Core Viewpoint - The largest scale of competitive private placement in the semiconductor equipment industry in the past three years has been completed, with several public funds participating in the allocation [2][12]. Group 1: Fundraising Details - Semiconductor equipment leader, Shengmei Semiconductor Equipment (Shanghai) Co., Ltd., has completed a private placement fundraising of nearly 4.5 billion yuan [2][3]. - The total number of shares issued in this private placement is 38.6013 million shares, with an issue price of 116.11 yuan per share, raising a total of 4.482 billion yuan [3][8]. - The funds raised will enhance the company's R&D capabilities in the semiconductor equipment field [2][8]. Group 2: Participating Institutions - Five public funds participated in the private placement, including E Fund, Xingsheng Global, and others, with E Fund acquiring 144 million yuan worth of shares [3][7]. - Shanghai Pudong New Industry Investment Co., Ltd. received the largest allocation of 1.5 billion yuan, followed by Caitong Fund with 544 million yuan [3][4]. Group 3: Company Performance - Shengmei Shanghai reported a revenue of 3.265 billion yuan in the first half of the year, a year-on-year increase of over 35%, with a net profit of nearly 700 million yuan, up approximately 57% [13]. - The company has seen continuous growth in revenue and net profit from 2018 to 2024, with revenue increasing from 550 million yuan to 5.618 billion yuan, and net profit from 93 million yuan to 1.153 billion yuan, with average annual growth rates exceeding 30% [13]. Group 4: Market Context - The semiconductor market is expected to shrink by 8% in 2023 but is projected to grow by 12% to 687.3 billion dollars by 2025 [12]. - The private placement market has seen a surge in interest in technology innovation sectors, with semiconductor industry private placements reaching 19.4 billion yuan in the first seven months of the year, a fivefold increase compared to the previous year [18][19].

【导读】近三年半导体设备行业最大规模竞价定增落地，易方达、兴证全球等公募获配 中国基金报记者 张燕北 近三年半导体设备行业最大规模竞价定增落地，多家公募基金现身获配名单。 公告显示，国内半导体设备龙头盛美半导体设备（上海）股份有限公司（以下简称盛美上海）近期完成近45亿元的定增募资，包括易方 达、兴证全球、财通、诺德、易米在内的多家公募参与报价并被确定为最终发行对象。 盛美上海表示，本次募集资金有助于进一步增强公司在半导体专用设备领域的研发实力。 今年以来，科技创新领域定增热度升温，AI、机器人、创新药、半导体等赛道成"吸金"主力。公募"带头大哥"易方达频频出手抢筹，被市 场视为机构看好新质生产力领域投资机遇的信号。 盛美上海完成45亿元定增募资 易方达、兴证全球等5家公募获配 日前，盛美上海发布情况报告书，宣布完成向特定对象发行A股股票。 根据报告书，此次参与报价的机构有17家，包括多家公募、私募、保险资管、券商资管等。17家投资者全部按时、完整地发送全部申购文 件，且足额缴纳保证金，均为有效报价，因此全部被确定为最终发行对象。 最终，本次定增发行股票总数量为3860.13万股，发行价格为116.11元/股 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][20]. Core Insights - The company has experienced strong demand for semiconductor equipment, leading to significant growth in net profit for the first half of 2025, with a year-on-year increase of 56.99% [1][2]. - The company has successfully leveraged its technological differentiation to capture market opportunities, resulting in a robust order backlog and efficient sales and delivery processes [2]. - The company is advancing its product platform strategy, enhancing product technology and performance, which supports revenue growth and increases market recognition [2]. - The company has introduced new equipment with proprietary technology, significantly expanding its addressable market [3]. - The company is expected to benefit from the ongoing recovery in the semiconductor industry, particularly in cleaning and plating equipment, where it holds a strong market position [8][9]. Financial Summary - Revenue is projected to grow from 3,888 million yuan in 2023 to 8,731 million yuan by 2027, with a compound annual growth rate (CAGR) of 35.3% [1]. - Net profit is expected to increase from 911 million yuan in 2023 to 2,060 million yuan by 2027, reflecting a CAGR of 36.2% [1]. - The company's gross margin for the first half of 2025 was reported at 50.73%, with a net margin of 21.31%, indicating improved profitability [2]. - The company’s return on equity (ROE) is projected to rise from 14.1% in 2023 to 16.6% in 2027 [1].

