Core Viewpoint - Dalian Bai'ao Chemical Co., Ltd. is successfully transforming its business towards semiconductor equipment, showcasing significant growth in its high-end lithography machine segment and a strong order backlog [1][2]. Company Overview - Bai'ao Chemical has over 20 years of experience in the industrial biocide industry, with an annual production capacity exceeding 40,000 tons, making it the largest producer of isothiazolinone-based industrial biocide raw materials in Asia [1]. - The company has established semiconductor equipment as a strategic development direction in early 2024, marking a significant shift from its traditional industrial biocide business [1]. Semiconductor Equipment Business - Bai'ao Chemical acquired 54.63% voting rights in Suzhou Xinhuilian Semiconductor Technology Co., Ltd. (Xinhuilian) through capital increase and voting rights entrustment, integrating it into the company's consolidated financial statements [1]. - Xinhuilian specializes in the R&D, production, and sales of semiconductor equipment, with six major business segments including photolithography equipment and wet cleaning equipment [2]. Financial Performance - In 2024, Xinhuilian achieved operating revenue of 543 million yuan, a year-on-year increase of 215.75%, and a net profit attributable to shareholders of 97 million yuan, up 370.82% year-on-year [2]. - The gross profit margin for Xinhuilian was 51.31%, an increase of 20.12 percentage points compared to the previous year, with the photolithography equipment segment boasting a gross margin of 71.56% [2]. Customer Contracts - As of the end of 2024, Xinhuilian's top five customers had a total contract amount of 1.369 billion yuan, with over 1 billion yuan in contracts yet to be recognized as revenue [2][3]. - One significant customer accounted for a contract amount of 492 million yuan, including two major contracts for photolithography equipment scheduled for delivery in 2025 [3]. Market Outlook - The semiconductor equipment market is expected to experience rapid growth due to the increasing demand for specialized equipment and the domestic semiconductor industry's advancements [1][3].

Core Viewpoint - The company, Dalian Baiao Chemical Co., Ltd., reported a revenue of 1.312 billion yuan for its industrial biocide business in 2024, reflecting a year-on-year growth of 23.09%. However, the gross profit margin decreased by 8.28 percentage points to 44.30% due to increased competition and pricing pressures in the market [2][5]. Group 1: Financial Performance - The industrial biocide business generated 1.207 billion yuan in revenue, accounting for 92% of the main business income, with over 60% of this revenue coming from overseas markets [2][3]. - The company’s overseas revenue from 2021 to 2024 showed an upward trend, increasing from 471 million yuan in 2021 to 762 million yuan in 2024 [2]. - The average selling price of industrial biocide products decreased by 14.95%, while the unit cost increased by 0.70%, leading to an overall decline in gross profit margin [5][6]. Group 2: Product and Market Analysis - The company specializes in the research, production, and sales of isothiazolinone-based industrial biocides, with no direct competitors listed in the public market [5][6]. - The average sales prices of key products, such as CMIT/DCOIT and BIT series, experienced significant declines, with CMIT/DCOIT prices dropping by 25.03% [5][6]. - The company faced increased competition as domestic manufacturers expanded production capacity, leading to downward pressure on product prices [5][6]. Group 3: Customer and Supply Chain Insights - The company provided details on its top ten overseas customers, including their sales amounts and operational details, confirming that there are no related party transactions with these customers [8][9]. - The logistics and transportation costs for overseas sales have fluctuated significantly, with transportation expenses rising by 129.37% in 2024 compared to the previous year [10][11]. - The company’s overseas business transportation costs were primarily borne by the company, with major carriers being large international shipping companies [10][11]. Group 4: Semiconductor Business Overview - In 2024, the company acquired a 54.63% stake in Chipwise, which achieved a net profit of 103.29% of its performance commitment, indicating strong operational performance [13][14]. - Chipwise's revenue for 2024 reached 543.46 million yuan, with a significant increase in gross profit margin due to successful product lines [16][18]. - The company’s cash flow from operating activities for Chipwise remained negative, primarily due to high procurement costs for semiconductor equipment [17][18].

