联系人：冯光亮 光伏设备 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn Email：fenggl@zts.com.cn 基本状况 总股本(百万股) 461.16 流通股本(百万股) 461.16 市价(元) 75.71 市值(百万元) 34,914.22 流通市值(百万元) 34,914.22 微导纳米（688147.SH） 证券研究报告/公司深度报告 2026 年 01 月 08 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：王芳 | | 营业收入（百万元） | | 1,680 | 2,700 | 2,619 | 2,692 | 3,721 | | | | 增长率 yoy% | | 145% | ...

Market Overview - On January 5, the Shanghai Composite Index rose by 1.38%, the CSI 300 increased by 1.9%, the STAR 50 surged by 4.41%, the CSI 1000 climbed by 2.09%, the ChiNext Index went up by 2.85%, and the Hang Seng Index slightly increased by 0.03% [4][5] - The best-performing sectors on January 5 were Media (+4.12%), Pharmaceutical and Biological (+3.85%), Electronics (+3.69%), Non-Bank Financials (+3.14%), and Computers (+2.71%). The worst-performing sectors included Oil and Petrochemicals (-1.29%), Banks (-0.34%), Transportation (-0.3%), and Retail (-0.17%) [5] - The total trading volume for the A-share market on January 5 was 25,672 billion, with a net inflow of 18.723 billion HKD from southbound funds [5] Key Insights - The semiconductor equipment sector is expected to see a significant increase in capital expenditure and an acceleration in domestic production rates, leading to a positive outlook for orders in the semiconductor equipment segment [6][7] - Four major growth directions are highlighted: 1. AI-driven storage supercycle focusing on etching and thin-film equipment leaders 2. Dawn of domestic photolithography machine production, emphasizing core subsystems and components 3. Evolution of cutting-edge technologies, with ALD equipment entering a golden development period 4. Advanced packaging continuing the Moore's Law, with substantial room for equipment localization [7] - The driving factors include accelerated capital expenditure from domestic wafer fabs and higher-than-expected domestic production rates [7] Investment Opportunities - The year 2026 is anticipated to be a pivotal year for AI applications, marking the beginning of a significant growth phase in the sector [8] - The convergence of application, computing power, and capital is expected to trigger a "flywheel" effect in embodied intelligence [8]

证券研究报告 AI驱动新成长，自主可控大时代 ——2026年半导体设备行业策略报告 行业评级：看好 2026年1月4日 | 分析师 | 邱世梁 | 王华君 | 王一帆 | | --- | --- | --- | --- | | 邮箱 | qiushiliang@stocke.com.cn | wanghuajun@stocke.com.cn | wangyifan01@stocke.com.cn | | 证书编号 | S1230520050001 | S1230520080005 | S1230523120007 | 半导体设备：AI驱动新成长，自主可控大时代 ◼ 2025行业复盘：跑赢大盘，持续增长 2025年至今，半导体设备指数显著跑赢大盘，当前估值处于28%分位点。 2025年前道设备营收持续高增长，利润增速结构性放缓；后道设备迎来爆发式增长，净利率显著提升，行业呈现高景气态势。 ◼ 2026行业展望：半导体行业景气度高，先进逻辑存储扩产共振 半导体行业景气度高：AI驱动下，2025年全球半导体市场创历史新高，预计2026年将继续增长9%至7607亿美元。 中国半导体设备市场：国内晶圆厂产能利用率回升扩 ...

格隆汇12月29日丨北方华创在互动平台回应称，随着存储市场需求增长及HBM技术加速渗透，相关工 艺设备需求持续提升。公司在存储芯片制造领域可提供刻蚀、薄膜沉积、清洗、热处理、离子注入、涂 胶显影等核心工艺设备，覆盖DRAM、NAND等主流存储品类；在HBM领域，可提供TSV刻蚀、去 胶、湿法清洗、ALD、PVD、电镀、退火等多款核心设备及工艺解决方案。目前，公司相关产品已批 量交付主流存储及HBM客户，多款产品成为客户生产线的量产基线机台。 ...

