证券研究报告 | 公司点评 | 光伏设备 微导纳米(688147) 报告日期：2025 年 08 月 27 日 发行 11.7 亿元可转债，扩张半导体薄膜设备产能 ——微导纳米点评报告 投资要点 2025 年 8 月 6 日，微导转债成功发行，预计于 2025 年 8 月 27 日上市。此次向不 特定对象发行可转债募集资金 11.7 亿元，主要投向半导体薄膜沉积设备智能化 工厂建设（6.4 亿元）、研发实验室扩建（2.3 亿元）、补充流动资金（3 亿元）。 1）ALD 设备：公司是国内领先的 ALD 设备公司，产品涵盖行业主流 ALD 薄膜 材料及工艺。ALD 技术在 45nm 以下节点以及 3D 结构等先进半导体薄膜沉积环 节。公司开发的国内首台成功应用于集成电路制造前道生产线的量产型 High-k ALD 设备，解决了国内集成电路突破 28nm 制程节点最核心工艺之一的高介电常 数（High-k）栅氧层薄膜工艺。公司持续拓展技术覆盖面，陆续研发和推出 HKMG 技术、柱状电容器、金属化薄膜沉积技术及高深宽比 3D NAND、3D DRAM、TSV 技术等工艺解决方案，覆盖逻辑芯片、存储芯片、先进封装、化合 ...

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]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company has seen a significant increase in semiconductor orders, leading to impressive performance in Q1 2025, with a revenue of 5.10 billion yuan, representing a year-on-year growth of 198.95% and a net profit of 0.84 billion yuan, up 2253.57% [4][8] - In 2024, the company achieved a revenue of 2.70 billion yuan, a year-on-year increase of 60.74%, but the net profit decreased by 16.16% to 0.23 billion yuan due to rising R&D expenses and increased impairment losses [4][8] - The company has a substantial order backlog of 6.77 billion yuan, with semiconductor orders growing by 65.91% year-on-year, indicating strong future growth potential [8] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.70 billion yuan and a net profit of 0.23 billion yuan, with a gross margin of 39.99% [4][8] - The first quarter of 2025 showed a revenue of 5.10 billion yuan and a net profit of 0.84 billion yuan, marking a significant recovery [4][8] Order Backlog and Growth Potential - The company has an order backlog of 6.77 billion yuan, with semiconductor orders at 1.50 billion yuan and photovoltaic orders at 5.19 billion yuan [8] - The growth in semiconductor orders is expected to be a key driver for future performance [8] Product Development and Market Position - The company has made significant advancements in its ALD and CVD equipment, with multiple products achieving industrial application and repeat orders [9] - The semiconductor equipment sector is expected to remain a strong growth area, despite potential pressures in the photovoltaic equipment business due to capacity oversupply [9] Financial Projections - The company is projected to achieve net profits of 2.93 billion yuan, 4.51 billion yuan, and 7.37 billion yuan for the years 2025, 2026, and 2027 respectively [9][11] - The projected P/E ratios for these years are 43.7X, 28.4X, and 17.4X, indicating a favorable valuation outlook [9][11]