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% | ...

Core Viewpoint - Hengsheng Energy (605580) is focusing on the research and industrialization of MPCVD diamond growth technology through its subsidiary Zhejiang Huamao Technology Co., Ltd. [1] Group 1: Company Overview - The company has established a comprehensive industrial chain covering CVD equipment manufacturing, diamond growth, and processing [1] - Huamao Technology's wholly-owned subsidiary, Huamao Equipment, is responsible for the manufacturing and assembly of MPCVD equipment [1] - Some components are sourced from key suppliers in both domestic and international supply chains [1]

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 - MicroGuide Nano has successfully developed the first domestically produced High-k ALD equipment, addressing critical challenges in the semiconductor industry and contributing to the self-sufficiency of China's semiconductor sector [1] Group 1: Product Development - The High-k ALD equipment has been successfully applied in the front-end production line of integrated circuit manufacturing, overcoming key process node challenges [1] - The company has made significant advancements in CVD equipment, becoming one of the first domestic enterprises to develop hard mask chemical vapor deposition (CVD) equipment [1] Group 2: Industry Impact - The core technology of the company has achieved multi-domain coverage, precisely adapting to key application scenarios in logic chips, memory chips, advanced packaging, compound semiconductors, and new display technologies [1] - The company continues to focus on advanced process film technology solutions for semiconductors, leading the development of new architectures and devices, and addressing the demand for next-generation technology iterations in China's advanced semiconductor industry [1]

Core Viewpoint - The article emphasizes the critical importance of domestic semiconductor equipment manufacturing in China, particularly in the thin film deposition sector, as a response to U.S. export restrictions and the need for technological independence [2][40]. Group 1: Industry Overview - The thin film deposition equipment market in China reached approximately 47.9 billion yuan in 2023, with a domestic production rate of less than 25%, indicating significant potential for domestic substitution [6][41]. - The semiconductor manufacturing process requires a growing number of thin film layers, with the number of deposition steps increasing from about 40 for 90nm processes to over 100 for 3nm processes [3][63]. - The global semiconductor capital expenditure (Capex) is expected to enter a new growth phase, driven by advanced products and increasing production capacity [48]. Group 2: Technological Developments - The transition from 2D to 3D chip structures has fundamentally changed the technology focus and market structure for thin film deposition equipment [9]. - ALD (Atomic Layer Deposition) technology is becoming essential for advanced nodes and 3D structures due to its atomic-level thickness control and 100% step coverage [19][20]. - PECVD (Plasma-Enhanced Chemical Vapor Deposition) holds the largest market share (33%) among thin film deposition technologies, particularly suited for 28nm and below nodes [13][41]. Group 3: Domestic Manufacturers - Key domestic manufacturers in the thin film deposition equipment sector include North Huachuang, Tuo Jing Technology, and Micro Company, each focusing on different aspects of the market [7][41]. - Domestic manufacturers are adopting a multi-dimensional strategy to break through the monopolistic barriers set by international giants, focusing on specialized equipment like HDPCVD and SACVD [25][70]. Group 4: Investment Insights - Investment focus should be on companies that can achieve a closed loop in specific advanced process windows rather than merely replacing single machines [28]. - Companies with dual capabilities in PEALD and Thermal ALD, particularly those that have validated their technology in specific applications, are expected to hold the highest value [29]. - The importance of core components and subsystems, such as plasma sources and vacuum systems, is highlighted as critical for the success of semiconductor equipment [34][36]. Group 5: Conclusion - The U.S. technology blockade has catalyzed a more resilient and innovative semiconductor equipment industry in China, moving from mere substitution to defining next-generation processes [38]. - The journey of domestic equipment manufacturers reflects a broader trend of understanding and meeting the specific needs of Chinese manufacturing, paving the way for long-term value discovery in the semiconductor sector [38].