ABM总部位于中国香港，深耕半导体光刻设备领域逾20年，掌握超过2000项光刻机关键零部件的专有 技术。截至目前，ABM已向全球超300家客户累计交付近1000台（套）设备，产品广泛应用于集成电路 前道制造、先进封装等领域。 ABM佛山项目拟选址佛山市顺德区北滘镇，计划打造全球领先的集高端设备制造、尖端研发和中试功 能于一体的光刻机及先进封装核心设备生产基地，首期将建设光刻机、涂胶显影设备及晶圆键合机等核 心设备生产基地，规划三年内实现年产百台套的目标。 9月30日，佛山市与ABM, Inc. Asia Pacific Ltd.（下称"ABM"）签订合作协议，广东唯一的光刻机量产项 目——年产百台套光刻机及先进封装核心设备生产基地项目落户佛山。 值得一提的是，项目从初步接触到正式签约仅用时三个月。"佛山政府的行动效率、对产业发展的渴望 和对产业的深刻理解，都让我印象深刻。"ABM公司董事长吴玷说，佛山作为粤港澳大湾区重要的制造 基地，拥有深厚的工业基础和成熟的精密制造能力，尤其在机械加工、光学元件、控制系统等领域具备 深厚积累，与光刻机等高精度装备的制造需求高度契合，"我们希望借助佛山作为内地与港澳合作'桥头 ...

（原标题：广东唯一光刻机量产项目落地佛山，ABM拟三年内实现年产百台套） 佛山市相关负责人表示，此次引入ABM项目，是佛山进一步实施"强链补链"战略的关键举措。项目落 地后，有望带动本地精密加工、高端光学元件、智能控制系统等上下游配套协同发展，构建"以装备促 制造、以制造带研发"的良性循环。以项目落地为契机，佛山将积极招引高端半导体装备产业链上下游 企业集聚发展，力争实现半导体光刻装备产业五年内规模达40亿元、十年突破100亿元的目标，加快建 设粤港澳大湾区半导体及集成电路研制重要基地。 ABM总部位于中国香港，深耕半导体光刻设备领域逾20年，掌握超过2000项光刻机关键零部件的专有 技术。截至目前，ABM已向全球超300家客户累计交付近1000台（套）设备，产品广泛应用于集成电路 前道制造、先进封装等领域。 ABM佛山项目拟选址佛山市顺德区北滘镇，计划打造全球领先的集高端设备制造、尖端研发和中试功 能于一体的光刻机及先进封装核心设备生产基地，首期将建设光刻机、涂胶显影设备及晶圆键合机等核 心设备生产基地，规划三年内实现年产百台套的目标。 值得一提的是，项目从初步接触到正式签约仅用时三个月。"佛山政府的行动效 ...

近年来，佛山将半导体及集成电路产业作为战略性新兴产业重点培育，已初步构建起覆盖材料、设计、 制造、封测、装备等环节的完整产业链生态。截至目前，全市集聚规模以上半导体企业336家，产业规 模突破900亿元，广东先导稀材光芯片项目、蓝箭电子芯片封测基地等一批重大项目相继落地，形成"链 主引领、多点支撑"的发展格局。 9月30日，佛山市与ABM, Inc. Asia Pacific Ltd.（以下简称"ABM"）签订合作协议，广东唯一的光刻机量 产项目——年产百台套光刻机及先进封装核心设备生产基地项目落户佛山。佛山市市长白涛出席签约仪 式。 ABM成立于2003年，总部位于中国香港，深耕半导体光刻设备领域逾20年，在中国内地、中国台湾及 日本设有分支机构与研发中心。公司坚持自主研发制造，掌握超过2000项光刻机关键零部件的专有技 术，涵盖光源系统、光路系统、工件台系统、测量与对准系统、掩模版与掩模台机构、环境控制系统等 核心技术。截至目前，ABM已向全球超300家客户累计交付近1000台（套）设备，其中70%客户位于中 国内地，产品广泛应用于集成电路前道制造（如MEMS、化合物半导体、功率器件）以及先进封装 （TS ...

作者丨 簪竹 来源丨 投中网 将投中网设为"星标⭐"，第一时间收获最新推送 "我们投你，不要求你急着盈利，不要担心。" 今天，国内电子元器件电商领域的龙头企业——云汉芯城（上海）互联网科技股份有限公司正式于创 业板挂牌上市。 云汉芯城本次发行价格为 27.00 元 / 股，截至发稿股价为 142元/股 ，市值超 92亿元 。从上市前 的申购情况来看，网上申购倍数超过了 1 万倍，这表明市场对云汉芯城的关注度颇高。 这家成立于 2008 年的电子元器件 B2B 交易平台，在 IPO 前共完成四轮融资，估值为 21 亿元， 投资人主要是市场上重要的国资和产投。在其背后，一家低调却实力雄厚的投资机构也随之浮出水 面：国科投资。 2018 年，云汉芯城宣布完成 1.8 亿元 C 轮融资，由 国科投资 领投。这也是云汉芯城单笔融资额 最高的一笔。据说，国科投资跟踪了 3 个年头才完成投资。 创始人曾烨回忆，当时国科投资非常谨慎，几乎把企业和全行业调研了一圈。但决定投资以后，国科 投资项目负责人夏东的一句话让其印象深刻： "我们投你，不要求你急着盈利，不要担心。" 这句话 让处于盈利压力的他吃下了定心丸。"只有对我们的商 ...

