Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.618 billion yuan for 2024, representing a year-on-year growth of 44.48%, and a net profit attributable to shareholders of 1.444 billion yuan, up 35.48% year-on-year. This growth is attributed to the ongoing recovery in the global semiconductor industry, particularly strong demand in mainland China, and the company's ability to leverage its technological advantages to secure a robust order backlog [4][5] - The company is transitioning from a cleaning equipment provider to a platform-based semiconductor equipment company, with a market share of 23% in the Chinese cleaning equipment market and a global market share of 6.6%, ranking fifth [5][6] - The company is committed to continuous R&D investment, enhancing its core technologies, and expanding its product portfolio, which includes semiconductor cleaning, plating, and advanced packaging equipment [6][7] Financial Summary - The company expects revenues for 2025, 2026, and 2027 to be 6.729 billion, 8.258 billion, and 9.206 billion yuan, respectively, with net profits of 1.496 billion, 1.752 billion, and 1.924 billion yuan [8][10] - The projected EPS for 2025, 2026, and 2027 is 3.39 yuan, 3.97 yuan, and 4.36 yuan, with corresponding P/E ratios of 31, 26, and 24 times [8][10] - Key financial metrics for 2024 include a gross margin of 48.9% and a return on equity (ROE) of 15% [10][12]

证券代码：688082 证券简称：盛美上海 公告编号：2025-020 重要内容提示： 会议召开时间：2025 年 04 月 10 日（星期四）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2025 年 04 月 02 日（星期三）至 04 月 09 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （ir@acmrcsh.com）进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 盛美半导体设备（上海）股份有限公司（以下简称"公司"）已于2025年2 月27日发布公司2024年度报告，为便于广大投资者更全面深入地了解公司2024年 度经营成果、财务状况，公司计划于2025年04月10日（星期四）15:00-16:00举 行2024年度业绩暨现金分红说明会，就投资者关心的问题进行交流。 一、说明会类型 盛美半导体设备（上海）股份有限公司 关于召开 2024 年度业绩暨现金分红 ...

重要内容提示： 证券代码：688082 证券简称：盛美上海 公告编号：2025-019 盛美半导体设备（上海）股份有限公司 关于 2023 年限制性股票激励计划首次授予部分第一个 归属期归属结果暨股票上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 2,550,435 股。 本次股票上市流通总数为 2,550,435 股。 本次股票上市流通日期为 2025 年 3 月 25 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责任 公司上海分公司有关业务规则的规定，盛美半导体设备（上海）股份有限公司（以 下简称"公司"）于2025年3月19日收到中国证券登记结算有限责任公司上海分公 司出具的《证券变更登记证明》，公司已完成2023年限制性股票激励计划（以下简 称"本激励计划"）首次授予部分第一个归属期的股份登记工作。现将有关情况公 告如下： 一、本次限制性股票归属的决策程序及相关信息披露 （一）2023年4月26日，公司召开第二届董事 ...

Summary of the Conference Call for Shengmei Shanghai Company Overview - Shengmei Shanghai has been impacted by the new U.S. entity list regulations, which include the company and its subsidiaries in mainland China and South Korea. However, the company believes it can manage the effects on its operations and maintain stable sales to overseas customers [3][4]. Financial Performance - In 2024, Shengmei Shanghai reported revenue of 5.618 billion RMB, a year-on-year increase of 44.48%, with a shipment volume of 6.931 billion RMB. The net profit attributable to shareholders was 1.153 billion RMB, up 23.6% [3][5][13]. - The company achieved a gross profit of 3.745 billion RMB, with a gross margin of 48.86%. The net profit after excluding share-based payment expenses was 1.444 billion RMB, reflecting a growth of 35.48% [5][13]. - As of the end of 2024, total assets were 12.128 billion RMB, with cash and cash equivalents amounting to 2.775 billion RMB [5][13]. Business Segments - Shengmei Shanghai's business is primarily driven by three product lines: cleaning, plating, and CD packaging. The revenue from single-wafer cleaning and semi-critical cleaning equipment grew by 55.18% to 4.057 billion RMB, accounting for 72.22% of total revenue [3][6]. - Revenue from plating aluminum tubes and other front-end equipment increased by 20.97% to 1.137 billion RMB, representing 20.24% of total revenue. Advanced packaging and other back-end equipment revenue rose by 26.85% to 423 million RMB, making up 7% of total revenue [6]. Market Position and Growth - Shengmei Shanghai estimates its addressable market size at approximately 18 billion USD. The semiconductor wafer fabrication equipment market in mainland China is projected to grow by 12% in 2024, reaching 38 billion USD [3][7]. - The company’s growth rate significantly exceeds the industry average, with a projected revenue growth of 44% in 2024 [7]. Innovations and Product Development - The company has made breakthroughs in advanced packaging, securing orders for four wafer-level packaging devices and launching three panel-level packaging devices suitable for GPU and HBM packaging [3][9]. - Shengmei Shanghai's new R&D and manufacturing center in Lingang is expected to be operational by June 2025, enhancing