本报讯 （记者贺王娟）2月27日，北京京仪自动化装备技术股份有限公司（以下简称"京仪装备"）发布了2025年业绩快 报。报告显示，2025年京仪装备实现营业收入14.3亿元，同比增长38.95%；归属于母公司所有者的净利润1.5亿元，同比减少 4.17%；归属于母公司所有者的扣除非经常性损益的净利润为1.1亿元，同比减少1.31%。 公司资料显示，京仪装备主要从事半导体专用设备的研发、生产和销售，主营产品包括半导体专用温控设备（Chiller）、 半导体专用工艺废气处理设备（LocalScrubber）和晶圆传片设备（Sorter），其产品主要包括半导体专用温控设备、半导体专 用工艺废气处理设备和晶圆传片设备。 （编辑 郭之宸） 京仪装备披露，受益于半导体设备行业的高景气度，公司凭借显著的产品竞争优势，2025年公司实现了营业收入的持续增 长。 ...

报告期内，公司积极把握半导体产业市场需求持续增长所带来的市场机遇，积极开拓市场，扩大销售， 营业收入持续增长。 京仪装备(688652.SH)发布2025年度业绩快报，报告期内，公司实现营业收入14.26亿元，同比增长 38.95%;归属于母公司所有者的净利润1.47亿元，同比减少4.17%。 ...

证券日报网讯 2月27日，京仪装备发布2025年度业绩快报公告称，公司2025年度实现营业总收入 142624.29万元，同比增长38.95%；归属于母公司所有者的净利润14653.59万元，同比减少4.17%。 （编辑 任世碧） ...

影响经营业绩的主要因素：报告期内，公司积极把握半导体产业市场需求持续增长所带来的市场机遇， 积极开拓市场，扩大销售，营业收入持续增长。公司始终高度重视核心技术的自主研发与创新，为提升 技术竞争力，公司持续加大研发投入，导致研发费用较上年同期大幅增加。同时，本报告期确认的增值 税即征即退税额同比减少，导致其他收益较上年同期大幅下降，导致利润较上年同期小幅下降。 格隆汇2月27日丨京仪装备(688652.SH)公布2025年度业绩快报，报告期内，公司实现营业收入14.26亿 元，同比增长38.95%；营业利润1.58亿元，同比减少6.09%；利润总额1.58亿元，同比减少6.07%；归属 于母公司所有者的净利润1.47亿元，同比减少4.17%；归属于母公司所有者的扣除非经常性损益的净利 润1.14亿元，同比减少1.31%。 ...

京仪装备发布业绩快报，2025年度公司实现营业总收入14.26亿元，同比增长38.95%；净利润1.47亿 元，同比下降4.17%。报告期内，公司积极把握半导体产业市场需求持续增长所带来的市场机遇，积极 开拓市场，扩大销售，营业收入持续增长。 ...

[Table_Page] 行业专题研究|电子 2026 年 2 月 26 日 证券研究报告 [Table_Title] AI 的 Memory 时刻 8 | | | | HBF | 在读为主应用优势显著 | | --- | --- | --- | --- | --- | | 分析师： [Tabl | 王亮 | 分析师： | 耿正 | 分析师： 焦鼎 | | e_Author] | SAC 执证号：S0260519060001 | SAC 执证号：S0260520090002 | | SAC 执证号：S0260522120003 | | | SFC CE.no: BFS478 | | | | | | 021-38003658 | | 021-38003660 | 021-38003658 | | | gfwangliang@gf.com.cn | | gengzheng@gf.com.cn | jiaoding@gf.com.cn | | 分析师： | 张大伟 | | | | | | SAC 执证号：S0260523050001 | | | | | | 021-38003657 | | | | | | zhan ...

Industry Overview - The semiconductor equipment sector has shown strong performance recently, with the semiconductor equipment concept index rising by 1.85% on February 13, making it one of the few sectors to gain that day [1] - According to the Semiconductor Industry Association, global semiconductor sales are projected to reach $791.7 billion by 2025, a year-on-year increase of 25.6%, with sales in China exceeding $200 billion for the first time, growing over 15% [1] - TSMC reported a year-on-year sales increase of 36.8% to NT$401.26 billion in January, and its capital expenditure plan for 2026 (ranging from $52 billion to $56 billion) indicates strong demand for upstream equipment [1] - Factors such as AI computing demand, an upturn in the storage chip cycle, and the penetration of advanced packaging technology are driving equipment demand [1] Company Fundamentals - Jingyi Equipment's revenue for Q3 2025 increased by 37.96% year-on-year to 368 million yuan, with a cumulative revenue growth of 42.81% for the first three quarters [2] - As of the end of Q3 2025, the company's contract liabilities reached 951 million yuan, and inventory increased by 190 million yuan to 2.349 billion yuan, indicating a robust order intake and significant delivery pressure [2] - The company's products are utilized in major domestic wafer fabs such as Yangtze Memory Technologies and SMIC, holding approximately 39% market share in the domestic semiconductor temperature control equipment sector (2024 data) [2] Financial Situation - On February 13, Jingyi Equipment experienced a net outflow of 45.377 million yuan in main funds, but the daily trading volume reached 1.087 billion yuan, with a turnover rate of 7.20%, indicating significant capital divergence [3] - The stock price exhibited considerable volatility on that day, with a high of 128.75 yuan and a low of 117.18 yuan, likely influenced by pre-holiday risk aversion and profit-taking [3] Stock Price Situation - February 13 marked the last trading day before the Lunar New Year, with the A-share market experiencing a general decline (Shanghai Composite Index down 1.26%), as funds shifted from high-position sectors like photovoltaics and small metals to defensive sectors such as semiconductor equipment and military [4] - As a leading player in the semiconductor equipment niche, Jingyi Equipment benefits from the strengthening of domestic substitution logic, with a year-to-date increase of 26.64%, indicating a potential short-term rebound due to technical factors [4] - The recent stock price fluctuations of Jingyi Equipment are attributed to multiple factors, including improved industry sentiment, robust company orders, capital market dynamics, and shifts in market style [4]

