进入美国市场，同时也在推进中国台湾、韩国等海外市场的扩张，预计2026年海外市 场开拓速度相对2025年会加速。未来公司将持续推进客户全球化战略，积极推进产品出海，扩大海外市 场销售份额，不断将具有差异化竞争优势的产品更多推向海外市场，为整体营收攀升提供支撑，更为全 球半导体的工业发展贡献力量。 ...

Core Viewpoint - The article discusses the current state and future trends of the semiconductor equipment market in China, focusing on the localization rates of various equipment types and the growth potential of domestic manufacturers in the semiconductor components sector. Group 1: Semiconductor Equipment Localization Rates - The localization rate for photoresist equipment is projected to be 80-90% by 2024, with major domestic brands like Shengmei Shanghai and Zhichun Technology leading the market [2] - The localization rate for etching equipment is expected to be around 30-40%, with companies such as Zhongwei and Beifang Huachuang making significant contributions [3] - For cleaning equipment, the localization rate is anticipated to be between 30-40%, with domestic players like Shengmei Shanghai and Beifang Huachuang involved [3] - The localization rates for other equipment types, such as chemical mechanical polishing and coating, are lower, ranging from 10-30% and <10% respectively [2][3] Group 2: Market Size and Growth Projections - The semiconductor equipment market in China is projected to grow significantly from 2020 to 2029, with revenue expected to reach substantial figures in billions of yuan [4][18] - The market for semiconductor equipment components is also expected to see growth, with localization rates improving as domestic manufacturers enhance their technological capabilities [15][20] Group 3: Semiconductor Equipment Components Industry Chain - The semiconductor equipment components industry chain includes upstream raw material suppliers and midstream component manufacturers, serving both semiconductor equipment manufacturers and downstream IDM and foundry companies [6][10] - The components are categorized into mechanical, optical, and other types, each with specific applications in semiconductor manufacturing processes [12][19] Group 4: Trends in Surface Treatment Components - The surface treatment components market is defined by stringent requirements for materials, structure, and process precision, which are critical for enhancing wafer quality and ensuring process stability [19] - The domestic market for surface treatment components is expected to see increased localization, driven by advancements in technology and government support for R&D [20][24] Group 5: Special Coating Components Market - The market for special coating components is characterized by high technical barriers and significant potential for domestic substitution, particularly in high-value segments of semiconductor manufacturing [34][40] - The demand for high-performance coatings is rising, driven by the need for enhanced durability and stability in extreme processing environments [46][47] Group 6: Competitive Landscape - As of 2024, the top five companies in the special coating components market hold a combined market share of 55.7%, indicating a concentrated competitive landscape [47][48] - Leading companies have established strong customer relationships through successful validation processes, creating high entry barriers for new entrants [47][48]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [4][6]. Core Insights - The coating and developing equipment market is highly concentrated, with a pressing demand for domestic alternatives. The company is the only domestic provider capable of offering mass production front-end coating and developing equipment, positioning it well to benefit from this urgent need for domestic substitution [1]. - The semiconductor equipment market remains robust, with global sales expected to reach $115.7 billion in 2025, driven primarily by advanced logic and memory demand. The company is poised to benefit from this growth as domestic semiconductor equipment companies are likely to see increased bidding activity [2]. - In the first three quarters of 2025, the company reported a revenue of 990 million yuan, a year-on-year decline of 10.35%, but overall orders showed a year-on-year increase. The front-end equipment orders accounted for 60% of total orders, with significant growth in orders for high-end chemical cleaning machines [3]. Financial Summary - The company's revenue is projected to grow from 1,717 million yuan in 2023 to 3,508 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 39.42% [5][10]. - The net profit forecast for 2025 has been revised down to 64 million yuan, a decrease of 81% from previous estimates, with projections of 255 million yuan for 2026 and 525 million yuan for 2027 [4][10]. - The earnings per share (EPS) is expected to decline to 0.32 yuan in 2025, before rebounding to 1.26 yuan in 2026 and 2.60 yuan in 2027 [5][10]. Market Position and Performance - The company has established itself as a leader in the domestic market for advanced packaging and developing equipment, securing repeat orders from major clients such as TSMC and other leading domestic manufacturers [3]. - The company's financial metrics indicate a projected return on equity (ROE) of 15.14% by 2027, reflecting a recovery in profitability as the market conditions improve [12].

Group 1 - The company announced the transfer of 14,481,773 shares of Northern Huachuang, representing 2% of the total share capital, to Guoxin Investment at a price of 426.39 RMB per share, totaling 6.174 billion RMB [1] - This transfer is aimed at strengthening the strategic cooperation between Beijing Electric Control and Guoxin Investment, leveraging both parties' resource advantages to enhance capital cooperation and industrial empowerment [1] Group 2 - The company is a leading platform for semiconductor equipment, benefiting from the ongoing domestic production process [2] - The company has established a full product lineup in etching equipment, with revenue exceeding 5 billion RMB in the first half of 2025; in thin film deposition equipment, revenue is expected to surpass 6.5 billion RMB; and in thermal processing equipment, revenue is projected to exceed 1 billion RMB [2] - In the first three quarters of 2025, the company achieved revenue of 27.301 billion RMB, a year-on-year increase of 32.97%, and a net profit attributable to shareholders of 5.130 billion RMB, up 14.83% [2] - The company has implemented a stock incentive plan for key personnel, with performance targets set for revenue growth, R&D investment ratio, patent applications, and profit margins over the next four years [3] - The profit forecast for the company is 7.628 billion RMB for 2025, 10.030 billion RMB for 2026, and a new estimate of 12.812 billion RMB for 2027, maintaining a "buy" rating due to its leadership in the semiconductor equipment sector [3]