盛美上海 20250706 摘要 2024 年全球半导体设备总支出达 1,171 亿美元，中国以 496 亿美元支 出居首，预计 2026 年中国 300 毫米晶圆产能将占全球 26%，国产自 主率到 2027 年有望达 26.6%，高端设备国产化是重点。 盛美上海在清洗设备领域优势显著，SUBS Tibo 超声波清洗技术适用于 28 纳米及以下制程，并陆续推出高温单片 SPM、单片槽式组合清洗等 新型工艺，力求覆盖超过 95%的清洗需求。 盛美上海平台化布局成型，拓展电镀、先进封装湿法、立式炉管、涂胶 显影 track 以及 PCVD 五大系列产品，扩大市场份额，提高综合竞争力， 从单一产品线扩展至多个细分赛道。 ACMR 公司创始人王辉博士带领团队持续技术创新，成功将立式炉管 ALD 设备推向市场，首台自主知识产权涂胶显影设备实现出机，并推出 迭代 PECVD 设备平台，缩小占地面积并提高处理能力。 ACMR 公司 2024 年营收 56 亿元，同比增长 49%，复合增长率高达 54%，毛利率 50%左右，净利率超 20%。2025 年第一季度营收同比 增长 42%至 13.1 亿元，归母净利润同比大增超 ...

清洗和电镀设备国内龙头，平台化+差异化 打开天花板 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 2025-2027 年每股收益分别为 3.24、4.04、4.63 元，根据可比公司 25 年 42 倍 PE，对应目标价为 136.08 元，首次覆盖给予买入评级。 风险提示 ⚫ 下游需求不及预期风险，国内竞争加剧，技术迭代风险，政策变化风险，假设条件 变化影响测算结果。 公司主要财务信息 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 2.17 | 11.85 | 9.28 | 33.89 | | 相对表现% | 1.18 | 9.18 | 7.86 | 20.53 | | 沪深 300% | 0.99 | 2.67 | 1.42 | 13.36 | | 薛宏伟 | xuehongwei@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860524110001 | | 韩潇锐 | hanxiaorui@orientsec.com.cn | | | 执业证书编号：S0860 ...

Transaction Overview - The company has completed the transfer of 8.40% shares of Shenyang Xinyuan Microelectronics Equipment Co., Ltd. (stock code 688037) from Shenyang Zhongke Tiansheng Automation Technology Co., Ltd. [1] - The share transfer agreement was signed on March 31, 2025, and the transfer was completed on May 29, 2025, with a total of 19,064,915 shares transferred [1]. Progress of the Transaction - As of June 23, 2025, the company holds a total of 35,964,665 shares in Xinyuan Micro, representing approximately 17.87% of its total share capital, making the company the largest shareholder [2]. - The company has nominated four non-independent directors and one independent director to the third board of Xinyuan Micro, achieving a majority in both categories [2]. Significance of Acquiring Control - The acquisition allows for synergistic effects between the company and Xinyuan Micro, as both operate in the integrated circuit equipment industry but with complementary product offerings [2]. - The collaboration is expected to enhance the integration of different equipment processes and improve competitiveness and shareholder returns through joint efforts in R&D, supply chain, and customer resources [2].

Group 1 - The major shareholder, Zhongke Tiansheng, transferred all of its 16,899,750 shares to Beifang Huachuang at a price of 85.71 CNY per share, totaling approximately 1.45 billion CNY [1][2] - After the transfer, Beifang Huachuang holds 35,964,665 shares, representing 17.87% of the total share capital, becoming the largest shareholder [2][5] - The control of the company has shifted from having no controlling shareholder to Beifang Huachuang being the controlling shareholder, with actual control held by Beijing Electronics Holdings [5] Group 2 - The transfer of shares from Zhongke Tiansheng and another major shareholder, Advanced Manufacturing, was completed, with Advanced Manufacturing transferring 19,064,915 shares at a price of 88.48 CNY per share, totaling approximately 1.69 billion CNY [3][4] - The board of directors was restructured, with Beifang Huachuang nominating four non-independent directors and one independent director, achieving a majority in the board [5] - The collaboration between Beifang Huachuang and the company is expected to enhance operational synergies, particularly in the semiconductor equipment sector, benefiting both parties through improved competitiveness and shareholder returns [5]

