abc 2025 年 12 月 24 日 Global Research 捷佳伟创 光伏板块低迷叠加半导体处于起步阶段，维持 中性 短期内尚无实质性正向催化落地，维持中性评级 我们下调2025-27年EPS预测9%-52%，以此体现光伏设备板块的承压（我 们认为短期内半导体设备很难抵消光伏设备板块的下滑）。年初迄今捷佳伟 创的股价已回升逾50%，我们认为股价已反映了：1）潜在的订单下滑 和TOPCon市场竞争加剧；2) 公司在积极布局新一代光伏电池技术（主要是 钙钛矿叠层电池）和半导体设备，中长期看可望带来增量订单。公司当前股 价对应21.6x 2026E PE，比历史均值低0.2SD，我们认为当前估值合理，我 们维持捷佳伟创的中性评级，因为市场已大致了解产能过剩的问题，但是拐 点可见度较低。 光伏设备短期仍面临显著压力... 估值: 目标价自73.00元上调至95.70元 我们下调2025-27年EPS预测，但我们将目标价自73.00元上调31%至95.70 元，主要由于1）将目标估值比率上调至22x 2026E，此前为10x 2024E（我 们预测2026E EPS降47% vs. 我们此前预测2024 ...

今日A股存储芯片板块迎来强势走强行情，成为半导体赛道的核心领涨主线，呈现"双龙头封板、全产 业链跟涨"的火爆格局。板块内情绪标杆股表现亮眼，天奥电子、恒烁股份率先封死涨停板，引爆板块 赚钱效应；香农芯创、北京君正、盈新发展、江波龙、雷科防务等企业紧随其后。从交易情况来看，资 金进场迹象显著，反映出市场对存储芯片行业周期反转与成长潜力的高度认可。 存储芯片材料与设备板块：国产存储产能扩张与技术迭代，直接拉动上游材料与设备需求。新华日报报 道显示，舜铭存储已实现上游材料、设备、代工厂的全面国产化，带动相关供应链增长。东方财富网梳 理显示，沪硅产业的300mm硅片已适配长鑫存储等头部企业，拓荆科技的PECVD设备用于存储芯片薄 膜沉积，在3D NAND领域订单充足，将同步受益于国产存储产能扩张。 AI服务器与算力设备板块：AI服务器与存储芯片需求高度协同，形成联动增长效应。硬核知识局2025 年12月分析指出，2025年全球AI服务器出货量同比增长180%，单台AI服务器存储用量是普通服务器的8 倍。 风险提示：本文提及的行业信息与企业动态仅作梳理，不构成任何投资建议；企业经营及市场波动存在 不确定性，请注意相关风 ...

集成电路ETF（159546）收涨1.2%，半导体设备需求增长获关注。 爱建证券指出，半导体设备领域薄膜沉积设备在前道工艺中价值量占比高（约22%），是晶圆扩产的核 心设备之一，受新产线建设与既有产能扩充双重拉动，需求有望持续增长。全球300mm晶圆厂投资预 计2025年增长20%至1165亿美元，中国大陆2025年-2027年年均投建规模有望保持在300亿美元以上。中 国厂商加速布局，如拓荆科技拟提升PECVD等设备产能，微导纳米的ALD与高端CVD产品已切入国产 存储头部客户量产线，逻辑领域设备性能达国际先进水平。半导体行业产能扩张将带动薄膜沉积设备需 求上行。 集成电路ETF（159546）跟踪的是集成电路指数（932087），该指数从市场中选取涉及半导体设计、制 造、封装测试及相关设备材料等业务的上市公司证券作为指数样本，以反映集成电路行业相关上市公司 证券的整体表现。该指数成分股具备高技术壁垒和成长性特征，侧重于科技创新与高端制造领域配置， 能够较好地体现中国集成电路行业的发展趋势。 （文章来源：每日经济新闻） ...

