经济观察网2025年8月28日，华海清科(688120)发布公告，公司拟5000万元至1亿元回购股份，回购价格 不超过173元/股。 ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a revenue of 1.95 billion yuan in the first half of 2025, representing a year-on-year growth of 30.28%, and a net profit attributable to shareholders of 505 million yuan, up 16.82% year-on-year [5][9] - The company is actively seizing market opportunities driven by the demand in the integrated circuit industry, increasing R&D investment and production capacity, which enhances its core competitiveness [9] - The company's CMP products, as key equipment in the front-end manufacturing of integrated circuits, have gained more customers, leading to an increasing market share [9] - The trend of AI is expected to drive rapid development in 3D IC technology, which will likely create strong demand for the company's equipment [10] Financial Performance Summary - For the first half of 2025, the company reported a revenue of 1.95 billion yuan and a net profit of 505 million yuan, with a gross margin of 46.08% [9] - The company forecasts revenues of 3.41 billion yuan, 4.55 billion yuan, and 5.92 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.36 billion yuan, 1.74 billion yuan, and 2.22 billion yuan [11][12] - The company’s EPS is projected to grow from 2.90 yuan in 2024 to 6.27 yuan in 2027 [12] Market Position and Product Development - The company’s CMP equipment has a solid foundation, and it is steadily expanding its product lines in thinning, slicing, and ion implantation equipment [10] - The new CMP polishing system Universal-H300 has received bulk orders and is being shipped at scale [10] - The 12-inch ultra-precision wafer thinning machine Versatile-GP300 has gained significant market recognition, leading to a substantial increase in order volume [10] Future Outlook - The company is expected to benefit from the domestic trend of localization and self-sufficiency, particularly in the context of AI driving advanced packaging and chip stacking technologies [10] - The projected net profits for 2025-2027 are 1.36 billion yuan, 1.74 billion yuan, and 2.22 billion yuan, with corresponding P/E ratios of 33.8X, 26.3X, and 20.7X based on the closing price on August 28 [10]

Group 1 - The core viewpoint of the news highlights the significant trading activity and financial performance of Huahai Qingke, indicating a strong interest from investors and a solid growth trajectory in revenue and profit [1][2]. Group 2 - On August 28, Huahai Qingke's stock rose by 4.43%, with a trading volume of 1.385 billion yuan. The financing buy-in amounted to 193 million yuan, while financing repayment was 171 million yuan, resulting in a net financing buy of 21.93 million yuan. The total financing and securities balance reached 1.221 billion yuan [1]. - As of August 28, the financing balance of Huahai Qingke was 1.213 billion yuan, accounting for 2.64% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - On the same day, the company repaid 19,100 shares in securities lending and sold 2,508 shares, with a selling amount of 326,000 yuan. The remaining securities lending volume was 60,400 shares, with a balance of 7.8527 million yuan, also above the 70th percentile level over the past year [1]. - As of June 30, the number of shareholders of Huahai Qingke was 13,600, a decrease of 10%. The average circulating shares per person increased by 54.75% to 17,452 shares [2]. - For the first half of 2025, Huahai Qingke achieved operating revenue of 1.95 billion yuan, a year-on-year increase of 30.28%, and a net profit attributable to shareholders of 505 million yuan, up 16.82% year-on-year [2]. - Since its A-share listing, Huahai Qingke has distributed a total of 271 million yuan in dividends [2]. - As of June 30, among the top ten circulating shareholders, Huaxia SSE Sci-Tech Innovation Board 50 ETF ranked fourth with 8.9168 million shares, an increase of 904,700 shares compared to the previous period. Other ETFs also increased their holdings significantly [2].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 158.65 CNY per share, maintaining the rating [5][8]. Core Views - The company achieved steady revenue growth in H1 2025, with operating income of 1.95 billion CNY, up 30.28% year-on-year, and a net profit of 505 million CNY, up 16.82% year-on-year [1][2]. - The growth in revenue and profit is primarily driven by the expansion of CMP equipment and service business, with increasing market share and customer base [2][3]. - The overall gross margin for H1 2025 was 46.08%, slightly down by 0.22 percentage points year-on-year, while the net profit margin was 25.92%, down by 2.99 percentage points year-on-year [2]. Summary by Sections Financial Performance - In H1 2025, the company reported operating income of 1.95 billion CNY, a 30.28% increase year-on-year, and a net profit of 505 million CNY, a 16.82% increase year-on-year [1]. - For Q2 2025, the company achieved operating income of 1.037 billion CNY, up 27.05% year-on-year, and a net profit of 272 million CNY, up 18.01% year-on-year [1]. Business Development - The CMP equipment segment saw significant growth, with the Universal-H300 model receiving bulk orders and achieving high market share in 8 and 12-inch CMP equipment [3]. - The thinning equipment segment also experienced substantial order growth, particularly for the Versatile-GP300 model, which is compatible with mainstream advanced packaging processes [3]. - Ion implantation equipment is being developed by the subsidiary, with the first 12-inch low-temperature ion implantation machine delivered to a leading domestic logic chip manufacturer [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 4.67 billion CNY, 5.83 billion CNY, and 7.06 billion CNY, respectively, with net profits of 1.34 billion CNY, 1.68 billion CNY, and 2.05 billion CNY [8]. - The company is expected to maintain a PE ratio of 42 times for 2025, supporting the target price of 158.65 CNY per share [8].

