/ 机构调研pro小程序 神工股份分析师会议 调研日期：2025年09月26日 调研行业：半导体 参与调研的机构：汇丰晋信基金、朴拙资本、烽火投资、重阳投 资、国泰海通证券等 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | STAR ...

龙头点睛：光刻胶板块掀起涨停潮 今日（9月24日）28股封单资金均超过1亿元。 涨停战场：3股封单资金均超5亿元 据证券时报·数据宝统计，从收盘涨停板封单量来看，蓝丰生化（002513）、启迪环境（000826）、华 软科技（002453）排名前三，封单量依次为51.82万手、36.68万手、33.88万手；TCL中环（002129）、 杭钢股份（600126）、渝开发（000514）、红豆股份（600400）紧随其后，封单量均在20万手以上。 从连续涨停天数看，华软科技斩获4连板；蓝丰生化、联美控股（600167）、向日葵实现3连板；另有张 江高科（600895）、立昂微（605358）、长川科技（300604）、南京港（002040）等2连板。 以封单金额计算，今日28股封单资金均超过1亿元。北方华创（002371）、通富微电（002156）、张江 高科排名前三，依次为8.74亿元、6.03亿元、5.03亿元；立昂微、蓝丰生化、长川科技、华软科技随 后，封单资金均在3亿元及以上。 北方华创最新收盘价为460.68元/股，1.9万手封单。盘后龙虎榜数据显示，今日合计净卖出8662万元。 深股通买入8.15亿 ...

9月23日，神工股份盘中下跌2.01%，截至10:22，报34.05元/股，成交8775.74万元，换手率1.48%，总市 值57.99亿元。 截至6月30日，神工股份股东户数1.36万，较上期增加13.79%；人均流通股12514股，较上期减少 12.12%。2025年1月-6月，神工股份实现营业收入2.09亿元，同比增长66.53%；归母净利润4883.79万 元，同比增长925.55%。 分红方面，神工股份A股上市后累计派现1.34亿元。近三年，累计派现2870.16万元。 责任编辑：小浪快报 资金流向方面，主力资金净流入184.69万元，特大单买入364.85万元，占比4.16%，卖出270.98万元，占 比3.09%；大单买入2728.50万元，占比31.09%，卖出2637.67万元，占比30.06%。 神工股份今年以来股价涨45.67%，近5个交易日跌1.16%，近20日跌9.08%，近60日涨6.11%。 资料显示，锦州神工半导体股份有限公司位于辽宁省锦州市太和区中信路46号甲，成立日期2013年7月 24日，上市日期2020年2月21日，公司主营业务涉及半导体级单晶硅材料的研发、生产和销售。 ...

和辉光电总经理刘惠然表示，盈亏平衡是一个动态的过程，会因市场需求、产品价格及成本的变化而变 化。未来，公司将继续加大市场开拓力度，通过研发创新和技术升级不断丰富和优化产品结构，提升产 品附加值，同时持续改进生产工艺，提高生产效率和产品良率，保持AMOLED产品出货量的持续增 长，快速提升毛利率和净利润率，进而实现业绩的稳步增长。 关注重点项目进展 本次业绩说明会上，相关上市公司重点项目和业务进展情况成为"必答题"。 其中，龙图光罩的珠海募投项目被多位投资者提及。龙图光罩董事长柯汉奇表示，2025年上半年，龙图 光罩珠海项目顺利投产，公司第三代掩模板PSM产品取得显著进展。公司KrF-PSM和ArF-PSM陆续送往 部分客户进行测试验证，其中90nm节点产品已成功完成从研发到量产的跨越，65nm产品已开始送样验 证，已完成40nm生产设备的布局。该项目年规划产能1.8万片，预计达产后产值5.4亿元。珠海公司二季 度已开始小规模量产，预计2025年下半年开始将逐步放量。 9月10日，2025年半年度科创板半导体设备及材料行业集体业绩说明会在线举行。20家科创板上市公司 集体亮相，向投资者介绍公司经营业绩情况，分享 ...

