芯碁微装（ 688630） 公司点评 PCB 高端品&海外业务增长强劲，泛半导体多领域协同突破 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： 2025-4-30 | | | 收盘价（元） | 72.40 | | 近 12 个月最高/最低（元） 84.24/47.09 | | | 总股本（百万股） | 132 | | 流通股本（百万股） | 132 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 95 | | 流通市值（亿元） | 95 | 分析师：张帆 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 分析师：徒月婷 执业证书号：S0010522110003 邮箱：tuyueting@hazq.com 相关报告 1.《芯碁微装：PCB 直写光刻设备领军 企业，泛半导体业务打造新增长极》 2024-2-20 2.《2024Q3 业绩符合预期，PCB 主业 深耕+泛半导体拓展持续驱动公司成 长》2024-11-06 公司价格与沪深 300 走势比较 主要观点： 事件概况 芯碁微装于 2025 年 4 月 23 日发布 20 ...

芯碁微装（ 688630） 公司点评 PCB 高端品&海外业务增长强劲，泛半导体多领域协同突破 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： 2025-4-30 | | | 收盘价（元） | 72.40 | | 近 12 个月最高/最低（元） 84.24/47.09 | | | 总股本（百万股） | 132 | | 流通股本（百万股） | 132 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 95 | | 流通市值（亿元） | 95 | 公司价格与沪深 300 走势比较 分析师：张帆 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 分析师：徒月婷 执业证书号：S0010522110003 邮箱：tuyueting@hazq.com 相关报告 1.《芯碁微装：PCB 直写光刻设备领军 企业，泛半导体业务打造新增长极》 2024-2-20 2.《2024Q3 业绩符合预期，PCB 主业 深耕+泛半导体拓展持续驱动公司成 长》2024-11-06 主要观点： 事件概况 芯碁微装于 2025 年 4 月 23 日发布 20 ...

请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 公司点评报告 盈利显著改善，PCB 主业与泛半导体共振 报告摘要： [Table_Summary] 事件： 首次覆盖 | [Table_Market] 股票数据 | 2025/04/29 | | --- | --- | | 6 个月目标价（元） | | | 收盘价（元） | 72.40 | | 12 个月股价区间（元） | 48.48~78.83 | | 总市值（百万元） | 9,538.03 | | 总股本（百万股） | 132 | | A 股（百万股） | 132 | | B 股/H 股（百万股） | 0/0 | | 日均成交量（百万股） | 2 | 2025 年 4 月 24 日，公司发布 2025 年第一季度报告，实现营收 2.42 亿元，同比 +22.31%，环比+2.63%；归母净利润 5,186.68 万元，同比+30.45%，环比+822.99%； 扣非归母净利润 5,158.73 万元，同比+40.23%，环比+6,021.09%。 点评： PCB 主业高端化、国际化协同推进，大客户战略助力竞争力持续强化。1）产品层 ...

Investment Rating - The report upgrades the investment rating to "Buy" based on expected growth in the PCB and semiconductor sectors driven by AI and electric vehicle demand [4][9]. Core Insights - The company reported a revenue of 954 million yuan for 2024, a year-on-year increase of 15.09%, while the net profit attributable to shareholders was 161 million yuan, a decrease of 10.38% [1][2]. - In Q1 2025, the company achieved a revenue of 242 million yuan, representing a year-on-year growth of 22.31% and a significant sequential increase of 2.63% [1][2]. - The company is focusing on high-end PCB products, with over 60% of sales coming from mid-to-high-end products in 2024, and is expanding its international presence, particularly in Southeast Asia [3][9]. Financial Performance Summary - Revenue projections show a steady increase from 829 million yuan in 2023 to 2,380 million yuan by 2027, with a compound annual growth rate (CAGR) of 27.1% [1][10]. - The net profit is expected to rise from 179 million yuan in 2023 to 470 million yuan in 2027, with a notable increase of 74.2% in 2025 [1][10]. - The company's return on equity (ROE) is projected to improve from 8.8% in 2023 to 15.5% in 2027, indicating enhanced profitability [1][10]. Market Trends and Strategic Focus - The report highlights the acceleration of high-end PCB trends and the company's strategic focus on high-end markets such as HDI boards and IC substrates, which are expected to drive future growth [3][9]. - The company is also benefiting from the domestic substitution trend in the semiconductor sector, with its IC substrate products achieving international standards [3][9].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a total operating revenue of 954 million yuan in 2024, a year-on-year increase of 15.09%, while the net profit attributable to shareholders decreased by 10.38% to 161 million yuan [1] - In Q1 2025, the company reported total operating revenue of 242 million yuan, a year-on-year increase of 22.31%, and a net profit attributable to shareholders of 52 million yuan, up 30.45% [1] - The company is expected to see a 30% month-on-month increase in shipment volume in April, breaking historical records due to strong order intake and capacity overload [1] - The global demand for AI computing power is driving the upgrade and increase in production of high-layer PCB boards and high-end HDI industries, with the company benefiting from its technological advantages and international layout [1][2] - The company is focusing on high-end markets such as HDI boards and IC substrates, with a significant increase in the sales volume of PCB equipment expected to exceed 370 units in 2024 [2] - The establishment of a subsidiary in Thailand has increased revenue from Southeast Asia to nearly 20%, covering key areas for PCB industry transfer [2] - The company is deeply focused on advanced packaging, with its direct-write lithography technology showing critical value in optimizing interconnection speeds for AI chips [3] Financial Summary - In 2024, the company's PCB business revenue reached 780 million yuan, a year-on-year increase of 32.55% [2] - The projected net profit for 2025-2027 is estimated at 250 million, 350 million, and 450 million yuan respectively, with corresponding P/E ratios of 41, 29, and 23 times [3] - The company's operating revenue is expected to grow significantly, with projections of 1.465 billion yuan in 2025, 1.949 billion yuan in 2026, and 2.457 billion yuan in 2027 [4] - The latest diluted EPS is projected to be 1.91 yuan in 2025, increasing to 3.42 yuan by 2027 [4]

