国泰君安证券股份有限公司 关于华海清科股份有限公司 2024 年度持续督导工作现场检查报告 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐机构"）作为 华海清科股份有限公司（以下简称"华海清科"或"公司"）首次公开发行股票 并在科创板上市的保荐机构及持续督导机构，根据《上海证券交易所科创板股票 上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 等相关法律法规的规定，对公司 2024 年 1 月 1 日至本次现场检查日期（以下简 称"本持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关 情况报告如下： 一、 本次现场检查的基本情况 （一）保荐机构及保荐代表人 国泰君安证券股份有限公司：陈圳寅、裴文斐 （二）现场检查时间 2024 年 12 月 24 日至 25 日 （三）现场检查人员 陈圳寅 （四）现场检查内容 公司治理和内部控制情况、信息披露情况、独立性情况、与控股股东、实际 控制人及其他关联方资金往来情况、募集资金使用情况、关联交易、对外担保、 重大对外投资、公司经营情况等。 （五）现场检查手段 查看公司主要生产经营场所并与公司董事会秘书、财务负责人访谈；查 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 华海清科股份有限公司（以下简称"公司"）于 2024 年 11 月 30 日披露了 《华海清科股份有限公司关于公司间接控股股东四川省能源投资集团有限责任 公司筹划战略重组的提示性公告》（公告编号：2024-064），四川省人民政府拟 启动公司间接控股股东四川省能源投资集团有限责任公司（以下简称"能投集团"） 与四川省投资集团有限责任公司（以下简称"川投集团"）的战略重组事宜。 2024 年 12 月 30 日，公司收到能投集团通知，获悉能投集团与川投集团于 当日签署了《四川省投资集团有限责任公司与四川省能源投资集团有限责任公司 之合并协议》。根据该协议，能投集团与川投集团实施新设合并（以下简称"本 次合并"）。新设公司名称为"四川能源发展集团有限责任公司"（以下简称"四 川能源发展集团"，最终以公司登记为准）。四川能源发展集团股东分别为四川 省政府国有资产监督管理委员会、四川发展（控股）有限责任公司及四川省财政 厅，实际控制人为四川省政府国有资产监督管理委员会。合并前能投集团 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance of over 15% compared to the benchmark in the next six months [9][15]. Core Insights - The company is set to benefit from the rapid development in AI and high-performance computing, leading to increased demand for its CMP and thinning equipment, which are critical for advanced packaging technologies [2]. - The acquisition of the remaining 82% stake in the subsidiary, Chiplet, is structured with a performance-based compensation mechanism to mitigate acquisition risks and incentivize the core technical team [9][21]. - The company's projected net profits for 2024-2026 are 10.9 billion, 13.8 billion, and 15.8 billion CNY, with corresponding dynamic P/E ratios of 40, 31, and 27 [22]. Financial Summary - The company’s operating cash flow is expected to increase from 653 million CNY in 2023 to 1,153 million CNY in 2024, with a projected net profit margin of 30.78% in 2024 [6][28]. - Revenue is forecasted to grow from 2.51 billion CNY in 2023 to 3.53 billion CNY in 2024, reflecting a year-on-year growth rate of 40.92% [28]. - The company’s total assets are projected to rise from 9.12 billion CNY in 2023 to 11.99 billion CNY in 2024, indicating a strong growth trajectory [33].

