报告摘要 公司发布2025年半年度业绩预告，预计2025年半年度营业收入约49.61亿元，同比增长约43.88%，预计 2025年半年度归母净利润为6.8亿元到7.3亿元，同比增加31.61%到41.28%。 先进逻辑和先进存储产线的刻蚀设备出货量快速增长，带来公司营收快速增长 查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 公司2025年上半年刻蚀设备收入增长约40.12%，达37.81 亿元；LPCVD薄膜设备收入增长约608.19%，达 1.99亿元。公司针对先进逻辑和存储器件制造中关键刻蚀工艺的高端产品新增付运量显著提升，在先进逻 辑器件和先进存储器件中多种关键刻蚀工艺实现大规模量产。 公司目前在研项目涵盖六类设备，超二十款新设备的开发 公司研发新产品的速度显著加快，过去通常 ...

Core Viewpoint - Dr. Yin Zhiyao, Chairman and General Manager of Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd., has been recognized as one of the "50 Best CEOs in China" by Forbes China for the third time, highlighting his leadership and contributions to the semiconductor industry [1][2][4]. Company Overview - Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. (stock code: 688012) focuses on providing advanced processing equipment and technology solutions for global integrated circuit and LED chip manufacturers [6]. - The company has developed a range of plasma etching equipment, including CCP high-energy plasma and ICP low-energy plasma etching technologies, covering most etching applications from 65nm to 5nm and beyond [6]. - In the past decade, Zhongwei has made significant advancements in various conductor and semiconductor chemical film equipment, such as MOCVD, LPCVD, ALD, and EPI devices [6]. - The MOCVD equipment developed for LED and power device epitaxial wafer production has been mass-produced and holds a leading position in the global GaN-based LED MOCVD equipment market [6]. - Zhongwei is also expanding into optical and electron beam measurement equipment, developing various semiconductor micro-processing devices essential for manufacturing micro and nano-scale components [6]. Leadership and Achievements - Dr. Yin Zhiyao has received numerous prestigious awards, including the "Baiyulan Memorial Award" and "Global Semiconductor Industry Star," reflecting his exceptional leadership and industry contributions [4]. - Under Dr. Yin's leadership since the company's establishment in 2004, Zhongwei has aimed at the forefront of global technology, achieving international leading levels in technical capabilities through continuous innovation and operational excellence [3].

Core Viewpoint - The MOCVD (Metal-Organic Chemical Vapor Deposition) technology is crucial for the production of LED epitaxial wafers, with significant implications for the recovery of valuable metals like gallium and indium from production waste, which are essential for the electronics industry [1][5][7]. MOCVD Equipment Industry Definition - MOCVD is a new type of vapor deposition technology developed from vapor phase epitaxy, utilizing organic compounds and hydrides as growth materials to produce various III-V and II-VI compound semiconductors [2][3]. MOCVD Equipment Industry Development Status - The global MOCVD equipment market is projected to grow, with an estimated 5,150 units in 2024 and a market size of approximately $686 million, increasing to 5,650 units and $709 million in 2025 [5][7]. - In China, the MOCVD equipment market is expected to reach a scale of approximately 2.806 billion yuan in 2024, with a forecasted increase to 2.835 billion yuan in 2025 [7][19]. MOCVD Equipment Industry Chain - The LED industry chain includes substrate processing, LED epitaxial wafer production, chip manufacturing, and device packaging, with MOCVD equipment being a key component in the production of LED epitaxial wafers [9]. MOCVD Equipment Industry Competitive Landscape - The MOCVD equipment industry is characterized by a highly monopolized market, primarily dominated by foreign companies like Veeco and Aixtron, which has limited the healthy development of the industry [13][16]. - Domestic companies such as Zhongwei Semiconductor and Zhongsheng Optoelectronics are emerging as key players, with Zhongwei being recognized as the largest supplier of MOCVD equipment for GaN-based LEDs since 2017 [19][20]. MOCVD Equipment Industry Development Trends - The demand for MOCVD equipment is expected to grow due to advancements in LED technology and its applications in optoelectronic materials and devices, indicating a positive market outlook [24][25].