北方华创6月24日晚发布公告称，6月23日，芯源微召开2025年第二次临时股东大会，审议通过了相关议案，北方华创提名的董博宇、崔晓微、李延辉和邓 晓军被选举为芯源微第三届董事会非独立董事，北方华创提名的潘伟被选举为芯源微第三届董事会独立董事，任期自芯源微股东大会审议通过之日起至第 三届董事会任期届满之日止。 6月24日，北方华创收到中国证券登记结算有限责任公司出具的《证券过户登记确认书》，获悉公司协议受让中科天盛所持芯源微股份已完成股份过户登 记手续，股份过户日期为6月23日，股份过户数量为1689.98万股。 截至2025年6月23日，北方华创持有芯源微3596.47万股股份，约占总股本的17.87%，为芯源微第一大股东；北方华创共提名了4名非独立董事和1名独立董 事，在芯源微全部董事和全部非独立董事中均过半数，北方华创已成为芯源微控股股东并取得对芯源微的控制权。 国内半导体行业的重组正在稳步推进之中。 在A股最大的芯片设计龙头海光信息吸收合并中科曙光事宜还在推进之际，A股综合实力最强的芯片设备厂商北方华创已获得另一家芯片设备厂商芯源微 的控制权。 在半导体装备业务板块，北方华创的主要产品包括刻蚀、薄膜沉积 ...

【导读】北方华创已取得对芯源微的控制权 中国基金报记者 卢鸰 国内半导体行业的重组正在稳步推进之中。 在A股最大的芯片设计龙头海光信息吸收合并中科曙光事宜还在推进之际，A股综合实力最强的芯片设备厂商北方华创已获得另一家芯片设 备厂商芯源微的控制权。 北方华创6月24日晚 发布 公告称，6月23日，芯源微召开2025年第二次临时股东大会，审议通过了相关议案，北方华创提名的董博宇、崔 晓微、李延辉和邓晓军被选举为芯源微第三届董事会非独立董事，北方华创提名的潘伟被选举为芯源微第三届董事会独立董事，任期自芯 源微股东大会审议通过之日起至第三届董事会任期届满之日止。 6月24日，北方华创收到中国证券登记结算有限责任公司出具的《证券过户登记确认书》，获悉公司协议受让中科天盛所持芯源微股份已完 成股份过户登记手续，股份过户日期为6月23日，股份过户数量为1689.98万股。 截至2025年6月23日，北方华创持有芯源微3596.47万股股份，约占总股本的17.87%，为芯源微第一大股东；北方华创共提名了4名非独 立董事和1名独立董事，在芯源微全部董事和全部非独立董事中均过半数，北方华创已成为芯源微控股股东并取得对芯源微的控 ...

Core Viewpoint - The Han Jing Semiconductor Industrial Base in Shenyang is rapidly advancing, with significant government support and a focus on filling gaps in the domestic semiconductor supply chain [2][3]. Group 1: Project Overview - The Han Jing Semiconductor Industrial Base covers an area of 96,000 square meters and includes various facilities such as quartz and silicon carbide plants, a research center, and employee accommodations [1]. - The project has received a total investment of 1 billion yuan and is expected to address critical supply chain issues in the semiconductor industry [2]. Group 2: Industry Impact - The new factory will establish two production lines that will fill gaps in the domestic semiconductor industry, particularly in high-purity quartz and silicon carbide components [2]. - The factory aims to produce the highest precision quartz production line globally and the first ultra-high purity quartz production line in China, targeting advanced processes below 10 nanometers [2]. - The introduction of a silicon carbide component production line will reduce delivery times from 36 months to 12 months, significantly alleviating long delivery challenges faced by the industry [2]. Group 3: Future Plans and Employment - The research center at the new factory will focus on developing advanced semiconductor equipment components to strengthen the domestic semiconductor industry [3]. - The project is on track for completion, with construction expected to finish by the end of July, equipment installation in August, and trial production in October, creating 1,000 job opportunities [3].

