野村证券恢复对中微公司（688012.SH）的覆盖，给予「买入」评级并设定目标价。中微公司是中国刻蚀设备领域的领先企业，同时在薄膜沉积领域快速崛起。报告认为，公司刻蚀业务具备世界级竞争力，CCP与ICP刻蚀设备已进入先进逻辑及存储产线；薄膜沉积（LPCVD/ALD）成为快速增长的第二增长曲线；公司通过内生研发与并购切入CMP、光学量测、电子束量测及涂胶显影等新领域，平台化战略持续拓宽可及市场。受益于国内晶圆厂及存储厂商积极扩产、设备国产化率提升、客户基础稳固与装机粘性强，以及新产品放量，预计公司未来数年营收与净利润将保持较快增长。目标价基于远期EV/Sales估值，因公司在刻蚀领域的强势地位、高于行业的销售增速及持续提升的市占率而给予高于同业的溢价。主要风险包括美国制裁升级导致国内晶圆产能扩张放缓、市占率提升不及预期、竞争加剧以及毛利率回升不及预期。
Nomura resumes coverage of Advanced Micro-Fabrication Equipment China (AMEC, 688012.SH) with a Buy rating and a target price. AMEC is China's dominant player in etching equipment and a rising player in deposition. We view etching as the company's key moat, with its CCP and ICP etchers deployed at advanced logic and memory production lines. Thin-film deposition (LPCVD/ALD) is a fast-emerging second engine, while the platform strategy, pursued through both internal R&D and M&A, expands the company into CMP, optical inspection, e-beam metrology and track tools, lifting its total addressable market. Driven by aggressive domestic wafer fab and memory capacity expansion, rising equipment localization, a strong and sticky customer base, and new product ramp-up, we expect continued sales and net profit growth. Our target price is based on a forward EV/Sales multiple, at a premium to domestic peers reflecting AMEC's leadership in etch, above-industry sales growth and continuing market share gai