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 8月29日，科创芯片ETF（588200）开盘跌2.48%，报2.200元。科创芯片ETF（588200）重仓股方面，中 芯国际开盘跌4.38%，海光信息跌2.58%，寒武纪跌6.80%，澜起科技跌2.00%，中微公司跌2.44%，沪硅 产业跌0.09%，恒玄科技跌1.58%，思特威跌0.59%，华海清科涨0.70%。 科创芯片ETF（588200）业绩比较基准为上证科创板芯片指数收益率，管理人为嘉实基金管理有限公 司，基金经理为田光远，成立（2022-09-30）以来回报为126.13%，近一个月回报为39.90%。 来源：新浪基金∞工作室 ...

Core Viewpoint - Huahai Qingke is planning to issue H-shares and list on the main board of the Hong Kong Stock Exchange to advance its international strategy and enhance its global brand image [1] Group 1 - The company aims to attract international talent through this initiative [1] - The issuance of H-shares is part of a strategy to optimize the capital structure and enhance overseas financing capabilities [1] - The listing is intended to support the company's overseas business layout [1]

每经记者｜胥帅 每经编辑｜董兴生 今年2月，四川省国资改革的一件大事就是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"）揭牌成立。 《每日经济新闻》记者注意到，华海清科是高端半导体装备供应商，处于集成电路制造上游关键产业 链。 华海清科的控股股东是清控创业投资有限公司，穿透后股东是四川能源发展集团。四川能源发展集团成 立于今年2月，成立后，集团总资产超3900亿元。从规划布局来看，四川能源发展集团将持续做强做优 做大综合能源核心主业，大力培育发展先进制造、高端化工和医药健康多元产业。 半年后，四川能源发展集团有了大动作，欲推动旗下高端半导体设备企业华海清科（688120.SH，股价 129.99元，市值459.39亿元）在港股上市。8月28日晚间，华海清科公告称，港股上市目的是加快推进公 司的国际化战略及海外业务布局，持续吸引并集聚优秀的国际化研发与管理人才。 若华海清科在港股成功上市，其将成为四川能源发展集团旗下首家在A股和港股两地上市的企业。 实际控制人曾是清华大学 8月28日晚间，华海清科公告称，为加快推进公司的国际化战略及海外业务布局，持续吸引并集聚优秀 的国际化研发与管理人才，进一步提 ...

Core Viewpoint - The company, Huahai Qingke (688120.SH), is planning to issue overseas listed shares (H-shares) and list on the main board of the Hong Kong Stock Exchange to advance its international strategy and enhance its competitiveness and brand image [1] Group 1 - The company aims to attract international talent as part of its strategy [1] - The initiative is intended to optimize the company's capital structure and enhance its overseas financing capabilities [1]

