1 / 268 中微半导体设备（上海）股份有限公司 2024 年年度报告 会 AMEC 2024 年年度报告 董事长致辞 尹志尧 中微公司董事长、总经理 尊敬的各位股东、各位朋友们: 大家好!我谨代表中微公司董事会、公司管理层和全体员工,向各 位股东和社会各界对中微公司的信任和大力支持表示衷心的感谢! 近年来,随着人工智能、云计算、大数据、自动驾驶等数码技术相 关的产业进一步加速发展,半导体微观制造设备作为数码产业的基石, 其市场高速发展。更多的人越来越清楚地认识到"工欲善其事,必先利 其器"的道理。没有能加工微米及纳米级微观器件的光刻机、等离子体 刻蚀机、薄膜沉积等设备,就没有集成电路和微观器件产业,数码产业 的发展也将受到极大的制约。而复杂的国际局势更凸显了"数码强，则 国强，数码弱，则国弱"，及"设备强，则数码强，设备弱，则数码弱" 的道理和半导体设备自主可控的重要性。 面对复杂多变的外部环境,中微公司站在先进制程工艺发展的最前 沿,坚持技术的创新、产品的差异化和知识产权保护的基本原则。坚持 原创的设计，和国际领先的半导体客户公司同步前行。凭借强有力的研 发团队和深厚的客户关系,我们开发出一个又一个成功 ...

中微公司：2024年净利润16.16亿元，同比下降9.53% 拟10派3元 金十数据4月17日讯，中微公司公告，2024年营业收入为90.65亿元，同比增长44.73%。归属于上市公司 股东的净利润16.16亿元，同比下降9.53%。拟向全体股东每10股派发现金红利3元(含税)。 订阅A股市场资讯 +订阅 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company is positioned as a leader in domestic high-end semiconductor equipment, focusing on etching and MOCVD equipment, with a strong emphasis on R&D and innovation to drive growth [12][18]. - The company has demonstrated robust revenue growth, with revenue and net profit expected to continue increasing significantly in the coming years [3][24]. Summary by Sections Company Overview - Established in May 2004, the company has developed a platform-based growth model centered on etching and MOCVD equipment, expanding into thin film deposition and measurement equipment [1]. - The company's plasma etching technology has reached below 5nm, with increasing market share and substantial orders from leading clients [1][12]. Market Position and Technology - The company has delivered over 3,800 CCP reaction chambers and has more than 700 ICP reaction chambers in production, covering over 95% of etching applications [2]. - The company’s MOCVD equipment leads the market in GaN-based devices, with ongoing development for new applications in power devices and Micro-LED manufacturing [1][3]. Financial Performance - Revenue and net profit have shown a compound annual growth rate (CAGR) of 33.0% and 61.7% respectively from 2018 to 2024, with projected revenues of approximately 120.7 billion and 158.0 billion for 2025 and 2026 [1][3]. - The company achieved a revenue of 62.64 billion in 2023, a year-on-year increase of 32.15%, with a net profit of 17.86 billion, up 52.67% year-on-year [24]. Future Projections - The company is expected to achieve revenues of 120.7 billion and 158.0 billion in 2025 and 2026, with corresponding net profits of 25.5 billion and 35.6 billion [3]. - The gross margin is projected to be 42.9% in 2025 and 43.9% in 2026, indicating a favorable valuation with a PE ratio of 49x and 35x for the respective years [3].

Revenue Growth - The company's 2024 revenue reached approximately 9.07 billion CNY, an increase of about 2.80 billion CNY compared to 2023, representing a year-on-year growth of approximately 44.73%[1] - Revenue from etching equipment in 2024 was approximately 7.28 billion CNY, showing a year-on-year increase of about 54.73%[1] R&D Investment - R&D investment for 2024 was approximately 2.45 billion CNY, an increase of 1.19 billion CNY from the previous year, reflecting a year-on-year growth of approximately 94.31%[2] - The company has developed over 20 new devices across six categories, significantly accelerating the new product development cycle to two years or less[2] Profitability - The net profit attributable to the parent company for 2024 was approximately 1.63 billion CNY, a decrease of about 8.93% compared to the previous year[5] - The net profit attributable to the parent company after deducting non-recurring gains and losses was approximately 1.39 billion CNY, an increase of about 16.52% year-on-year[5] Sales Performance - The company achieved a per capita sales figure exceeding 4 million CNY in 2024, up from 3.5 million CNY in 2022[3] Asset Growth - Total assets at the end of the reporting period were approximately 262.29 billion CNY, an increase of 21.85% from the beginning of the period[10] Market Expansion - The company has successfully entered the market with six types of LPCVD film equipment, receiving bulk orders worth approximately 476 million CNY[1] - The company is actively expanding its production and R&D bases, with facilities in Nanchang and Shanghai totaling approximately 320,000 square meters[11]

