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半导体设备半年报:北方华创并表芯源微或影响短期毛利率研发持续扩张完善产品线布局
Xin Lang Cai Jing· 2025-09-26 07:36
2025年以来,AI芯片产业链景气度持续提升,半导体设备领域投资热度居高不下。据华泰证券统计,2025年第二季度全球半导体设备公司总收入同比增长24%,预计2025年全年全球半导体设备 具体来看,AI芯片对计算性能和功耗的高要求大幅提高了芯片设计和制造的复杂性,因此对高性能SoC测试机和存储测试机的需求显著增长。此外,HBM技术已成为AI计算的标配,其对应的COW 在此背景下,海外半导体设备市场受AI相关投资驱动实现高增,市场规模同比增长40%,其中测试机、封装设备等后道设备的增长尤为显著。 从历史数据来看,北方华创近年毛利率始终保持在40%以上,而芯源微除2023年毛利率达到42.53%,近年其余年份均在36-38%左右。2025年上半年,对芯源微实现并表后,北方华创营业成本 芯源微的主要产品包括涂胶显影设备等核心工艺装备,而北方华创的主要产品涵盖刻蚀、薄膜沉积、热处理、湿法和离子注入等核心工艺装备,二者产品布局具有显著互补性。虽然双方在短期内 第二,报告期内,北方华创研发费用率提升。前两年公司上半年的研发费用率均在11%以下,而2025年上半年,公司研发投入同比高增30.01%至29.15亿元,研发费用率 ...
半导体设备半年报:拓荆科技先进制程机台进入规模化量产阶段,第二季度毛利率大幅回暖
Xin Lang Cai Jing· 2025-09-26 07:31
Industry Overview - Since 2025, the AI chip industry chain has seen a continuous improvement in market conditions, with high investment enthusiasm in the semiconductor equipment sector. Global semiconductor equipment company revenues are expected to grow by 12% year-on-year in 2025, with a 24% increase in Q2 2025 compared to the same period last year [1] - The demand for high-performance SoC testing machines and storage testing machines has significantly increased due to the high requirements for computing performance and power consumption in AI chips. Additionally, HBM technology has become standard for AI computing, driving demand for advanced packaging equipment [1] Market Performance - The overseas semiconductor equipment market has achieved a year-on-year growth of 40%, driven by AI-related investments, with notable growth in testing machines and packaging equipment [1] - In contrast, the Chinese market experienced a slight decline of 1% year-on-year in the first half of 2025, although the domestic semiconductor equipment localization rate increased by 6 percentage points to 21% [1] Company Performance - Among semiconductor equipment manufacturers, there is a notable performance divergence. Nine front-end equipment companies reported revenue growth, but some, such as Jingce Electronics and Tuo Jing Technology, saw significant declines in net profit despite revenue increases [2] - The companies with the highest net profit growth include Weidao Nano, Changchuan Technology, Huafeng Measurement and Control, and Zhongke Fei Measurement, with year-on-year net profit growth rates of 348.95%, 98.73%, 74.04%, and 73.01% respectively [3] - Tuo Jing Technology, despite having the highest revenue growth rate of 54.25%, experienced a significant net profit decline of 26.96% due to high costs associated with new product validation in Q1 2025 [3] Financial Metrics - Tuo Jing Technology's gross margin fluctuated significantly, dropping to 19.89% in Q1 2025 before recovering to 38.83% in Q2 2025 [4] - The company has shipped over 3,000 reaction chambers, including more than 340 new types, and has successfully passed customer certifications for advanced process equipment, indicating strong business growth [5] - As of the end of the reporting period, Tuo Jing Technology's contract liabilities reached 453,577.43 million yuan, a 52.07% increase compared to the end of 2024, reflecting a solid order backlog for future revenue growth [5]
半导体设备半年报:北方华创并表芯源微或影响短期毛利率 研发持续扩张完善产品线布局
Xin Lang Cai Jing· 2025-09-26 07:27
Core Insights - The AI chip industry has seen a continuous increase in prosperity since 2025, with high investment levels in the semiconductor equipment sector. Global semiconductor equipment company revenues are expected to grow by 12% year-on-year in 2025, with a 24% increase in Q2 2025 compared to the previous year [1] - The demand for high-performance SoC testing machines and storage testing machines has significantly increased due to the high requirements for computing performance and power consumption in AI chips. Additionally, HBM technology has become standard for AI computing, driving demand for advanced packaging equipment [1] - The overseas semiconductor equipment market has experienced a 40% year-on-year growth driven by AI-related investments, particularly in testing and packaging equipment [1] - In contrast, the Chinese market saw a slight decline of 1% year-on-year in H1 2025, although the domestic semiconductor equipment localization rate increased by 6 percentage points to 21% [1] Company Performance - In H1 2025, there was a performance divergence among semiconductor equipment manufacturers. While nine front-end equipment companies reported revenue growth, some, including Jingce Electronics and Tsinghua Unigroup, saw significant declines in net profit [4] - Notably, Northern Huachuang's revenue and net profit in Q2 2025 grew by 22.5% and declined by 1.6%, respectively, indicating revenue growth without profit increase. In contrast, Zhongwei Company experienced simultaneous high growth in both revenue (51.3%) and net profit (46.8%) [4] Factors Affecting Performance - Northern Huachuang's weaker net profit growth in 2025 may be attributed to the acquisition of ChipSource, which was included in the consolidated financial statements from June 30, 2025. ChipSource's declining gross margin impacted Northern Huachuang's profitability [5] - Historically, Northern Huachuang maintained a gross margin above 40%, but after the acquisition, its gross margin decreased to 42.17%, down 3.33 percentage points year-on-year [5] - The increase in R&D expenses for Northern Huachuang, which rose by 30.01% to 2.915 billion yuan, also contributed to the decline in net profit margin. The R&D expense ratio increased to 12.87% in H1 2025 [6] - The company launched several new products, including ion implantation and electroplating equipment, and achieved significant sales in etching and thin film deposition equipment, indicating a comprehensive product line [6]