Core Viewpoint - The report outlines the continuous supervision and guidance provided by Guotai Junan Securities for Huahai Qingke Co., Ltd. during the first half of 2025, emphasizing the company's compliance with regulations and its operational performance [2][9]. Summary by Sections Continuous Supervision Work - The sponsor has established a continuous supervision system to ensure the company adheres to regulatory obligations, including information disclosure and operational compliance [2][3]. - The sponsor has assisted the company in developing internal systems and decision-making processes to meet legal and regulatory requirements [3][4]. - The company has maintained transparency in its information disclosure, ensuring it is accurate, complete, and timely [3][4]. Financial Performance - For the first half of 2025, the company reported a revenue of approximately RMB 1.95 billion, a year-on-year increase of 30.28% [17]. - The total profit reached approximately RMB 549.78 million, reflecting an 11.66% increase compared to the previous year [17]. - The net profit attributable to shareholders was approximately RMB 505 million, marking a 16.82% increase [17]. R&D and Innovation - The company has a strong focus on R&D, with R&D expenses accounting for 12.63% of revenue, an increase from 11.72% in the previous year [17][22]. - The company has developed a robust R&D team of 722 members, representing 31.99% of its total workforce [19][20]. - The company has obtained 500 patents and 39 software copyrights, showcasing its commitment to innovation [19][20]. Risk Management - The company faces risks related to core competitiveness, including potential talent loss and technological advancements in the semiconductor equipment industry [9][10]. - The company has established a quality management system to ensure product quality and customer satisfaction [20][21]. - The company is exposed to financial risks, particularly concerning accounts receivable and customer concentration [12][13]. Use of Raised Funds - The company raised a total of RMB 364.43 million through its IPO, with a net amount of RMB 348.99 million after deducting issuance costs [2][23]. - As of June 30, 2025, the company has utilized RMB 111.58 million of the raised funds for designated projects [23]. - The company has ensured compliance with regulations regarding the management and use of raised funds [23].

[Table_Summary] 事件概述 证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 29 日 [Table_Title] 中报业绩点评：25H1 业绩保持快速增长，非 CMP 业务迎来高增 [Table_Title2] 华海清科(688120) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688120 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 220.0/104.4 | | 目标价格： | | 总市值(亿) | 459.39 | | 最新收盘价： | 129.99 | 自由流通市值(亿) | 459.39 | | | | 自由流通股数(百万) | 353.41 | 公司发布 2025 年半年度报告。 ► 先进制程 CMP 放量+新业务高增，25H1 公司收入端保持快速增长 2025H1 公司营收 19.50 亿元，同比+30.28%，其中 Q2 为 10.37 亿元，同比+27.05%，持续快速增长，基本符合 市场预期。分业务来看，1）我们判断 CMP 设备仍为主要收入 ...

Core Viewpoint - The company, Huahai Qingke, reported steady growth in revenue and profit for Q2 2025, maintaining high gross and net profit margins, with significant contributions from advanced process CMP equipment orders and successful progress in new product developments [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.95 billion yuan, a year-on-year increase of 30.3%, and a net profit attributable to shareholders of 510 million yuan, up 16.8%. The growth in profit was slower than revenue due to rising employee compensation and the impact of the acquisition of Chipwave, alongside increased expense ratios and reduced interest income and government subsidies [1]. - For Q2 2025, revenue reached 1.04 billion yuan, representing a year-on-year increase of 27% and a quarter-on-quarter increase of 13.7%. The gross margin was 45.8%, up 0.9 percentage points year-on-year but down 0.5 percentage points quarter-on-quarter. The net profit attributable to shareholders was 270 million yuan, up 18% year-on-year and 16.5% quarter-on-quarter [1]. Product Development and Orders - The company saw a significant increase in orders for advanced process CMP equipment, with the new polishing system Universal-H300 receiving bulk repeat orders, achieving scale production. Advanced process CMP equipment orders accounted for a large proportion of new orders, with successful verification from several leading domestic clients [2]. - The self-developed 12-inch low-temperature ion implanter iPUMA-LT was delivered to a leading domestic logic chip fab, achieving full coverage of advanced process chip models. The company is also expanding its wafer regeneration capacity, with a planned total capacity of 400,000 pieces per month [2]. Investment Recommendations - The company is expected to maintain steady revenue growth and high profitability levels, with a significant proportion of new CMP equipment orders coming from advanced processes and substantial growth in orders for thinning machines. The progress of new products, including ion implanters, is also promising. Future revenue and net profit projections for 2025, 2026, and 2027 are anticipated to be strong, with corresponding PE ratios reflecting positive market sentiment [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][22]. Core Views - The company has demonstrated robust revenue growth, driven by opportunities in the advanced packaging market fueled by AI technology. The company achieved a revenue of 1.95 billion yuan in the first half of 2025, representing a year-on-year increase of 30.28%, and a net profit of 505 million yuan, up 16.82% year-on-year [3][7]. - The company is actively developing new products and technologies, enhancing its market competitiveness. It focuses on semiconductor key equipment and technology services, continuously updating existing products and expanding into new technologies [7]. - The construction of new production bases is accelerating, optimizing the company's industrial layout. The Beijing plant has commenced operations, and the company is expanding its capacity in the wafer regeneration project in Kunshan [7]. Financial Summary - Total revenue is projected to grow from 3.41 billion yuan in 2024 to 6.89 billion yuan in 2027, with a compound annual growth rate (CAGR) of 35.8% to 16.7% [3][8]. - Net profit attributable to the parent company is expected to increase from 1.02 billion yuan in 2024 to 1.98 billion yuan in 2027, with a CAGR of 41.4% to 17.0% [3][8]. - Earnings per share (EPS) is forecasted to rise from 2.90 yuan in 2024 to 5.60 yuan in 2027, reflecting strong profitability growth [3][8].