文/梧桐数据中心 （二）控股股东、实际控制人 中国电科直接持有公司48.97%的股份，为公司控股股东。除直接持有公司48.97%的股份外，中国电科通过十八所、中电科投资分别间接持有公 司15.00%、4.50%的股份。此外，公司员工持股平台景鸿瑞和、十八所员工的持股平台景源瑞和与十八所签署了《一致行动协议》，约定在股 东权利行使及董事会经营决策等方面与十八所保持一致，景鸿瑞和、景源瑞和合计持有公司16.03%的股份。因此，中国电科合计控制发行人 84.50%的表决权，为公司的实际控制人。 （三）报告期业绩 2022年、2023年、2024年，公司实现营业收入分别为252,111.38万元、352,404.11万元、312,702.27万元，扣非归母净利润分别为20,053.40万元、 14,696.36万元、29,296.85万元。 6月25日-6月28日，沪深北三大交易所新受理56家IPO，其中上交所新受理了11家（沪主板4家、科创板7家），深主板新受理了11家（深主板3 家、创业板8家），北交所新受理了34家。6月新受理IPO数量创今年新高，截至6月28日已受理109家。 目前，沪、深、北三大交易所合计受 ...

6月27日，上交所正式受理江苏亚电科技股份有限公司（简称：亚电科技）科创板IPO申请。 亚电科技系国内领先的湿法清洗设备供应商，主要从事硅基半导体、化合物半导体及光伏领域湿法清洗 设备的研发、生产和销售。公司产品主要应用于半导体前道晶圆制造过程中的湿法清洗环节，助力实现 国内半导体核心工艺设备的国产化及技术突破。基于在硅基半导体领域的技术积累和湿法设备的技术同 源性，公司产品已拓展至化合物半导体、光伏等应用领域，形成了具有技术优势的核心湿法工艺设备产 品体系。 半导体晶圆制造是在微观尺度上实现复杂结构的尖端工艺，各工序中产生的纳米级污染物需要通过湿法 清洗精准去除。作为贯穿前道制造的核心环节，湿法清洗直接影响晶圆表面的完整性、纯净度及后续制 造良率。湿法清洗设备通过高精密机械传输、高均匀性化学药液流场控制、先进干燥工艺等技术，实现 纳米级污染物的高效清除，其性能直接影响晶圆制造及半导体器件的可靠性，是半导体制造领域的关键 核心装备。 在成熟制程半导体清洗设备领域，亚电科技槽式湿法清洗设备技术性能、国内市场占有率在国产品牌中 均位居前列，根据弗若斯特沙利文发布的《中国及全球半 导体湿法设备行业独立市场研究报告》 ...

深圳商报·读创客户端记者 宁可坚 6月27日，亚电科技科创板IPO获受理，公司正式向A股发起冲击，保荐机构为华泰联合证券有限责任公司。 亚电科技系国内领先的湿法清洗设备供应商，主要从事硅基半导体、化合物半导体及光伏领域湿法清洗设备的研发、生产和销售。 2022年～2024年，公司营业收入分别为1.21亿元、4.42亿元和5.80亿元。2022年，公司净利亏损，2023年开始扭亏为盈。 | 项目 | 2024.12.31/ | 2023.12.31/ | | --- | --- | --- | | | 2024 年度 | 2023 年度 | | 资产总额(万元) | 90.644.10 | 90.657.9 | | 归属于母公司所有者权益(万元) | 51.670.04 | 42.281.6 | | 资产负债率(母公司) (%) | 37.45 | 42.7 | | 资产负债率(合并)(%) | 43.00 | 53.3 | | 营业收入(万元) | 58.041.15 | 44.175.2 | | 净利润(万元) | 8.512.05 | 1.036.8 | | 归属于母公司所有者的净利润(万元) | 8.5 ...

点击招商研究小程序查看PDF报告原文 华海清科发布2024年报和2025年一季报，收入同比稳健增长，盈利能力维持较高水平，CMP设备市占 率持续提升，各新品拓展顺利，设备平台化布局初显成效。 2024年和25Q1公司收入同比稳健增长，盈利能力维持高位。 公司CMP设备市占率持续提升，多款新品 初显成效，耗材维保等业务继续贡献利润增长点。 1）2024年： 公司收入34.06亿元，同比+35.8%；毛 利率43.2%，同比-2.8pcts，主要系产品结构影响；归母净利润10.23亿元，同比+41.4%；扣非净利润8.56 亿元，同比+40.8%； 2）25Q1： 公司收入9.12亿元，同比+34%/环比-4.4%；毛利率46.4%，同 比-1.6pcts/环比+9.9pcts；归母净利润2.33亿元，同比+15.5%/环比-22.9%；扣非净利润2.12亿元，同比 +23.5%/环比-12%；扣非净利率23.3%，同比-2pcts/环比-2pcts。 团队荣誉： 11/12/14/15/16/17/19/20/21/22年《新财富》电子行业最佳分析师第2/5/2/2/4/3/3/4/3/5名， 11/12/14 ...

