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1、!#$%&()*+,-.*/01234 Table_Title!#$%&()*+,-./#)01234 Table_StockNameRptType!#$#$%688082&!#$/!%&!#$%!#$%&()*+()*+!#$%2023-08-08 56789:106.41;12?/89:140.67/66.72 ABC8DEB:433.6 FGBC8DEB:74.69 FGBHI8%:17.23 AJK8L9:461.3 FGJK8L9:79.48 !()*%!()*%300+,-.+,-./012/012345345&()*%S00+,%-.%
2、 ,-./%,-./%l 676789!:;?!89!:;?!20238;ABC?DEFG8;ABC?DEFGH-IJKH-IJK LDEMFGNOLDEMFGNO22!2023 8;?PAQRDE 16.10 ST?.8HUJK 46.94%?VWX8Y!ZFG 4.39 ST?.8HUJK 85.74%;VWX8Y!Z_abcdefFG 4.06 ST?.8UFg LLF|VF|VO2O2QD“nz?”QD“nz?”Df?FGNJgDf?FGNJg1!QRDEMFJK?2023 1-6;M;(o o|)QRDE-.JK2!2023 1-6 Df.22 HU.&JK?QRDf 2329.6
3、T?8HU-0.07 Tg 3!23H1 abcdef 3,302.56T?UZDf1.887.38 T?UZ!Df 1,487.96T;8HUabcdef-2,083.58 T?Z!Df-2,776.27 Tg L!HMO?-PAJK?I2L!HMO?-PAJK?I2 2023;=?!HL 2022 8.22 SJ 2023;=10.16 STgqL 2022 26.90 ST?J 2023;UpqF.oYvMg!=UpqF.IjkgIjkg!FMF/L 2019 45.14%M 17.82%nz 2023 8;51.60%M 27.30%?F 51.6%Ig!#EMhi!?r#$%&!#E
4、Mhi!?r#$%&SAPSooTEBO(5hiM(5hiMTahoe)*+)*+,hi?,hi?yXyX45nmut-hi./0123ut-hi./0123gg!b456!b456hi!?7r 8hi!?7r 899+:;:;+?Track+PECVD”Aq?yYvAq?yYv?J?J160S7gS7g l!pqBCDE;Fxy?GH:hiMI!pqBCDE;Fxy?GH:hiMIpqJ?KrLMNOP|;pqJ?KrLMNOP|;nQnQ?=UBRSTUV)WD?JX?=UBRSTUV)WD?JXYY-42.00%-32.00%-22.00%-12.00%-2.00%8.00%2022-0
5、8-042022-10-192022-12-262023-03-102023-05-232023-08-01!#$%&(Table_CompanyRptType1 67678989ZZ688082 !#$%&()*+,-.*2/15/01234 bb206_?6_?67678989arOP|MbckarOP|Mbck;!g;!g=UdKKefoghijo9|kooKlfoKmhooKoNepesonoop0mhomqrso89irt#Sog;okuov;o0omwoxTUV)WD?Jd2:yz|gJd2:yz|g HH!$%$%dd;MXMXBV)BV)MYMYgg l !2023-2025
6、QRDE/40.30 STo50.85 STM 60.70 STgVFG/7.79 STo10.33 STM 12.72 STgZ EPS/1.80 To2.38 To2.93 Tgw PE/58/44/35 g&?8E“”g l nn 01Fp&luU?U.Klu Table_Profit l TT ):T T/01234/01234 2022A 2023E 2024E 2025E MN5O 2873 4030 5085 6070 5OPH8%:77.3%40.3%26.2%19.4%QRSTUVWX 668 779 1033 1272 VWXPH8%:151.1%16.6%32.5%23.