Core Insights - The 2025 semi-annual performance briefing for the semiconductor equipment and materials industry on the Sci-Tech Innovation Board was held online, featuring 20 listed companies presenting their operational performance and business developments [1] Financial Performance Overview - Yuanjie Technology reported a significant increase in revenue and net profit in the first half of 2025, attributed to breakthroughs in high-end data communication and large-scale shipments of CW lasers [2] - Shengkong Co. highlighted three trends in its performance: stable gross margins in its main business of large-diameter silicon materials, an increase in revenue share from silicon components, and the integration of silicon materials and components driving growth [2] - Hehui Optoelectronics emphasized the dynamic nature of reaching breakeven, focusing on market expansion, product innovation, and improving production efficiency to enhance gross and net profit margins [2] Key Project Developments - Longtu Photomask's Zhuhai project successfully commenced production in the first half of 2025, with significant progress in its third-generation photomask products, including successful transitions from R&D to mass production for 90nm products [3] - Fangbang Co. reported that its peelable copper technology has passed certifications from several PCB manufacturers, with expectations for gradual order increases as the technology gains acceptance [3] - Xinyi Chang's new robotics subsidiary is on track to launch new robotic products by the end of September 2025, with plans for humanoid robots in early 2026 [3] Future Development Plans - Deep Tech plans to enhance profitability by focusing on core equipment for smart glasses and other semiconductor-related products in the second half of 2025 [4] - Hehui Optoelectronics aims to expand its market presence in the medium and large-sized AMOLED panel sector, leveraging its established technology and supply chain advantages [5] - The company has maintained its leading position in domestic shipments of AMOLED displays for tablets and laptops from 2020 to mid-2025, with plans to increase the localization rate of raw materials to over 80% [5]

证券研究报告 | 公司动态点评 2025 年 09 月 05 日 神工股份（688233.SH） 25H1 营收利润同比高增，硅零部件打开增量空间 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 135 | 303 | 501 | 755 | 1,070 | | 增长率 yoy（%） | -75.0 | 124.2 | 65.6 | 50.5 | 41.8 | | 归母净利润（百万元） | -69 | 41 | 118 | 205 | 316 | | 增长率 yoy（%） | -143.7 | 159.5 | 186.2 | 73.9 | 54.2 | | ROE（%） | -3.9 | 2.5 | 6.2 | 10.0 | 13.5 | | EPS 最新摊薄（元） | -0.41 | 0.24 | 0.69 | 1.20 | 1.86 | | P/E（倍） | -79.6 | 133.8 | 46.7 | 26.9 | 17.4 | | P/B（倍） | ...

Investment Rating - The report maintains a "Buy" rating for the company [6][14]. Core Views - The company has shown significant growth in revenue and net profit for the first half of 2025, with revenue reaching 209 million yuan, a year-on-year increase of 66.53%, and net profit of 48.84 million yuan, a year-on-year increase of 925.55% [3][4]. - The demand for silicon materials is recovering, and the company is optimizing its sales structure, which has led to an increase in orders due to the semiconductor industry's cyclical recovery and domestic chip manufacturing needs [4][5]. - The company is expanding its production capacity in response to market demands, with its silicon component products entering major domestic manufacturers [5]. Summary by Sections Company Overview - The latest closing price is 37.45 yuan, with a total market capitalization of 6.4 billion yuan and a total share capital of 170 million shares [2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 209 million yuan and a net profit of 48.84 million yuan, with a gross profit margin of 37.59% [3][4]. - For Q2 2025, revenue was 103 million yuan, with a net profit of 20.33 million yuan, reflecting a year-on-year increase of 53.49% and 515.88% respectively [3]. Growth Potential - The company is expected to achieve revenues of 471 million yuan, 709 million yuan, and 1.005 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at 108 million yuan, 203 million yuan, and 324 million yuan [6][10]. - The silicon component market in China is projected to grow significantly, with the company positioned to benefit from this trend [5]. Market Position - The company is deepening its integration with the domestic semiconductor supply chain while maintaining its roots in the international market [4].

神工股份 20250823 摘要 受益于集成电路需求驱动，神工股份大直径硅材料和硅零部件销售额增 长显著，硅零部件已接近去年全年水平，重点客户出货量持续增加，公 司积极配合客户进行新产品研发并量产，本土半导体供应链安全建设中 发挥独特作用。 神工股份业绩增长受益于人工智能数据中心对高端芯片的需求增加，以 及中国大陆半导体产能扩张，带动本土设备厂商出货量增加，本土 Fab 厂开工率提升，持续拉动公司成长型业务硅零部件。 管理层关注大直径硅材料毛利率保持 60%以上，以及硅零部件收入总量 达到去年全年水平，占公司总营收比重超过大直径硅材料，毛利率略有 提升，表明公司第二曲线得到强化，两项业务融合有望改变过去几年业 绩周期性强的特点。 公司认为半导体产业处于换挡变速前夜，生成式人工智能应用性能突破 降低算力门槛，有望扩大人工智能应用范围并加深渗透率，中国本土芯 片制造厂在前沿技术和市场份额方面不断赶超海外竞争对手，半导体市 场结构性复苏态势加强，上行周期将到来。 Q&A 请介绍一下神工股份 2025 年上半年的财务表现及主要业务的增长情况。 2025 年上半年，神工股份实现营业收入 2.09 亿元，同比增长 67% ...

