Securities Star News, Shengmei Shanghai (688082) announced on November 13, 2023 that the company would hold a performance briefing on November 10, 2023, acuity Knowledge Partners (Hong Kong) Limited, Baring Investment Management (Shanghai) Co., Ltd., Jiangsu Shagang Group Investment Holdings Co., Ltd., Jiangxi Peter Mingqi Private Equity Fund Management Co., Ltd., Jiangxi Peter Mingqi Asset Management Co., Ltd., Golden Stock Securities Investment Consulting Guangdong Co., Ltd., Jinxin Fund Management Co., Ltd., Jinyi Private Equity Fund Management (Zhuhai Hengqin) Co., Ltd., Golden Eagle Fund Management Co., Ltd., Jinyuan Shunan Fund Management Co., Ltd., Junhai Chuangxin (Beijing) Consulting Management Co., Ltd., Kaiyuan Securities Co., Ltd., Baichuan Wealth (Beijing) Investment Management Co., Ltd., Lanxin Asia Investment China Co., Ltd., Lige Capital Investment Co., Ltd., Minsheng Jiayin Fund Management Co., Ltd., JPMorgan Chase Securities (China) Co., Ltd., Morgan Stanley Investment Management Co., Ltd., Nanjing Ruilan Private Equity Fund Management Co., Ltd., Nanjing Yuyang Private Equity Fund Management Partnership (Limited Partnership) ningbo Meishan Free Trade Port Xinshi Investment Management Co., Ltd., Agricultural Bank Life Insurance Co., Ltd., Panhou Momentum (Shanghai) Capital Management Co., Ltd., Centennial Insurance Asset Management Co., Ltd., Ping An Securities Co., Ltd., Qingdao Jinguang Zijin Venture Capital Management Co., Ltd., Qingdao Rural Commercial Bank Co., Ltd., Runhui Investment Management (Tianjin) Co., Ltd., Sanya Yufengsheng Private Fund Management Co., Ltd., Shanxi Securities co., Ltd., Shanzheng International Asset Management Co., Ltd., Shang Securities Asset Management Co., Ltd., Shanghai Glacier Asset Management Co., Ltd., Shanghai Bodu Investment Management Co., Ltd., Baoyin Asset Management Co., Ltd., Shanghai Chenyan Asset Management Center (Limited Partnership), Shanghai Chengrui Investment Management Co., Ltd., Shanghai Dingfeng Asset Management Co., Ltd., Shanghai Fengcang Equity Investment Fund Management Co., Ltd., Shanghai Fengchi Asset Management Co., Ltd, shanghai Fengjing Private Equity Fund Management Co., Ltd., Shanghai International Trust Co., Ltd., Shanghai Guozan Private Equity Fund Management Partnership (Limited Partnership), Shanghai Hanggui Investment Management Co., Ltd., Shanghai Red Elephant Investment Management Co., Ltd., Balsaiga (Shanghai) Investment Management Co., Ltd., Shanghai Hongguan Asset Management Co., Ltd., Shanghai Huichen Private Equity Fund Management Co., Ltd., Shanghai Jiashi Private Equity Fund Management Co., Ltd., Shanghai Jinhe Asset management Center (Limited Partnership), Shanghai Jinpo Asset Management Co., Ltd., Shanghai Jingxi Investment Management Partnership (Limited Partnership), Shanghai Linze Investment Management Co., Ltd., Shanghai Miyuan Investment Management Co., Ltd., Shanghai Mingyu Asset Management Co., Ltd., Shanghai Minghe Investment Management Co., Ltd., Beijing Chengsheng Investment Management Co., Ltd., Shanghai Moqi Investment Management Co., Ltd., Shanghai Nantou Asset Management Co., Ltd., Shanghai niuhu Asset Management Co., Ltd., Shanghai Panjing Investment Management Center (Limited Partnership), Shanghai Pushi Investment Management Partnership (Limited Partnership), Shanghai Puxin Investment Management Co., Ltd., Shanghai Qianxin Investment Management Co., Ltd., Shanghai Qinmu Asset Management Partnership (Limited Partnership), Shanghai Qingfeng Asset Management Center (General Partnership), Shanghai Qiuyang Yuliang Investment Management Co., Ltd., Beijing Jinbairong Investment Management Co., Ltd., Shanghai Tianyi Investment Management Co., Ltd., Shanghai Tongben