证券研究报告 公司研究 / 公司点评 2026 年 03 月 03 日 刻蚀业务稳健增长、薄膜业务加速放量 半导体 报告原因： | | | | 市场数据： | 2026 | 年 | 03 月 | 02 日 | | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 349.14 | | 一年内最高/最低（元） | | | 379.00/164.88 | | | | 市净率 | | | | | 10.2 | | 股息率（分红/股价） | | | | | 0.09 | | 流通 A 股市值（百万元） | | | | 218,612 | | | 上证指数/深证成指 | | | 4,183/14,466 | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | 基础数据： | | | 2025 | 年 | | 月 30 | | | 09 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | | | ...

证券研究报告 公司研究 / 公司点评 2026 年 03 月 03 日 刻蚀业务稳健增长、薄膜业务加速放量 半导体 报告原因： 拼图，平台化战略再进一步》2025-12-19 《北方华创（002371.SZ）：收购光学镀膜装 备公司，加速关键环节国产替代》2025-12-12 证券分析师 | | | | 市场数据： | 2026 | 年 | 03 月 | 02 日 | | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 349.14 | | 一年内最高/最低（元） | | | 379.00/164.88 | | | | 市净率 | | | | | 10.2 | | 股息率（分红/股价） | | | | | 0.09 | | 流通 A 股市值（百万元） | | | | 218,612 | | | 上证指数/深证成指 | | | 4,183/14,466 | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | 基础数据： | | | 2025 | 年 | | 月 30 | | | 09 | 日 | | --- | --- ...

Core Viewpoint - The global etching machine market is experiencing growth, with a projected market size of approximately $14.82 billion in 2023, a year-on-year increase of 5.93%, and expected to reach $16.48 billion by 2025 [1][2]. Group 1: Industry Definition and Classification - Etching machines are essential tools in semiconductor manufacturing, combining chemical reactants and physical energy to remove material from surfaces to create microstructures [2]. - The etching machines are categorized into wet etching machines (chemical and electrochemical) and dry etching machines (ion milling, plasma etching, and reactive ion etching) [2]. Group 2: Industry Development Status - The etching machine market is primarily used for manufacturing semiconductor devices, photovoltaic cells, and micro-mechanical systems, showing a consistent growth trend [2][3]. - The market size is projected to be approximately $15.65 billion in 2024 and $16.48 billion in 2025 [1][2]. Group 3: Industry Chain - The upstream of the etching machine industry includes semiconductor materials and components such as pre-vacuum chambers, etching chambers, gas supply systems, and vacuum systems [3]. - The midstream involves the manufacturing and system integration of etching machines, while the downstream applications include micro-electromechanical systems (MEMS), advanced packaging, and nanotechnology in semiconductor, optical, and electronic industries [3]. Group 4: Industry Development Environment - Related Policies - The government places significant emphasis on the development of the etching machine industry, implementing various supportive policies to enhance its growth [4]. Group 5: Industry Barriers - The etching machine industry has high entry barriers, primarily due to technological, financial, and customer recognition challenges [5]. Group 6: Industry Competitive Landscape - The etching machine market is characterized by high concentration and intense competition, dominated by international companies such as Lam Research, TEL, and AMAT [6]. - Domestic companies like North Huachuang, Zhongwei Company, and Yitang Semiconductor are emerging as leaders in the etching machine sector, leveraging their R&D and innovation capabilities [6][8]. Group 7: Industry Development Trends - As a core process in semiconductor manufacturing, etching technology is crucial for transferring patterns onto wafer surfaces, with the market evolving towards platform-based and atomic-level manufacturing [9]. - The Chinese etching machine industry is experiencing explosive growth, supported by national policies, and is diversifying and making significant progress in various segments [9].

Core Viewpoint - Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. expects a revenue growth of over 36% to 12.385 billion RMB in 2025, driven by strong sales of etching and film equipment [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 2.08 billion to 2.18 billion RMB in 2025, representing a year-on-year increase of approximately 28.74% to 34.93% [1] - Core net profit, excluding non-recurring gains and losses, is projected to be between 1.5 billion and 1.6 billion RMB, with a growth range of 8.06% to 15.26% [1] - The company expects a significant increase in non-recurring gains, with equity investment income estimated at 611 million RMB, up from 198 million RMB the previous year [3] Group 2: Business Growth and R&D Investment - The company plans to invest 3.736 billion RMB in R&D for 2025, a 52.32% increase from the previous year, which is significantly higher than the average for companies listed on the Sci-Tech Innovation Board [2] - The core plasma etching equipment continues to gain recognition from domestic and international clients, with cumulative shipments of etching equipment expected to exceed 6,800 units by the end of 2025 [2] - The film equipment business is experiencing explosive growth, with LPCVD and ALD equipment revenue reaching approximately 506 million RMB, a staggering increase of 224.23% [1][2] Group 3: Supply Chain and Production Capacity - The company has expanded its production and R&D bases in Nanchang and Shanghai, covering approximately 140,000 and 180,000 square meters, respectively [3] - To ensure stable equipment delivery rates, the company is actively developing key component suppliers to enhance supply chain security [3] Group 4: Technological Advancements - The company has made significant progress in the development of CCP and ICP equipment, achieving single-atom level precision in processing [2] - In the compound semiconductor sector, the company maintains a leading position in GaN-based MOCVD equipment and is actively developing SiC applications [4]