7、1%YWZ8%:48.9%47.4%46.5%47.0%ROE8%:12.1%12.5%14.2%14.9%B589:1.54 1.80 2.38 2.93 P/E 51.88 57.79 43.61 35.42 P/B 6.27 7.24 6.21 5.28 EV/EBITDA 48.26 45.51 33.30 26.41 _a windbcd/012e 3VpYXZSWmWMBaQ9RbRtRpPoMnOiNoOwOiNnMoObRnMnNvPmRtQwMrQqOTable_CompanyRptType1 67678989ZZ688082 !#$%&()*+,-.*3/15 /01234
8、!#$!#$1 5656789:;?A12BC789:;?A12BC.5 1.1 DEFG?HIDEFG?HI.5 1.2 DEJKLHM?NOPLHMDEJKLHM?NOPLHM.6 1.3 DEQRSTC?UVWGDEQRSTC?UVWG.6 1.4 DEKXYZ?DEKXYZ?.7 2 565678%_abcdefghi9jklDE78%_abcdefghi9jklDE.7 2.1 565678Amn78Amn.7 2.2 DEoFGpq?rstuDEoFGpq?rstu.8 2.3 DErsvwxyaz/|9jkDErsvwxyaz/|9jk.8 2.4 DErsOPDErsOP.9
9、2.5 DEOPV?UWGDEOPV?UWG.12%.13 12!H“”12!H“”.14 Table_CompanyRptType1 67678989ZZ688082 !#$%&()*+,-.*4/15 /01234%$%$1 DEoFGDEoFG2019-2023H1.5 2 DEHITCDEHITC2019-2023H1.5 3 DE;oFGDE;oFG2021Q2-2023H1.5 4 DE;HITCDE;HITC2021Q2-2023H1.5 5 DEJKLHMDEJKLHM2019-2023H1%.6 6 DENOPLHMDENOPLHM%.6 7 DEUV QRMDEUV
10、 QRM%.6 8 DEUVTCDEUVTC2023:9:!:9:!.6 9 DEKXYZDEKXYZ2020-2023H1.7 10 DEDE2020-2023H1.7 11 DE/0OPfTC?AmnDE/0OPfTC?Amn.7 12 DEoFGpqTCDEoFGpqTC 2022:!:!.8 13 DENrstuababfgDENrstuababfg.8 14 DE/0vwTCDE/0vwTC.8 15 DE/0OPfTC?TCDE/0OPfTC?TC.9 16 DErsOPaz-abDErsOPaz-abXf-rskXf-rsk2023:9:!:9:!.9 17 DE/0OPTC)D
11、E/0OPTC).11 18 DEDE2022:PUVTC:PUVTC.12 19 DEUTCDEUTC2023:9:!:9:!.13 Table_CompanyRptType1 67678989ZZ688082 !#$%&()*+,-.*5/15 /01234 1!#$#$%&()*+%&()*+,-./012,-./012 1.1 0 LDEMFGNOLDEMFGNO22!2023 8;?PAQRDE 16.10 ST?.8HUJK 46.94%?VWX8Y!ZFG 4.39 ST?.8HUJK 85.74%;VWX8Y!Z_abcdefFG 4.06 ST?.8UF
12、g?DEJK?=UFg LF|VOLF|VO22QD“nz?”Df?QD“nz?”Df?FGNJgFGNJg1!QRDEMFJK?2023 1-6;M;(o o|)QRDE-.JK2!2023 1-6 Df.22 HU.&JK?QRDf 2329.6 T?8HU-0.07 Tg3!23H1 abcdef 3,302.56 T?UZDf1.887.38 T?UZ!Df 1,487.96 T;8HUabcdef-2,083.58 T?Z!Df-2,776.27 Tg 1 DEoDEoFGFG2019-2023H1 2 DEDEHITCHITC2019-2023H1 _awindbcd/012e _
13、awindbcd/012e 3 DEDE;oFGoFG2021Q2-2023H1 4 DEDE;HITCHITC2021Q2-2023H1 _awindbcd/012e _awindbcd/012e 0%20%40%60%80%100%055200222023H1营业收入(亿元)营业收入同比(%)-40%10%60%110%160%02468200222023H1净利润(亿元)净利润同比(%)0%20%40%60%80%100%120%0246810122021Q22021Q32021Q42022Q12022Q22022Q320