Investment Management Center (Limited Partnership), Shanghai Tongxiao Investment Development Center (Limited Partnership), Shanghai Xiaocrocodile Asset Management Co., Ltd., Shanghai Xingzhi Venture Capital Co., Ltd., Shanghai Zhengxingu Industrial Co., Ltd., Shanghai Zige Investment Management Co., Ltd. Shenwan Hongyuan Securities Co., Ltd., Shenzhen Chengyi Investment Co., Ltd., Shenzhen Hongding Wealth Management Co., Ltd., Beijing Jingguantaifu Fund Management Co., Ltd., Shenzhen Jinbo Investment Management Co., Ltd., Shenzhen Jiuwen Asset Management Co., Ltd., Shenzhen Measure Capital Investment Management Co., Ltd., Shenzhen Qianhai Xuxin Asset Management Co., Ltd., Shenzhen Century Zhiyuan Private Equity Fund Management Co., Ltd., Shenzhen Guohui Investment Co., Ltd., Shenzhen Red Pomegranate Investment management Co., Ltd., Shenzhen Kaifeng Investment Management Co., Ltd., Shenzhen Leading Capital Management Co., Ltd., Shenzhen Qianhaitang Financing Investment Management Co., Ltd., Beijing Shengxi Investment Management Co., Ltd., Shenzhen Shangcheng Asset Management Co., Ltd., Shenzhen Xinde Ying Asset Management Co., Ltd., Shenzhen Yitong Investment Co., Ltd., Shenzhen Yujin Private Equity Investment Fund Management Co., Ltd., Shenzhen Zhucheng Investment Co., Ltd., Shenzhen Xinran Investment Management Co., Ltd. Ltd., Shenzhen Zhengyuan Investment Co., Ltd., Shengyong Private Equity Fund Management (Shanghai) Co., Ltd., Schroder International Finance Group Co., Ltd., Schroder Bank of Communications Wealth Management Co., Ltd., Beijing Yutian Capital Management Co., Ltd., Suzhou Zhongxingyuan Private Equity Fund Management Co., Ltd., Taimeng Investment Group, Taiping Asset Management Co., Ltd., Tianfeng (Shanghai) Securities Asset Management Co., Ltd., Tianzhi Fund Management Co., Ltd., Tibet Yuancheng Investment Management Co., Ltd., Xintai Life Insurance Co., Ltd., Xingquan Fund Management Co., Ltd., Xingyin Fund Management Co., Ltd., CRIC Securities, Beijing Zhenke Private Equity Fund Management Co., Ltd., Asia Pacific Property Insurance Co., Ltd., Sunshine Asset Management Co., Ltd., Yeshi Asset Management Co., Ltd., Yiju Asset Management (Shanghai) Co., Ltd., Yuhui Capital Management (Beijing) Co., Ltd, yuanxin Yongfeng Fund Management Co., Ltd., Yuanxin (Zhuhai) Private Equity Fund Management Co., Ltd., Yunfeng Financial Group Co., Ltd., Zhangjiagang Gaozhu Private Equity Fund Management Co., Ltd., Great Wall Wealth Asset Management Co., Ltd., Bi Sheng (Shanghai) Investment Management Co., Ltd., Great Wall Securities Co., Ltd., Changjiang Pension Insurance Co., Ltd., Changjiang Securities (Shanghai) Asset Management Co., Ltd., Changjiang Securities Co., Ltd., Zhejiang Guutian Private Equity Fund Management Co., Ltd., Zhejiang Micang Asset Management Co., Ltd., Zhejiang Zheshang Securities Asset Management Co., Ltd., Zheshang Securities Co., Ltd., Zhengzhou Spruce Investment Management Co., Ltd., Zhiyuan Capital Co., Ltd., Biyun Capital Management Co., Ltd., Industrial and Commercial Bank of China Co., Ltd., China Everbright Holdings Co., Ltd., China International Finance Co., China Minsheng Bank Co., Ltd. Insurance Asset Management Co., Ltd., China Life Asset Management Co., Ltd., China Emerging Asset Management Co., Ltd., China Galaxy Securities Co., Ltd., China Dutch Life Insurance Co., Ltd., Zhongke Wotu Fund Management Co., Ltd., Boyu capital, China Europe Fund Management Co., Ltd., Zhongtai Securities Co., Ltd., CITIC Prudential Fund Management Co., Ltd., CITIC Prudential Asset Management Co., Ltd., CITIC Construction Investment Securities Co., Ltd., CITIC Securities Co., Ltd. Company, Zhongyi Asset Management Co., Ltd., Bank of China International