operational efficiency and supply chain autonomy [3][11]. Future Outlook - For 2025, Shengmei Shanghai anticipates annual operating performance between 6.5 billion and 7.1 billion RMB, driven by original innovation and differentiated technology [3][12]. - The company plans to continue investing in R&D, with an allocation of 838 million RMB in 2024, representing 14% of revenue, and a 27% increase year-on-year [3][14]. Customer Base and Market Expansion - The number of customers for plating and aluminum tube equipment has increased from nine at the end of 2023 to 17 by the end of 2024, indicating strong customer expansion [15]. - New customer acquisitions are expected to contribute to revenue in the second half of the year, with further growth anticipated in the following year [17]. Competitive Landscape - Shengmei Shanghai maintains confidence in its technology and market position despite competition from Japanese manufacturers introducing similar products. The company views this as a positive development for the industry [25][26]. - The company emphasizes the importance of maintaining an open market for fair competition among domestic and international suppliers [26][27]. Conclusion - Shengmei Shanghai is well-positioned to navigate regulatory challenges while capitalizing on significant growth opportunities in the semiconductor equipment market, driven by innovation, a diversified product portfolio, and a strong customer base [3][4][12].

证券代码：688082 证券简称：盛美上海 公告编号：2025-018 盛美半导体设备（上海）股份有限公司 关于董事、副总经理辞职暨核心技术人员调整的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 董事辞任：盛美半导体设备（上海）股份有限公司（以下简称"公司"） 董事HAIPING DUN、STEPHEN SUN-HAI CHIAO、罗千里因个人原因申请辞去公司董 事职务及董事会相关委员会职务，辞职后不再担任公司任何职务。 副总经理辞任：公司副总经理SOTHEARA CHEAV因达到法定退休年龄，申 请辞去公司副总经理职务，辞职后不再担任公司任何职务。 公司董事会近日收到董事HAIPING DUN、STEPHEN SUN-HAI CHIAO、罗千里以 及公司副总经理SOTHEARA CHEAV的书面辞职报告。具体情况如下： 1、HAIPING DUN因个人原因申请辞去公司董事职务、董事会战略委员会及薪 酬与考核委员会委员职务，辞职后HAIPING DUN将不再担任公司任何职务； 2、STEPHEN S ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company aims to become a leader in cleaning and plating equipment in China, with a revenue guidance midpoint of 6.8 billion RMB for 2025, indicating steady growth [3][8] - The company is expanding into new growth areas such as furnace tubes, Track, and PECVD equipment, which are expected to contribute to its second growth curve [3][8] Financial Projections - The company’s projected revenues for 2023, 2024, and 2025 are 3.888 billion RMB, 5.618 billion RMB, and 6.862 billion RMB respectively, with growth rates of 35.3%, 44.5%, and 22.2% [7] - The estimated EPS for 2025 is 3.34 RMB, with corresponding PE ratios of 32.0, 26.4, and 22.3 for 2025, 2026, and 2027 respectively [5][7] - The company expects a net profit of approximately 1.466 billion RMB for 2025, reflecting a year-on-year growth of 27.1% [7][8] Market Position - As of the first half of 2024, the company holds approximately 30% market share in cleaning equipment in mainland China, with a target to increase this to 55-60% [8] - The company also aims to capture 50-55% of the market share in copper plating equipment in mainland China [8] Recent Performance - The company reported a revenue of approximately 5.618 billion RMB for 2024, with a year-on-year increase of 44% [8] - The gross margin for 2024 is expected to be around 48.9%, slightly down by 3.1 percentage points year-on-year [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to achieve significant revenue growth in 2024, with total revenue projected at 56.18 billion yuan, representing a year-on-year increase of 44.5%. The growth is driven by strong demand in the semiconductor equipment sector and successful expansion into new markets and customer bases [7][8] - The company's net profit for 2024 is forecasted to be 11.53 billion yuan, reflecting a year-on-year growth of 26.7% [8][10] - The report highlights the company's stable profitability, with a gross margin of 48.9% and a net profit margin of 20.5% for 2024 [9][12] Summary by Sections Revenue and Profitability - In 2024, the company achieved total revenue of 56.18 billion yuan, with cleaning equipment revenue at 40.57 billion yuan (up 55.2%), accounting for 72.2% of total revenue. Other semiconductor equipment generated 11.37 billion yuan (up 21.0%), and advanced packaging wet process equipment contributed 2.46 billion yuan (up 53.6%) [7][8] - The company's net profit for 2024 is projected at 11.53 billion yuan, with a net profit margin of 20.5% [8][10] Financial Stability - The gross margin for 2024 is reported at 48.9%, with a slight decrease of 3.1 percentage points year-on-year. The sales expense ratio is 7.5%, and the R&D expense ratio