Core Viewpoint - The financial performance of ShenGong Co., Ltd. (688233) for the first half of 2025 shows significant growth in revenue and net profit, indicating strong operational efficiency and market demand for its products [1]. Financial Performance Summary - Total revenue reached 209 million yuan, a year-on-year increase of 66.53% [1]. - Net profit attributable to shareholders was 48.84 million yuan, up 925.55% year-on-year [1]. - The gross profit margin improved to 37.59%, an increase of 48.84% compared to the previous year [1]. - The net profit margin surged to 27.03%, reflecting a 516.23% increase year-on-year [1]. - The total of selling, administrative, and financial expenses was 9.39 million yuan, accounting for 4.5% of revenue, down 54.36% year-on-year [1]. - Earnings per share rose to 0.29 yuan, a remarkable increase of 866.67% [1]. Accounts Receivable and Cash Flow - Accounts receivable increased significantly, with a year-on-year growth of 106.7% [1]. - Operating cash flow per share decreased by 13.86% to 0.4 yuan [1]. - The company reported a decrease in cash and cash equivalents by 67.63% to 257 million yuan [1]. Business Model and Market Demand - The increase in revenue is attributed to the recovery in demand for large-diameter silicon materials and increased demand for silicon components [3]. - The company’s business model relies heavily on R&D and capital expenditures, necessitating careful evaluation of capital projects [4]. - The long-term demand for silicon components is expected to grow due to advancements in domestic integrated circuit manufacturing capabilities and increased investments from global tech giants [7]. Investment and Market Position - The company’s return on invested capital (ROIC) was reported at 1.7%, with a historical median ROIC of 15.47% since its listing [3]. - The company has seen a significant increase in institutional interest, with several funds increasing their holdings in ShenGong Co., Ltd. [6].

Core Viewpoint - The report highlights the significant growth in revenue and net profit for Jinzhou Shengong Semiconductor Co., Ltd. in the first half of 2025, driven by the recovery of the semiconductor industry and increasing domestic demand for chip manufacturing [3][5][8]. Company Overview and Financial Indicators - Jinzhou Shengong Semiconductor Co., Ltd. reported a revenue of 208.53 million yuan, a 66.53% increase compared to the same period last year [3][5]. - The total profit reached 63.85 million yuan, marking an 884.76% increase year-on-year [3][5]. - The net profit attributable to shareholders was 48.84 million yuan, up 925.55% from the previous year [3][5]. - The company's net assets at the end of the reporting period were 1.83 billion yuan, a 2.03% increase from the end of the previous year [3][5]. Industry and Business Analysis - The global semiconductor market is expected to grow by 11.2% in 2025, with logic chip markets growing by 23.9% and storage chip markets by 11.7% [5][6]. - The company is positioned in the upstream segment of the semiconductor supply chain, which is closely tied to the industry's overall performance [5][6]. - The demand for large-diameter silicon materials is anticipated to increase due to the overall growth of the semiconductor market and stricter requirements for chip manufacturing processes [10]. Operational Performance - The company achieved significant revenue from large-diameter silicon materials, totaling 92.53 million yuan [6][8]. - The silicon component products experienced substantial growth due to advancements in domestic equipment technology [6][8]. - The company is focusing on expanding production capacity based on customer orders and industry demand growth [8][9]. Research and Development - The company emphasizes R&D investment, achieving advancements in silicon wafer technology, particularly in TTV control during the grinding process [8][15]. - The company has established a robust R&D system to align with industry trends and customer needs [8][15]. Market Expansion - The company is optimizing its sales structure for large-diameter silicon materials and has begun supplying products to leading domestic storage IC manufacturers [9][11]. - The company is actively working on meeting the domestic market's demand for silicon materials, particularly in the context of the national strategy for semiconductor material localization [10][11].