出品：新浪财经上市公司研究院 作者：光心 2025年以来，AI芯片产业链景气度持续提升，半导体设备领域投资热度居高不下。据华泰证券统计， 2025年第二季度全球半导体设备公司总收入同比增长24%，预计2025年全年全球半导体设备企业收入同 比增长12%。 具体来看，AI芯片对计算性能和功耗的高要求大幅提高了芯片设计和制造的复杂性，因此对高性能SoC 测试机和存储测试机的需求显著增长。此外，HBM技术已成为AI计算的标配，其对应的COWOS封装技 术成为GPU与HBM高速互联的关键技术支撑，因此对先进封装设备的需求也迎来高速增长。 在此背景下，海外半导体设备市场受AI相关投资驱动实现高增，市场规模同比增长40%，其中测试机、 封装设备等后道设备的增长尤为显著。 具体各个企业来看，2025年上半年各家半导体设备厂商出现业绩分化。其中，九家前道设备企业均实现 营收增长，但其中精测电子、芯源微、拓荆科技增收不增利，归母净利润同比大幅下滑。 观察2025年单季度，则业绩分化更加明显。以最受关注的两家龙头企业为例，2025年第二季度北方华创 营收和归母净利润分别同比增长22.5%和-1.6%，增收不增利，而中微公司营收和 ...

Summary of Zhongwei Company Conference Call Company Overview - Zhongwei Company reported significant growth in the first half of 2025, with sales of LD chemical deposition equipment increasing by 608.2% year-on-year and net profit reaching 706 million RMB, a 36.6% increase [2][3]. Financial Performance - Revenue for the first half of 2025 was 4.961 billion RMB, up 43.9% year-on-year, with plasma etching equipment sales at 3.781 billion RMB, a 40.1% increase [3]. - R&D investment reached 1.492 billion RMB, accounting for approximately 30.07% of revenue, reflecting a 53.7% increase [3]. Gross Margin Insights - The gross margin for Q2 2025 was 38.54%, down from 41.54% in Q1, primarily due to high initial costs of new equipment and discounts offered to major clients. This is expected to be a one-time impact, with a target gross margin of over 40% for the year [4][5]. Market and Industry Trends - The global semiconductor equipment market is projected to reach $108.6 billion in 2025, with a modest growth of 2.1%, expected to grow significantly to $130 billion in 2026 [7]. - China has become the largest market for semiconductor equipment, increasing its market share from less than 5% two decades ago to over 40% in 2024 [7]. Order Growth and Client Segmentation - New orders in the first half of 2025 grew by 40% year-on-year, with storage clients accounting for approximately 67% and logic clients for about 30% of total orders [12]. - Advanced process orders made up over 70% of total orders, indicating a strong demand for cutting-edge technology [12]. R&D and Product Development - Zhongwei has developed 40 types of thin film equipment and plans to complete the development of all types within five to six years [4][13]. - The company is focusing on advanced logic products, with significant growth in ICP equipment, which is expected to grow nearly 100% in 2025 [18]. Capacity Expansion Plans - Zhongwei is expanding its production capacity significantly, with new facilities in Nanchang and Lingang, aiming for a 15-fold increase in capacity by the end of 2025 [14]. Competitive Landscape - The domestic semiconductor equipment industry has evolved from a near-blank slate in 2004 to a competitive landscape that fosters innovation and technological advancement [11]. - Zhongwei's market share in advanced logic production lines exceeds 60% for CCP and 40-50% for ICP, indicating strong competitive positioning [25]. Future Outlook - The company aims to increase its market coverage from 30% to 60% in the integrated circuit equipment market over the next five years through organic growth and external expansion [20][21]. - Zhongwei is committed to maintaining a high R&D investment ratio of 15-20% to support ongoing innovation and business development [17][16]. Conclusion - Zhongwei Company is positioned for robust growth in the semiconductor equipment market, driven by strong demand for advanced technology, significant R&D investments, and strategic capacity expansions. The company is optimistic about its future prospects, particularly in the context of increasing domestic demand and a favorable competitive landscape.