Core Insights - The global semiconductor equipment market is projected to exceed $64 billion in revenue for the top 10 companies in the first half of 2025, representing a year-on-year growth of approximately 24% [1] - The top five companies in the semiconductor equipment sector remain unchanged from 2024, with ASML leading at approximately $17 billion in revenue for 1H25 [1][5] - North Huachuang is the only Chinese company in the top 10, ranking seventh with approximately $2.2 billion in revenue for 1H25, down from sixth in 2024 [1][11] Summary by Company - **ASML (Netherlands)**: The leading photolithography equipment manufacturer, with 1H25 semiconductor revenue growing by 38% [5] - **Applied Materials (AMAT, USA)**: The largest semiconductor equipment supplier, with a 7% year-on-year revenue increase in 1H25 [6] - **Lam Research (LAM, USA)**: Specializes in semiconductor manufacturing equipment, achieving a 29% revenue growth in 1H25 [7] - **Tokyo Electron (TEL, Japan)**: Japan's largest semiconductor equipment company, with a 10% revenue increase in 1H25 [8] - **KLA (USA)**: A leader in semiconductor process control and measurement equipment, with a 27% revenue growth in 1H25 [9] - **Advantest (Japan)**: Focuses on semiconductor testing equipment, with a remarkable 124% revenue growth in 1H25 [10] - **North Huachuang (NAURA, China)**: The leading semiconductor equipment manufacturer in mainland China, with a 31% revenue growth in 1H25 [12] - **ASM International (ASMI, Netherlands)**: Engaged in semiconductor deposition equipment, with a 28% revenue increase in 1H25 [13] - **Screen Holdings (Japan)**: Involved in semiconductor and PCB manufacturing equipment, with a 2% revenue growth in 1H25 [14] - **Disco (Japan)**: A leading manufacturer of wafer cutting equipment, achieving a 13% revenue growth in 1H25 [15]

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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to 460 RMB, reflecting a potential upside of 23.5% from the current price of 372.50 RMB [1][3]. Core Insights - The company reported a revenue of 79 billion RMB for Q2 2025, representing a year-on-year growth of 22%, despite a quarter-on-quarter decline of 3% due to seasonal fluctuations [1]. - The gross margin decreased to 41.3%, down 6.0 percentage points year-on-year and 1.7 percentage points quarter-on-quarter, primarily due to lower profit margins in the electronic components business [1]. - Net profit was 16 billion RMB, showing a year-on-year decline of 2% but a quarter-on-quarter increase of 3%, with a net profit margin improvement to 20.5% [1]. - The company is strategically positioned in the domestic semiconductor equipment market, benefiting from the trend of domestic substitution [1][7]. - Revenue is expected to grow by 32% and 26% year-on-year in 2025 and 2026, respectively [1]. Financial Summary - For FY25E, the company is projected to achieve sales revenue of 39,473 million RMB, with a year-on-year growth of 31.7% [2]. - The gross margin is expected to be 41.8% in FY25E, with net profit projected at 7,297 million RMB, reflecting a year-on-year growth of 29.6% [2]. - The company’s return on equity is forecasted to be 21.2% in FY25E [2]. Market Position and Growth - The company is expected to capture over 5% market share in the domestic semiconductor equipment sector, with total sales exceeding 210 billion RMB for the year [7]. - The company has expanded its product offerings through R&D and acquisitions, including entering the ion implantation equipment market and acquiring a stake in ChipSource [7]. - The sales of semiconductor equipment are anticipated to grow by approximately 50% year-on-year in the first half of 2025 [7]. Valuation Metrics - The target price of 460 RMB is based on a 35x P/E ratio for 2026, aligning with the historical average [7]. - The company’s market capitalization is approximately 268,945 million RMB [3].

Group 1: Northern Huachuang - Northern Huachuang achieved operating revenue of 16.142 billion yuan in the first half of 2025, a year-on-year increase of 29.51% [2][3] - The net profit attributable to shareholders was 3.208 billion yuan, reflecting a year-on-year growth of 14.97% [2][3] - The company focuses on the research, production, sales, and technical services of semiconductor basic products, including electronic process equipment and electronic components [4] Group 2: Deep Kangjia - Deep Kangjia reported operating revenue of 5.248 billion yuan in the first half of 2025, a decrease of 3.05% year-on-year [5][6] - The company incurred a net loss of 383 million yuan attributable to shareholders [5][6] - The consumer electronics business faced intensified competition and product mismatch with national subsidy policies, leading to losses [7] Group 3: Crystal Integration - Crystal Integration achieved operating revenue of 5.198 billion yuan in the first half of 2025, an increase of 18.21% year-on-year [8][10] - The net profit attributable to shareholders was 332 million yuan, marking a significant increase of 77.61% [8][10] - The company specializes in 12-inch wafer foundry services and has made progress in various technology platforms [11] Group 4: Weida Optoelectronics - Weida Optoelectronics reported operating revenue of 101 million yuan in the first half of 2025, a decrease of 7.25% year-on-year [12][13] - The net profit attributable to shareholders was 9.48 million yuan, down 39.78% [12][13] - The company is focused on the development and sales of polarizers and optical films for liquid crystal displays [14] Group 5: Landai Technology - Landai Technology achieved operating revenue of 1.751 billion yuan in the first half of 2025, a year-on-year increase of 8.32% [15][16] - The net profit attributable to shareholders was 109 million yuan, reflecting a growth of 61.56% [15][16] - The company is engaged in power transmission and touch display businesses, with a focus on automotive electronics and IoT devices [17]