Investment Rating - The report maintains an "Accumulate" investment rating for Huahai Qingke (688120.SH) [1][3] Core Views - The company has demonstrated steady revenue growth and maintained high profitability, with a continuous increase in market share for CMP equipment and successful expansion of new products [1][7] - The financial forecasts indicate robust revenue growth for 2024 and 2025, with expected revenues of 44.1 billion and 55.2 billion respectively, and net profits of 13.6 billion and 16.9 billion [7] Financial Data and Valuation - Total revenue for 2023 is reported at 2,508 million, with a year-on-year growth of 52%. Projections for 2024 and 2025 are 3,406 million and 4,411 million respectively, with growth rates of 36% and 30% [2][10] - Operating profit for 2023 is 790 million, with a projected increase to 1,118 million in 2024 and 1,509 million in 2025, maintaining a growth rate of 42% for 2024 [2][10] - The net profit attributable to the parent company is expected to reach 1,023 million in 2024 and 1,359 million in 2025, reflecting year-on-year growth of 41% and 33% respectively [2][10] - The company's PE ratio is projected to decrease from 56.4 in 2023 to 30.0 in 2025, indicating an improving valuation [2][10] Key Financial Metrics - The company’s gross margin for 2024 is forecasted at 43.2%, with a net profit margin of 30.0% [10] - Return on equity (ROE) is expected to rise from 14.0% in 2023 to 19.2% in 2025, indicating improved profitability [10] - The asset-liability ratio is projected to stabilize around 43.4% in 2025, reflecting a solid financial structure [10] Product Development and Market Position - The company has successfully expanded its product offerings, including CMP, thinning, and cleaning equipment, with significant orders and validations from major clients [7] - The introduction of new products has contributed to profit growth, particularly in consumables and maintenance services [7] - The company is actively pursuing a platform strategy, enhancing its market position in the semiconductor equipment sector [7]

4月3日，瑞典Micro LED技术企业Polar Light Technologies宣布，公司已成功完成新一轮全额认购 的融资，融资金额达约340万美元（约合人民币2447.32万元）。 稍早之前，3月5日披露消息显示，诺视科技完成A轮融资，融资金额未披露，投资方包括中信建投 资本等。值得注意的是，诺视科技近年来已完成多轮融资，其中2024年3月的Pre-A2轮融资达亿 元，用于Micro LED微显示芯片量产线建设及VSP技术研发。 2月下旬，Micro LED光互联企业Hyperlume完成了规模达1250万美元（约9062.2万元人民币）的种 子轮融资，投资者包括英特尔资本等。 【LEDinside】 据"狂奔资本"报道，江苏福拉特自动化设备有限公司（以下简称"福拉特"）近日宣 布完成数千万元Pre-A轮融资。本轮融资的投资方包括紫金新创、经开聚智、东方产融等多家投资 机构，狂奔资本担任本次融资的独家融资顾问。 福拉特是一家智能制造企业，业务涵盖LCD、AMOLED、Micro LED / OLED、半导体等领域的高 端湿法、研磨、检测及相关工艺制程设备的研发、生产和销售。 公司表示，本轮募集资金将 ...

【LEDinside】 据"狂奔资本"报道，江苏福拉特自动化设备有限公司（以下简称"福拉特"）近日宣布完成数千万元Pre-A轮融资。本轮融资的投资 方包括紫金新创、经开聚智、东方产融等多家投资机构，狂奔资本担任本次融资的独家融资顾问。 福拉特是一家智能制造企业，业务涵盖LCD、AMOLED、Micro LED / OLED、半导体等领域的高端湿法、研磨、检测及相关工艺制程设备的研 发、生产和销售。 公司表示，本轮募集资金将主要用于进一步推动其在湿法清洗设备领域的国产化研发和生产制造，以支持公司实现大规模量产交付。融资完成后， 公司计划更名为"江苏福拉特半导体设备有限公司"，以更好地聚焦并服务半导体领域的客户。 公司资料显示，福拉特成立于2011年8月，位于江苏省昆山市，目前占地面积3000平方米。公司定位为半导体湿法设备及服务的"一站式"供应商， 并与南京理工大学化工学院、江苏大学建立了合作关系，旨在攻克前沿及关键技术。 稍早之前，3月5日披露消息显示，诺视科技完成A轮融资，融资金额未披露，投资方包括中信建投资本等。值得注意的是，诺视科技近年来已完成 多轮融资，其中2024年3月的Pre-A2轮融资达亿元，用 ...