2025年以来，AI芯片产业链景气度持续提升，半导体设备领域投资热度居高不下。据华泰证券统计，2025年第二季度全球半导体设备公司总收入同比增长24%，预计2025年全年全球半导体设备 具体来看，AI芯片对计算性能和功耗的高要求大幅提高了芯片设计和制造的复杂性，因此对高性能SoC测试机和存储测试机的需求显著增长。此外，HBM技术已成为AI计算的标配，其对应的COW 在此背景下，海外半导体设备市场受AI相关投资驱动实现高增，市场规模同比增长40%，其中测试机、封装设备等后道设备的增长尤为显著。 从历史数据来看，北方华创近年毛利率始终保持在40%以上，而芯源微除2023年毛利率达到42.53%，近年其余年份均在36-38%左右。2025年上半年，对芯源微实现并表后，北方华创营业成本 芯源微的主要产品包括涂胶显影设备等核心工艺装备，而北方华创的主要产品涵盖刻蚀、薄膜沉积、热处理、湿法和离子注入等核心工艺装备，二者产品布局具有显著互补性。虽然双方在短期内 第二，报告期内，北方华创研发费用率提升。前两年公司上半年的研发费用率均在11%以下，而2025年上半年，公司研发投入同比高增30.01%至29.15亿元，研发费用率 ...

Core Insights - The AI chip industry has seen a continuous increase in prosperity since 2025, with high investment levels in the semiconductor equipment sector. Global semiconductor equipment company revenues are expected to grow by 12% year-on-year in 2025, with a 24% increase in Q2 2025 compared to the previous year [1] - The demand for high-performance SoC testing machines and storage testing machines has significantly increased due to the high requirements for computing performance and power consumption in AI chips. Additionally, HBM technology has become standard for AI computing, driving demand for advanced packaging equipment [1] - The overseas semiconductor equipment market has experienced a 40% year-on-year growth driven by AI-related investments, particularly in testing and packaging equipment [1] - In contrast, the Chinese market saw a slight decline of 1% year-on-year in H1 2025, although the domestic semiconductor equipment localization rate increased by 6 percentage points to 21% [1] Company Performance - In H1 2025, there was a performance divergence among semiconductor equipment manufacturers. While nine front-end equipment companies reported revenue growth, some, including Jingce Electronics and Tsinghua Unigroup, saw significant declines in net profit [4] - Notably, Northern Huachuang's revenue and net profit in Q2 2025 grew by 22.5% and declined by 1.6%, respectively, indicating revenue growth without profit increase. In contrast, Zhongwei Company experienced simultaneous high growth in both revenue (51.3%) and net profit (46.8%) [4] Factors Affecting Performance - Northern Huachuang's weaker net profit growth in 2025 may be attributed to the acquisition of ChipSource, which was included in the consolidated financial statements from June 30, 2025. ChipSource's declining gross margin impacted Northern Huachuang's profitability [5] - Historically, Northern Huachuang maintained a gross margin above 40%, but after the acquisition, its gross margin decreased to 42.17%, down 3.33 percentage points year-on-year [5] - The increase in R&D expenses for Northern Huachuang, which rose by 30.01% to 2.915 billion yuan, also contributed to the decline in net profit margin. The R&D expense ratio increased to 12.87% in H1 2025 [6] - The company launched several new products, including ion implantation and electroplating equipment, and achieved significant sales in etching and thin film deposition equipment, indicating a comprehensive product line [6]

Core Insights - The report from Huazhong Securities indicates that Northern Huachuang achieved a net profit attributable to shareholders of 3.2 billion yuan in the first half of the year, representing a year-on-year increase of 15% [1] - In Q2, the net profit attributable to shareholders was 1.6 billion yuan, showing a year-on-year decrease of 1% but a quarter-on-quarter increase of 3% [1] Semiconductor Equipment Business - The semiconductor equipment business experienced rapid growth, with core product lines achieving significant breakthroughs in scale [1] - In the first half of the year, the revenue from etching equipment exceeded 5 billion yuan, thin film deposition equipment exceeded 6.5 billion yuan, thermal processing equipment exceeded 1 billion yuan, and wet processing equipment exceeded 500 million yuan, highlighting the company's capabilities in large-scale production and delivery in key semiconductor equipment areas [1] Strategic Acquisitions - The company successfully completed the acquisition of ChipSource Micro, incorporating core equipment for coating and developing processes into its portfolio, further enhancing its integrated circuit equipment product line and process coverage [1] Competitive Positioning - Through resource integration in market, technology, and supply chain areas, the company effectively improved its overall competitiveness in the integrated circuit equipment market, further solidifying its platform advantages [1] Innovation and Future Growth - The company has achieved substantial results in research and innovation, with a new product matrix that promises to drive future growth [1]

