盛美上海 20251212 摘要 盛美上海 2025 年前三季度营收 5.17 亿元，同比增长 81.04%；扣非后 归母净利润 4.33 亿元，同比增长 41.41%。剔除股份支付费用影响后， 归母净利润和扣非归母净利润分别增长 59.2%和 25.99%。 高温 SPM 设备性能达到业内领先水平，清洗性能可达 19 纳米颗粒尺寸， 并计划进一步降至 13 纳米，以支持未来技术节点。首台高产能 KRF 工 艺前道涂胶显影设备已交付，拓展光刻应用。 面板级水平式电镀设备预计 2025 年四季度交付，电镀炉管及其他前道 设备营收同比增长 74.53%至 12.23 亿元，占总营收 23.76%。 公司计划加大研发投资，加快炉管、PECVD、TRACK 以及面板级封装 等新产品的研发，进一步拓展产品线。 公司于 2025 年 9 月完成定向增发，募集资金总额 44.82 亿元，用于研 发和公益测试平台建设、高端半导体设备迭代研发及补充流动资金。 公司预计 2025 年度营业业绩将在人民币 65 亿至 71 亿之间，单片 SPM、太浩、面板级电镀、乳感 Track 和 PCVD 等产品线将取得显著进 展。 盛美上海 ...

Summary of Shengmei Shanghai Conference Call Company Overview - **Company**: Shengmei Shanghai - **Industry**: Semiconductor Equipment Manufacturing Key Financial Metrics - **Revenue**: 2025 Q1-Q3 revenue reached 5.146 billion RMB, a 29% year-over-year increase [2][8] - **Net Profit**: Net profit attributable to shareholders was 1.2 billion RMB, up 67% year-over-year [2][8] - **Q3 Performance**: Q3 revenue was 1.881 billion RMB, a 19.61% increase year-over-year; net profit was 570 million RMB, up 81.04% [3][9] - **R&D Investment**: R&D expenses for Q1-Q3 totaled 868 million RMB, a 41.89% increase, representing about 15%-16% of revenue [3][10] Industry and Product Developments - **Cleaning Equipment**: Achieved industry-leading performance in high-temperature SPM equipment, capable of cleaning 19 nm particles, with plans to reduce to 13 nm [2][4] - **Electroplating Equipment**: Anticipates delivery of panel-level electroplating equipment in Q4 2025; revenue from electroplating furnace tubes and upstream equipment grew 74.53% to 1.223 billion RMB [2][4] - **New Platforms**: Progress in developing high-capacity KRF process front-end coating and developing PECVD equipment with innovative designs [5] Capital Raising and Future Outlook - **Fundraising**: Completed a directed share issue raising 4.482 billion RMB for Mini LED production line expansion and global capacity enhancement [6] - **Revenue Forecast**: Full-year revenue expected between 6.5 billion to 7.1 billion RMB, maintaining a long-term revenue target of 4 billion USD [2][7] Market Trends and Competitive Landscape - **Domestic Substitution**: Increased domestic substitution, particularly in DRAM and mature logic sectors, with positive overseas market prospects [3][17] - **Advanced Packaging Demand**: Anticipated growth in advanced packaging driven by increased chip production, with a focus on panel packaging [19] Financial Health - **Total Assets**: As of Q3 2025, total assets were 18.213 billion RMB, with cash and cash equivalents of 6.951 billion RMB [3][11] - **Order Backlog**: As of September 29, 2025, total order backlog was 9.072 billion RMB, a 34.1% year-over-year increase [3][15] Challenges and Strategic Responses - **Gross Margin Fluctuations**: Gross margin impacted by initial costs of new equipment; expected to stabilize between 40%-48% [16] - **Competition in High-End Market**: Focus on unique equipment advantages in cleaning, inspection, and PECVD to mitigate competitive pressures [24] Conclusion - **Long-Term Confidence**: Company maintains confidence in long-term growth prospects, supported by technological advancements and a strong order backlog [7][23]