微导纳米 20251203 摘要 微导纳米半导体设备订单高速增长，预计 2025 年和 2026 年增速将保 持在 50%以上，主要受益于存储厂商的产能扩张和下游资本开支上行， 2025 年新签订单预计达 18-20 亿元，2026 年保守估计 25-30 亿元， 乐观情况下可达 40 亿元。 公司管理团队具备深厚的半导体行业经验，创始人黎伟明在 ALD 技术领 域有深厚积累，周仁在 CVD 和薄膜沉积领域经验丰富，胡斌对光伏业务 有深入了解，为公司在半导体和光伏两大领域的发展奠定了坚实基础。 微导纳米在 ALD 技术方面具有显著优势，工艺覆盖度达到 70%-80%， 尤其擅长沉积 HAKI 材料，如二氧化铪，在一些先进逻辑器件中市占率 已达 70%-80%。在 PECVD 方面，其高温硬掩膜 PECVD 市占率达到 90%，基本实现独供。 随着 3D NAND 结构复杂性增加，对叠层沉积、自限填充提出更高要求， ALD 技术需求增加。高深宽比结构如 DRAM 也需要精确控制薄膜质量， 不论是先进逻辑还是存储器件，对 ALD 用量都会显著增加。 Q&A 微导纳米在半导体设备领域的增长逻辑是什么？ 微导纳米在半 ...

Core Viewpoint - The company aims to capture 50% to 60% of the Chinese market share for its leading products, which include cleaning and electroplating equipment [1] Group 1 - The company is actively expanding its market presence with its leading products [1] - Platform products such as vertical furnace tubes, Track, and PECVD equipment have already started entering the market [1]

Summary of Shengmei Shanghai Conference Call Company Overview - **Company**: Shengmei Shanghai - **Industry**: Semiconductor Equipment Manufacturing Key Financial Metrics - **Revenue**: 2025 Q1-Q3 revenue reached 5.146 billion RMB, a 29% year-over-year increase [2][8] - **Net Profit**: Net profit attributable to shareholders was 1.2 billion RMB, up 67% year-over-year [2][8] - **Q3 Performance**: Q3 revenue was 1.881 billion RMB, a 19.61% increase year-over-year; net profit was 570 million RMB, up 81.04% [3][9] - **R&D Investment**: R&D expenses for Q1-Q3 totaled 868 million RMB, a 41.89% increase, representing about 15%-16% of revenue [3][10] Industry and Product Developments - **Cleaning Equipment**: Achieved industry-leading performance in high-temperature SPM equipment, capable of cleaning 19 nm particles, with plans to reduce to 13 nm [2][4] - **Electroplating Equipment**: Anticipates delivery of panel-level electroplating equipment in Q4 2025; revenue from electroplating furnace tubes and upstream equipment grew 74.53% to 1.223 billion RMB [2][4] - **New Platforms**: Progress in developing high-capacity KRF process front-end coating and developing PECVD equipment with innovative designs [5] Capital Raising and Future Outlook - **Fundraising**: Completed a directed share issue raising 4.482 billion RMB for Mini LED production line expansion and global capacity enhancement [6] - **Revenue Forecast**: Full-year revenue expected between 6.5 billion to 7.1 billion RMB, maintaining a long-term revenue target of 4 billion USD [2][7] Market Trends and Competitive Landscape - **Domestic Substitution**: Increased domestic substitution, particularly in DRAM and mature logic sectors, with positive overseas market prospects [3][17] - **Advanced Packaging Demand**: Anticipated growth in advanced packaging driven by increased chip production, with a focus on panel packaging [19] Financial Health - **Total Assets**: As of Q3 2025, total assets were 18.213 billion RMB, with cash and cash equivalents of 6.951 billion RMB [3][11] - **Order Backlog**: As of September 29, 2025, total order backlog was 9.072 billion RMB, a 34.1% year-over-year increase [3][15] Challenges and Strategic Responses - **Gross Margin Fluctuations**: Gross margin impacted by initial costs of new equipment; expected to stabilize between 40%-48% [16] - **Competition in High-End Market**: Focus on unique equipment advantages in cleaning, inspection, and PECVD to mitigate competitive pressures [24] Conclusion - **Long-Term Confidence**: Company maintains confidence in long-term growth prospects, supported by technological advancements and a strong order backlog [7][23]