Securities Co., Ltd., Bank of China Wealth Management Co., Ltd., Bank of China Samsung Life Insurance Co., Ltd., Bohai Huijin Securities Asset Management Co., Ltd., China Post Securities Co., Ltd., Zhongyuan Securities Co., Ltd., Chongqing Derui Hengfeng Asset Management Co., Ltd., Chongqing Jinke Investment Holdings (Group) Co., Ltd., Zhuhai Huiyuan Private Fund Management Co., Ltd., Caixin Securities Co., Ltd. Chengdu Qingshi Private Equity Fund Management Co., Ltd., Chuangjin Hexin Fund Management Co., Ltd., Dacheng Fund Management Co., Ltd., Everyone Asset Management Co., Ltd., First State, Debang Securities Co., Ltd., Oriental Alpha Fund Management Co., Ltd., Oriental Fortune Securities Co., Ltd., Oriental Fund Management Co., Ltd., Oriental Securities Co., Ltd., Soochow Fund Management Co., Ltd., Dongxing Fund Management Co., Ltd., Founder Securities Co., Ltd. Company, Fengyan Investment Management (Zhejiang Free Trade Zone) Co., Ltd., Fosun Fortune International Holdings Co., Ltd., Hel Ved Capital Management Limited, Fuanda Fund Management Co., Ltd., Gongqingcheng Dingrui Asset Management Co., Ltd., Everbright Yongming Asset Management Co., Ltd., Everbright Securities Co., Ltd., Guangdong Haihui Huasheng Securities Investment Fund Management Co., Ltd., Guangfa Securities Co., Ltd., Guangfa Securities Asset Management (Guangdong) Co., Ltd., Ltd., Guangzhou Ruirong private Equity Fund Management Co., Ltd., Guohai Securities Co., Ltd., Guojin Securities Co., Ltd., IGWT Investment Investment Co., Ltd., Guolian Securities Co., Ltd., Guorong Fund Management Co., Ltd., Cathay Pacific Fund Management Co., Ltd., Guotai Junan International Holdings Co., Ltd., Guotai Junan Securities Co., Ltd., Guotai Securities Investment Trust Co., Ltd., Hainan Qianxin Private Fund Management Co., Ltd., Hainan Yuexi Private Fund Management partnership (Limited Partnership), Hainan Palm Bay Investment Company Limited, MARCO POLO PURE ASSET MANAGEMENT LIMITED, Haitong Innovation Private Equity Management Company Limited, Haitong Innovation Securities Investment Company Limited, Haitong International Asset Management (Hong Kong) Co., Ltd., Haitong Securities Co., Ltd., South Korea Investment Company, Hanchuan Investment Management (Zhuhai) Co., Ltd., Hangzhou Jincheng Sheng Asset Management Co., Ltd., Hangzhou Kaisheng Investment Management Co., Ltd., Hangzhou Zhengxin Private Equity Management Co., Ltd., Heyong Investment Management (Beijing) Co., Ltd., StillBrookCapitalLimited, Harmony Health Insurance Co., Ltd., Henan Huizhong Asset Management Co., Ltd., Hengyue Fund Management Co., Ltd., Hongyi Yuanyuan Fund Management Co., Ltd. Company, Sequoia Capital Equity Investment Management (Tianjin) Co., Ltd., Hongta Securities Co., Ltd., Hongtu Innovation Fund Management Co., Ltd., Hongming Capital Financial Holdings Co., Ltd., Hongyun Private Equity Fund Management (Hainan) Co., Ltd., Citigroup Global Financial Asia Co., Ltd., WESTERN SECURITIES CO.,LTD. Huaan Financial Asset Management Co., Ltd., Huaan Securities Co., Ltd., Huachuang Securities Co., Ltd., Huafu Securities Co., Ltd., Huafu Fund Management Co., Ltd., Huajin Securities Co., Ltd., Huatai Baoxing Fund Management Co., Ltd., Huatai Financial Holdings (Hong Kong) Co., Ltd., Huatai Securities Co., Ltd., Huaxi Securities Co., Ltd., Essence Securities Co., Ltd., Huaxia Fund Management Co., Ltd., Global Investment (Hong) Co., Ltd., HSBC Qianhai Securities Co., Ltd., Huiquan Fund Management Co., Ltd., Jiahe Fund Management Co., Ltd., Harvest Fund Management Co., Ltd., CCB Fund Management Co., Ltd., Jianghai Securities Co., Ltd., Jiangsu Fifth Axiom Investment Management Co., Ltd., Jiangsu Ruihua Investment Holding Group Co., Ltd. participated.

