Core Viewpoint - The company is focused on enhancing its semiconductor equipment and materials business, leveraging its recent acquisition by a leading technology group to drive growth and innovation in the semiconductor industry. Group 1: Company Overview - The company held its annual shareholder meeting on May 16, 2025, to discuss the 2024 annual report and various proposals for the upcoming year [3][4]. - The board of directors has been actively involved in decision-making, holding seven meetings during the reporting period to address key issues such as financial planning and profit distribution [4][5]. Group 2: Business Performance - The company’s subsidiary, Kaishitong, has made significant advancements in the development of ion implantation machines, achieving notable sales milestones with over 40 units delivered and a total order value of nearly 1.4 billion [8][9]. - Kaishitong has expanded its product offerings, including low-energy and high-energy ion implantation machines, to meet the growing demands of the semiconductor market [7][9]. Group 3: R&D and Innovation - The company has increased its R&D personnel from 157 to 213, marking a growth rate of 35.67%, to enhance its innovation capabilities [15]. - The company has established a comprehensive patent system, with a total of 332 patent applications filed, including 188 invention patents [14]. Group 4: Market Trends and Opportunities - The global semiconductor equipment market is projected to grow, with a forecasted increase in sales of 7.7% to $121.5 billion in 2025, driven by rising demand for advanced manufacturing processes [19][21]. - The company is strategically positioned to capitalize on the growing demand for bismuth materials in the semiconductor industry, with plans to expand its production capabilities [22][23]. Group 5: Future Strategies - The company aims to accelerate the reduction of real estate inventory while leveraging its technology group's resources to cultivate new growth points in semiconductor materials [26]. - Plans include enhancing product development in ion implantation equipment and optimizing the supply chain to ensure stability and quality [27][28].

丨证券研究报告丨 联合研究丨公司点评丨万业企业（600641.SH） [Table_Title] 万业企业：业务转型加速，打造半导体设备与材 料综合平台 报告要点 [Table_Summary] 近期万业企业发布 2024 年年报和 2025 年一季度报告。 %% %% %% %% 2024 年公司实现营收 5.81 亿元，同比减少-39.72%；实现归母净利润 1.08 亿元，同比减少 28.85%；2025Q1 公司实现营收 1.92 亿元，同比增加 94.09%；实现归母净利润-0.20 亿元， 亏损幅度同比有所扩大。 分析师及联系人 [Table_Author] 杨洋 赵智勇 倪蕤 王泽罡 SAC：S0490517070012 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490521120001 SFC：BUW100 SFC：BRP550 请阅读最后评级说明和重要声明 research.95579.com 1 事件评论 丨证券研究报告丨 万业企业（600641.SH） cjzqdt11111 2025-05-03 [Table_Title 万业企业：业务转型 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 25Q1 营收同比高增，设备+材料平台化布局持 续完善 [Table_Title2] 万业企业(600641) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 600641 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 20.65/9.14 | | 目标价格： | | 总市值(亿) | 131.87 | | 最新收盘价： | 14.17 | 自由流通市值(亿) | 131.87 | | | | 自由流通股数(百万) | 930.63 | [Table_Summary] 事件概述 公司发布 2024 年报、2025 年一季报。 ► 设备+材料快速放量，25Q1 营收高速增长 2024 年公司实现营收 5.81 亿元，同比-39.72%，下滑主要系地产业务出清。单季度来看，24Q4 为 2.74 亿元，同比+35.08%；25Q1 为 1.92 亿元，同比+94.09%，收入端明显提速，半导体设备& 材 ...

Group 1 - The core viewpoint of the articles highlights the strong financial performance and strategic advancements of Wan Ye Enterprise in the semiconductor equipment sector, driven by significant R&D investments and a focus on domestic production [1][2][3] - In 2024, Wan Ye Enterprise achieved a revenue of 581 million yuan and a net profit of 108 million yuan, with the equipment and materials business being the main growth driver [1] - The company secured approximately 240 million yuan in integrated circuit equipment orders in 2024, indicating a robust demand in the semiconductor market [1] Group 2 - In Q1 2025, Wan Ye Enterprise reported a revenue of 193 million yuan, representing a year-on-year increase of 94.09%, showcasing substantial growth [2] - The company’s subsidiary, Shanghai Kaishitong Semiconductor Co., Ltd., received bulk repeat orders from three major clients and added two new clients, reflecting its expanding market presence [1][2] - Wan Ye Enterprise is enhancing its production capacity and supply chain resilience by expanding its R&D and manufacturing base in Shanghai, aiming for an annual production capacity of over 100 ion implantation machines [2] Group 3 - The profit distribution plan for 2024 includes a cash dividend of 0.43 yuan per 10 shares, amounting to a cash dividend ratio of 36.64% of the net profit attributable to shareholders [3] - The total cash dividend and repurchase amount is 289 million yuan, which is 269.12% of the net profit attributable to the parent company, indicating a strong commitment to returning value to shareholders [3] - With the formal acquisition by Xian Dao Technology Group, Wan Ye Enterprise aims to accelerate the integration of new materials, equipment, and components to create a closed-loop ecosystem in the industry [3]