芯碁微装20251102

Summary of New Qiwei's Conference Call Company Overview - New Qiwei has achieved a leading position in the global PCB exposure equipment market, with a market share exceeding 15% in 2024, expected to rise to 20%-25% in 2025 and further increase in 2026, indicating strong growth potential and market leadership [2][5][7]. Financial Performance - For the first three quarters of 2025, New Qiwei reported revenue of 934 million RMB, a year-on-year increase of over 30%. The net profit reached 200 million RMB, significantly surpassing the previous year's target of 160 million RMB [3][5]. Market Dynamics - The decline in Q3 2025 was attributed to a surge in orders in Q2, leading to delays in testing and acceptance after a peak in shipments. However, the overall order intake and production scheduling remain positive, with a healthy inventory structure of over 800 million RMB, one-third of which consists of shipped goods awaiting acceptance [6][7]. Customer Base and Market Share - New Qiwei's exposure equipment has a high market share among major clients, with approximately 80-90% market penetration in leading companies like Shenghong and Jingwangda, and over 50% in others like ShenNan and Pengding [2][8]. Technological Advancements - The company has developed significant advantages in high-precision wafer-level processes, supported by a strategy focused on major clients and technological upgrades. The introduction of advanced laser direct writing technology is expected to drive growth in the advanced packaging sector starting in 2026 [4][11]. Industry Trends - The demand for high-resolution exposure equipment is increasing due to the trend of multilayer boards moving towards higher density and larger sizes, with an estimated 15%-20% increase in equipment demand as the number of layers rises from 24 to 30 [16][17]. Competitive Landscape - New Qiwei has established a significant competitive edge over domestic rivals through its focus on high-precision, stable wafer-level processes, and a strong customer strategy. The gap between New Qiwei and its competitors is expected to widen [10][19]. Future Outlook - The company anticipates continued growth in Q4 2025, supported by a robust order book and effective management of accounts receivable and prepayments. The expansion of production capacity and market penetration in Southeast Asia is also expected to bolster its market position [7][8]. Maintenance Revenue - Maintenance revenue is projected to reach approximately 80-100 million RMB in 2025, with a gross margin of around 60%. The maintenance fees are typically about 10% of the equipment sale price, starting after a one-year warranty period [4][26]. Equipment Pricing - The average price of New Qiwei's semiconductor equipment ranges from 15 million to 20 million RMB, with an average of 17-18 million RMB, indicating a significant price difference compared to PBB exposure equipment [12]. Conclusion - New Qiwei is well-positioned for future growth in the PCB and semiconductor equipment markets, driven by technological advancements, a strong customer base, and strategic market expansion efforts. The company is expected to maintain its leadership position and capitalize on emerging industry trends.