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has released a 2025 restricted stock incentive plan, aiming to bind core technology and management talent, reflecting confidence in the development of semiconductor equipment [1] - The performance assessment targets for the incentive plan include a net profit margin of no less than 10% or a compound annual growth rate (CAGR) of 35% for semiconductor equipment orders from 2025 to 2027, indicating the company's focus on semiconductor equipment as a core development area [2] - The company is a leading domestic ALD equipment provider, with products covering mainstream ALD thin film materials and processes, and has developed the first domestically successful mass production High-k ALD equipment for integrated circuit manufacturing [3] - The company has successfully developed a complete line solution for XBC solar cells and is positioned to benefit from the next generation of battery technologies in the photovoltaic equipment sector [8] Summary by Sections Incentive Plan - The company plans to grant 3.8276 million restricted stocks, accounting for approximately 0.83% of the total share capital, to 420 individuals, which represents 28% of the total employees as of the end of 2024 [1] - The estimated amortization costs for the stock options from 2025 to 2028 are projected to be 9.02 million, 49.15 million, 21.76 million, and 7.53 million yuan respectively [2] Semiconductor Equipment - The company has developed various technologies including HKMG, column capacitors, and high aspect ratio 3D NAND, covering major application scenarios in logic chips, storage chips, advanced packaging, and compound semiconductors [3] - The PECVD equipment is being developed from high-end materials to general materials, with successful customer validation and batch orders in high-end materials [4] Financial Forecast - Revenue is expected to grow from 2.748 billion yuan in 2025 to 3.432 billion yuan in 2027, with corresponding net profits of 348 million yuan, 459 million yuan, and 546 million yuan, reflecting growth rates of 53%, 32%, and 19% respectively [9] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 76, 58, and 48 times respectively [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a significant increase in performance for the first half of 2025, achieving revenue of 1.05 billion yuan, a year-on-year growth of 33.42%, and a net profit attributable to shareholders of 192 million yuan, a year-on-year increase of 348.95% [2][6]. - In Q2 2025, the company recorded revenue of 540 million yuan, a year-on-year decline of 12.43% but a quarter-on-quarter increase of 5.76%, with a net profit of 108 million yuan, reflecting a year-on-year growth of 175.65% and a quarter-on-quarter increase of 28.72% [2][6]. - The semiconductor business has shown strong growth, with new orders exceeding the total for the previous year, and the backlog of semiconductor orders reached 2.328 billion yuan, a 54.72% increase from the beginning of the year [12]. Summary by Sections Financial Performance - For H1 2025, the company maintained a high gross margin, with a net profit margin of 18.32%, significantly improved due to revenue growth and a decrease in sales and management expenses [12]. - The semiconductor equipment revenue was 190 million yuan, a year-on-year increase of 27.17%, while photovoltaic equipment revenue was 800 million yuan, a year-on-year increase of 31.53% [12]. Business Expansion - The company has been increasing its R&D investment, with over 60% allocated to the semiconductor sector, leading to successful industrial applications of its ALD and CVD equipment [12]. - The company has successfully introduced several key products in the semiconductor field, including the iTomic HiK and MeT series ALD equipment, which have gained market recognition and orders from major clients [12]. Future Outlook - The company expects net profits attributable to shareholders to reach 340 million yuan and 420 million yuan in 2025 and 2026, respectively, corresponding to PE ratios of 58 and 47 times [12].