合肥芯碁微电子装备股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会会议资料 证券代码：688630 证券简称：芯碁微装 合肥芯碁微电子装备股份有限公司 2025 年 5 月 1 合肥芯碁微电子装备股份有限公司 2024 年年度股东大会会议资料 | 附件二： | | 31 | | --- | --- | --- | | 附件三： | | 39 | 3 合肥芯碁微电子装备股份有限公司 2024 年年度股东大会会议资料 合肥芯碁微电子装备股份有限公司 | 2024 年年度股东大会会议须知 . | | --- | | 2024 年年度股东大会会议议程 7 | | 2024 年年度股东大会会议议案 . | | 议案一 . | | 议案二 10 | | 议案三 11 | | 议案四 13 | | 议案五 . | | 议案六 . | | 议案七 . | | 议案八 18 | | 议案九 19 | | 20 议案 | | 议案十一 . 23 | | 议案十二 . 25 | | 26 议案十三 | | 附件一： 27 | 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及股东代理人参加股东大会依 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a total operating revenue of 954 million yuan in 2024, a year-on-year increase of 15.09%, while the net profit attributable to shareholders decreased by 10.38% to 161 million yuan [1] - In Q1 2025, the company reported total operating revenue of 242 million yuan, up 22.31% year-on-year, and a net profit of 52 million yuan, reflecting a growth of 30.45% [1] - The company is expected to see a significant increase in shipment volume in April, projected to rise by 30% month-on-month, setting a new historical record [1] - The global demand for AI computing power is driving the upgrade and production increase in high-layer PCB boards and high-end HDI industries, with the company benefiting from its technological advantages and international layout [1][2] Financial Performance - The company's PCB business revenue reached 780 million yuan in 2024, a year-on-year increase of 32.55%, with over 370 units sold, and high-end products accounting for over 60% of sales [2] - The company is focusing on high-end markets such as HDI boards and IC substrates, leveraging its MAS series equipment with a minimum line width of 3-4μm to maintain its leading market share in China [2] - The establishment of a subsidiary in Thailand has increased the revenue share from Southeast Asia to nearly 20% [2] - The company has secured continuous repeat orders from major clients in the semiconductor industry, indicating strong product stability and functionality [3] Future Outlook - The company is expected to achieve net profits of 250 million yuan, 350 million yuan, and 450 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 40.7, 29.0, and 22.7 [4][3] - The company is actively advancing the construction of its second-phase base, aiming for operational use by mid-2025 to ensure timely delivery [1] - The report highlights the potential for rapid market share growth in the PCB sector and a promising outlook for the advanced packaging field [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected at 9.54 billion yuan, with a net profit of 1.61 billion yuan, reflecting a year-on-year change of +15.09% and -10.38% respectively. The first quarter of 2025 shows a revenue of 2.42 billion yuan, up 22.31% year-on-year, and a net profit of 0.52 billion yuan, up 30.45% year-on-year, which aligns with expectations [2] - The demand for PCBs is significantly driven by AI, with a notable increase in sales volume expected in 2024. However, delayed shipments are anticipated to pressure Q4 performance [3] - The global AI wave presents unprecedented opportunities for the PCB industry, with a focus on high-end products and expansion in Southeast Asia. The company aims to capture these opportunities, with revenue from Southeast Asia expected to rise to nearly 20% in 2024 [4] - In the advanced packaging sector, the company is focusing on LDI technology, which shows great potential in optimizing interconnect speeds for AI chips. The domestic market for ABF substrates is also expected to grow, with the company positioned to benefit from this trend [5] Financial Projections - The company forecasts revenues of 16.1 billion yuan, 19.7 billion yuan, and 23.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 3.33 billion yuan, 4.34 billion yuan, and 5.25 billion yuan for the same years. The corresponding P/E ratios are projected to be 31, 24, and 19 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 9.54 billion yuan, with a net profit of 1.61 billion yuan, reflecting a year-on-year growth of +15.09% and a decline of -10.38% respectively. The first quarter of 2025 shows a revenue of 2.42 billion yuan, up +22.31% year-on-year, and a net profit of 0.52 billion yuan, up +30.45% year-on-year, which aligns with expectations [2] - The demand for PCBs is significantly driven by AI, with a forecasted revenue of 7.81 billion yuan from PCB sales in 2024, representing a year-on-year increase of 32.55%. However, delayed shipments are expected to pressure Q4 2024 performance [3][4] - The company is capitalizing on the AI wave and the expansion of production capacity in Southeast Asia, with an expected revenue contribution from this region reaching nearly 20% in 2024 [4] - In the advanced packaging sector, the LDI technology shows great potential, particularly in optimizing interconnect speeds for AI chips. The company is also focusing on domestic substitution in the IC substrate market, with a current domestic capacity share of only 4% [5] Financial Projections - The company anticipates revenues of 16.1 billion yuan, 19.7 billion yuan, and 23.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 3.33 billion yuan, 4.34 billion yuan, and 5.25 billion yuan for the same years. The corresponding P/E ratios are expected to be 31, 24, and 19 times [5]

证券代码：688630 证券简称：芯碁微装 公告编号：2025-019 合肥芯碁微电子装备股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 5 月 14 日 14 点 00 分 召开地点：合肥市高新区长宁大道 789 号 1 号楼会议室 二、 会议审议事项 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 14 日 至2025 年 5 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年5月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 ...