Core Insights - The company reported a robust growth in performance, with a year-on-year revenue increase of 29.4% for Q1-Q3 2025, reaching 5.15 billion yuan, driven by strong demand in the Chinese semiconductor equipment market and successful expansion into new customers and markets [1] - The net profit attributable to shareholders for the same period rose by 67.0% to 1.27 billion yuan, while the non-recurring net profit increased by 49.5% to 1.11 billion yuan [1] - The company maintained high R&D investment, with R&D expenses amounting to 870 million yuan, a year-on-year increase of 41.9% [2] Financial Performance - For Q3 2025, the company achieved a revenue of 1.88 billion yuan, reflecting a year-on-year growth of 19.6% and a quarter-on-quarter increase of 4.0% [1] - The net profit for Q3 was 570 million yuan, up 81.0% year-on-year and 26.9% quarter-on-quarter, while the non-recurring net profit was 430 million yuan, a year-on-year increase of 41.4% [1] - The gross margin for Q1-Q3 2025 was 49.5%, an increase of 1.1 percentage points year-on-year, and the net profit margin was 24.6%, up 5.5 percentage points year-on-year [2] Strategic Developments - The company is focusing on a platform-based approach in cleaning, electroplating, and coating development equipment, which is expected to benefit from the new cleaning and electroplating demands in HBM [3] - The company has achieved over 30% market share in domestic single wafer cleaning equipment, with its cleaning technologies reaching international leading levels [3] - The company has delivered over 1,500 electroplating chambers, with its 3D stacking electroplating equipment capable of handling high aspect ratio copper plating for advanced semiconductor structures [3] Profit Forecast and Investment Rating - The company has adjusted its net profit forecasts for 2025-2027 to 1.82 billion, 2.24 billion, and 2.55 billion yuan, respectively, reflecting an increase from previous estimates [4] - The current stock price corresponds to dynamic P/E ratios of 46, 37, and 33 times for the years 2025, 2026, and 2027, respectively, maintaining an "overweight" rating [4]

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company continues to experience high growth in its performance, with a year-on-year revenue increase of 29.4% in Q1-Q3 2025, reaching 5.15 billion yuan, driven by strong demand in the semiconductor equipment sector [8][9] - The company's net profit for Q1-Q3 2025 increased by 67% year-on-year, amounting to 1.27 billion yuan, indicating robust operational performance [8][9] - The company is focusing on a platform-based strategy, successfully expanding its product offerings in cleaning, electroplating, coating, and etching equipment, which positions it well to benefit from the growing demand in the HBM sector [3][9] Financial Performance Summary - For 2023, the total revenue is projected at 3.888 billion yuan, with a year-on-year growth of 35.34% [1] - The net profit attributable to shareholders is expected to be 910.52 million yuan in 2023, reflecting a year-on-year increase of 36.21% [1] - The company maintains a high gross margin of 49.5% for Q1-Q3 2025, with a net profit margin of 24.6%, showing improved profitability [8][9] - The R&D investment for the company reached 870 million yuan in Q1-Q3 2025, a year-on-year increase of 41.9%, highlighting its commitment to innovation [8][9] Earnings Forecast - The forecast for net profit attributable to shareholders is adjusted to 1.82 billion yuan for 2025, 2.24 billion yuan for 2026, and 2.55 billion yuan for 2027, reflecting strong growth expectations [9] - The projected P/E ratios for the current stock price are 46 for 2025, 37 for 2026, and 33 for 2027, indicating a favorable valuation outlook [9]