行情速递 ① 主 板 领 涨 ， 大 为 股 份 (+10.02%)/ 深 华 发 A (+110.01%)/ 中 京 电 子 (+10.01%)/ 沪 电 股 份 (+10.00%)/楚天龙 (+10.00%)/ ② 创业板领涨， 逸豪新材(+20.01%)/科翔股份(+19.98%)/联建光电(+19.90%)/ ③科创板领涨， 清越科技(+20.05%)/生益电子 (+16.31%)/源杰科技(+9.85%)/ ④活跃子行业， SW印制电路板(+5.82%)/SW品牌消费电子(+3.94%)/ 国内新闻 ① 艾邦半导体网，中电化合物与甬江实验室正式签署战略合作框架协议/双 方将围绕AR眼镜用光学碳化硅（SiC）晶片展开深度研发合作/共同推动SiC 材料在增强现实（AR）领域的创新应用/为下一代智能穿戴设备提供更优的 光学解决方案/ ② 电子工程专辑，阿里巴巴Qwen团队宣布Qwen3全系模型完成苹果MLX框 架的官方适配/涵盖从0.6B（6亿参数）到235B（2350亿参数）的8个尺寸/ 并支持4bit/6bit/8bit/BF16四种量化精度/总计32个版本模型/ ③ 集微网，据盛美上海最新机构调研信 ...

Core Viewpoint - The company, Shengmei Shanghai, is focusing on continuous innovation in semiconductor cleaning equipment and aims to expand its overseas market presence while benefiting from the global semiconductor industry's recovery [1][3]. Group 1: Company Performance and Financials - Shengmei Shanghai's revenue for 2024 is projected to reach 5.618 billion yuan, with a net profit of 1.153 billion yuan, reflecting a year-on-year growth of 26.65%, although the profit growth rate is slowing [1]. - In Q1 of this year, the company achieved a net profit of 246 million yuan, which is approximately a twofold increase year-on-year [1]. Group 2: Product Development and Innovation - The company is advancing its PECVD, Track, and furnace tube equipment lines, with significant growth expected in LPCVD, oxidation furnaces, and ALD equipment by 2025 [1]. - The Track equipment features a differentiated platform design that meets high output and low maintenance cost requirements, with ongoing efforts to optimize supply chain channels for stable component supply [2]. - The newly developed 300WPH Track beta prototype for KrF processes is expected to enter client validation by the end of June 2025 [2]. - The company’s supercritical CO drying cleaning equipment is at a world-leading level, with a projected 50% reduction in CO usage compared to foreign counterparts, significantly lowering customer consumable costs [2]. Group 3: Market Strategy and Expansion - Shengmei Shanghai is leveraging its dual listing in A-shares and U.S. markets to enhance its competitive advantage through technology differentiation, product platformization, and global customer outreach [3]. - The company has received attention from multiple international clients for its differentiated core equipment [3]. - The company plans to raise 4.482 billion yuan through a private placement to fund R&D, process testing platform construction, and high-end semiconductor equipment development [3].

蒸汽转化炉管是用于石油炼制过程中转化反应的设备部件。转化炉主要用于催化裂化（ FCC ）等工艺，通过高温高压环境将重质石油或其他原 料转化为轻质石油产品，如汽油、柴油和液化石油气等。在这些工艺中，蒸汽转化炉管起到了承载和传输热量、催化剂以及原料的作用。 蒸汽转化炉管一般由耐高温、耐腐蚀的金属材料（如合金钢或镍合金）制成，因为它们需要承受炼制过程中产生的极高温度和化学腐蚀。炉管 的设计必须考虑到流体动力学、热传递、化学反应等因素，以确保反应的效率和设备的安全性。 在炼油厂中，蒸汽转化炉管是转化反应装置的重要组成部分，其性能直接影响炼油过程的稳定性和产物的质量。 据 QYResearch 调研团队最新报告"全球蒸汽转化炉管市场报告 2025-2031 "显示，预计 2031 年全球蒸汽转化炉管市场规模将达到 1.9 亿美元， 未来几年年复合增长率 CAGR 为 4.2% 。 来源： QQYResearch 机械及设备研究中心中心。行业处于不断变动之中，最新数据请联系 QYResearch 咨询。 根据 QYResearch 头部企业研究中心调研，全球范围内蒸汽转化炉管生产商主要包括 Schmidt + Cleme ...