Core Viewpoint - MicroNano's strong revenue growth in the first half of 2025 is driven by significant advancements in both photovoltaic and semiconductor sectors, with a notable increase in net profit [1] Group 1: Financial Performance - The company achieved a revenue of 1.05 billion yuan, representing a year-on-year growth of 33.42% [1] - Net profit attributable to shareholders reached 192 million yuan, marking a substantial increase of 348.95% year-on-year [1] - Semiconductor revenue amounted to 194 million yuan, with a year-on-year growth of 27.17%, increasing its share of total revenue from 7.27% in 2023 to 18.45% [2] Group 2: Business Growth and Orders - The company reported that its semiconductor equipment orders exceeded the total for the previous year by mid-2025, with a backlog of 2.328 billion yuan, up 54.72% from the beginning of the year [2] - In the photovoltaic sector, the company generated 803 million yuan in revenue, achieving nearly 32% growth despite industry downturns [2] Group 3: Strategic Initiatives - The company plans to issue convertible bonds to raise up to 1.17 billion yuan, with proceeds allocated to semiconductor equipment production expansion and R&D [3] - The completion of the bond-funded projects is expected to increase semiconductor equipment production capacity by over 30%, addressing the growing order demand [3] - R&D investment reached 153 million yuan in the first half of 2025, accounting for 14.59% of revenue, with over 60% of total R&D spending since 2023 directed towards semiconductor equipment [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Viewpoints - The company successfully issued convertible bonds amounting to 1.17 billion yuan, primarily aimed at expanding the production capacity of semiconductor thin-film deposition equipment, enhancing R&D capabilities, and supplementing working capital [1][8] - The company is a leading domestic supplier of ALD equipment, with a focus on advanced semiconductor thin-film deposition processes, including High-k ALD technology, which is crucial for manufacturing integrated circuits below the 28nm process node [2] - The company has also made significant strides in CVD equipment, with a growing order book and a projected increase in semiconductor revenue share over the next three years [3] - In the photovoltaic equipment sector, the company is a pioneer in applying ALD technology at scale, maintaining a leading position in revenue, order volume, and market share among domestic peers [4] Summary by Sections Semiconductor Equipment - The company has a strong foothold in ALD and CVD equipment, with a 66% year-on-year increase in semiconductor orders, totaling 1.5 billion yuan by the end of 2024 [3] - The company is expanding its production capacity with a new smart factory project, expected to generate annual sales of 1.565 billion yuan upon reaching full capacity [8] Photovoltaic Equipment - The company is recognized as a leader in high-efficiency battery technology and equipment, collaborating with major domestic photovoltaic manufacturers [4] - Despite a decline in new orders for photovoltaic equipment this year, the company is well-positioned to benefit from the upcoming growth in new battery technologies [4] Financial Forecast - Revenue projections for 2025-2027 are 2.7 billion, 3.1 billion, and 3.4 billion yuan, with corresponding net profits of 340 million, 460 million, and 560 million yuan, reflecting growth rates of 51%, 34%, and 21% respectively [9][11]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $8.3 million, representing a 69% increase compared to Q1 2024 and a 12.2% increase from Q4 2024 [3][7] - Net income for the quarter was $360,000, compared to a net loss of $1.5 million in Q1 2024, marking the third consecutive quarter of net income [5][8] - Gross profit for Q1 2025 was $2.7 million with a gross profit margin of 32.4%, up from $800,000 and 16.2% in Q1 2024 [7][8] Business Segment Data and Key Metrics Changes - Revenue from the CVD Equipment segment was primarily driven by two contracts in industrial markets and aerospace [3] - The SDC segment experienced strong demand for gas delivery equipment, but backlog declined from $19.4 million at the end of 2024 to $13.8 million by March 30, 2025 [4] Market Data and Key Metrics Changes - The company noted a decline in backlog during the quarter, indicating potential challenges in future revenue recognition [4] - The imposition of tariffs has introduced new challenges and uncertainties affecting costs and order rates [5][10] Company Strategy and Development Direction - The company is focused on identifying opportunities in key markets such as aerospace, defense, high power electronics, and EV battery energy storage [5] - Strategic efforts are aimed at maintaining and growing order rates while managing expenses to achieve long-term profitability and positive cash flow [5][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of economic and geopolitical uncertainties, including tariffs, on financial performance and cash flows [10] - The company believes it is well-positioned for the future and is committed to evaluating demand and managing operations effectively [5][11] Other Important Information - Working capital as of March 31, 2025, was $14.5 million, an increase from $13.8 million at the end of the previous year [9] - Cash and cash equivalents decreased to $10.2 million from $12.6 million at the end of 2024, primarily due to costs incurred on contracts in progress [9] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with closing remarks from management [13][14]