2026 年 3 月 5 日，上交所上市委将审议重庆臻宝科技股份有限公司（下称 "臻宝科技"）科创板 IPO 项目，这家深耕半导体及显示面板设备零部件领域的 国家级专精特新 "小巨人" 企业，即将迎来资本市场的关键考验。 此次臻宝科技 IPO 由中信证券保荐，公司 2025 年 6 月 26 日正式申报科创板，凭借硅、石英、碳化硅和氧化铝陶瓷等核心零部件的技术积累与市场表 现，成为半导体细分赛道国产替代进程中的重要观察样本。而其所处的半导体设备核心零部件赛道，虽市场细分度高、技术壁垒显著，却也是国产半导体 产业链实现自主可控的关键环节，当前正迎来国际格局重塑与国内企业突围的双重机遇。 . 目前，全球市场份额高度集中于应用材料、东京电子、泛林半导体等国际设备巨头的上游配套供应商手中，典型企业包括京瓷、CoorsTek、Ferrotec、贺 利氏等。这些境外企业在材料研发、精密加工、品牌认证及与高端工艺的适配性上构建了深厚的壁垒，导致国内市场的高端需求长期依赖进口。 然而，在国产替代与产业链自主可控的大趋势下，国内半导体设备零部件赛道正迎来历史性发展机遇。随着中芯国际、华虹半导体、长江存储等国内晶圆 厂产能扩张提 ...

证券代码：688233 证券简称：神工股份 公告编号：2026-009 锦州神工半导体股份有限公司 2025年度业绩快报公告 一、2025年度主要财务数据和指标 单位：万元 币别：人民币 ■ 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。数据 若有尾数差，为四舍五入所致。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 2025年公司实现营业总收入44,277.20万元，同比增长 46.26%；实现归属于上市公司股东的净利润 10,145.47万元；实现归属于上市公司股东的扣除非经常性损益的净利润9,977.64万元。 报告期末，公司总资产208,044.04万元，同比增长 4.39%；归属于上市公司股东的所有者权益188,676.77 万元，同比增长 5.23%；归属于上市公司股东的每股净资产 11.08 元，同比增长5.23%。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载 ...

2月25日，神工股份发布2025年度业绩快报称，2025年，公司实现营业总收入4.43亿元，同比增长46.26%；归属于上市公司股东的净利润达到1.01亿元。在 上一报告期基数较低的情况下，公司通过精准把握市场机遇，成功实现经营面的V型反转。 究竟是什么力量推动神工股份重回增长快车道？业绩快报给出了清晰的答案——"全球市场回暖"与"本土国产替代"形成了强大的共振。 一方面，海外市场受到人工智能需求的强力拉动。随着AI技术的爆发式增长，高端逻辑芯片、存储芯片制造厂的开工率持续提升，资本开支明显增加。作 为芯片制造上游的核心材料供应商，神工股份的大直径硅材料业务直接受益于这一波由AI引领的全球扩产潮，收入实现稳步增长。 另一方面，中国本土市场的国产替代正在加速。国内存储芯片制造厂在技术和产能两方面紧跟全球先进水平，对于关键耗材的本土化需求日益迫切。神工股 份的硅零部件业务精准卡位这一赛道，订单快速放量，成为拉动业绩增长的第二引擎。 除了抓住外部的市场机遇，神工股份在内部的"修炼内功"同样功不可没。报告指出，公司紧抓下游市场回暖的窗口期，通过生产组织优化和工序效率提升， 大幅提高了产能利用率与产销规模。随着产量的提 ...

证券研究报告：电子 | 公司点评报告 发布时间：2026-02-24 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 84.15 | | --- | --- | | 总股本/流通股本（亿股）1.70 | / 1.70 | | 总市值/流通市值（亿元）143 | / 143 | | 周内最高/最低价 52 | 106.78 / 19.30 | | 资产负债率(%) | 7.2% | | 市盈率 | 350.63 | | 第一大股东 | 更多亮照明有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 神工股份(688233) 硅材料到硅零部件一体化生产，充分受益存储扩产 l 投资要点 25Q4 收入大幅增长，具备较强业绩弹性。根据公司 2025 年业绩 预告，营收方面，预告范围为4.3-4.5亿元，同比增长42.04%-48.65%， 公司前三季度单季度平均收入约为 1 亿元（ ...

证券研究报告：电子 | 公司点评报告 发布时间：2026-02-24 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 84.15 | | --- | --- | | 总股本/流通股本（亿股）1.70 | / 1.70 | | 总市值/流通市值（亿元）143 | / 143 | | 周内最高/最低价 52 | 106.78 / 19.30 | | 资产负债率(%) | 7.2% | | 市盈率 | 350.63 | | 第一大股东 | 更多亮照明有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 硅材料到硅零部件一体化生产，充分受益存储扩产 l 投资要点 25Q4 收入大幅增长，具备较强业绩弹性。根据公司 2025 年业绩 预告，营收方面，预告范围为4.3-4.5亿元，同比增长42.04%-48.65%， 公司前三季度单季度平均收入约为 1 亿元（未经审计），第四季度收 入 ...