Summary of Semiconductor Industry and ChangXin Storage Conference Call Industry Overview - The semiconductor industry is experiencing a positive market sentiment with significant developments, particularly in advanced logic chip production capacity expansion, which may exceed expectations for 2025 [2] - Concerns regarding the semiconductor industry's prosperity may be overstated, as evidenced by shortages and price increases in upstream supply chains such as PCB and CCL [2] ChangXin Storage Developments - ChangXin Storage has entered the IPO guidance phase with a latest valuation of approximately 150 billion RMB, marking a significant step for domestic DRAM manufacturing capabilities [1][5] - The company achieved over 1 billion USD in revenue in Q1, holding about 6% of the global DRAM market share, expected to rise to 8% by the end of the year [1][6] - ChangXin is rapidly upgrading its product structure, transitioning from DDR4 and LPDDR4 to DDR5 and LPDDR5, with plans to develop high-end HBM solutions [1][7] Capacity Expansion - ChangXin's monthly production capacity is projected to increase from approximately 20,000 wafers in 2020 to over 280,000 wafers by the end of 2025, nearing Micron's capacity of 200,000 wafers and approaching Samsung's 450,000 wafers [1][9] - The company is committed to expanding production despite facing U.S. export restrictions [8] Beneficiaries of ChangXin's Growth - Companies such as Zhaoyi Innovation and Longdi Group are expected to benefit from ChangXin's development, with Zhaoyi holding a 1.9% stake and collaborating on DRAM product development [10] - Leading semiconductor equipment firms like Huachuang and Huahai Qingke are also positioned to gain from ChangXin's expansion [10] Market Dynamics - The storage industry is currently in an upward cycle, with DDR4 prices driven by supply constraints and strong demand, while NAND prices are showing signs of recovery [11][12] - The domestic semiconductor industry is witnessing significant technological advancements, particularly in high-end materials and equipment, enhancing self-sufficiency [13][14] Future Directions - The semiconductor industry's future development will focus on domestic material and equipment substitution, with strong downstream demand for both storage and SoC chips [4] - The overall performance of semiconductor companies is expected to show a high proportion of quarter-on-quarter growth, indicating a promising outlook for the sector [4]

Core Viewpoint - The company aims to become a leading platform group in the semiconductor equipment industry, focusing on high-end equipment and expanding into emerging fields while enhancing its R&D capabilities and market presence [5][9]. Group 1: Strategic Development - The company is committed to a three-dimensional development strategy, focusing on integrated circuit key equipment, expanding applications in the semiconductor field, and exploring new opportunities [5]. - The company has successfully penetrated the domestic and international markets with its plasma etching equipment, which is widely used in advanced processes from 65nm to 5nm [5]. - The company has invested over 2 billion yuan in approximately 40 upstream and downstream enterprises since its listing, achieving over 5 billion yuan in floating profits and significant results in industrial collaboration [5]. Group 2: R&D Efficiency - The company has established a research team of over 1,000 people, significantly improving R&D efficiency, now completing new product development in about 18 months, compared to 3-5 years previously [6]. - In 2024, the total R&D investment is expected to reach 2.452 billion yuan, a year-on-year increase of 94.31%, accounting for approximately 27% of revenue [6]. - The company is currently developing over 20 new devices covering core semiconductor equipment areas [6]. Group 3: Business Performance - The company's etching equipment remains its core competitive advantage, with projected revenue of approximately 7.277 billion yuan in 2024, reflecting a year-on-year growth of about 54.72% [7]. - Although the revenue from thin film equipment is currently small, it is expected to grow rapidly in the next three to five years, with the first LPCVD sales in 2024 projected at approximately 156 million yuan [7]. Group 4: Industry Insights - The company recognizes the competitive landscape and aims to develop differentiated, proprietary high-end equipment, particularly in electron beam detection devices [8]. - The domestic semiconductor equipment market is primarily dominated by foreign companies, but the increasing technological capabilities of domestic firms are enhancing the competitiveness of local products [9]. - The company aspires to be among the top-tier global semiconductor equipment companies by 2035, focusing on scale, product quality, competitiveness, and customer satisfaction [9].