Core Viewpoint - The article highlights the significant revenue growth and profitability turnaround of Tuojing Technology in the first half of 2025, driven by advancements in their manufacturing processes and strong order backlog [2][4]. Group 1: Financial Performance - In H1 2025, the company's revenue reached 1.954 billion yuan, a year-on-year increase of 54.3%, while the net profit attributable to shareholders was 94.3 million yuan, down 27% year-on-year [2]. - In Q2 2025, revenue was 1.25 billion yuan, reflecting a year-on-year growth of 56.6% and a quarter-on-quarter increase of 75.7%. The gross margin was 38.8%, down 8.1 percentage points year-on-year but up 19 percentage points quarter-on-quarter [2]. - The net profit attributable to shareholders in Q2 2025 was 240 million yuan, a year-on-year increase of 103.4% and a quarter-on-quarter increase of 390 million yuan. The non-recurring net profit was 218 million yuan, up 240% year-on-year and an increase of 400 million yuan quarter-on-quarter [2]. Group 2: Product Development and Market Position - The company has successfully shipped multiple PECVD (Plasma-Enhanced Chemical Vapor Deposition) devices for advanced storage production lines, achieving comprehensive coverage of various hard mask processes [3]. - The PE-ALD (Plasma-Enhanced Atomic Layer Deposition) equipment has seen rapid growth, with multiple units passing customer validation, indicating full coverage of dielectric film materials [3]. - The company has received repeat orders for its wafer-to-wafer hybrid bonding equipment, and the new generation of high-speed, high-precision bonding products has been shipped for client validation [3]. Group 3: Investment Outlook - The company is expected to maintain high revenue growth in 2025, with a strong order backlog and continuous improvement in process coverage [4]. - The investment rating is maintained at "Accumulate," reflecting confidence in the company's future performance based on its current trajectory and market position [4].

Core Viewpoint - The company reported significant revenue growth and a substantial turnaround in profit for Q2 2025, driven by increased production and successful product deliveries in advanced manufacturing processes [1][3]. Group 1: Financial Performance - In H1 2025, the company's revenue reached 1.954 billion yuan, a year-on-year increase of 54.3%, while the net profit attributable to shareholders was 94.3 million yuan, down 27% year-on-year; however, the net profit excluding non-recurring items was 38 million yuan, up 91% year-on-year [1]. - For Q2 2025, revenue was 1.25 billion yuan, representing a year-on-year increase of 56.6% and a quarter-on-quarter increase of 75.7%; the gross margin was 38.8%, down 8.1 percentage points year-on-year but up 19 percentage points quarter-on-quarter; the net profit attributable to shareholders was 240 million yuan, up 103.4% year-on-year and increased by 390 million yuan quarter-on-quarter; the net profit excluding non-recurring items was 218 million yuan, up 240% year-on-year and increased by 400 million yuan quarter-on-quarter [1]. Group 2: Product Development and Orders - The company has successfully delivered multiple PECVD devices for advanced storage production lines, achieving comprehensive coverage of various advanced hard mask processes, including PECVD ACHM, a-Si, SiB, and high-temperature SiN [2]. - The PE-ALD equipment has seen rapid growth in orders, with multiple units of PE-ALD SiO2 and PE-ALD SiCO passing customer validation, achieving full coverage of dielectric film materials [2]. - The company has received repeat orders for its wafer-to-wafer hybrid bonding equipment, and the new generation of high-speed, high-precision bonding products has been shipped for client validation [2]. Group 3: Investment Outlook - The company is expected to maintain high revenue growth, with projected revenues of 5.41 billion yuan, 6.86 billion yuan, and 8.51 billion yuan for 2025, 2026, and 2027 respectively; net profit attributable to shareholders is projected to be 960 million yuan, 1.3 billion yuan, and 1.75 billion yuan for the same years, corresponding to PE ratios of 53.6, 39.4, and 29.2 times [3].