2月13日，京仪装备涨5.59%，截至发稿，报125.65元/股，成交3.59亿元，换手率2.44%，总市值211.09 亿元。 资料显示，北京京仪自动化装备技术股份有限公司位于北京市北京经济技术开发区凉水河二街8号院14 号楼A座，成立日期2016年6月30日，上市日期2023年11月29日，公司主营业务涉及公司主要从事半导 体专用设备的研发、生产和销售,主营产品包括半导体专用温控设备(Chiller)、半导体专用工艺废气处理 设备(Local Scrubber)和晶圆传片设备(Sorter)。主营业务收入构成为：半导体专用温控设备61.33%，半导 体专用工艺废气处理设备29.84%，零配件及支持性设备4.10%，晶圆传片设备2.72%，维护、维修等服 务1.96%，废品收入0.04%。 从基金十大重仓股角度 诺安研究优选混合A（008185）基金经理为邓心怡、周靖翔。 截至发稿，邓心怡累计任职时间3年224天，现任基金资产总规模51.95亿元，任职期间最佳基金回报 75.14%， 任职期间最差基金回报-16%。 周靖翔累计任职时间58天，现任基金资产总规模6.64亿元，任职期间最佳基金回报24.56%， ...

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is a leading player in semiconductor equipment, breaking international monopolies and establishing core technological barriers [1]. - The company has shown rapid revenue growth, with projected revenues reaching RMB 1.43 billion in 2025, representing a 39.3% increase from the previous year [2]. - The company has developed a rich matrix of core technologies, including precision temperature control and hazardous gas treatment, which are critical for semiconductor manufacturing [8]. Financial Summary - Revenue projections for the company are as follows: - 2023: RMB 742 million - 2024: RMB 1,026 million (growth rate: 38.3%) - 2025: RMB 1,430 million (growth rate: 39.3%) - 2026: RMB 2,350 million (growth rate: 64.4%) - 2027: RMB 3,068 million (growth rate: 30.6%) [2]. - The net profit attributable to shareholders is expected to be: - 2023: RMB 119 million - 2024: RMB 153 million (growth rate: 28.4%) - 2025: RMB 202 million (growth rate: 32.2%) - 2026: RMB 358 million (growth rate: 77.2%) - 2027: RMB 522 million (growth rate: 45.7%) [2]. Market Position and Competitive Advantage - The company is the only domestic manufacturer to achieve large-scale application of semiconductor temperature control equipment and is among the few to achieve mass production of waste gas treatment equipment, indicating significant scarcity in the market [8]. - The company has established deep ties with major wafer manufacturers, becoming a core supplier to companies like Yangtze Memory Technologies and SMIC, which solidifies its customer resource barriers [8]. - The company is actively expanding its production capacity and R&D capabilities, which will significantly enhance its growth potential as domestic wafer manufacturers expand [8]. Product Overview - The company's main products include: - Semiconductor temperature control equipment, which accounted for 61.33% of revenue in the first half of 2025 - Semiconductor process waste gas treatment equipment, contributing 29.84% - Wafer transfer equipment, making up 2.72% [26][27]. - The temperature control equipment features a wide temperature range from -70°C to 120°C and high precision, which is essential for advanced semiconductor manufacturing processes [50]. Growth Potential - The semiconductor equipment market is expected to continue expanding due to increasing demand from downstream applications and the growing complexity of manufacturing processes [48]. - The company is well-positioned to benefit from the ongoing shift towards domestic production and the increasing emphasis on supply chain security in the semiconductor industry [46].

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The demand for AI computing power is driving a persistent shortage in storage [2][8] - Major storage companies are experiencing strong performance, with AI demand expected to continue creating incremental opportunities [6] - The supply of niche storage is under pressure from mainstream storage, leading to a sustained tight supply situation [7] Summary by Sections Investment Recommendations and Targets - Key investment targets include domestic storage chip design companies such as Zhaoyi Innovation, Puran, Jucheng, Dongxin, Beijing Junzheng, and Hengsuo [2][8] - Domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage are also highlighted [2] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [2] - Semiconductor equipment firms such as Zhongwei Company, Jingzhida, and Beifang Huachuang are recommended [2] - Domestic packaging and testing companies like Shentek, Huicheng, and Tongfu Microelectronics are included in the investment targets [2] Market Dynamics - TrendForce has revised upward the price growth rates for DRAM and NAND Flash products for the first quarter, with DRAM contract prices expected to rise by 90-95% and NAND Flash by 55-60% [7] - AI computing demand is becoming the dominant factor in storage demand, with significant price increases anticipated for Server DRAM and Enterprise SSDs [7] - The AI inference process is expected to significantly alter data center storage structures, leading to increased demand for active data storage [7] Niche Storage Supply - Niche storage products like NOR Flash and MLC/SLC NAND Flash are expected to remain in tight supply due to reduced production from major suppliers focusing on mainstream products [7] - The global capacity for MLC NAND Flash is projected to decrease by 41.7% in 2026 due to supply constraints [7]