Investment Rating - The report assigns a "Buy" rating for the company [4]. Core Insights - The company is a leading domestic semiconductor equipment manufacturer with significant revenue growth, achieving a compound annual growth rate (CAGR) of 33.93% from 2019 to 2023 [1][24]. - The semiconductor equipment market is expected to grow significantly, with a projected market size of $128 billion by 2025, driven by advancements in technology and increased demand for AI and cloud computing applications [2][38]. - The company has a diversified product portfolio, focusing on plasma etching equipment and MOCVD technology, which positions it well to benefit from the trend of domestic equipment autonomy [3][4]. Summary by Sections Section 1: Company Overview - The company specializes in high-end semiconductor micro-processing equipment and has established itself as a leader in the domestic market [17]. - Its core products include plasma etching equipment, which is widely used in advanced semiconductor manufacturing processes [18]. Section 2: Market Opportunities - The semiconductor industry is experiencing a recovery, with AI and HPC driving demand, leading to a forecasted global semiconductor sales increase of 16% in 2024 [33]. - The domestic equipment market is expected to reach $35 billion in sales by 2024, highlighting the growth potential for local manufacturers [39]. Section 3: Product Development and Strategy - The company is enhancing its product offerings through both internal development and external partnerships, aiming to cover a broader range of semiconductor manufacturing processes [3]. - It has made significant advancements in its etching and MOCVD equipment, which are critical for the production of advanced semiconductor devices [18][19]. Section 4: Financial Projections - Revenue projections for 2024-2026 are estimated at 9.065 billion, 12.269 billion, and 15.213 billion yuan, respectively, with corresponding year-on-year growth rates of 44.72%, 35.35%, and 24.00% [4][9]. - The company's net profit is expected to fluctuate, with a projected decline in 2024 followed by substantial growth in subsequent years [4][9].

中国 证券研究 2025 年 2 月 20 日 中微公司 - A 强劲势头有望延续；维持"增持"评级 根据我们近期的供应链调研，得益于先进制程晶圆代工厂资本开支高企 ，2025 年中国晶圆加工设备（WFE）需求远好于之前担忧。加上新建成 熟制程产能在国产化率方面的追赶，我们认为国内企业或将继续大幅扩 大市占率。我们预计中微公司等头部企业将跑赢，得益于其产品组合和 客户群不断扩大。我们目前预计公司 2025-27 年收入/盈利年复合增长率 为 52%/69%，且我们截至 2026 年 6 月的新目标价为 220.0 元，基于 20 倍的一年动态市盈率。维持"增持"评级。 增持 688012.SS, 688012 CH 股价（2025 年 2 月 20 日）： 205.10 元 ▲ 目标价（2026 年 6 月）： 220.00 元 之前（2025 年 12 月）： 195.00 元 证券研究报告 科技 证券分析师: 冯令天 AC (86-21) 6106 6359 billy.feng@jpmorgan.com 登记编号: S1730520030005 证券分析师: 许日 (86-21) 6106 6318 r ...

