| 最新收盘价（元） | 199.89 | | --- | --- | | 总股本/流通股本（亿股）4.80 | / 4.36 | | 总市值/流通市值（亿元）960 | / 872 | | 52 周内最高/最低价 | 212.45 / 92.60 | | 资产负债率(%) | 36.8% | | 市盈率 | 75.72 | | 第一大股东 | ACM RESEARCH, | | INC. | | 研究所 证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 盛美上海(688082) 指引强劲增长 l 投资要点 产品平台化持续推进，2026 年营收指引高增。截至 2025 年 9 月 29 日，公司在手订单总金额为 90.72 亿元，与上年同期已自愿 性披露的在手订单数据相比，在手订单总金额同比增加 34.10%。 公司销售交货及调试验收工作持续高效推进，有效保障了经 ...

Industry Insights - Samsung Electronics has raised NAND flash supply prices by over 100% in Q1 2026, significantly exceeding market expectations, highlighting a severe supply-demand imbalance in the semiconductor market [2] - The company has completed negotiations with major clients for new pricing, effective from January, following a nearly 70% increase in DRAM prices [2] - Samsung is preparing for a new round of negotiations for NAND prices in Q2, with expectations of continued price increases [2] Company Performance - Zhongwei Company (688012.SH) expects a net profit of 2.08 billion to 2.18 billion RMB for 2025, representing a year-on-year growth of approximately 28.74% to 34.93% [2] - The company's plasma etching equipment, a core semiconductor manufacturing tool, is gaining recognition both domestically and internationally, with significant increases in shipments for advanced logic and memory devices [2] - Shengmei Shanghai (688082.SH) forecasts revenue of 6.68 billion to 6.88 billion RMB for 2025, an increase of 18.91% to 22.47% year-on-year, driven by strong global semiconductor demand and successful customer expansion [3] - The company anticipates 2026 revenue to be between 8.2 billion and 8.8 billion RMB, reflecting ongoing business growth trends and order situations [3] Market Trends - The semiconductor equipment market is expected to continue growing, driven by sustained demand for AI computing power, an upward cycle in storage chips, and advancements in packaging technology [3] - TSMC projects capital expenditures of 52 to 56 billion USD for 2026, a significant increase from 40.9 billion USD in 2025, further highlighting market opportunities in semiconductor equipment [3] Related ETFs - The Sci-Tech Semiconductor ETF (588170) tracks the Sci-Tech Board semiconductor materials and equipment index, focusing on semiconductor equipment (60%) and materials (25%) [4] - The ETF benefits from the domestic substitution trend in the semiconductor industry, which has a low domestic replacement rate and high potential for growth, driven by the AI revolution and technological advancements [4] - The Huaxia Semiconductor Equipment ETF (562590) also emphasizes semiconductor equipment (63%) and materials (24%), targeting the upstream semiconductor sector [4]

Core Viewpoint - Shengmei Shanghai (688082.SH) has reported impressive revenue forecasts for 2025 and 2026, highlighting its growth in the semiconductor equipment industry and its ambition to compete globally [1][5]. Group 1: Company Performance - Shengmei Shanghai expects its revenue for 2025 to be between 6.68 billion and 6.88 billion yuan, representing a year-on-year growth of 18.91% to 22.47% [1]. - The company anticipates its revenue for 2026 to range from 8.2 billion to 8.8 billion yuan [1][6]. - In 2024, Shengmei Shanghai's revenue reached 5.618 billion yuan, with a net profit of 1.153 billion yuan [5]. Group 2: Market Position and Strategy - Shengmei Shanghai holds an 8.0% global market share in the semiconductor cleaning equipment sector, ranking fourth worldwide [1]. - The company aims to invest 5 billion yuan in R&D over the next three years to achieve breakthroughs in new areas such as coating and electroplating [1][6]. - Shengmei Shanghai has successfully entered key global semiconductor markets, including Korea and Japan, securing orders from overseas wafer fabs [6]. Group 3: Historical Development - Founded in 2005 by Wang Hui, Shengmei Shanghai has evolved from a domestic startup to a leader in the semiconductor cleaning equipment industry [3][4]. - The company has developed innovative cleaning technologies, including SAPS and TEBO, which have enabled it to break into markets previously dominated by international competitors [3][5]. - Shengmei Shanghai went public on NASDAQ in 2017 and later listed on the STAR Market in 2021, marking its dual listing in both US and Chinese markets [4].

