东方证券研报指出，盛美上海为国内半导体清洗和电镀设备龙头，业绩增长稳定。公司持续以差异化技术创新为驱动，以全球化布局为支撑，坚定推进长期发展战略，业务布局和营收规模持续扩张，公司预计2025 年营收将在65亿至71亿之间，即同比增长约16%到26%之间。随着晶圆产能的转移，SEMI预计到2026年，中国300毫米晶圆产能将占到全球26%的比重；中国半导体产业自主率预计2027年达26.6%。此外，公司陆续研发推出了高温单片SPM设备、单片槽式组合清洗设备等，力求未来清洗工艺覆盖超过95%以上工艺应用。公司平台化布局逐步成型，六大系列产品线打开新天花板。根据可比公司25年42 倍PE，对应目标价为136.08元，首次覆盖给予“买入”评级。
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