北方华创 20250924 摘要 2025 年半导体设备指数上涨 72%，主要受 AR 算力需求和国产光刻机 突破推动，并受益于成熟制程向先进制程转移。北方华创作为龙头，市 值虽仅为应用材料的 30%，但内生外延发展潜力巨大。 北方华创营收复合增速近五年达 40%，归母净利润复合增速高达 62%。2025 年上半年半导体设备营收占比 92%，达 161 亿元，同比 增长 30%；净利润 32 亿元，同比增长 15%。 公司积极进行股权激励，虽短期影响归母净利润，但长远来看有利于增 强研发实力和长期竞争力。预计 2025 年 10 月底前落地新的股权激励 计划。 北方华创在刻蚀、薄膜沉积、热处理、湿法等设备领域全面布局，并通 过收购芯源微完善在涂胶显影、清洗、键合等领域的布局，工艺覆盖度 达 60%。 预计 2026 年国内先进制程资本开支将大幅提升，晶圆厂扩产确定性强。 凭借高工艺覆盖度和成套化供给能力，北方华创市占率有望进一步提升。 Q&A 半导体设备行业的整体发展趋势是什么？ 半导体设备行业的发展主要受益于两个大的逻辑。首先是算力需求的增长，特 别是 AR 算力的时代需求，这带动了芯片等整体需求超出市场预 ...

Core Insights - The article discusses the increasing domestic production rates of semiconductor equipment in China across various manufacturing segments, highlighting the growth potential and market size for 2024 [2][4]. Group 1: Market Size and Growth - The global market size for wafer manufacturing is projected to reach $60 billion in 2024, with various equipment segments showing significant growth in domestic production rates [2][4]. - The estimated market size for different semiconductor equipment segments includes: - Thermal processing equipment: $3.15 billion - Thin film deposition equipment: $25.63 billion - Etching equipment: $18.09 billion - Lithography equipment: $25.84 billion - CMP equipment: $2.98 billion - Cleaning equipment: $6.57 billion - Coating and developing equipment: $3.53 billion - Testing/measurement equipment: $14.25 billion [2]. Group 2: Domestic Production Rates - The domestic production rates for various equipment segments are as follows: - Thermal processing equipment: increased from ~11% in 2021 to ~23% in 2024 - Thin film deposition equipment: increased from ~5% in 2021 to ~19% in 2024 - Etching equipment: increased from ~11% in 2021 to ~28% in 2024 - CMP equipment: increased from ~18% in 2021 to ~40% in 2024 - Cleaning equipment: increased from ~26% in 2021 to ~32% in 2024 - Coating and developing equipment: increased from ~7% in 2021 to ~10% in 2024 - Testing/measurement equipment: increased from ~3% in 2021 to ~5% in 2024 [2][3]. Group 3: Key Domestic Companies - Major domestic companies involved in semiconductor equipment manufacturing include: - North Huachuang and Yitang Co. for thermal processing and etching equipment - Zhongwei Company and Tuo Jing Technology for thin film deposition equipment - Shengmei Shanghai and North Huachuang for cleaning equipment - Chip measurement and testing companies like Jingce Electronics and Zhongke Feimeng [2][3].

Core Insights - The company reported a significant revenue increase of 29.51% year-on-year for the first half of 2025, reaching 16.142 billion yuan, with a gross margin of 42.17% [1] - The net profit attributable to shareholders grew by 14.97% to 3.208 billion yuan, while the net profit excluding non-recurring items increased by 20.17% to 3.181 billion yuan [1][2] - The semiconductor equipment business showed strong performance, particularly in etching, thin film, and thermal processing segments, contributing to the overall revenue growth [2] Financial Performance - For Q2 2025, the company achieved revenue of 7.936 billion yuan, reflecting a year-on-year increase of 21.84% but a quarter-on-quarter decline of 3.30% [1] - The gross margin for Q2 was 41.29%, down 6.11 percentage points year-on-year [1] - The electronic process equipment segment generated 15.258 billion yuan in revenue, up 33.89% year-on-year, while the electronic components segment saw a decline of 17.47% to 868 million yuan [2] Strategic Developments - The company is enhancing its product matrix through both internal R&D and external acquisitions, with R&D investment reaching 2.915 billion yuan in H1 2025, a 30.01% increase [3] - The acquisition of 17.87% of ChipSource Micro strengthens the company's position in the domestic market, complementing its existing product lines [3] Market Outlook - The domestic semiconductor equipment market is expected to benefit from accelerated localization efforts, with the company positioned as a leading platform player [4] - The expansion of domestic wafer fabs and the introduction of new products are anticipated to drive significant growth and market share gains for the company [4] Investment Projections - Revenue forecasts for 2025-2027 have been adjusted upward, with projected revenues of 39.509 billion, 50.146 billion, and 60.221 billion yuan respectively [4] - The net profit estimates for the same period have been slightly revised, with EPS expected to be 10.18, 13.32, and 16.78 yuan [4]