Group 1: Company Performance - As of September 30, 2025, the company achieved operating revenue of 5.146 billion yuan, representing a year-on-year growth of 29.42% [2] - The net profit attributable to the parent company for the same period was 1.266 billion yuan, showing a year-on-year increase of 66.99% [2] - Cumulative cash dividends since the company's A-share listing amount to 723 million yuan [3] Group 2: Shareholder and Market Activity - As of January 22, 2023, the company experienced a financing buy-in of 156 million yuan, with a net financing buy of 34.96 million yuan [1] - The total financing and securities lending balance reached 917 million yuan, with the financing balance accounting for 1.02% of the circulating market value, indicating a high level compared to the past year [1] - The number of shareholders increased to 21,700, a rise of 85.89% compared to the previous period, while the average circulating shares per person decreased by 46.20% to 20,098 shares [2] Group 3: Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.0576 million shares, a decrease of 978,700 shares from the previous period [3] - Other notable institutional shareholders include Huaxia SSE STAR 50 ETF, which decreased its holdings by 1.7735 million shares, and Nuoan Growth Mixed A, which reduced its holdings by 754,100 shares [3]

Major Announcements - Zhaoyi Innovation plans to use 500 million CNY of A-share fundraising to increase capital in its wholly-owned subsidiaries for the implementation of the DRAM project [1] - Haiguang Information's mid-2025 profit distribution plan includes a cash dividend of 0.09 CNY per share, totaling 209 million CNY [2] - *ST Biology has terminated the major asset restructuring plan to acquire 51% of Hunan Huize Biomedical Technology Co., Ltd. [3] - Fosun Pharma intends to spin off its subsidiary Fosun Antigen for independent listing on the Hong Kong Stock Exchange [4] - Jingchen Co. has set the inquiry transfer price at 82.85 CNY per share for the transfer of 13.1 million shares [5] Performance Forecasts - Zhaoyi Innovation expects a net profit of approximately 1.61 billion CNY for 2025, a year-on-year increase of about 46% [9] - Longying Precision anticipates a net profit decrease of 17.70% to 29.36% for 2025, estimating between 545 million CNY and 635 million CNY [9] - Ruichuang Micro-Nano forecasts a net profit of around 1.1 billion CNY for 2025, representing a 93% increase [10] - Nanjing Bank projects a net profit of 21.81 billion CNY for 2025, an 8.08% increase year-on-year [11] - Zhongyuan Co. expects a net profit increase of 80% to 105% for 2025, estimating between 139 million CNY and 158 million CNY [12] - Qiangyi Co. anticipates a net profit increase of 57.87% to 71.17% for 2025, estimating between 368 million CNY and 399 million CNY [13] - Liard expects a net profit of 300 million CNY to 380 million CNY for 2025, turning from a loss of 889 million CNY in the previous year [14] - Daheng Technology forecasts a net profit of approximately 106 million CNY for 2025, also turning from a loss [16] - Dongfeng Co. anticipates a net loss of 390 million CNY to 480 million CNY for 2025 [17] - Qing Song Co. expects a net profit increase of 137.73% to 201.74% for 2025, estimating between 130 million CNY and 165 million CNY [18] - SIRUI Co. forecasts a net profit of 165 million CNY to 184 million CNY for 2025, turning from a loss [19] - Shengmei Shanghai expects a revenue increase of 18.91% to 22.47% for 2025, estimating between 6.68 billion CNY and 6.88 billion CNY [20] - Yijun Co. anticipates a net loss of 11 million CNY to 14 million CNY for 2025 [21] - Saint Yuan Environmental Protection expects a net profit increase of 31.79% to 59.24% for 2025, estimating between 240 million CNY and 290 million CNY [22] - Lijun Co. forecasts a net profit decrease of 45.05% to 60.03% for 2025, estimating between 4.8 million CNY and 6.6 million CNY [23] - Xingqi Eye Medicine expects a net profit increase of 95.82% to 121.56% for 2025, estimating between 662 million CNY and 749 million CNY [25] - Beidou Star expects a net loss of 230 million CNY to 290 million CNY for 2025, reducing losses compared to the previous year [26] - Yiling Pharmaceutical anticipates a net profit of 1.2 billion CNY to 1.3 billion CNY for 2025, turning from a loss of 725 million CNY [27] - Zhijiang Bio forecasts a net loss of 32 million CNY to 47 million CNY for 2025, reducing losses compared to the previous year [28] - Yema Battery expects a net profit decrease of 58% to 70% for 2025, estimating between 45.83 million CNY and 64.17 million CNY [29] - Yunmei Energy anticipates a net loss of 410 million CNY to 470 million CNY for 2025 [30] - Yingfang Micro expects a net loss of 69 million CNY to 97 million CNY for 2025 [31] - Guanghua Technology forecasts a net profit of 85 million CNY to 120 million CNY for 2025, turning from a loss [33] Share Buybacks - Hengyi Petrochemical plans to repurchase shares worth 500 million CNY to 1 billion CNY [34] - Yunyi Electric plans to repurchase shares worth 100 million CNY to 150 million CNY [34] - Xidun Pharmaceutical plans to repurchase shares worth 25 million CNY to 50 million CNY [35]