The details are as follows:

Q: At present, the company has disclosed a good growth of orders in hand. What is the proportion of orders from large customers and small customers? From the perspective of disassembly, what is the distribution of orders in the fields of logic, storage, packaging and compound semiconductors?

A: The company has a large proportion of large customers in its orders. The increase in orders in hand disclosed in September was mainly the contribution of bulk orders from leading domestic enterprises. The company's orders in hand basically cover the fields including logic, storage, packaging and compound semiconductors, of which logic accounts for a relatively large proportion, storage accounts for a part, advanced packaging currently received orders from leading domestic enterprises. On the whole, the current advanced packaging boom is not high, but we can also see that the domestic packaging leading enterprises are recovering, which leads to the company's orders to maintain a high growth, the proportion of advanced packaging sales can still remain the same as last year. In the future, we insist on being optimistic about the advanced packaging field, and the company will continue to contribute technology and products in the packaging field.

Q: What is the progress of the company's PECVD equipment?

Answer: The company's PECVD equipment team is actively cooperating with customers, and has made considerable progress in hardware and software improvements. The company has taken a differentiated technology route on PECVD equipment, with its own patented IP, which also brings moreThe technical parameters and performance of the exploration. Once the subsequent verification development is completely overcome, the differentiation technology will bring huge output. In the future, the company's PECVD equipment will be introduced to the global market.

Q: In the third quarter, the company's comprehensive gross profit margin increased significantly. In addition to the factors of electroplating and furnace tube, what is the gross profit margin trend of various products including cleaning?

A: The Company has not yet disclosed the level of gross margin for individual products. In general, electroplating, high-end cleaning equipment gross margin is higher, while advanced packaging and mature process of some equipment gross margin is relatively low. At the same time, for different customers and different applications, will correspond to different gross margin levels. In addition, the batch effect will directly lead to a decline in production costs, which to some extent also pushes up the company's product gross margin level. In the future, considering the competitive characteristics of the entire market and the balanced development of marketization, the company's gross profit margin guidance will remain between 40% and 45%.

Q: What is the current progress and future prospects of our electroplating products?

answer: the company's electroplating equipment is relatively comprehensive. at present, all kinds of electroplating equipment sold in the international market, including damascus electroplating, TSV electroplating, advanced packaging electroplating and the third generation semiconductor electroplating equipment company, have been developed and verified in process. It is precisely because of the breakthrough in electroplating that the company has obtained more repeated orders, which is also clearly reflected in revenue. It is expected that the company's electroplating products will continue to grow at a high speed next year. At present, the electroplating market is in a stage of rapid expansion, mainly due to the construction of the former process and the demand for electroplating in 3D packaging, so we are very optimistic about the future prospects of the electroplating market. In the future, the company's electroplating equipment will also enter the international market and benefit from the growth of the global market.

Q: What is the expansion of domestic and overseas customers in the field of advanced packaging?

A: In the domestic market, almost all packaging companies have our equipment, including copper plating, coating and developing, etc. The company is also promoting packaging equipment to enter the international market, including American companies using the company's wet process equipment on their production lines in China. In the future, the company will also pay attention to the field of advanced packaging, the use of the company has a more comprehensive advanced packaging wet equipment, combined with the company's global sales team efforts, the company's advanced packaging products market and proportion of larger.