Core Viewpoint - The founder and chairman of Zhongwei Company, Yin Zhiyao, plans to reduce his shareholding by no more than 290,000 shares, accounting for up to 0.046% of the company's total share capital, due to his change of nationality from foreign to Chinese for tax purposes [1][2]. Group 1: Shareholding Reduction - Yin Zhiyao intends to reduce his shareholding through centralized bidding, with a maximum of 290,000 shares [1]. - The reduction period is set from January 30, 2026, to April 29, 2026 [1]. - The estimated market value of the shares to be reduced is approximately 9.764 million yuan, based on the closing price of 336.68 yuan per share as of January 9 [1]. Group 2: Background of Yin Zhiyao - Yin Zhiyao, born in 1944, has a distinguished educational background, holding a bachelor's degree from the University of Science and Technology of China and a Ph.D. from UCLA [3][5]. - He has extensive experience in the semiconductor industry, having worked for Intel, Applied Materials, and other companies before founding Zhongwei Company in 2004 [3][6]. - In 2024, his pre-tax compensation from Zhongwei Company was reported to be 14.8514 million yuan [3]. Group 3: Company Achievements - Under Yin Zhiyao's leadership, Zhongwei Company has made significant advancements in semiconductor equipment, including the development of the first plasma etching equipment in China [7][8]. - The company has achieved a strong growth trajectory, with a reported revenue of 8.063 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 46.40% [8]. - The net profit attributable to shareholders for the same period was 1.211 billion yuan, reflecting a year-on-year growth of 32.66% [8].

Core Viewpoint - Semiconductor leader Zhongwei Company (688012) announced plans for share reduction by major shareholders, including founder Yin Zhiyao, for personal and tax-related reasons, amidst strong financial performance and growth prospects in the semiconductor equipment sector [1][8]. Shareholder Actions - Xunxin (Shanghai) Investment Co., Ltd. holds 68.47 million shares (10.94% of total shares) and plans to reduce up to 12.52 million shares (2% of total shares) within three months starting from 15 trading days after the announcement [1]. - Yin Zhiyao plans to reduce up to 290,000 shares (0.046% of total shares) through centralized bidding within the same timeframe, citing the need to handle tax matters after regaining Chinese citizenship [1]. Company Performance - As of January 9, Zhongwei's stock price was 336.68 yuan per share, with a total market capitalization of 210.8 billion yuan [1]. - For the first three quarters of 2025, Zhongwei achieved revenue of 8.063 billion yuan, a year-on-year increase of 46.40%, and a net profit of 1.211 billion yuan, up 32.66% year-on-year [8]. Future Plans - Zhongwei aims to increase its coverage in the integrated circuit equipment sector to 60% over the next five to ten years, focusing on high-quality development in collaboration with industry partners [8].

Core Viewpoint - The article discusses the planned share reductions by major shareholders of Zhongwei Company, including its founder and chairman, Yin Zhiyao, highlighting the company's strong growth in the semiconductor equipment sector and its future ambitions [2][6]. Shareholder Actions - Xunxin (Shanghai) Investment Co., Ltd. plans to reduce its holdings by up to 12.52 million shares, representing 2% of the total share capital, due to operational needs [2]. - Yin Zhiyao intends to reduce his holdings by up to 290,000 shares, which is 0.046% of the total share capital, for tax-related reasons after changing his nationality back to Chinese [2]. Company Performance - As of January 9, Zhongwei Company's stock price was 336.68 yuan per share, with a total market capitalization of 210.8 billion yuan [2]. - For the first three quarters of 2025, Zhongwei Company reported a revenue of 8.063 billion yuan, a year-on-year increase of 46.40%, and a net profit attributable to shareholders of 1.211 billion yuan, up 32.66% year-on-year [6]. Future Plans - Zhongwei Company aims to increase its coverage in the integrated circuit equipment sector to 60% over the next five to ten years, striving to become a leading international semiconductor equipment company in terms of scale and competitiveness [6].