14、22Q42023Q12023Q2单季度营业收入(亿元)单季度营业收入同比(%)-500%0%500%1000%1500%2000%2500%3000%3500%00.511.522.533.52021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q2单季度净利润(亿元)单季度净利润同比(%)Table_CompanyRptType1 67678989ZZ688082 !#$%&()*+,-.*6/15 /01234 1.2 01678493:;84901678493:;UpqF.Ijk!=UpqF.IjkggFMF/L201945.14%M17
15、.82%nz20238;51.60%M27.30%g ;-QD 72%?F“nz 48%FL2018 16.68%nz 2022 52.07%?2022?A3BC!01=?A3BC!E#hi,g!E#hi,g!#I&E?L 2019 9962.8 T?nz 2022 37974 T?2023;=?#-14.92%g!#N?2023 8;-2022 8;?#Nnz 185 g!-A-,gwkg 7 DEUV QRMDEUV QRM%8 DEUVTCDEUVTC2023:99:!:!DEUVWGTCDEUVWGTC :DEUVDEUV UVUV UVKUVK UVgUVg _awindbcd/
16、012e _aTU 2023 fgf3bcd/012e 0%10%20%30%40%50%60%200222023H1毛利率净利率0.0010.0020.0030.0040.0050.0060.00200212022半导体清洗设备毛利率半导体电镀设备毛利率先进封装湿法设备毛利率0%2%4%6%8%10%12%14%16%18%20%200212022 2023H1销售费用率管理费用率研发费用率Table_CompanyRptType1 67678989ZZ688082 !#$%&()*+,-.*7/15 /01234 1.4 0
17、17DEFGH3IJ017DEFGH3IJ L!HMO?-PAJKL!HMO?-PAJK,IIgg 2023;=?!HL 2022 8.22 SJ 2023;=10.16 STgqL 2022 26.90 ST?J 2023;=33.15 STg 9 DEKXYZDEKXYZ2020-2023H1 10 DEDE2020-2023H1 _awindbcd/012e _awindbcd/012e 2!#$#$3456789:;%?3456789:;%?A5BCA5BC 2.1 KLKLMNMNOPQROPQR bb206_?6_?67678989arOP|Mbck;arOP|Mbck;!g!g!
18、ZZ7 ACMR rX 1998?2005 7 ACMR 89!67;hiEg 2008!SAPS hi#r#?2009 SAPS E$%4;Ro$%fR9|kpq?2011!X 12 45nm SAPS&B9|kV)?X 2013 Bd9|kTUV)?H:;23?!bhi!?X 2013 Bd;RKmhV)g2015 2018?!TEBO hiM Tahoe hi/#r#?;23hiMpqJIg=:;M|bN?/X 2018 M 2019 BKmhV)g2020!?“Id!pqJ?d!pqYv23?k;!g 11 DE/0DE/0OPfTC?AmnOPfTC?Amn _aTUhBibcd/0
19、12e 02468120222023H30352020202120222023H1Table_CompanyRptType1 67678989ZZ688082 !#$%&()*+,-.*8/15 /01234 2.2 01ST2UV3WXYZ01ST2UV3WXYZ;!QRDE|;!QRDE|gg!#EMhi!?r#$%&SAPSoTEBO(5hiM Tahoe)*+,hi?yX 45nm ut-hi./0123?yM?Mz?prH?.g!(5)*o)*+,2:jkg 12 DEoFGpqTCDEoFGpqTC 2022:!:!13 DENrstua
20、babfgDENrstuababfg rsturstu tutu ll tuab tuabK tuabll tuab+l+l+tuab!#$!#$ll%&+c+tuab()l()l*+,-./()tuab _awindbcd/012e _aTU 2023 fgfj34bcd/012e 2.3 01WX_a,bcdefg01WX_a,bcdefg!pqBCDE;Fxy?GH:hiMIpq!pqBCDE;Fxy?GH:hiMIpqJ?KrLMNOP|;nQgJ?KrLMNOP|;nQg!$%z?XLopoMgbU=UJd2:yz|Jd2:yz|gg!7$%2:;!7$%2:;BV)gBV)g2?!
