主力产品新机在客户端顺利推进。①、前道涂胶显影，包括SOC、SOD、NTD 在内的高端Offline 机台 取得快速突破，I-Line、KrF 机台在多家客户端量产跑片数据良好，正在不同客户端积极推进ArF浸没式 高产能涂胶显影机的导入及验证工作。②、前道物理清洗机，获得国内领先逻辑客户批量订单。③、后 道先进封装用涂胶显影设备、单片式湿法设备获得海外封装龙头客户批量重复性订单。 投资建议。我 们对芯源微未来三年2025-2027年的EPS 进行更新预测，预计为1.35、2.14、3.36 元，增 速为34.08%、58.60%、56.93%。 其中2025E、2026E 的预测较上一次预测值进行了下调，2027E 为新增预测。根据可比公司2025 年的PE 平均值为42.08 倍，考虑到目前国内前道涂胶显影设备的国产化率极低、难度极大，一旦实现突破将具 备极高的竞争壁垒优势且公司未来几年利润增速很快，给予公司2025 年PE 估值80 倍，对应目标价 108.00 元。 经营业绩压力大。公司2024 年收入17.53 亿元，同比增2.13%；扣非后归母净利润7330.66 万元，同 比-60.83%。净利润 ...

事件: 2025 年4 月26 日，芯源微发布2024 年年报；4 月29 日，公司发布2025年一季报。 2024 年：公司实现营收17.54 亿元，同比+2.13%；归母净利润2.03 亿元，同比-19%；扣非归母净利润 0.73 亿元，同比-61%，扣非归母净利润明显低于归母净利润主要系政府补助同比大幅增加；主营业务 毛利率36.85%，同比-0.90pct；销售净利率11.49%，同比-3.08pct。整体来看，公司2024 年报业绩表现稍 逊于业绩快报。 2024Q4：公司实现营收6.49 亿元，同比+27%，环比+58%；归母净利润0.95 亿元，同比+213%，环比 +202%，创单季度历史新高；扣非归母净利润0.33 亿元，同比+514%，环比+679%；毛利率29.54%，同 比-13.15pct，环比-16.69pct，结合销售费用同环比显著降低，我们认为公司毛利率下滑主要受会计准则 变化影响；销售净利率14.85%，同比+8.99pct，环比+7.48pct，净利率同环比显著改善得益于政府补助 较多增厚利润，同时期间费用率有所下滑。 2025Q1：公司实现营收2.75 亿元，同比+13% ...

芯源微发布2024 年年报&2025 年一季报， 新品进展较快，期待股权变更事宜落地后与北方华创协同发展。2024 年公司新签订单24 亿元（含demo 及LOI,含税），同比增长10%。Track 方面，公司积极推进ArF 浸没式高产能涂胶显影机的导入及验证 工作。前道清洗机方面，公司工艺覆盖度达到80%，已经获得国内多个大客户的订单和验证性订单。键 合/解键合机方面，公司产品成功通过多家客户验证，并陆续获得国内多家客户的订单，逐步进入放量 阶段，目前在手订单接近20 台。此外，公司在2.5D/3D 先进封装领域布局的新产品Frame 清洗设备也成 功通过客户验证并进入小批量销售阶段。 北方华创系国内平台化的半导体设备公司，若控制权变更事 项进展顺利，二者可以实现产品互补，在研发、供应链、客户资源等方面加强协同效应。 盈利预测与投资建议：预计25-27 年公司收入20.80/27.15/34.24 亿元，归母净利润2.45/3.91/6.20 亿元， 对应今年PE 78X，维持"推荐"评级。 2024 年全年： 1）实现营收17.54 亿元，同比+2.13%；实现归母净利润2.03 亿元，同比-19.08% ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported significant performance improvement in Q4 2024, with revenue growth driven by new products such as chemical cleaning and advanced packaging [3] - The company faces profit pressure due to increased R&D expenses, with a notable decline in net profit for the year [4] - The upcoming control change with Beifang Huachuang is expected to enhance the company's business development and accelerate domestic substitution of equipment [5] Revenue Performance - In 2024, the company achieved revenue of 1.754 billion yuan, a year-on-year increase of 2.1%. Q4 revenue was 649 million yuan, up 27.13% year-on-year and 57.91% quarter-on-quarter [3] - The revenue breakdown shows that coating and developing equipment generated 1.05 billion yuan, down 1.52% year-on-year, while single-wafer wet processing equipment revenue was 640 million yuan, up 7.43% year-on-year [3] Profitability Analysis - The company reported a net profit of 203 million yuan for 2024, a decrease of 19% year-on-year, with a significant improvement in Q4 net profit [4] - The overall gross margin for 2024 was 37.7%, a slight decline of 0.9 percentage points year-on-year, with R&D expenses rising to 297 million yuan, an increase of 49.93% [4] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 2.096 billion yuan and 2.693 billion yuan, representing year-on-year growth of 19.5% and 28.5% respectively [7] - The projected net profit for 2025 is 264 million yuan, with an expected increase of 30% year-on-year [7] Market Position and Product Development - The company has secured orders from leading domestic clients for its coating and developing equipment, indicating strong market demand [5] - New products in advanced packaging, such as temporary bonding and debonding machines, are entering the volume production stage, with nearly 20 units on order [6]