is 13.0%, showing a decrease of 2.8 percentage points [9][12] - The company reported a significant improvement in operating cash flow, reaching 6.49 billion yuan in Q4 2024, indicating better cash collection and increased prepayments due to rising sales orders [14] Strategic Positioning - The company is strategically positioned to benefit from the growing demand for cleaning and plating equipment, with a market share of approximately 23% in cleaning equipment as of 2023. The company has successfully developed various technologies that are internationally competitive [19] - The report emphasizes the company's commitment to a "technology differentiation" and "product platform" strategy, which includes a diverse range of equipment such as cleaning, plating, and coating systems [19] Earnings Forecast - The report maintains the profit forecast for 2025 and 2026 at 15.5 billion yuan and 18.7 billion yuan, respectively, with an expected net profit of 20.7 billion yuan in 2027. The current stock price corresponds to dynamic P/E ratios of 32, 27, and 24 for the years 2025, 2026, and 2027, respectively [20]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7][9]. Core Insights - The company reported a record high performance in Q4 2024, with revenue growth exceeding 44% year-over-year and net profit growth of 27%, aligning with expectations. The company is expanding its product offerings beyond cleaning equipment into areas such as coating, developing, and wet etching, suggesting strong growth potential [7][9]. - The company is expected to achieve net profits of RMB 15.3 billion and RMB 17.6 billion in 2025 and 2026, respectively, with year-over-year growth rates of 33% and 15% [9][11]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current stock price of RMB 111.16 as of February 27, 2025, and a market capitalization of RMB 481.94 billion [2]. Recent Performance - In 2024, the company achieved revenue of RMB 56.2 billion, a year-over-year increase of 44.5%, and a net profit of RMB 11.5 billion, a year-over-year increase of 26.7% [9]. - The company's semiconductor cleaning equipment revenue reached RMB 40.6 billion, growing approximately 55% year-over-year [9]. Financial Projections - The company forecasts revenue growth to RMB 69.14 billion in 2025 and RMB 82.42 billion in 2026, with corresponding net profits of RMB 15.31 billion and RMB 17.62 billion [11][13]. - The projected earnings per share (EPS) for 2025 and 2026 are RMB 3.51 and RMB 4.04, respectively [11]. Market Position - The company is well-positioned to benefit from the increasing demand for semiconductor equipment in China, particularly in light of the ongoing technological competition with the U.S. [9].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7][9]. Core Insights - The company reported a record high performance in Q4 2024, with revenue growth exceeding 44% year-over-year and net profit growth of 27%, aligning with expectations [7][9]. - The company is expanding its product offerings beyond cleaning equipment into areas such as coating, developing, and wet etching, suggesting strong growth potential in the long term [7][9]. - The stock is currently trading at a price-to-earnings (PE) ratio of 32 times for 2025 and 27 times for 2026, which is considered relatively low [7][9]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current stock price of 111.16 yuan as of February 27, 2025, and a market capitalization of approximately 48.19 billion yuan [2]. - Major shareholder is ACM Research, Inc., holding 81.53% of the shares [2]. Financial Performance - For 2024, the company achieved revenue of 56.2 billion yuan, a year-over-year increase of 44.5%, and a net profit of 11.5 billion yuan, up 26.7% year-over-year [9]. - The gross margin was reported at 48.9%, a decrease of 3.1 percentage points compared to the previous year [9]. - The company’s revenue from semiconductor cleaning equipment reached 40.6 billion yuan, a growth of approximately 55% year-over-year [9]. Future Projections - The company is expected to achieve net profits of 15.3 billion yuan and 17.6 billion yuan in 2025 and 2026, respectively, with year-over-year growth rates of 33% and 15% [9]. - Earnings per share (EPS) are projected to be 3.51 yuan and 4.04 yuan for 2025 and 2026, respectively [11]. Market Context - The demand for semiconductor equipment in China is expected to grow due to the ongoing technological competition and the need for advanced semiconductor processes [9]. - The company is strategically positioning itself to capture a larger market share in the semiconductor equipment sector by diversifying its product range [9].