Q: What is the current progress of the company's Track equipment ArF and KrF? And where are the advanced indicators?

A: The company's Track equipment has made good progress and is expected to dock with lithography machines by the end of this year. The biggest feature of the equipment is the use of advanced architecture design, with high-speed, high-output characteristics. At present, the company's equipment can produce 300-330 pieces of output, and our structure can also meet the output requirements of 400-450 pieces in the future. At the same time, after more than ten years of accumulation, the company also has outstanding characteristics in terms of electronic control and software stability. In the future, we hope that the company's products can break the current market dominance and make the company the second supplier of Track equipment worldwide.

Q: For non-mainstream customers, such as second-and third-tier factories, what is the company's outlook for their demand or expansion next year?

A: Some of the non-mainstream customers will continue to expand in the next year. In the future, the growth of demand for application terminals such as electric vehicles will drive a significant increase in demand for semiconductors such as power devices. This will also bring the demand for cleaning, electroplating, furnace tubes and other upstream equipment, the company is also very optimistic about the future growth of non-mainstream customers.

Q: How do you view the domestic advanced process capacity expansion trend? The progress of the company's advanced process equipment? Is there a big difference between the value of the company's advanced process and mature process?

A: The company's sales revenue mainly comes from mature process equipment. The core of the future expansion of domestic advanced process capacity lies in the need to complete some core equipment. Shengmei adheres to two paths: on the one hand, it serves the domestic market; on the other hand, it is also increasing its investment in advanced manufacturing processes, including the successive expansion of South Korea customers, American customers and other international customers. I believe that the proportion of the company's income from advanced manufacturing processes will continue to increase in the future. In terms of advanced processes, the company has supercritical CO2 cleaning equipment and more advanced cleaning technology reserves, LD, electroplating equipment, PECVD equipment, Track equipment, etc., the company's advanced process ratio will also be more and more large.

Q: What is the company's future market share outlook for cleaning equipment?

a: in the future, the company's goal of cleaning equipment in the domestic market share is 50%-60%.

Q: How does the company see the changes in the market competition pattern in the next few years?

A: In the future, the domestic market will still be a technology-based competitive trend. Whether it can provide customers with the best technology and cost-effective will be the core of the market. The company's core competitiveness lies in having completely independent intellectual property rights. With the past of the current peak of domestic expansion, the domestic market will enter the market competition based on whether it has independent core technology. At the same time, in the case of independent core technology also need to be able to carry out international market expansion.

shengmei shanghai (688082) main business: the company is engaged in the development, manufacture and sale of single wafer and slot wet cleaning equipment, electroplating equipment, stress-free polishing equipment, vertical furnace tube equipment, front-end coating and developing equipment and plasma enhanced chemical vapor deposition equipment, which are crucial to advanced integrated circuit manufacturing and advanced wafer-level packaging manufacturing industries, and is committed to providing semiconductor manufacturers with customized, high-performance, low-consumption process solutions, effectively improve the customer's multi-step production efficiency, product yield, and reduce production costs.

shengmei Shanghai's third quarterly report in 2023 showed that the company's main revenue was 2.75 billion yuan, up 39.01 year on year. Net profit attributable to parent was 0.673 billion yuan, up 52.57 year on year. Deduct non-net profit of 0.64 billion yuan, up 32.98 year on year; In the third quarter of 2023, the company's main revenue in a single quarter was 1.14 billion billion yuan, up 29.17 year on year. Net profit attributable to mother in a single quarter was 0.233 billion yuan, up 14.16; non-net profit deducted in a single quarter was 0.233 billion yuan, up 4.29 year on year. Debt ratio 32.31, investment income 67.5105 million yuan, financial expenses -35.2132 million yuan, gross profit margin 53.16.

the stock has been rated by 15 institutions in the last 90 days, with 7 buying ratings and 8 overweight ratings; the average institutional target price in the past 90 days is 134.2.

The following is detailed earnings forecast information:

The margin trading data shows that the net inflow of financing of the stock in the past three months has 30.9149 million, and the financing balance has increased; the net outflow of securities has 70.9802 million, and the margin trading balance has decreased.

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