近日获悉，青岛思锐智能科技股份有限公司（下称"思锐智能"）完成数亿元C轮融资。本轮融资由国开制造业转型升级基金、中国国有企业结构调整基金 联合领投，招银国际、中银资产、光谷金控等多家具有深厚产业背景的知名投资机构共同参与。 从早期的"中车系"资本加持到如今"国家队"基金领衔入局，思锐智能的融资历程勾勒出企业深耕半导体核心设备领域的成长轨迹，其精准的产品定位则在 破解"卡脖子"难题的产业浪潮中占据了关键赛道。 从产业赋能到资本聚焦，七年六轮融资构建坚实后盾 自2018年成立以来，思锐智能的融资进程与企业发展战略深度绑定，形成产业资本引路、多元资本跟进、国家级资本压轴的鲜明特征。 我们梳理一下其融资脉络： 2019年，成立仅一年的思锐智能完成天使轮融资，投资方锁定中车资本与中国中车，凭借"中车系"背景的产业资源加持，为企业初期的技术布局奠定基 础。2022年，企业完成A轮融资，吸引了中车资本等12家企业参与，资金助力下，思锐智能加速了ALD技术的国产化落地进程。2023年A+轮融资的完 成，进一步夯实了企业的研发实力，为后续离子注入机的研发攻坚提供了支撑。 2024年成为思锐智能的融资密集期，先后完成B轮与B+轮 ...

中经记者 顾梦轩 李正豪 广州 北京报道 市值超1700亿元的半导体设备龙头企业中微公司（688012.SH）在"平台化"战略道路上再进一步。近 日，中微公司发布公告称，其正在筹划以发行股份方式购买杭州众硅电子科技有限公司（以下简称"杭 州众硅"）的控股权，并募集配套资金。根据公告，公司股票自2025年12月19日开市起停牌，预计停牌 时间不超过10个交易日。 就此，南开大学金融发展研究院院长田利辉在接受《中国经营报》记者采访时指出，中微公司收购杭州 众硅，是半导体设备产业链整合的必然选择。刻蚀、薄膜沉积与CMP（Chemical Mechanical Polishing， 化学机械抛光）并列为半导体前道工艺三大核心设备，缺一不可。中微公司作为刻蚀设备龙头企业，通 过收购填补湿法设备空白，实现"干法+湿法"完整覆盖，构建成套工艺解决方案，大幅提升客户黏性与 市场竞争力。这不仅是产品线的延伸，更是战略协同的深化，标志着中微公司正在推进从"单一设备供 应商"向"平台型半导体设备企业"的关键转型。 值得一提的是，中微公司现任董事长尹志尧，是顶尖半导体专家，中国科学技术大学毕业的他，60岁时 创办中微公司，专注研发刻 ...

微导纳米 20251203 摘要 微导纳米半导体设备订单高速增长，预计 2025 年和 2026 年增速将保 持在 50%以上，主要受益于存储厂商的产能扩张和下游资本开支上行， 2025 年新签订单预计达 18-20 亿元，2026 年保守估计 25-30 亿元， 乐观情况下可达 40 亿元。 公司管理团队具备深厚的半导体行业经验，创始人黎伟明在 ALD 技术领 域有深厚积累，周仁在 CVD 和薄膜沉积领域经验丰富，胡斌对光伏业务 有深入了解，为公司在半导体和光伏两大领域的发展奠定了坚实基础。 微导纳米在 ALD 技术方面具有显著优势，工艺覆盖度达到 70%-80%， 尤其擅长沉积 HAKI 材料，如二氧化铪，在一些先进逻辑器件中市占率 已达 70%-80%。在 PECVD 方面，其高温硬掩膜 PECVD 市占率达到 90%，基本实现独供。 随着 3D NAND 结构复杂性增加，对叠层沉积、自限填充提出更高要求， ALD 技术需求增加。高深宽比结构如 DRAM 也需要精确控制薄膜质量， 不论是先进逻辑还是存储器件，对 ALD 用量都会显著增加。 Q&A 微导纳米在半导体设备领域的增长逻辑是什么？ 微导纳米在半 ...

Core Viewpoint - The 2025 High-Quality Development Forum for Listed Companies and the 27th Golden Bull Award Ceremony highlighted the achievements of companies in the semiconductor equipment sector, with Zhongwei Company receiving two prestigious awards for its excellence in technology innovation and corporate management [1][2]. Group 1: Awards and Recognition - Zhongwei Company won the "Golden Bull Outstanding Entrepreneur Award" and the "New Quality Enterprise Golden Bull Award" for its remarkable performance in technology innovation and high-quality development [1]. - The Golden Bull Award, established in 1999, aims to create a credible platform for showcasing listed companies and recognizing those with exemplary governance and performance in the capital market [1]. Group 2: Company Achievements - Under the leadership of Dr. Yin Zhiyao, Zhongwei Company has made significant advancements in semiconductor equipment, including the development of CCP and ICP plasma etching technologies that cover applications from 65nm to 5nm processes [2]. - The company has also established a leading position in the global GaN-based LED MOCVD equipment market and has developed various chemical vapor deposition equipment, achieving notable progress [2]. - Zhongwei Company has reduced its new product development cycle from three to five years to under two years, with plans to increase its product coverage from 25%-30% to 50%-60% over the next five to ten years [3].