21、&B$%d;12)*SAPS(5V)?d!#(SAPS)hig3?!&B Ultra C SiC yz|V)?ky!#(SAPS)hi?ylen-PA$g 2023 8;!dg 14 DE/0vwTCDE/0vwTC 0*0*vw123vw123 vwvw 4586789:;?abK;A !;+BtCDE+?;+FGH 9jkIJ45?KF78LMNOKKBthPL BUQ178BQE+RUS1789q+T79jk _aTUhBibcd/012e 半导体清洗设备,72%半导体电镀设备,18%先进封装湿法设备,6%其他业务,4%Table_CompanyRptType1 67678989ZZ68
22、8082 !#$%&()*+,-.*9/15 /01234 2.4 01WX;hijk01WX;hijklmlm!;8!;8?pqYvpqYv?2022!Apq!ApqyYvyYv160S7gS7g!pq 2009t:SAP?Tahoe?Tebo 9?2022 Yv46 S7g!2014 EYv:;2022 yYv 8 S72017 EYvYv 8.5 S72020!r#pYv 32 S72022!?Track YvM PECVD YvB?Yv/26 S7M 42 S7g 15 DE/0OPfTC?DE/0OPfTC?TCTC _aACM researchbcd/012e 16 DEDErsO
23、PrsOPaz-abXf-rskaz-abXf-rsk2023:9:!:9:!56567878 aXaX abUVabUV JlJl tuWtuW=CXY4VZ?f9;_abcdfeNfaghijklmnopqfrfstuCXvwY4fxyza|Yf;?Bfa|Y4cBrOZzaghijkXlm|pqf“”t/0|ktu/0RckK|ctutu=-1=-1 tuRm.tu=-.tu=a?J.tu=DEaDEa flRmTable_CompanyRptType1 67678989ZZ688082 !#$%&()*+,-.*10/15 /01234-FFfM-Ra 7 Ra+T+.+p Ru tu
24、/0.-f“aRm?J.tu=a.fa.?J-.+.+p OP-FF OPa 7 Ra+T+.+p Rltu=R3.-7ZOR3 /aRm MfMM aaabaaaabJKlJKl tuWtuW=/|JlaRu#I-;jIJJuJadmjkla?Jl6tutu=-1=-1-Rxy$K-aUaRGaCaq?J.-.tu=O(a.?J.-7tu=-7 FFaRm -7f-fOPOP /OPOPMM aOPOP+l+l tuWtuW=HR+tuaRvwY+NCab+aRmR-pf+!u#(+|Y4$ka#Y4%&+avwY4+zf|ku+(_)!tuaCX*!+)!,-+f.ad?/;-+R01a2
25、34q5ukcla6l7_8R9:;+tua?7az+euKdGda2G5qf+ABCtutu=-1=-1-DE6np+cABF.-7tu=u!GHfICIyf+cJKLMOPDE6np+cABF.-7tu=uM.-tu=N4O7+AB /aRm fROPMM aOP!_aTU 2023 fgfj34bcd/012e 67678989#MIhiM!?MIhiM!?7rd2:7rd2:jk=jk=M=M=;gg=!o;o(!#zo$o%&oLPCVDoALD)o?TrackTable_CompanyRptType1 67678989ZZ688082 !#$%&()*+,-.*11/15 /012
26、34 orJz()!PECVD o|;=!?=:;tu*+|g 17 DE/0DE/0OPTC)OPTC)/0OP/0OP tuW=tuW=R3R3 9jkl9jkl JlJl bPQcX8aRhlScTaRmJ#$-J#$Rm?J45fABa$aRGUcacVUa?/fac#$JJll jkJlSfWX7YDEZ/UVftua/0gc?zfam_fa.7ghab?_fsta7M6Rm?J45fABa$aRGUcacVUa?/fJJll jkJlSfWX7YDEZ/UVf80|Y4tua p&7?JcdfTCa tu|fea“fg“Rm?J45fABa$aRGUcJJKlKl 9qk?aJhK
27、ajkJlaiRad?Jl6Rm?J45fj-$RGcVUM2JQcJQcll RklHmno-(zac&7.aQcpqcT#$aRmno;rstJfuKRm?J45fQcQc#$vwlvwl RJkPQcx0axyQcw?wPQc|k0ulycBaOdazaz|Rm?J45fvwll RTapq|?zKaHf zaRm?J45ff#$j9jk+l9jk+l vv+l+l .-.tu=fvtu-&Ga/0R7A)?NCNfefRm+T?=+TDE6n+v!v!+l+l!+cVaRm+|“+RaRcl”m.?Y4al.8alRMRm!-,G+.,?aJKLM+!#$l!#$l#$l#$l RJk
28、c#$ah|f1Ta-1R|kT9qmklyacP3ahRm!f -f#$I?faaJaKaMM2#$Table_CompanyRptType1 67678989ZZ688082 !#$%&()*+,-.*12/15 /01234 ll RJkcaaqf?0uZdaijkfz$ai-v)hhfaX8i7Ma2ih.q5ahfR01Rm!f -fPY?fll RJkcpaflR G-pG,BKftuRm!f -fll lJhKakqacNafab-_fCXJqaJlOdrfC=Rm!f -f!w!wll RJkaPQcpqcTRbawRwRm!f -fwll tu-+Wm+cahKicVU?#$