Core Viewpoint - The company aims to become a leading global semiconductor equipment company by 2035, focusing on scale, product competitiveness, and customer satisfaction [2] Company Overview - Founded in 2004 and listed on the STAR Market in 2019, the company has become a leading player in high-end micro-processing equipment in China [4] - The company's profitability has been continuously improving, making it a significant example of growth in the Chinese semiconductor equipment industry [4] Industry Development - The Chinese semiconductor equipment industry has seen rapid technological advancements, with domestic equipment gaining advantages in cost-performance, after-sales service, and customer proximity [6] - As the largest semiconductor consumer market globally, China's demand is driving the shift of global production capacity towards the country, creating opportunities for domestic equipment manufacturers [7] Research and Development - In 2024, the company's R&D investment is expected to increase by 94.31% to 2.452 billion yuan, accounting for 27.05% of its revenue [7] - The company has significantly reduced the time required to develop new products from 3-5 years to approximately 18 months, with mass production achievable within 6 to 12 months [7] Competitive Strategy - The company focuses on developing differentiated, proprietary high-end equipment products to avoid low-end competition and fulfill social responsibilities [9] - The company is currently working on over 20 new equipment projects, including advanced plasma etching devices [9] Mergers and Acquisitions - Since its listing in 2019, the company has invested in over 30 upstream and downstream semiconductor equipment companies, achieving over 5 billion yuan in floating profits [10] - The company has established partnerships with over 800 global suppliers, emphasizing the development and management of key component suppliers to enhance domestic supply chain control [10] Market Performance - As of May 28, the company's stock price was 170.93 yuan per share, with a total market capitalization of 106.8 billion yuan [11]

Core Viewpoint - The company aims to expand its business layout through a three-dimensional development strategy, focusing on key equipment in the integrated circuit sector and exploring opportunities in emerging fields, while achieving stable and healthy growth [1] Group 1: Business Strategy and Investments - Since its listing, the company has invested over 2 billion yuan in approximately 40 upstream and downstream enterprises, achieving a floating profit of over 5 billion yuan [1] - The company has a comprehensive R&D team of over 1,000 people, significantly reducing the time required to develop new products from three to five years to about 18 months, with mass production achievable within six months to a year [1][2] - The total R&D investment for 2024 is projected to be 2.452 billion yuan, a year-on-year increase of 94.31%, accounting for approximately 27% of revenue [1] Group 2: Product Development and Market Position - The company is developing competitive new-generation equipment for integrated circuit micro-manufacturing, including high-energy CCP plasma etching equipment and various other advanced devices [2] - The company's plasma etching equipment is widely used by leading domestic and international clients, covering etching applications from 65nm to 5nm and beyond [2] - The company has been continuously expanding its layout in the semiconductor micro-manufacturing field, including MOCVD equipment for GaN-based LEDs and SiC power devices [2] Group 3: Financial Performance - The company achieved an operating income of approximately 9.065 billion yuan in 2024, a year-on-year increase of about 44.73%, maintaining an annual growth rate of over 40% for nearly four years [3] - In the first quarter of this year, the company reported an operating income of 2.173 billion yuan, a year-on-year increase of 35.4%, with a net profit of 313 million yuan, up 25.67% [3] Group 4: Competitive Landscape and Industry Outlook - The company welcomes competition and focuses on developing differentiated, proprietary high-end equipment, particularly in the electronic beam detection sector [4] - The domestic semiconductor equipment market is primarily occupied by foreign companies, but the increasing technical level of domestic equipment is enhancing its competitiveness [4] - The long-term vision is to become a leading semiconductor equipment company by 2035, aiming to be in the top tier globally in terms of scale, product quality, competitiveness, and customer satisfaction [5]