Investment Rating - Maintains an "Overweight" rating with a target price of 172.47 yuan, corresponding to a PE ratio of 40, 31, and 24 times for 2024, 2025, and 2026 respectively [3][29] Core Views - The company is consolidating its competitive advantage in CMP while expanding its product line, with significant progress in thinning, cleaning, and measurement equipment [2] - The acquisition of Xinyu Semiconductor, which specializes in ion implantation machines, aligns with the company's "equipment + service" platform strategy and is expected to become a new growth curve [25][26][30] - The ion implantation market is highly monopolized by US companies, with a domestic substitution rate of less than 10%, presenting a significant opportunity for the company [27][31] Financial Projections - Revenue forecasts for 2024-2026 are 3.50, 4.74, and 6.034 billion yuan, representing year-on-year growth of 40%, 35%, and 27% respectively [3] - Net profit attributable to the parent company for 2024-2026 is projected to be 1.009, 1.336, and 1.702 billion yuan, with year-on-year growth of 39%, 32%, and 27% respectively [3] - EPS for 2024-2026 is expected to be 4.26, 5.64, and 7.19 yuan [3] Product Line Progress - Thinning equipment: The 12-inch ultra-precision wafer thinning machine Versatile-GP300 has received bulk orders from leading companies, and the Versatile-GM300 has been sent to a leading domestic packaging and testing company for verification [2] - Cutting equipment: The 12-inch wafer edge cutting equipment has been sent to multiple customers for verification [2] - Cleaning equipment: Batch production has been achieved for wafer regeneration, and brush cleaning equipment for 4/6/8-inch compound semiconductors has passed customer acceptance [2] - Thickness measurement equipment: Small batch shipments have been achieved for metal process thickness measurement, with repeat orders from a leading integrated circuit manufacturer [2] Acquisition Details - The company plans to acquire the remaining 82% stake in Xinyu Semiconductor for up to 1 billion yuan, valuing the subsidiary at 1.225 billion yuan [25] - The acquisition includes performance commitments for 2024-2026, with revenue targets of 0.45, 1.05, and 3.4 billion yuan, and delivery targets of 4 and 8 units for 2024 and 2025 respectively [26] - A comprehensive excess reward mechanism is in place, with potential rewards of 10-20 million yuan for 2025 and 20-30 million yuan for 2026 based on performance [27] Industry Context - The ion implantation market is expected to reach 11 billion yuan by 2025, with low/medium/high energy implantation machines accounting for 61%, 20%, and 18% respectively [27] - The domestic substitution rate for ion implantation equipment is less than 10%, with US companies dominating the market, making it a critical area for domestic substitution [27][31]

Investment Rating - The report assigns a "BUY" rating for Huahai Qingke (688120.SH) with a target price of 220 CNY [1][7]. Core Insights - The company is expected to see significant growth in net profit from 2024 to 2026, with projections of 9.6 billion CNY, 12.7 billion CNY, and 15.7 billion CNY, representing year-on-year growth rates of 33%, 32%, and 24% respectively [7][8]. - The acquisition of the remaining 82% stake in subsidiary Xinyu Semiconductor for 1 billion CNY is aimed at deepening the company's presence in the ion implantation equipment sector, which is expected to enhance its product matrix and long-term growth potential [8]. - The company reported record high revenues and net profits in Q3 2024, achieving 2.9 billion CNY in net profit, a year-on-year increase of 51.7% [8]. Financial Summary - The company’s revenue is projected to grow from 25.08 billion CNY in 2023 to 35.04 billion CNY in 2024, with a corresponding increase in operating profit from 790 million CNY to 1.038 billion CNY [11]. - The earnings per share (EPS) are forecasted to rise from 4.05 CNY in 2024 to 6.64 CNY in 2026, with the price-to-earnings (P/E) ratio decreasing from 42 times in 2024 to 26 times in 2026 [7][22]. - The cash flow from operating activities is expected to increase significantly, reaching 1.123 billion CNY in 2024, compared to 599 million CNY in 2023 [5].

Core Viewpoint - Huahai Qingsi is a high-end semiconductor equipment supplier with core independent intellectual property, focusing on a platform strategy of "equipment + services" [1] Financial Performance - In the first three quarters of the year, the company achieved operating revenue of 2.452 billion yuan, a year-on-year increase of 33.22% [1] - The net profit attributable to the parent company was 721 million yuan, reflecting a year-on-year growth of 27.8% [1] Acquisition Details - The company plans to use no more than 1.005 billion yuan of its own funds to acquire the remaining 82% stake in its subsidiary, Xinyu Semiconductor [4] - Upon completion of the transaction, Xinyu will become a wholly-owned subsidiary of Huahai Qingsi [4] Xinyu Semiconductor's Status - Xinyu Semiconductor, established in 2018, is primarily engaged in the research, production, and sales of ion implantation machines for integrated circuits [5] - The company reported net losses of 24.42 million yuan in 2023 and 15.16 million yuan from January to May 2024 [5] Market Potential - Ion implantation machines are key equipment in the front-end process of integrated circuit manufacturing, with sales accounting for approximately 3% to 5% of the overall semiconductor equipment market [3] - The global and domestic semiconductor equipment market is highly concentrated, with over 90% of equipment supplied by American companies [5] Strategic Importance of the Acquisition - The acquisition will allow Huahai Qingsi to quickly absorb and transform core technologies related to ion implantation, facilitating rapid product and business segment development [3] - The overall price for acquiring 100% of Xinyu's equity is set at 1.225 billion yuan, with a significant appreciation rate of 1541.43% compared to the book value of Xinyu's equity [6]

