SCREEN Holdings Co., Ltd. (DINRF)
被高估基本面
58
价格
$15590.00
市值
$2.63T
第一部分 · 这家公司值多少
概览
SCREEN Holdings makes the machines chipmakers use to clean silicon wafers between manufacturing steps — a process repeated dozens of times as a chip is built, since even microscopic contamination ruins the finished product. It also sells smaller businesses making equipment for printed circuit boards and for graphic-arts and precision machinery. Its main customers are the world's largest semiconductor manufacturers, who buy the equipment as part of building or upgrading a fab.
盈利方式
Revenue comes from selling capital equipment to chip fabs, plus ongoing spare parts and maintenance service on machines already installed. A single wafer-cleaning tool is an expensive, highly engineered purchase, so orders arrive in large, lumpy batches tied to a customer's decision to build or expand a fab rather than as steady, predictable sales.
分部营收
Wafer-cleaning and related process equipment sold to chipmakers; SCREEN holds an estimated 45% global share in wafer cleaning specifically.
Equipment for printed circuit board manufacturing, plus graphic-arts and precision machinery lines, together a small share of the group.
护城河
专利与许可 · 狭窄Decades of process know-how in wafer cleaning, reflected in an estimated 45% global market share in that specific step, make SCREEN's equipment difficult to displace once a fab has qualified it for a production line — requalifying with a rival supplier is costly and slow. The advantage is narrow rather than wide because larger rivals such as Tokyo Electron, Lam Research and Applied Materials compete hard in adjacent and overlapping process steps.
需求驱动因素
周期性Orders follow the semiconductor industry's capital-spending cycle: when chipmakers are confident about future demand they commit to new fabs and equipment orders surge, and when memory or logic prices fall they delay spending and orders can collapse within a couple of quarters. Because the core segment alone is 80% of sales, this single cycle dominates the company's results.
主要风险
- Concentration in one equipment cycle — With the Semiconductor Production Equipment segment worth about 80% of sales and almost all of profit, a downturn in chipmakers' capital spending hits the whole company at once, with no other large segment to offset it.
- China export controls — Export restrictions imposed since mid-2023 have already cut China-sourced revenue at Japan's major chip equipment makers, including SCREEN, by roughly 10%, and further tightening could remove one of the industry's largest markets.
- Competition from larger rivals — SCREEN competes directly with Tokyo Electron in coating, developing and cleaning tools, and indirectly with Applied Materials, Lam Research and KLA in adjacent process steps, several of which have greater scale and R&D budgets.
看多理由
Buyers argue that record SPE order intake and a projected 19.7% revenue increase for the next fiscal year show demand from AI-driven chip investment more than offsetting the China slowdown, and that SCREEN's leading share in wafer cleaning gives it pricing power as capacity expands worldwide.
看空理由
Sellers worry that a company this dependent on a single equipment cycle and increasingly locked out of China faces years of volatile results, and that larger, better-funded competitors in adjacent process steps could gradually erode SCREEN's cleaning-equipment lead.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
Lam Research offers single-wafer wet clean and bevel clean platforms sold to the same advanced logic and memory fabs that buy SCREEN's cleaning tools.
Applied Materials competes with SCREEN in wafer cleaning and in thermal processing and anneal systems, selling to the same logic and memory manufacturers worldwide.
Tokyo Electron sells the same two core tool families as SCREEN — coater/developer tracks and wafer cleaning systems — to the same foundry and memory fabs, and is the dominant supplier in coater/developers where SCREEN is the number two.
SEMES, the Korean equipment arm of the Samsung group, builds single-wafer cleaning systems and coater/developer tracks that compete head-on with SCREEN for orders at Samsung and other Korean memory lines.
ACM Research specialises in single-wafer and batch cleaning equipment and is the main challenger to SCREEN inside Chinese fabs, the market where SCREEN has been winning a large share of its recent cleaning-tool orders.
资产负债表与流动性
营收
$591.65B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$85.81B
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
$46.14B
股东权益合计
$497.11B
负债合计
$6.04B
流动比率
2.12
利息覆盖率
-
债务/EBITDA
0.05
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$11959.72
当前价格
$15590.00
安全边际
-30.4%
公允价值区间
$7773.82 - $16145.63
所用估值方法之间的离散区间,并非经过统计校准的置信区间。
估算方法
估值指标
市盈率(P/E)
32.93
ROE
18.9%
市净率(P/B)
5.68
P/FCF
56.90
毛利率
38.1%
ROIC
11.0%
盈利能力雷达图
价值创造(经济护城河)
ROIC
11.0%
WACC
15.2%
ROIC − WACC
-4.3 pp
ROIC 低于资本成本:公司每投入一美元都在毁灭价值。
基本面分析标准
通过(13)
- Price CAGR 22.34%
- ROIC 11.0%
- Gross Margin 38.1%
- Debt/Equity ratio
- Operating Margin 18.8%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- ROE 18.5%
- Revenue Growth 5Y 13.6%
- Analyst Consensus 57% Buy
- PEG Ratio 1.08
- Earnings Quality (OCF/NI) 1.03
未通过(8)
- P/FCF 56.90
- P/B Ratio 5.68
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg -21.4%
- Net Margin Trend 15.2% vs 15.9%
- Piotroski F-Score 2/9
不可用(6)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-评分
存在严重财务隐患
盈利质量
高质量:盈利有现金流支撑
股权稀释
正在回购股份,对股东友好
机构持股
该公司暂无机构申报数据。
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Toshio Hiroe | Representative Chairman of the Board | 66 |
| Mr. Masato Goto | President, CEO & Representative Director | 63 |
| Manabu Ishimura | CFO, Managing Executive Officer & Head of Financial Strategy | - |
| Hiroshi Tomita | CTO, Senior Executive Officer & Head of R&D Strategy | - |
| Junko Shima | Executive Officer and Head of Legal & IP Strategy | - |
| Ms. Chiho Otobe | Senior Executive Officer & Head of Communication Strategy | - |
| Yasuhito Shiraishi | Senior Executive Officer & GM of Human Resources Strategy Division | - |
| Mr. Shunichi Hasegawa | Head of the CSR Promotional Department | - |
| Mr. Akihiko Miyagawa | Senior Exec Officer, Head of Corp Planning, GM of Corp Strategy Div. & Director | - |
| Yoshihide Higaki | Exec. Officer, Head of Corporate Marketing Office and In Charge of Marketing & R&D Strategy Division | - |
审计风险
1
董事会风险
6
薪酬风险
1
股东权利风险
7
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for DINRF, sourced from Markets Gazette.