Core Viewpoint - The company has established a leading position in the domestic silicon component market in China and has entered the supply chains of major storage chip manufacturers and plasma etching equipment manufacturers, emphasizing its unique role in domestic production [1] Group 1: Market Position - The company has achieved a leading position in the domestic silicon component market in China [1] - The company is part of the supply chains for major storage chip manufacturers such as Yangtze Memory Technologies and ChangXin Memory Technologies [1] - The company also supplies to plasma etching equipment manufacturers like Northern Huachuang and AMEC [1] Group 2: Production and Expansion - The company has been continuously expanding production based on downstream demand since the third quarter of 2025 [1] - The company aims to maintain the best balance between capacity growth and production yield, following the development curve of the past few years [1]

Core Viewpoint - The company has established a leading position in the domestic silicon component market in China and has entered the supply chains of major storage chip manufacturers and plasma etching equipment manufacturers, emphasizing its unique role in domestic production [1] Group 1: Market Position - The company has achieved a leading position in the Chinese domestic silicon component market [1] - It has entered the supply chains of major manufacturers such as Yangtze Memory Technologies and ChangXin Memory Technologies [1] - The company plays a significant role in promoting domestic production capabilities [1] Group 2: Production and Expansion - The company plans to continuously expand production starting from the third quarter of 2025 based on downstream demand [1] - It aims to maintain the best balance between capacity growth and production yield, following the development trajectory of the past few years [1]

Core Viewpoint - The company, ShenGong Co., Ltd. (688233.SH), is positioned as a global leader in the production capacity and technological strength of large-diameter silicon materials, with significant potential for increased operational efficiency and market demand response [1] Group 1: Production Capacity and Market Demand - The company's current production capacity for large-diameter silicon materials is sufficient to meet potential market demand, indicating a significant room for improvement in operational rates [1] - Since December 2025, the company has received new orders from overseas markets and will closely monitor the development trends in these markets to adjust production capacity accordingly [1] Group 2: Business Growth and Profitability - The rapid growth of the company's silicon component business has significantly reduced its reliance on external cyclical markets for the large-diameter silicon materials segment [1] - This growth is expected to drive up the operational rates of the large-diameter silicon materials business, potentially expanding scale efficiencies, lowering production costs, and enhancing overall profitability for the company [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has experienced a significant increase in revenue from silicon components over the past three years, with a notable recovery in the etching silicon materials market [1] - The company is expected to benefit from a resurgence in global storage semiconductor demand and accelerated domestic substitution in the second half of 2025 [8] - The company has adjusted its revenue and net profit forecasts for 2025, 2026, and 2027, reflecting a positive outlook due to increasing demand [8] Financial Data and Profit Forecast - Total revenue projections are as follows: - 2024: 303 million - 2025: 441 million - 2026: 764 million - 2027: 1,028 million - Year-on-year growth rates for total revenue are projected at: - 2024: 124.2% - 2025: 45.8% - 2026: 73.2% - 2027: 34.5% [7] - Net profit forecasts are as follows: - 2024: 41 million - 2025: 105 million - 2026: 222 million - 2027: 319 million - Year-on-year growth rates for net profit are projected at: - 2025: 155.4% - 2026: 110.8% - 2027: 44.0% [7] - The company’s gross margin is expected to improve, reaching 47.3% in 2026 [8]

Group 1 - The company will hold its first extraordinary general meeting of shareholders in 2026 on February 10, 2026 [2][5] - The meeting will utilize the Shanghai Stock Exchange's online voting system, allowing shareholders to vote both on-site and online [3][4] - Shareholders must register to attend the meeting, with specific procedures outlined for both individual and corporate shareholders [11][14] Group 2 - The company forecasts its 2025 annual revenue to be between 430 million and 450 million yuan, representing a year-on-year increase of 42.04% to 48.65% [19][22] - The projected net profit for 2025 is expected to be between 110 million and 130 million yuan, reflecting a significant year-on-year growth of 135.30% to 178.09% [20][22] - The anticipated net profit attributable to the parent company is estimated to be between 90 million and 110 million yuan, indicating a year-on-year increase of 118.71% to 167.31% [20][22] Group 3 - The company plans to terminate the "Silicon Material Expansion Project for Integrated Circuit Etching Equipment" and will permanently supplement its working capital with the remaining raised funds of approximately 131.95 million yuan [39][44] - The decision to terminate the project is based on changes in the global market environment and the rapid development of domestic semiconductor manufacturers [44][46] - The company has effectively managed its project costs, resulting in surplus funds that will be redirected to support ongoing operations [47][48]