688630 专用机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 资料来源：中原证券研究所，聚源 相关报告 -11% 15% 41% 66% 92% 118% 144% 170% 2024.12 2025.04 2025.08 2025.12 芯碁微装 沪深300 投资要点： 风险提示：1：PCB 客户扩产节奏低于预期；2：公司泛半导体业务 拓展不及预期；3：行业竞争加剧，毛利率不及预期；4：公司新产品 研发、市场拓展不及预期。 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 829 | 954 | 1,350 | 1,833 | 2,373 | | 增长比率（%） | 27.07 | 15.09 | 41.52 | 35.78 | 29.44 | | 净利润（百万元） | 179 | 161 | 296 | 437 | 580 | | 增长比率（%） | 31.28 | -10.38 | 84. ...

Core Insights - On November 21, Chipone Microelectronics experienced a decline of 6.16% in stock price, with a trading volume of 470 million yuan [1] - The company reported a net financing outflow of 28.93 million yuan on the same day, with a total financing and securities balance of 887 million yuan [1] Financing Overview - On November 21, Chipone Microelectronics had a financing purchase amount of 51.01 million yuan, with a current financing balance of 886 million yuan, representing 6.35% of its market capitalization [1] - The financing balance is above the 80th percentile of the past year, indicating a high level of financing activity [1] Securities Lending Overview - On November 21, the company repaid 3,747 shares in securities lending, with no shares sold, resulting in a lending balance of 95,000 yuan, which is below the 20th percentile of the past year [1] Company Profile - Chipone Microelectronics, established on June 30, 2015, and listed on April 1, 2021, specializes in the research, manufacturing, and sales of direct imaging equipment and related maintenance services, primarily focusing on micro-nano direct writing lithography technology [2] - The company's main revenue source comes from laser direct imaging equipment, accounting for 99.58% of total revenue, with other services contributing 0.42% [2] Financial Performance - For the period from January to September 2025, Chipone Microelectronics achieved a revenue of 934 million yuan, representing a year-on-year growth of 30.03%, and a net profit attributable to shareholders of 199 million yuan, up 28.20% year-on-year [2] Dividend Distribution - Since its A-share listing, Chipone Microelectronics has distributed a total of 177 million yuan in dividends, with 153 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 105.75% to 20,600, with an average of 6,406 circulating shares per person, a decrease of 51.40% from the previous period [2][3] - Notable changes in institutional holdings include a reduction in shares held by major funds, with some exiting the top ten shareholders list [3]