Core Viewpoint - The founder and chairman of Zhongwei Company, Yin Zhiyao, plans to reduce his shareholding by no more than 290,000 shares, accounting for up to 0.046% of the company's total equity, due to his change of nationality from foreign to Chinese for tax purposes [1][5]. Shareholding Reduction Plan - Shareholder Name: Yin Zhiyao [1] - Planned Reduction Quantity: Up to 290,000 shares [1] - Planned Reduction Proportion: Up to 0.046% [1] - Reduction Method: Centralized bidding [1] - Reduction Period: From January 30, 2026, to April 29, 2026 [1] - Source of Shares for Reduction: Acquired before IPO [1] - Reason for Reduction: Change of nationality for tax processing [1] Company Financial Performance - As of January 9, the stock price of Zhongwei Company was 336.68 yuan per share, with a total market value of 210.8 billion yuan [1]. - The estimated market value of the shares Yin Zhiyao plans to reduce is approximately 9.764 million yuan [1]. - For the first three quarters of 2025, Zhongwei Company achieved an operating income of 8.063 billion yuan, a year-on-year increase of 46.40%, and a net profit attributable to shareholders of 1.211 billion yuan, a year-on-year increase of 32.66% [8]. Company Background and Development - Yin Zhiyao, born in 1944, has a distinguished educational background and extensive experience in the semiconductor industry, having worked for major companies like Intel and Applied Materials before founding Zhongwei Company in 2004 [3][5]. - Under Yin Zhiyao's leadership, Zhongwei Company has made significant technological advancements, including the development of the first domestic plasma etching equipment and achieving processing precision at the world advanced level [8]. - The company aims to increase its coverage in the integrated circuit equipment sector to 60% over the next five to ten years, striving to become a leading semiconductor equipment company globally [8].

Core Viewpoint - The founder and chairman of Zhongwei Company, Yin Zhiyao, plans to reduce his shareholding by no more than 290,000 shares, accounting for up to 0.046% of the company's total equity, due to his change in nationality from foreign to Chinese for tax purposes [1]. Group 1: Shareholding Reduction - Yin Zhiyao intends to reduce his shareholding through centralized bidding, with a maximum of 290,000 shares [1]. - The reduction period is set from January 30, 2026, to April 29, 2026 [1]. - The estimated market value of the shares to be reduced is approximately 9.764 million yuan, based on the closing price of 336.68 yuan per share as of January 9 [1]. Group 2: Background of Yin Zhiyao - Yin Zhiyao, born in 1944, is a Chinese national with a bachelor's degree from the University of Science and Technology of China and a Ph.D. from UCLA [3]. - He has held various significant positions in major semiconductor companies, including Intel and Applied Materials, before founding Zhongwei Company in 2004 [3][6]. - In 2024, his pre-tax remuneration from the company was reported to be 14.8514 million yuan [3]. Group 3: Company Development and Achievements - Zhongwei Company has developed its first etching and film equipment within three years of establishment, providing efficient and cost-effective solutions for domestic clients [7]. - The company has achieved significant technological breakthroughs, including the development of advanced plasma etching equipment and the introduction of self-owned intellectual property etching machines into 5nm production lines by 2018 [7]. - For the first three quarters of 2025, Zhongwei Company reported a revenue of 8.063 billion yuan, a year-on-year increase of 46.40%, and a net profit of 1.211 billion yuan, up 32.66% year-on-year [7].

Core Viewpoint - The founder and chairman of Zhongwei Company, Yin Zhiyao, plans to reduce his shareholding by no more than 290,000 shares, accounting for up to 0.046% of the company's total equity, due to his change in nationality from foreign to Chinese for tax purposes [1][4]. Group 1: Shareholding Reduction - Yin Zhiyao intends to reduce his shareholding through centralized bidding, with a maximum of 290,000 shares [1]. - The reduction period is set from January 30, 2026, to April 29, 2026 [1]. - The estimated market value of the shares to be sold is approximately 9.764 million yuan, based on the closing price of 336.68 yuan per share as of January 9 [1]. Group 2: Background of Yin Zhiyao - Yin Zhiyao, born in 1944, has an extensive background in semiconductor technology, having worked at Intel and Applied Materials before founding Zhongwei Company [3][6]. - He has been recognized for his contributions to the semiconductor equipment industry, particularly in plasma etching technology [10]. - In 2024, his pre-tax compensation from Zhongwei Company was reported to be 14.8514 million yuan [3]. Group 3: Company Performance - Zhongwei Company has shown strong growth, with a reported revenue of 8.063 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 46.40% [10]. - The net profit attributable to shareholders for the same period was 1.211 billion yuan, reflecting a year-on-year growth of 32.66% [10].