瑞财经 吴文婷 8月28日，华海清科发布公告称，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，进一步提高 公司综合竞争力及国际品牌形象，优化资本结构，增强公司的境外融资能力，公司正在筹划发行境外上市股份(H股)并在香港联合交易所有限公司主板上 市。 早在2022年6月8日，华海清科登陆上交所科创板。截至发稿时，其报126.04元，总市值约445.29亿元。 相关公司：华海清科sh688120 公开资料显示，华海清科主要从事半导体专用装备的研发、生产、销售及技术服务，通过向下游集成电路制造商及科研院所等客户销售CMP、减薄、划 切、边抛、离子注入及湿法等半导体装备，并提供关键耗材与维保、升级等技术服务和晶圆再生业务来实现收入和利润。 2025上半年，公司实现营收为19.5亿元，同比增长30.28%；归母净利润为5.05亿元，同比增长16.82%。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | | --- | --- | --- | | 营业收入 | 1, 949, 592, 075. 74 | 1. 496. 518. | | 利润总额 | 549.784 ...

证券研究报告·公司点评报告·半导体 华海清科（688120） 2025 年中报点评：业绩持续高增，看好公司 打造 CMP/减薄设备龙头 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,508 | 3,406 | 4,553 | 5,865 | 7,590 | | 同比（%） | 52.11 | 35.82 | 33.67 | 28.81 | 29.41 | | 归母净利润（百万元） | 723.75 | 1,023.41 | 1,379.90 | 1,777.53 | 2,281.09 | | 同比（%） | 44.29 | 41.40 | 34.83 | 28.82 | 28.33 | | EPS-最新摊薄（元/股） | 2.05 | 2.90 | 3.90 | 5.03 | 6.45 | | P/E（现价&最新摊薄） | 63.47 | 44.89 | 33.29 | 25.84 | 20.14 | [T ...

Group 1 - The core viewpoint of the article highlights the performance of the Kweichow Moutai ETF, which opened at 1.610 yuan with a gain of 0.50% on August 29 [1] - The major holdings of the Kweichow Moutai ETF include companies such as SMIC, Haiguang Information, and Cambrian, with respective opening declines of 4.38%, 2.58%, and 6.80% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, managed by Fortune Fund Management Co., Ltd., with a return of 58.61% since its inception on December 30, 2024, and a return of 39.93% over the past month [1]

Core Insights - The company, Huahai Qingshi (688120), reported a revenue of 1.95 billion yuan for the first half of 2025, representing a year-on-year growth of 30.28% [1] - The net profit attributable to shareholders reached 505 million yuan, an increase of 16.82% year-on-year, while the net profit excluding non-recurring items was 460 million yuan, up 25.02% [1] - The basic earnings per share stood at 2.14 yuan [1] Business Performance - The company's core product matrix showed strong performance, particularly in CMP equipment, which has seen significant technological advancements and market expansion [2] - The new CMP polishing system, Universal-H300, has received bulk repeat orders and achieved large-scale shipments [2] - Advanced process CMP equipment orders have increased significantly, with successful process validation at several leading domestic clients [2] Product Development - The company has developed thinning equipment suitable for advanced packaging and front-end wafer manufacturing, achieving substantial results during the reporting period [2] - The 12-inch ultra-precision wafer thinning machine, Versatile-GP300, saw a significant increase in order volume due to its excellent performance [2] - The 12-inch wafer thinning and film application integrated machine, Versatile-GM300, has been successfully adopted by major domestic semiconductor companies [2] Ion Implantation Equipment - The company’s subsidiary, Xinyu, successfully delivered its first 12-inch low-temperature ion implanter, iPUMA-LT, to a leading domestic logic chip manufacturer [3] - The company is expanding its product matrix to include medium and high-energy ion implanters to meet diverse manufacturing needs [3] Platform Strategy and R&D Investment - The "equipment + service" platform strategy is showing results, with an increase in the scale of key consumables and maintenance services as CMP equipment market share grows [3] - The company’s wafer regeneration business has received bulk orders from major production lines, with a project in Kunshan aiming for a monthly capacity of 200,000 wafers [3] - R&D investment reached 246 million yuan in the first half of 2025, a year-on-year increase of 40.44%, with R&D expenses accounting for 12.63% of revenue [3]

Group 1 - The core point of the article highlights the performance of the Kexin Chip 50 ETF (588750), which opened down 0.93% at 1.496 yuan on August 29 [1] - Major holdings in the Kexin Chip 50 ETF experienced significant declines, with SMIC down 4.38%, Haiguang Information down 2.58%, and Cambrian down 6.80% [1] - The Kexin Chip 50 ETF has a performance benchmark of the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, managed by Huatai-PineBridge Fund Management Co., Ltd. [1] Group 2 - Since its inception on December 18, 2024, the Kexin Chip 50 ETF has achieved a return of 50.67%, with a one-month return of 39.91% [1] - The fund manager is Sun Hao, indicating a specific leadership in the management of the ETF [1]

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。 ...