Core Viewpoint - Chip Quasar Microelectronics Equipment Co., Ltd. (芯碁微装) has experienced significant stock price fluctuations, with a year-to-date increase of 106.67% but a recent decline of 12.28% over the past five trading days [1] Company Overview - Chip Quasar Microelectronics Equipment Co., Ltd. was established on June 30, 2015, and went public on April 1, 2021. The company specializes in the research, manufacturing, and sales of direct imaging equipment and related maintenance services, focusing on micro-nano direct writing lithography technology [2] - The company's main revenue source comes from laser direct imaging equipment, accounting for 99.58% of total revenue, with other services contributing 0.42% [2] - As of September 30, 2025, the company had 20,600 shareholders, an increase of 105.75% from the previous period, with an average of 6,406 circulating shares per person, a decrease of 51.40% [2] Financial Performance - For the period from January to September 2025, Chip Quasar achieved a revenue of 934 million yuan, representing a year-on-year growth of 30.03%. The net profit attributable to shareholders was 199 million yuan, reflecting a year-on-year increase of 28.20% [2] - Since its A-share listing, the company has distributed a total of 177 million yuan in dividends, with 153 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders included the XINGQUAN Commercial Model Mixed Fund (兴全商业模式混合(LOF)A), which held 1.0389 million shares, a decrease of 2.1722 million shares from the previous period. Other funds, including XINGQUAN He Run Mixed Fund and XINGQUAN New Vision Regular Open Mixed Fund, have exited the top ten shareholders list [3]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Chipmore Microelectronics (688630.SH) to provide additional information regarding its major shareholder, Asia Song Investment, and the specific use of raised funds [1] - Chipmore Microelectronics submitted its listing application to the Hong Kong Stock Exchange on August 31, 2025, with China International Capital Corporation (CICC) as its sole sponsor [1] - The CSRC has outlined specific areas for Chipmore Microelectronics to clarify, including the basic situation of its major shareholder, the company's business scope in relation to foreign investment restrictions, and detailed plans for the use of raised funds [1] Group 2 - Chipmore Microelectronics is a global leader in the direct-write lithography industry, providing core equipment for the advanced information technology sector in the AI era [1] - The company has a comprehensive R&D technical system that includes components such as light sources, exposure engines, precision worktables, alignment and focusing systems, data links, and modular system integration design [2] - The product portfolio primarily consists of PCB direct imaging equipment and automatic line systems, as well as semiconductor direct-write lithography equipment and automatic line systems [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Chipone Microelectronics (688630.SH) to provide additional information regarding its major shareholder, Aige Venture Capital, and the specific use of raised funds [1] - Chipone Microelectronics submitted its listing application to the Hong Kong Stock Exchange on August 31, 2025, with CICC as its sole sponsor [1] - The CSRC's inquiries include the basic situation of Aige Venture Capital, the company's business scope, and whether the raised funds will require overseas investment approvals [1] Group 2 - Chipone Microelectronics is a global leader in the direct-write lithography industry, providing core equipment for advanced information technology in the AI era [1] - The company has a complete R&D technology system that includes light sources, exposure engines, precision worktables, alignment and focusing, data links, and modular system integration design [2] - The product portfolio primarily consists of PCB direct imaging equipment and automatic line systems, as well as semiconductor direct-write lithography equipment and automatic line systems [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Chipmore Microelectronics (688630.SH) to provide additional information regarding its major shareholder, Aige Venture Capital, and the specific use of raised funds [1] - Chipmore Microelectronics submitted its listing application to the Hong Kong Stock Exchange on August 31, 2025, with China International Capital Corporation (CICC) as its sole sponsor [1] - The CSRC has outlined specific requirements for Chipmore Microelectronics, including verification of the major shareholder's background, clarification on business operations in relation to foreign investment restrictions, and detailed explanations of the intended use of raised funds [1] Group 2 - Chipmore Microelectronics is a global leader in the direct-write lithography industry, providing core equipment for advanced information technology in the AI era [1] - The company has a comprehensive R&D technical system that includes light sources, exposure engines, precision workstations, alignment and focusing, data links, and modular system integration design [2] - The product portfolio primarily consists of PCB direct imaging equipment and automatic line systems, as well as semiconductor direct-write lithography equipment and automatic line systems [2]

Core Viewpoint - Chip Qu Micro Equipment is a leading domestic manufacturer of micro-nano direct writing lithography equipment, focusing on high-precision direct imaging devices and direct writing lithography systems [1] Group 1: Company Overview - Chip Qu Micro Equipment was established on June 30, 2015, and was listed on the Shanghai Stock Exchange on April 1, 2021, with its registered and office address in Anhui Province and Hong Kong [1] - The company operates in the specialized equipment sector, specifically in micro-nano direct writing lithography technology, covering various fields including PCB, OLED, and nuclear power [1] Group 2: Financial Performance - For Q3 2025, Chip Qu Micro Equipment reported revenue of 934 million yuan, ranking 30th out of 89 in the industry, with the industry leader, Keda Manufacturing, generating 12.605 billion yuan [2] - The company's net profit for the same period was 199 million yuan, ranking 13th in the industry, with Keda Manufacturing leading at 1.832 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 27.82%, an increase from 23.77% year-on-year, which is significantly lower than the industry average of 42.80%, indicating strong solvency [3] - The gross profit margin for the same period was 42.09%, up from 40.99% year-on-year, which is higher than the industry average of 28.52%, reflecting strong profitability [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 105.75% to 20,600, while the average number of circulating A-shares held per shareholder decreased by 51.40% to 6,406.69 [5] Group 5: Future Outlook - Shanghai Securities noted that Chip Qu Micro Equipment is a leader in domestic direct writing lithography equipment, with PCB contributing the majority of revenue. The company is expected to achieve a revenue of 954 million yuan in 2024, a year-on-year increase of 15% [6] - The company is projected to achieve net profits of 314 million yuan, 503 million yuan, and 637 million yuan from 2025 to 2027, respectively [6]