Core Viewpoint - The news highlights various companies' financial performances, stock movements, and strategic decisions, indicating a mixed outlook across different sectors. Performance Summary - Anta Sports clarified it is not a potential acquirer of Canada Goose Holdings [3] - Lianyi Intelligent Manufacturing reported normal operations with no undisclosed significant matters [3] - Huon Electric's robot business is still in the R&D phase and has not generated revenue [3] - Tianfu Communication and Longyang Electronics both reported normal operations with no undisclosed significant matters [3] - Cambrian Technology expects annual revenue of 5 billion to 7 billion yuan in 2025 [3] - CITIC Securities reported a net profit of 13.719 billion yuan for the first half, up 29.8% year-on-year [3] - SMIC's net profit for the first half was 321 million USD, a 35.6% increase year-on-year [3] - Zhongwei Company reported a net profit of 706 million yuan, up 36.62% year-on-year [3] - Wancheng Group's net profit surged 50358.8% to 472 million yuan in the first half [3] - China Galaxy's net profit increased by 47.86% year-on-year, proposing a dividend of 1.25 yuan per 10 shares [3] - Zhujiang Beer reported a net profit of 612 million yuan, up 22.51% year-on-year [3] - Yili Group's net profit decreased by 4.39% to 7.2 billion yuan [3] - Zhongke Titanium White's net profit fell by 14.83% to 259 million yuan [3] - Huasheng Tiancheng turned a profit with a net profit of 140 million yuan [3] - Li Auto's second-quarter revenue totaled 30.2 billion yuan, down 4.5% year-on-year but up 16.7% quarter-on-quarter [3] - Bull Group's net profit decreased by 8% to 2.06 billion yuan [3] - Nanshan Aluminum reported a net profit of 2.625 billion yuan, proposing a dividend of 0.4 yuan per 10 shares [3] - Shuijingfang's net profit fell by 56.52% to 105 million yuan [3] - Huaneng International's net profit increased by 13.15% to 3.904 billion yuan [3] - SAIC Group's net profit decreased by 9.21% to 6.018 billion yuan [3] - SF Holding's net profit increased by 19.4% year-on-year, proposing a dividend of 4.6 yuan per 10 shares [3] - Zhongke Shuguang's net profit increased by 29.39% to 729 million yuan [3] - Shanxi Fenjiu's net profit increased by 1.13% to 8.505 billion yuan [3] - Haier Smart Home reported a net profit of 12.033 billion yuan, proposing a dividend of 2.69 yuan per 10 shares [3] - China State Construction's net profit increased by 3.2% to 30.404 billion yuan [3] - CITIC Construction Investment's net profit was 4.509 billion yuan, proposing a dividend of 1.65 yuan per 10 shares [3] - New China Life Insurance's net profit increased by 33.5% to 14.799 billion yuan [3] - China Southern Airlines reported a loss of 1.533 billion yuan in the first half [3] - Sanhuan Group's net profit increased by 20.63% to 1.237 billion yuan [3] - Yingshi Innovation's net profit increased by 0.25% to 520 million yuan [3] - ZTE's net profit decreased by 11.77% to 5.058 billion yuan [3] - Changxin Bochuang's net profit surged 1121.21% to 168 million yuan [3] Buyback and Shareholding Changes - Spring Airlines plans to repurchase shares worth 300 million to 500 million yuan [4] - Shenzhen Ruijie plans to repurchase 500,000 to 600,000 shares [4] - Haotong Technology's actual controller plans to reduce holdings by up to 3% [4] - Aojie Technology's shareholder Alibaba Network plans to reduce holdings by up to 3% [4] - Chunzong Technology's chairman plans to reduce holdings by up to 2.053% [4] - Zhejiang Shibao's controlling shareholder plans to reduce holdings by up to 2% [4] Contracts and Major Investments - Zhongding Co. signed a strategic cooperation agreement with the Baohe District government for the robotics industry [4] - Tongda Co. is pre-awarded a 122 million yuan procurement project by the State Grid [4] - Runjian Co. won a 392 million yuan project for green power supply in Ulanqab, Inner Mongolia [4] - Dash Intelligent signed a smart project contract for Hualun Century Plaza [4] - Huakang Clean signed a pre-award for a 136 million yuan medical purification project [4] - Shunyu Co. plans to establish a smart water management subsidiary [4] - Guanzhong Ecology plans to invest in a seedling breeding base in Kyrgyzstan [4] Mergers and Acquisitions - Beixin Building Materials intends to acquire 100% equity of an overseas building materials company [4] - Chip Origin plans to purchase equity in Chip Lai Zhirong, with stock suspension starting tomorrow [4] - Kaifa Electric plans to acquire 80% equity of Ouli Power Network for 52 million yuan [4] Other Developments - Jinghe Integration plans to issue H-shares and list on the Hong Kong Stock Exchange [4] - Huahai Qingke plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange [4] - Fuhanwei plans to issue H-shares and list on the Hong Kong Stock Exchange [4]

格隆汇8月28日丨华海清科(688120.SH)公布，本次回购的股份将用于股权激励或员工持股计划，或用于 转换上市公司发行的可转换为股票的公司债券，回购股份金额不低于人民币5,000万元（含），不超过 人民币10,000万元（含），回购股份价格不超过人民币173.00元/股。 ...