民生证券：半导体设备板块业绩韧性超预期龙头前期回调已具充分性价比

智通财经01-22

智通财经APP获悉，民生证券发布研究报告称，近期美股半导体持续大涨，近一个交易日(1月19日)全球半导体设备龙头应用材料股价创下历史新高。设备板块在半导体周期底部展现了超预期的业绩韧性，展望2024年该行对行业景气回升、国产替代加速下的设备板块业绩增长更加乐观，而部分板块龙头经历前期回调估值已具有充分的性价比，建议关注：北方华创(002371.SZ)、中微公司(688012.SH)、拓荆科技(...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n民生证券：半导体设备板块业绩韧性超预期 龙头前期回调已具充分性价比\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-01-22 10:32 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1058770.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，民生证券发布研究报告称，近期美股半导体持续大涨，近一个交易日(1月19日)全球半导体设备龙头应用材料股价创下历史新高。设备板块在半导体周期底部展现了超预期的业绩韧性，展望2024年该行对行业景气回升、国产替代加速下的设备板块业绩增长更加乐观，而部分板块龙头经历前期回调估值已具有充分的性价比，建议关注：北方华创(002371.SZ)、中微公司(688012.SH)、拓荆科技(...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1058770.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1823568750.SGD","symbol_name":"Fidelity Global Technology A-ACC SGD","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1058770.html","article_id":"2405991198","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2405991198","pubTimestamp":1705890748,"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，民生证券发布研究报告称，近期美股半导体持续大涨，近一个交易日全球半导体设备龙头应用材料股价创下历史新高。民生证券观点如下：中美龙头对比，A股半导体设备更显成长性。设备板块业绩韧性凸显。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU0061474960.USD":"天利环球焦点基金AU Acc","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","BK4567":"ESG概念","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","BK4534":"瑞士信贷持仓","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","BK4585":"ETF&股票定投概念","BK4147":"半导体设备","AMAT":"应用材料","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU2063271972.USD":"富兰克林创新领域基金","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4518":"OLED概念","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","BK4588":"碎股","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","LU0444971666.USD":"天利全球科技基金","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","BK4519":"光伏太阳能","BK4551":"寇图资本持仓","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","BK4581":"高盛持仓","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","03165":"华夏欧优股对冲","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LRCX":"拉姆研究","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","ASML":"阿斯麦","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC"},"translate_title":"Minsheng Securities: The performance resilience of the semiconductor equipment sector exceeded expectations. The early callback of the leader has been fully cost-effective","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMAT":1,"ASML":1,"LRCX":1,"03165":0.6},"content_text":"智通财经APP获悉，民生证券发布研究报告称，近期美股半导体持续大涨，近一个交易日(1月19日)全球半导体设备龙头应用材料股价创下历史新高。设备板块在半导体周期底部展现了超预期的业绩韧性，展望2024年该行对行业景气回升、国产替代加速下的设备板块业绩增长更加乐观，而部分板块龙头经历前期回调估值已具有充分的性价比，建议关注：北方华创(002371.SZ)、中微公司(688012.SH)、拓荆科技(688072.SH)、芯源微(688037.SH)、中科飞测(688361.SH)、精测电子(300567.SZ)、新莱应材(300260.SZ)。民生证券观点如下：中美龙头对比，A股半导体设备更显成长性。据Bloomberg一致预期，全球设备龙头应用材料(AMAT.O)、泛林集团(LRCX.O)、阿斯麦(ASML.O)等公司2024E PE在22~35倍区间，但2024E净利同比增速在-18%~0%区间。反观国内厂商，据该行预测，国产设备龙头北方华创、拓荆科技等厂商2024E PE在25~40倍区间，已接近全球龙头公司估值水平，但2024净利增速多处于35%~60%区间，远超海外龙头，对比之下A股设备厂商成长性凸显。设备板块业绩韧性凸显。回顾2023年业绩表现，设备板块受益于国产替代的加速推进，呈现了超预期的业绩成长性：1)北方华创：预计2023年实现营收209.7 ~231.0亿元，YOY +42.8~+57.3%;实现归母净利润36.1 ~41.5亿元，YOY +53.4%~57.3%。主要得益于高端集成电路设备数十种工艺突破和量产应用，工艺覆盖率大幅提升。2)中微公司：预计2023年实现营收62.6亿元，YOY +32.1%。其中，主业刻蚀设备收入达47.0亿元，YOY +49.4%，新开发的LPCVD和ALD设备亦进入市场，获得重复订单。3)中科飞测：预计2023年实现营收8.5~9.0亿元，YOY +66.9%~76.7%，归母净利润1.15~1.65亿元，盈利大幅释放，扣非净利润亦实现扭亏为盈。4)新莱应材：预计2023年实现归母净利润2.2~2.7亿元，对应23Q4单季度归母净利润0.52~1.02亿元，中值对应33%环比增长，实现了显著的盈利改善。国产设备订单充沛，奠定2024年业绩增长持续性。除了亮眼的业绩增速以外，2023年诸多公司亦收获了更高的订单增速，有望支撑2024年业绩的持续成长性。北方华创公告2023年新签订单超过300亿元，其中集成电路订单占比超过70%。中微公司公告2023年新签订单83.6亿元，YOY +32.3%，其中主业刻蚀设备新签订单69.5亿元，YOY +60.1%。国产替代加速推进，中国大陆半导体设备投资逆势增长。据SEMI报告，受半导体行业周期下行影响，2023年全球晶圆厂设备销售额同比下滑3.7%至906亿美元，但显著高于前期预期的同比下滑18.8%，主要原因在于中国市场的设备支出强劲增长。同时SEMI预计2024/2025年伴随半导体周期回暖，全球设备市场将同比增长3%/18%，重回增长轨道，该行看好国内市场在周期回升和国产替代双重动力之下的持续成长性。风险因素：半导体设备市场周期性波动;地缘政治冲突加剧;国产化验证不及预期。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2405991198"}

民生证券：半导体设备板块业绩韧性超预期 龙头前期回调已具充分性价比

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民生证券：半导体设备板块业绩韧性超预期龙头前期回调已具充分性价比