Group 1 - The global market size for wafer manufacturing equipment is projected to grow significantly from 2021 to 2024, with various equipment categories showing increasing domestic production rates [2] - The market for thermal processing equipment is expected to increase from $31.5 billion in 2021 to a domestic production rate of approximately 23% by 2024 [2] - The market for thin film deposition equipment is projected to grow from $256.3 billion in 2021, with a domestic production rate reaching around 19% by 2024 [2] Group 2 - The etching equipment market is anticipated to grow from $180.9 billion in 2021, maintaining a domestic production rate of 28% from 2023 to 2024 [2] - The photolithography equipment market is valued at $258.4 billion, with no specific domestic production rate data provided for the years 2021 to 2024 [2] - The chemical mechanical planarization (CMP) equipment market is expected to grow from $29.8 billion in 2021, with a domestic production rate projected to be around 40% by 2024 [2] Group 3 - The cleaning equipment market is projected to grow from $65.7 billion in 2021, with a domestic production rate expected to be approximately 32% by 2024 [2] - The photoresist coating and developing equipment market is expected to grow from $35.3 billion in 2021, with a domestic production rate of about 10% by 2024 [2] - The detection and measurement equipment market is valued at $142.5 billion, with a domestic production rate projected to reach 5% by 2024 [2]

Summary of Conference Call Transcript Company Overview - **Company**: Shengmei Shanghai (盛美上海) - **Industry**: Semiconductor Equipment - **Founded**: 2005 - **Market Position**: Ranked fifth globally in wafer cleaning equipment by revenue, and first among Chinese manufacturers with a 5% global market share in 2021 [33] Key Points and Arguments Business Outlook - **Growth Potential**: Domestic business has significant growth potential, reaffirming a buy rating [1] - **Revenue Forecast**: Revenue guidance for 2025 is maintained at Rmb 6.5-7.0 billion, with expectations of exceeding this by 3.4% due to optimistic demand in Q3 2025 [2][9] - **Long-term Guidance**: Long-term revenue guidance for the China business raised to US$2.5 billion from US$1.5 billion [9] Financial Performance - **Earnings Adjustments**: EPS forecast for 2025 increased by 9%, reflecting a 1% increase in net profit and adjustments in share count assumptions due to an anticipated private placement completion in Q4 2025 [3][20] - **Revenue Growth**: Expected revenue growth of 28% year-on-year in 2026, driven by new applications and high-temperature sulfuric acid cleaning equipment [2][21] Valuation and Price Target - **Target Price Increase**: Target price raised from Rmb 122.00 to Rmb 137.50 based on updated valuation metrics, including a higher mid-term ROE of 17.1% [4][23] - **Valuation Metrics**: New target price corresponds to a 31x PE for 2026E, consistent with the average PE since 2024 [4][23] Market Dynamics - **Industry Trends**: Anticipated 6% growth in China's wafer fabrication equipment (WFE) market in 2026, indicating robust demand and potential for revenue growth [21] - **Competitive Position**: The company is positioned to benefit from the completion of certifications for single-wafer high-temperature cleaning equipment, allowing competition in previously dominated markets [1] Operational Highlights - **Recent Achievements**: - Completion of key client qualifications for SPM cleaning equipment in 1H25 [9] - Delivery of the 1500th ECP chamber announced [9] - **Performance Metrics**: - 1H25 revenue growth of 32% year-on-year [11] - EBIT margin increased by 4.3 percentage points due to rapid revenue growth [15] Financial Metrics - **Projected Financials**: - Revenue expected to reach Rmb 7,237 million in 2025, with net profit projected at Rmb 1,532 million [30] - Gross profit margin expected to remain above 50% [17] - **Debt and Equity**: - Net debt to EBITDA ratio projected to improve significantly, indicating strong financial health [31] Additional Important Information - **Market Sentiment**: Recent stock price correction of 6% post-1H25 earnings release, with current price at Rmb 115.58, suggesting attractive entry point with a PE of 27x for 2026E [1] - **Analyst Contact Information**: Analysts involved include Yu Jia and Lai Yongwei, with contact details provided for further inquiries [6] This summary encapsulates the critical insights from the conference call, highlighting the company's growth prospects, financial adjustments, and market positioning within the semiconductor equipment industry.