《科创板日报》12月24日讯 今日科创板晚报主要内容包括：国务院常务会议：部署深化药品医疗器械监管改革促进医药产业高质量 发展有关举措；上海：支持在脑科学与脑机接口、计算生物学等医学前沿领域的创新探索；隐功科技完 成亿元级Pre-A轮融资。 【热点聚焦】 简讯： 工信部部长金壮龙：大力提升产业科技创新能力 优化制造业创新中心和中试验证平台建设布局 工业和信息化部党组书记、部长金壮龙24日到部产业发展促进中心调研。金壮龙指出，中央经济工作会 议就推动科技创新和产业创新融合发展、以科技创新引领新质生产力发展作出重要部署，为我们开展产 业科技创新工作提供了根本遵循和明确指引。我们要锚定实现新型工业化这个关键任务，大力提升产业 科技创新能力，优化制造业创新中心和中试验证平台建设布局，实施标准提升引领传统产业优化升级行 动，开展制造业新技术新产品新场景大规模应用示范，完善科技服务业发展政策，加快建设以先进制造 业为骨干的现代化产业体系，为推进中国式现代化作出新贡献。 国务院常务会议：部署深化药品医疗器械监管改革促进医药产业高质量发展有关举措 国务院总理李强12月23日主持召开国务院常务会议，部署深化药品医疗器械监管改革 ...

证券代码：688120 证券简称：华海清科 公告编号：2024-070 华海清科股份有限公司 关于收购芯嵛半导体（上海）有限公司剩余股权的公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示 华海清科股份有限公司（以下简称"公司"）和/或公司全资子公司华海清 科（上海）半导体有限公司（以下简称"华海清科上海"）拟合计使用自有资金 不超过 100,450 万元，收购公司参股子公司芯嵛半导体（上海）有限公司（以下 简称"芯嵛公司"或"标的公司"）剩余 82%的股权，本次交易完成后，芯嵛公 司将成为公司全资子公司。 本次交易不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 本次交易已经公司第二届董事会第八次会议审议通过，无需提交公司股东 大会审议。 为保护公司及股东特别是中小投资者利益，本次交易设置了业绩承诺及补 偿安排。 2、管理整合风险 本次交易完成后，芯嵛公司将成为公司的全资子公司，尽管公司与标的公司 处于同一产业链，在市场、产品、技术和成本等方面具有业务协同的基础，但由 于管 ...

证券代码：688120 证券简称：华海清科 公告编号：2024-069 华海清科股份有限公司 持股 5%以上股东及其一致行动人减持计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 股东持股的基本情况 截至本公告披露日，清津厚德（天津）科技合伙企业（有限合伙）（以下简 称"清津厚德"）持有华海清科股份有限公司（以下简称"公司"）股份 15,333,127 股，占公司总股本的 6.48%，清津立德（天津）科技合伙企业（有限合伙）（以 下简称"清津立德"）持有公司股份 3,157,827 股，占公司总股本的 1.33%，上 述股份来源均为公司 IPO 前取得的股份及通过资本公积转增股本取得的股份。 清津厚德及清津立德为一致行动人，合计持有公司股份 18,490,954 股，占 公司总股本的 7.81%。 减持计划的主要内容 清津厚德及清津立德因自身资金需求，拟于减持计划披露之日起 15 个交易 日后的 3 个月内（即 2025 年 1 月 14 日至 2025 年 4 月 13 日）通过集中竞 ...

证券代码：688120 证券简称：华海清科 公告编号：2024-067 华海清科股份有限公司 第二届董事会第七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 华海清科股份有限公司（以下简称"公司"）第二届董事会第七次会议于 2024 年 12 月 17 日以现场和通讯相结合的方式召开，为尽快完成董事会专门委 员会的补选工作，经全体董事一致同意，豁免本次会议的通知时限要求。本次会 议通知以口头方式通知全体董事，应出席董事 9 人，实际出席董事 9 人，由公司 董事长路新春先生主持。本次会议的召集和召开符合《公司法》和《公司章程》 的有关规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议并通过了《关于增补第二届董事会专门委员会委员的议案》 1.1 审议并通过了《关于增补第二届董事会审计委员会委员的议案》 同意增补陈泰全先生为公司第二届董事会审计委员会委员，上述专门委员会 委员任期自本次董事会审议通过之日起至第二届董事会任期届满为止。 本次增补完成后，公司审计委员会构成如下： ...