29、a!Ra234QRacRm!f I+.,NlNl()l()l abrXifoM2cfABa/0IacIacIRm+T?=+TvfIacIacIAB!_aTUhBibcd/012e 2.5 0101nonop;qC3rBstp;qC3rBst!pqX!pqX2022BXpqg?Track$323rJz()!PECVD:;W4 Ultra C pr 5W4z6;?z6;23nQ7 CMP XI8|uyz|g2022!?!?TrackYvMYvMPECVDYvB?YvB?JJYv/Yv/26S7MS7M42S7gS7g9r!QDJK/g9r!QDJK/g 18 DEDE2022:PUVTC:PUVT
30、C DEDE :PUVTC:PUVTC DEOPf?VfDEOPf?Vf()l()l -+.()lghWXayi RAB()-+.lrstuUVaOd fS0-/-/ll yv-/laRDE_*H.fpaRm v9q+T45a&ef2|“fV-zf$kavwfOy-NWlM/|aMxy.-+?-+$kzfRkzc|ABRkzc|AB&ll y-&lalSiZ/Ofk|kNS?lad&feaf?f_W-&lfya4DEv9jTable_CompanyRptType1 67678989ZZ688082 !#$%&()*+,-.*13/15 /01234 kR*f$3!RM2j#$l!RM2j#$l
31、-&G-lM2jaMM9jk45?!RRqccfz$aia2q5a|acPRicK9jk$#$licK9jk$#$l yi cK9jk#$OPaMcK9jk3fRaxycI&cF?cHcK9jk#$OPxy#$?lacK9jk3fvw&f=2I4O45#$lI4O45#$lF FccVUVUHH&ll y&lRmI-cIf45l?fSRmcI&45u?SRmIJ45 _aTU 2022 ffj34bcd/012e 19 DEUTCDEUTC2023:9:!:9:!0*0*qq:4:4 tugtug vlqq4(GZOOuNOP(.-OuFF Ou.-abgaNOPabg 9jk+lqq4(GZ
32、OOuNOP(.-OuFF Ou.-u!u9jkabgaNOPabg !#$l-I4O45#$lq(GZOO!u9jkuI-cI45abg ()l(uNGZOO.-O4abXXg&$kU4?VqUVaGZO(.-O4abXXg&l?UVqUVaGZO(O4abXXg +tuR FvgcFR F!M2gcZ/UVP(_aTU 2023 fgfj34bcd/012e DEFG3DEFG3 O;r-“$a$;Kr-8 Table_CompanyRptType1 67678989ZZ688082 !#$%&()*+,-.*14/15 /01234 !#$%&()!#$%&()Table_Finace
33、klmnklmn op:DE9 WXnWXn op:DE9 qrfjqrfj 2022A 2023E 2024E 2025E qrfjqrfj 2022A 2023E 2024E 2025E FskFsk 6300 7870 9229 10745 MN5OMN5O 2873 4030 5085 6070 tu 1562 900 466 526 MNvC 1468 2120 2718 3220 w5xy 1066 1455 1766 2023 MNzu+|3 4 5 6 w5y 64 90 113 135 259 363 432 486 xy 133 191 245 258 106 149 17
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35、1174 1445 FslmFslm 2397 3306 3823 4193 ez 48 106 141 173 y 390 540 490 390 VWXVWX 668 779 1033 1272 wxy 961 1354 1661 1878 B 0 0 0 0 Fslm 1045 1411 1671 1924 QRSTUVWXQRSTUVWX 668 779 1033 1272 FslmFslm 255 242 237 232 EBITDA 697 986 1359 1707 y 130 120 110 100 EPS89:1.54 1.80 2.38 2.93 Fslm 125 122
36、127 132 lmrlmr 2652 3548 4060 4424 (HZ(HZ B 0 0 0 0 qrfjqrfj 2022A 2023E 2024E 2025E BC 434 436 436 436 vv CT 3882 3928 3928 3928 MN5O 77.3%40.3%26.2%19.4%5 1208 1861 2894 4166 MNWX 167.5%23.6%32.5%23.1%QRSTUB 5524 6225 7258 8530 QRSTUVW 151.1%16.6%32.5%23.1%lmBlmB 8176 9773 11317 12954 WW YWZ8%:48.
