芯源微：深度报告：涂胶显影设备国产替代先锋，清洗+先进封装设备打开成长空间

Investment Rating - Buy rating (first coverage) [1] Core Investment Thesis - The company is a leader in domestic photoresist coating and developing equipment, with continuous orders for immersion machines [3] - The company is expanding into chemical cleaning and advanced packaging equipment, significantly increasing its growth potential [3] - The company is expected to achieve revenues of 2.275/2.993/3.842 billion yuan in 2024-2026, with net profits of 322/446/608 million yuan, and EPS of 1.61/2.23/3.04 yuan, corresponding to P/E ratios of 38X/27X/20X [3] Photoresist Coating and Developing Equipment - The company is the only domestic manufacturer capable of providing mass-produced front-end photoresist coating and developing machines [3] - The global market for photoresist coating and developing equipment is expected to reach $4.5 billion by 2025, with the Chinese market accounting for$1.8 billion [3] - The company has successfully launched various models, including offline, I-line, KrF, and ArF immersion machines, and has secured orders from multiple major clients [3] - The company's photoresist coating and developing equipment revenue and sales CAGR from 2019-2023 were 76% and 48%, respectively [3] Chemical Cleaning and Advanced Packaging Equipment - The global semiconductor cleaning equipment market is expected to reach $6 billion by 2025, with the Chinese market accounting for$2.4 billion [3] - The company's physical cleaning equipment is leading in the domestic market, and it is actively expanding into chemical cleaning, with temporary bonding and debonding equipment entering small-scale sales [3] - The company's chemical cleaning equipment has received validation orders, significantly expanding its market potential [42] Market and Industry Analysis - The global semiconductor equipment market is expected to grow to $109.5 billion in 2024, with China leading in wafer fab equipment spending [19] - The domestic semiconductor equipment market is expected to maintain an annual investment scale of over$30 billion from 2024-2027 [19] - The company's immersion machines have achieved domestic substitution, covering all 28nm and above process nodes [28] Financial Performance and Projections - The company's revenue CAGR from 2019-2023 was 51.78%, with net profit CAGR of 53.64% [10] - The company's gross margin for front-end photoresist coating and developing equipment improved steadily in 2023, reaching 38.84% [10] - The company's R&D expense ratio in Q1 2024 was 18.60%, an increase of 6.36 percentage points year-on-year [10]