证券研究报告 电子 | 半导体 非金融|首次覆盖报告 hyzqdatemark 2025 年 02 月 18 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | | | 日 | | 17 | | | | 02 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 193.21 | | | | | | | | | | | 一 年 内 | 最 | 高 | | | | | | 最 | | 低 | / | 256.99/115.50 | | | | | （元） | | | | | | | | | | | | | | | | | 总市值（百万元） | | | | | 120,246.90 | | | | | | | | | | | | 流通市值（百万元） | | | | | 120,246.90 | | ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 中微公司 • 中微公司 2024 年研发费用大幅增加至 24.5 亿元，同比增幅高达 94.13%， 主要投入于刻蚀设备、薄膜沉积等领域，并积极布局泛半导体领域，预计 2025 年将有二十多种设备推向市场。 请介绍一下中微公司 2024 年的基本面情况。 2024 年，中微公司预计收入约为 90.65 亿元，同比增长 44.73%。其中，刻蚀设 备销售金额约为 72.76 亿元，同比增长 55%左右。研发投入方面，公司整体研 发费用约为 24.5 亿元，比去年增加了 11.88 亿元，增幅达 94.13%。从利润角 度来看，预计全年归母净利润在 15 亿至 17 亿元之间，同比减少 16%至 4.81%； 扣非净利润大约在 12.8 亿至 14.3 亿元之间，同比增速在 7.43%至 20%之间。 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调 ...

Core Viewpoint - Shanghai Ximi Technology Co., Ltd. has submitted an IPO counseling record, indicating its intention to go public and expand its production capacity in the semiconductor industry [1][2] Company Overview - Ximi Technology was established in January 2020 and focuses on high-end sealing materials and product solutions for the semiconductor and LCD panel industries [1] - The company began mass production in 2020, offering various types of perfluorinated seals essential for integrated circuit manufacturing [1][2] Production Capacity Expansion - The company launched its third-phase project on June 28, 2023, in the Lingang Industrial Zone, which will increase its production capacity by approximately 60% [1] - Post-expansion, the total production capacity will reach 1 million seals of various sizes, fulfilling about 70% of the domestic semiconductor industry's demand for perfluorinated sealing components [1] Market Position and Competition - Ximi Technology aims to capture market share from leading international brands and become the top domestic player in the perfluorinated seal market [2] - The company has established a strong foothold in the market, with many well-known domestic integrated circuit companies using its products [2] Financial and Ownership Structure - The company has secured nearly 300 million RMB in investments, with significant shareholders including IDG Capital, Ruijing Capital, and Shen Chuang Investment [2] - The actual controller of the company, Chairman Xie Changjie, holds a 20.26% stake [2] Industry Trends - There is a noticeable increase in IPO activities among integrated circuit-related companies, with other firms like Mu Xi Integrated Circuit and Mo Er Thread also pursuing public listings [3] - The semiconductor industry is witnessing a surge in domestic companies aiming to enhance their market presence and technological capabilities [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to maintain high revenue growth in 2024, with an estimated revenue of 9.065 billion yuan, representing a year-on-year increase of approximately 44.73% [1] - The company is significantly increasing its R&D efforts, with a projected R&D investment of about 2.45 billion yuan in 2024, a year-on-year increase of approximately 94.13% [2] - The company is focusing on the development of thin film equipment and has achieved significant sales in its etching equipment, with a revenue of approximately 7.276 billion yuan in 2024, a year-on-year increase of about 54.71% [1][4] Summary by Sections Revenue and Profit Forecast - The company expects to achieve a net profit attributable to shareholders of 1.5 to 1.7 billion yuan in 2024, a year-on-year decrease of 4.81% to 16.01% [2] - The gross profit margin for 2024 is estimated to be around 42.45%, a decrease of 3.37 percentage points year-on-year [2] Quarterly Performance - For Q4 2024, the company anticipates a revenue of 3.558 billion yuan, a year-on-year increase of 60.10% and a quarter-on-quarter increase of 72.75% [3] - The expected net profit attributable to shareholders for Q4 2024 is between 587 million and 787 million yuan, with a year-on-year change of -6.24% to 25.71% [3] Product Development and Market Position - The company has seen a significant increase in the shipment volume and sales of its high-end etching products, with over 1,000 reaction chambers delivered in the first three quarters of 2024 [4] - The LPCVD thin film equipment has achieved its first sales in 2024, generating approximately 156 million yuan in revenue [1][5] Financial Data and Valuation - The projected revenue for 2024 to 2026 is 9.065 billion, 11.603 billion, and 14.620 billion yuan respectively, with growth rates of 44.7%, 28.0%, and 26.0% [10] - The estimated P/E ratios for 2024, 2025, and 2026 are 69.6, 49.5, and 36.1 respectively [11]