Core Viewpoint - The company is actively expanding its thin film deposition equipment business, with expectations for rapid revenue growth in the next three to five years, despite current revenue being relatively small [1][3]. Group 1: Thin Film Deposition Equipment - The company achieved its first sale of LPCVD equipment in 2024, with annual sales amounting to approximately 156 million yuan [2]. - The thin film deposition equipment market is segmented into various types, including LPCVD, PECVD, ALD, PVD, EPI, and others, with PECVD holding a 32% market share [3]. - The company has successfully developed multiple new LPCVD and ALD devices, with over 150 LPCVD reaction chambers shipped and EPI devices entering customer mass production verification [3]. Group 2: Erosion Equipment Development - The company has seen significant growth in its ICP equipment, with new orders reaching 2.168 billion yuan in 2023, a year-on-year increase of 139.3%, and 4.108 billion yuan in 2024, an increase of 89.5% [5]. - The company has reduced the product development cycle from 3-5 years to approximately 18 months, allowing for faster market entry and mass production [5]. - Historically, 70% to 75% of the company's R&D investment was allocated to etching equipment, but recent years have seen increased investment in thin film equipment development [5]. Group 3: Future Outlook - The company aims to cover over 60% of high-end semiconductor equipment in the next five to ten years, transitioning into a platform-style group company that includes etching, thin film, and measurement equipment [5].

Core Viewpoint - The company, Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd., reported significant growth in revenue and profit for 2024, with a focus on high R&D investment to enhance product competitiveness and market position by 2035 [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 9.065 billion yuan, a year-on-year increase of 44.73%, maintaining an average annual growth rate of over 40% for nearly four years [1]. - The net profit attributable to shareholders, excluding non-recurring items, was approximately 1.388 billion yuan, reflecting a year-on-year growth of 16.51% [1]. - R&D investment reached 2.452 billion yuan in 2024, a 94.31% increase, accounting for about 27.05% of operating revenue [1]. R&D and Product Development - The company is currently developing over 20 new devices, including advanced plasma etching equipment and various deposition technologies [2]. - The time required to develop a new product has significantly decreased from 3-5 years to just 18 months, with mass production achievable within 6 to 12 months [2]. - The company aims to enhance its R&D capabilities to address external limitations and ensure smooth production lines domestically [2]. Market Position and Strategy - The global semiconductor industry is experiencing new growth opportunities driven by advancements in AI, cloud computing, and autonomous driving [3]. - The company focuses on high-quality development and aims to create differentiated, proprietary high-end equipment products while avoiding low-end competition [3]. - Since its IPO, the company has invested in over 30 upstream and downstream enterprises, achieving significant economic benefits and strategic synergies [3]. Supply Chain and Tariff Impact - The company has minimized reliance on U.S. suppliers for critical components, enhancing the localization of its supply chain [4]. - By developing high-quality suppliers and fostering domestic core suppliers, the company has improved its supply chain autonomy and resilience [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - In Q1 2025, the company achieved revenue of 2.2 billion yuan, a year-on-year increase of 35%, but a quarter-on-quarter decrease of 39%. The net profit attributable to the parent company was 300 million yuan, up 26% year-on-year but down 55% quarter-on-quarter. The non-recurring net profit was also 300 million yuan, reflecting a 13% year-on-year increase but a 48% quarter-on-quarter decrease [4][5] - For the year 2024, the company is projected to achieve revenue of 9.1 billion yuan, a year-on-year increase of 45%, with a net profit of 1.6 billion yuan, down 10% year-on-year, and a non-recurring net profit of 1.4 billion yuan, up 17% year-on-year [4][5] - The company invested 2.5 billion yuan in R&D in 2024, a 94% increase year-on-year, with an R&D expense ratio of 16%. The company is developing over twenty new devices, significantly accelerating the development timeline from 3-5 years to 2 years or less. This high R&D investment has resulted in substantial new order growth, as evidenced by a 162% year-on-year increase in contract liabilities to 3.1 billion yuan [5] Financial Summary - The company’s projected financials for 2025-2027 include net profits of 2.48 billion yuan, 3.41 billion yuan, and 4.29 billion yuan, respectively, with corresponding EPS of 3.96 yuan, 5.46 yuan, and 6.87 yuan. The price-to-earnings ratios (PE) are expected to be 45x, 33x, and 26x, respectively [6][8] - The company’s revenue is expected to grow from 9.07 billion yuan in 2024 to 12.12 billion yuan in 2025, reflecting a year-on-year growth rate of 33.7%. The gross margin is projected to improve from 41.1% in 2024 to 43.5% in 2025 [8]