37、9%47.4%46.5%47.0%tuFntuFn )*:+,-VWZ8%:23.3%19.3%20.3%21.0%qrfjqrfj 2022A 2023E 2024E 2025E ROE8%:12.1%12.5%14.2%14.9%-MstuF-MstuF-269-563-37 496 ROIC8%:9.8%11.0%13.0%14.0%VWX 668 779 1033 1272 mm 56 117 187 257 klmZ8%:32.4%36.3%35.9%34.2%-19 14 15 13 VlmHZ8%:48.0%57.0%55.9%51.9%“-26-40-51-61 FsHZ 2.
38、63 2.38 2.41 2.56 Mus-1001-1441-1177-936 sHZ 1.18 0.80 0.68 0.71-MtuF 1722 2228 2165 2158 MM “stuF“stuF-1884-162-327-317 AkZ 0.40 0.45 0.48 0.50 C-686-333-306-306 w5xyZ 3.57 3.20 3.16 3.20“-1206-65-65-65 wxyZ 1.73 1.83 1.80 1.82“tuF 8 237 44 54 B89:B89:stuFstuF 273 33-70-118 B5 1.54 1.80 2.38 2.93 y
39、 329 150-50-100 B-MtuF:-0.62-1.30-0.09 1.14 y-16-10-10-10 BVk 12.74 14.36 16.74 19.67 GB|0 2 0 0 KHZKHZ CT|37 46 0 0 P/E 51.88 57.79 43.61 35.42 tuF-77-155-10-8 P/B 6.27 7.24 6.21 5.28 tuV|tuV|-1840-662-435 61 EV/EBITDA 48.26 45.51 33.30 26.41 _aTUT4bcd/012e Table_CompanyRptType1 67678989ZZ688082 !#
40、$%&()*+,-.*15/15 /01234:uvwBxyz|:uvwBxyz|/012/012345?g:;rR&?Ak?mBmCDgEFGX?HI?8 KL/01;RMNO;PQRR(?tSTRRU&oRVW#$?XYZ?o=?=sNMYZ-Yv!YZ?w_YZadbdlcde?flsgYZMlNdeg=YZMhijQklgmlE)oAl)o9flN=nhi/op/Dde7qr?/0stludevwOhx?yz(Jg|(J|(J g:;Z!b;N?K;PQR(g=g:;Z!gMZl!oopnQg=YZ-XX=?g:;#$s|aoy?w_YZadubd-lcdegde-?=YZhi-lrw
41、degde-?!o!l“F?l)/”Df?flwde=desdeede|dgh?zcde)!o!gg:;usWyN=n!s;?y_!nQg=jy?9bg:;#$sO?#$=deI/-lBtdede7oUUq?/de?tde!g6?g:;#$sBy?-Jg:;#$s?lBwhMg9b!O?6=?su|d6g!$|d Fg !#$!#$t=:W 6 X?;ZRNwXHU;YvdN?A Zt*%300 NwYvtwrZwMwcYNZwcYYvtN7YvtN 500 Ng-2 R”R”J9 6 XDf2:YvN 5%t8;d9 6 XDf)YvN&-5%5%;9 6 XDfYvN 5%t8;!”!”E9 6-12 XDf2:YvN 15%t8 J9 6-12 XDf2:YvN 5%15%d9 6-12 XDf)YvN&-5%5%9 6-12 XDfYvN 5%9 6-12 XDfYvN 15%t8”+?!isTlad?Ja”g