Core Viewpoint - The article discusses the evolution of semiconductor processes, highlighting the dual-track competition between advanced and mature processes, and the implications for global technology competition and opportunities for China [2][3]. Group 1: Price and Technology Insights - The price of chips decreases as the process size decreases, with 3nm chips priced around $20,000 per piece, expected to rise to over $30,000 for 2nm chips by 2026 [5][6]. - The price differences are driven by two main factors: the scarcity of production capacity and the complexity of technology, with advanced processes requiring significantly more steps and equipment [6][11]. - Major tech companies are adopting different strategies: Apple is taking a cautious approach, Nvidia focuses on cost-performance balance, while Qualcomm and MediaTek are aggressively pursuing next-generation processes [7][8]. Group 2: TSMC's Dominance - TSMC plays a crucial role in defining industry trends, with 3nm chips expected to account for nearly 30% of its revenue, and plans to ramp up production significantly in the coming years [9][10]. - The investment required for advanced production lines is substantial, with a 2nm line costing around $10 billion, reflecting the increasing number of necessary equipment [10][11]. Group 3: Technical Challenges - Key technical challenges in semiconductor processes include advancements in lithography, architectural transitions, and design-technology co-optimization (DTCO) [12][13]. - EUV lithography is currently the main technology, with High-NA technology not yet ready for widespread use due to maturity and cost issues [14][15]. - The transition from FinFET to GAA architecture is increasing the demand for ALD equipment, which is critical for the new structures [16]. Group 4: Global Competition Landscape - TSMC leads the semiconductor process competition, while Samsung and Intel face significant challenges, including equipment procurement strategies and financial losses [18][21]. - Samsung's aggressive early procurement of EUV equipment led to higher costs due to lower yield rates, while TSMC's cautious approach has proven more effective [20]. - Intel's financial struggles are impacting its ability to compete in advanced processes, raising concerns about its future in the foundry business [21]. Group 5: Opportunities and Challenges for China - China's semiconductor industry is focusing on mature processes (28nm and above), with companies like SMIC making significant progress in yield rates and production capacity [24][25]. - Despite advancements, challenges remain, including higher production costs and competition from TSMC, which has superior technology and customer quality [25]. - Long-term opportunities exist in the growing demand for automotive electronics and IoT, supported by government initiatives and investments [26]. Group 6: Future Directions - The semiconductor industry is expected to continue evolving beyond 2nm, with innovations like backside power delivery and CFET technology anticipated in the coming years [27]. - The industry is committed to gradual breakthroughs, focusing on both mature and advanced processes to strengthen its competitive position globally [28]. Conclusion - The competition in semiconductor technology is a comprehensive battle involving technical, capital, and market dynamics, with TSMC and China’s semiconductor industry navigating their respective paths [29].

Group 1 - The core viewpoint of the article emphasizes the rapid growth and potential of the semiconductor equipment industry, particularly in China, driven by domestic substitution and technological advancements [2][15][23] - The global semiconductor equipment sales are projected to reach $117.1 billion in 2024, with a year-on-year growth of 10%, while China's sales are expected to hit $49.55 billion, growing by 35% [10][15] - The article outlines the increasing importance of domestic semiconductor equipment manufacturers, with their market share rising from 7% in 2020 to an estimated 10% in 2024 [23][24] Group 2 - The semiconductor equipment market is characterized by high technical barriers and significant market concentration, with major international players dominating the market [28][74] - The demand for coating and developing equipment is on the rise, with the global market for this segment expected to grow significantly, driven by increased capital expenditure from wafer fabs [27][30] - The article highlights the ongoing technological breakthroughs in semiconductor equipment, including advancements in ALD and CVD technologies, which are crucial for meeting the demands of advanced semiconductor manufacturing [81][82] Group 3 - The article discusses the impact of national policies on promoting domestic semiconductor equipment, including funding and tax incentives aimed at enhancing self-sufficiency in the industry [23][24] - The rise of AI and high-performance computing is expected to drive further expansion in China's advanced process manufacturing and equipment sales [25][33] - The semiconductor industry is experiencing a wave of mergers and acquisitions, which is likely to enhance industry concentration and competitiveness among domestic players [26][40]