Core Viewpoint - The company expects to achieve a revenue of RMB 668 million to RMB 688 million in 2025, representing a year-on-year growth of 18.91% to 22.47% compared to the previous year's revenue of RMB 561.77 million [1] Revenue Projections - For 2025, the projected revenue range is RMB 668 million to RMB 688 million, indicating a significant increase from the previous year's revenue [1] - The company anticipates that the total revenue for 2026 will be between RMB 8.2 billion and RMB 8.8 billion [1]

每经AI快讯，1月22日，盛美上海发布2025年度业绩预告，预计营业收入为66.8亿元~68.8亿元，比上年 同期增长18.91%~22.47%。报告期内，全球半导体市场需求强劲，公司凭借技术差异化优势，持续推进 销售交付与调试验收，产品平台化进展顺利，客户全球化拓展成效显著，新客户开发取得突破，市场认 可度不断提升，推动营业收入稳步增长。综合近年来的业务发展趋势，以及目前的订单等多方面情况， 公司预计2026年全年的营业收入将在82亿元至88亿元之间。 ...

Core Viewpoint - The company expects its operating revenue for 2025 to be between RMB 6.68 billion and RMB 6.88 billion, representing a year-on-year growth of 18.91% to 22.47% [1] - For the year 2026, the company anticipates its total operating revenue to be between RMB 8.20 billion and RMB 8.80 billion [1] Summary by Category - **2025 Revenue Forecast** - The projected operating revenue for 2025 is estimated to be between RMB 6.68 billion and RMB 6.88 billion [1] - This forecast indicates a growth rate of 18.91% to 22.47% compared to the previous year [1] - **2026 Revenue Forecast** - The company forecasts its total operating revenue for 2026 to be in the range of RMB 8.20 billion to RMB 8.80 billion [1]

盛美上海公告称，2025年营收预计66.80 - 68.80亿元，同比增长18.91% - 22.47%。主要因全球半导体行 业发展活跃，公司技术、产品和市场三方面优势促进业绩增长。公司预计2026年营收82.00 - 88.00亿 元。控股股东ACMResearch已披露其2025及2026业绩预测，数据因准则等差异与公司不可直接对比。公 司提醒，2025业绩未审计，2026预测有不确定性，投资者应注意风险。 ...

证券代码：688082 证券简称：盛美上海 公告编号：2026-002 盛美半导体设备（上海）股份有限公司 关于自愿披露 2025 年度经营业绩及 2026 年度经营业绩预测的公告 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。 根据《中华人民共和国证券法》《上市公司信息披露管理办法》《上海证券 交易所科创板股票上市规则》等有关规定，为让投资者更好地了解盛美半导体设 备（上海）股份有限公司（以下简称"公司"）经营业绩情况，公司将2025年度 经营业绩及2026年度经营业绩预测公告如下： 一、2025年经营业绩情况 | 项目 | 2025 年 1 月 1 日–2025 | 年 | 12 月 | 31 日 | 上年同期 | | --- | --- | --- | --- | --- | --- | | 营业收入 | 668,000.00 万元–688,000.00 | | | 万元 | 561,774.04 万元 | | | 比上年同期增长： | | 18.91%–22.47% | | | 二、2025年经营业绩变动原因说明 ...