Group 1 - The core point of the news is that Chipone Microelectronics has seen a 5% increase in stock price, reaching 141.89 CNY per share, with a trading volume of 9.57 billion CNY and a market capitalization of 18.693 billion CNY as of October 29 [1] - Chipone Microelectronics, established on June 30, 2015, and listed on April 1, 2021, specializes in the research, manufacturing, and sales of direct imaging equipment and related maintenance services, focusing on micro-nano direct writing lithography technology [1] - The company's main revenue source comes from laser direct imaging equipment, accounting for 99.58% of total revenue, while other supplementary services contribute 0.42% [1] Group 2 - According to data, a fund under China Post Fund holds a significant position in Chipone Microelectronics, with a reduction of 37,500 shares in the third quarter, leaving 12,500 shares, which represents 3.06% of the fund's net value [2] - The China Post Specialized New One-Year Holding Period Mixed Fund A (015505) has achieved a year-to-date return of 41.68%, ranking 1804 out of 8155 in its category, and a one-year return of 35.87%, ranking 1945 out of 8031 [2] - The fund manager, Cao Si, has been in position for 11 years and 159 days, with the fund's total assets amounting to 367 million CNY, achieving a best return of 107.3% and a worst return of 5.69% during his tenure [3]

Core Insights - Chipone Microelectronics has seen a stock price increase of 5% as of October 24, reaching 136.45 CNY per share, with a trading volume of 658 million CNY and a turnover rate of 3.73%, resulting in a total market capitalization of 17.976 billion CNY [1] - The company's stock has risen for four consecutive days, accumulating a total increase of 7.89% during this period [1] Company Overview - Chipone Microelectronics, established on June 30, 2015, and listed on April 1, 2021, is located in Hefei, Anhui Province, China [1] - The company specializes in the research, development, manufacturing, and sales of direct imaging equipment and direct-write lithography equipment, focusing on micro-nano direct-write lithography technology [1] - Main products include PCB direct imaging equipment, semiconductor direct-write lithography equipment, and related maintenance services, with 99.58% of revenue coming from laser direct imaging equipment [1] Fund Holdings - Guolian Fund has a significant holding in Chipone Microelectronics, with its Guolian Xinrui Select One-Year Holding Mixed A Fund (010987) holding 31,900 shares, accounting for 3.48% of the fund's net value, ranking as the tenth largest holding [2] - The fund has realized a floating profit of approximately 207,400 CNY today and 303,100 CNY during the four-day stock price increase [2] - The Guolian Xinrui Select One-Year Holding Mixed A Fund was established on April 29, 2021, with a current scale of 51.521 million CNY and has achieved a year-to-date return of 44.86% [2]

Group 1 - The core viewpoint of the news is that Chipone Microelectronics has seen a significant increase in its stock price, rising 5% on October 24, with a total market value of 17.976 billion yuan and a cumulative increase of 7.89% over four consecutive days [1] - Chipone Microelectronics, established on June 30, 2015, specializes in the research, manufacturing, and sales of direct imaging equipment and related maintenance services, focusing on micro-nano direct writing lithography technology [1] - The company's main revenue source comes from laser direct imaging equipment, accounting for 99.58% of its total revenue, with other supplementary services making up the remaining 0.42% [1] Group 2 - According to data, Hongde Fund holds a significant position in Chipone Microelectronics, with its Hongde Honghua Mixed Fund owning 167,400 shares, representing 3.13% of the fund's net value, making it the seventh-largest holding [2] - The Hongde Honghua Mixed Fund has generated a floating profit of approximately 1.0884 million yuan today and a total of 1.5907 million yuan during the four-day increase [2] - The fund, established on December 1, 2016, has a current scale of 425 million yuan, with a year-to-date return of 22.92% and a one-year return of 20.36% [2]