芯碁微装-PCB直写光刻高速增长泛半导体、光伏设备放量可期-220721（24页）.pdf

1、 敬请参阅末页重要声明及评级说明 证券研究报告 !#$%&()*+,-./01&2345678!+!#$%#&()*!#$%!#$%#&()*!#$%!#$%&,)-./0#1&23)43&*+#$%$%&()*()*+!TUVWXTUYZ.!+!#$%&()*+!#$%&()*+,!#$%&()(*)+&!()*+,+$&-%#./-%#./&0 1%2345647*+,+/$#./$#./6 68!#-.8!#-.&9:;*?:;*?:A*B,+#C.C.&9DE*F+,+8 88 8#.#.8 8&?DE*F+,+/#./#.&!+TUefKgYTUefKgY hi)*hi)*.&Rjk

2、lmnRjklmn.,-./0%+1(+(2+(3(+&45%67896:;?&opqlrstopqlrst.,-./0%&1(+(+(A(B&45%;6:?6;96:;?+!.-./0%-./0%.l yzLMIJ|yzLMIJ|.|TU;Y;=”TU4TU&#B-#.l B-B-lLM|lLM|.=LMIJLMIJ B-B-&(&(N B-II|L&IJ(NIO!.B-B-L|#$%I|L|#$%I|N.B-.O&*%I|LMIJ|NI(Z)*+*,-D./012)*i 3 B-4D5.B-.I&(1678|9&O:;.?ABCABC B-B-DD9E9EABCyzB-=:9E yz.B-

3、.FGHI9JKILM NS.B-.|.l lOG945PQRNlOG945PQRN.IJ|&ST UV QR=:9 WSIJ|&TU(./yzXYZXY#Z_a45bQR;=”TUc ghij*;h;q.l LMIJ(NIrYstuvwLMIJ(NIrYstuvw.TUOxyzU|IrZ-|RyzIr!8|f|U !“”&t!16 eD;?f;.SU;?e|45.l KILKIL.;?;”TUj=d“;d;d=efSU4p*-TUs.!#$!%#$!&#$#$&#$%#$(&)#(&)()%(&#()*+,-./01#!#$%&5-13#6423)43&7*+8899:;:;=?=?AA+S

4、TUVWXYZ_&+%&6&%C%C&abcdef+.l NaNa.VYZO8EO8.!._aBw,d.l&ff.&;=;=&;0;0&;0;0&;0;0&ghi&%*&22322)#322)1*%22ij*B,&345$23154$21*53$21&5#$2klmnopqr&)#22)3422&1221#)22pqrj*B,&%*5%$2%454$2%)5#$2135%$2sqt*B,&%&54$2%&5$2%&53$2%15)$2uvw*B,&)5%$2)%54$2)51$2)*5#$2x:y*+,*%22)51)22)54%22&53#22z6w&35322&5122%5%*221

5、&5422z6&*5&22*51)225#225&%22w|6wH&4#5*&22335#322145*&22&454122&abcd&!0UFZSV5WFXRWFZEWbRdNbRnPpPsQoMfQrRrOkPmOtR6MnMrONZpNmQwMmRvN+8899:;:;=?=?AA+敬请参阅末页重要声明及评级说明 3/24 证券研究报告+!#$!#$%+CDEFGHIJKLMN-CDEFGHIJKLMN-&=&2 2.+=+2OPQR STU VWXYZH_abcde&=&2.+=2STU JKfgh-iWXYZajekl&=&*.+=m2nopqrstuvwxujyz|&=&A.+=2

6、-l&=&A.CCSTUSTU a%O-FGJKa%O-FGJK&=&3 3.=+FGHI STU“”&=&3.=2STU OPFJK HJK&=&+(.=m2Ci_aDE STU-&=&+.=2 STU-DE STU&=&+.m mCWXYZa%bcCWXYZa%bc&=&+m+m.m=+HIJKWXYZ“”W&=&+m.m=FGHIjekl&=&+2.m=+“-FGHIJK&=&+2.m=klHIJK&=&+B.m=m&S OHIJK&=&+*.CFGHICFGHIHaHa&=&(.2 2CC&=&+.2=+2=+2 2&=&+.2=2=2 2yzyz&=&.%&=&.i!i!&=&mm.