证券代码：688120 证券简称：华海清科 华海清科股份有限公司投资者关系活动记录表 编号：2024-01 £ 特定对象调研 £ 分析师会议 £ 媒体采访  业绩说明会 投资者关系活 动类别 £ 新闻发布会 £ 路演活动 £ 现场参观 £ 其他 线上参加公司2023年度暨2024年第一季度业绩说明会的投 参与单位名称 资者，详见附件参会机构清单 时间 2024年4月28日和4月29日 电话会议及上证路演中心（https:// 地点 roadshow.sseinfo.com/） 董事长、首席科学家 路新春 董事、总经理 张国铭 ...

Investment Rating - The report maintains a "Buy" rating for Huahai Qingke (688120 SH) with a target price of 249 61 yuan per share, corresponding to a 2024 PE of 40x [2][4] Core Views - Huahai Qingke's CMP market share continues to increase, with significant growth in wafer regeneration and maintenance services In 2023, the company achieved revenue of 2 508 billion yuan, a yoy increase of 52 11%, and net profit of 724 million yuan, a yoy increase of 44 29% [2] - The company's CMP products have gained more customer recognition and achieved multiple batch sales, while wafer regeneration services have secured bulk orders from major production lines [2] - In Q1 2024, the company reported revenue of 680 million yuan, a yoy increase of 10 4%, and net profit of 202 million yuan, a yoy increase of 4 27% [2] - The company's Universal H300 CMP machine has been sent to clients for verification, with small-batch validation completed for multiple processes, and is expected to achieve mass production in 2024 [2] - New products such as thinning and dicing equipment have made rapid breakthroughs, with thinning equipment securing bulk orders from leading companies in multiple fields [2] Financial Performance and Forecast - Revenue for 2023 was 2 508 billion yuan, a yoy increase of 52 11%, with a gross margin of 46 02% and a net margin of 28 86% [2] - For 2024-2026, the company is expected to achieve net profits of 982 million yuan, 1 249 billion yuan, and 1 536 billion yuan, respectively [2][3] - The company's EBITDA for 2023 was 792 million yuan, with a projected increase to 1 124 billion yuan in 2024 and 1 759 billion yuan in 2026 [3] - EPS is forecasted to grow from 4 55 yuan in 2023 to 9 67 yuan in 2026 [3] Product Development and Market Position - The company's 12-inch wafer thinning and film laminating machine has secured demo orders from a leading integrated circuit packaging and testing company [2] - The dry polishing type packaging thinning machine is expected to be sent to clients for verification in the first half of 2024 [2] - The 12-inch wafer edge cutting equipment has been sent to a leading storage manufacturer for verification in the first half of 2024 [2] - The company is well-positioned to benefit from the expansion of downstream wafer production lines and the domestic substitution of equipment [2] Financial Ratios and Valuation - The company's ROE increased from 10 5% in 2022 to 13 1% in 2023, with a projected increase to 16 6% by 2026 [3] - The P/E ratio is expected to decrease from 41 25x in 2023 to 16 79x in 2026, reflecting strong earnings growth [3] - The EV/EBITDA ratio is projected to decline from 35 27x in 2023 to 14 13x in 2026, indicating improving valuation metrics [3]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 29 日 华 海清科(688120.SH) 证券研究报告 CMP 设备竞争优势持续提高，新产品开 半导体设备 投资评级 买入-A 发以及验证顺利推进 维持评级 事件： 6个月目标价 222.95元 股价 (2024-04-26) 162.31元 1.公司发布2023年年度报告，2023年度实现营收25.08 亿元，同比 增加 52.11%；实现归属于母公司所有者净利润 7.24亿元，同比增加 交易数据 44.29%；实现扣非归母净利润 6.08亿元，同比增加60.05%。 总市值(百万元) 25,796.48 2.从 Q4 单季度业绩来看，实现营收 6.68 亿元，同比增加 29.54%， 流通市值(百万元) 18,347.99 环比增加 10.21%；实现归属于母公司所有者净利润 1.60 亿元，同比 总股本(百万股) 158.93 增加 0.70%，环比减少 15.81%；实现扣非归母净利润 1.49 亿元，同 流通股本(百万股) 113.04 比增加 30.98%，环比减少1.91%。 12个月价格区间 148.18 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 221.7 CNY, compared to the current price of 162.31 CNY [2][6]. Core Insights - The company achieved a revenue of 2.508 billion CNY in 2023, representing a year-over-year increase of 52.11%. The gross margin was 46.02%, and the net profit attributable to shareholders was 724 million CNY, up 44.29% year-over-year [3][6]. - In Q1 2024, the company reported a revenue of 680 million CNY, a year-over-year increase of 10.40% and a quarter-over-quarter increase of 1.88%. The gross margin improved to 47.92% [3][6]. - The company's CMP (Chemical Mechanical Planarization) equipment revenue reached 2.278 billion CNY in 2023, growing by 59.20% year-over-year, while other business segments generated 230 million CNY, up 5.55% [3][6]. - The company is positioned as a leader in the domestic CMP field, with successful penetration into major semiconductor manufacturers, enhancing its market share [3][6]. Financial Performance Summary - The company forecasts revenues of 3.632 billion CNY, 4.694 billion CNY, and 5.534 billion CNY for 2024, 2025, and 2026, respectively, with net profits projected at 1.007 billion CNY, 1.309 billion CNY, and 1.562 billion CNY [6][7]. - The earnings per share (EPS) are expected to be 6.33 CNY, 8.23 CNY, and 9.83 CNY for the years 2024, 2025, and 2026, respectively [6][7]. - The company has demonstrated strong cost management, with a decrease in expense ratios across the board, while increasing R&D and capital expenditures to support long-term growth [3][6]. Product Development and Market Position - The company is advancing its product iterations, with new CMP equipment expected to enter mass production in 2024 and ongoing development of third-generation semiconductor models [3][6]. - The company has successfully secured bulk orders for its wafer regeneration business, achieving a production capacity of 100,000 wafers per month [3][6]. - The diversification of key consumables, such as polishing pads, is progressing well in large-scale production lines [6][8].

电子/半导体 公 司 研 华海清科（688120.SH） CMP 设备市占率稳步提升，新产品及工艺加速验证 究 2024年04月29日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 刘书珣（联系人） luotong@kysec.cn liushuxun@kysec.cn 日期 2024/4/29 证 书编号：S0790522070002 证书编号： S0790122030106 当前股价(元) 173.19  公司2024Q1业绩同环增长，毛利率持续提升，维持“买入”评级 公 一年最高最低(元) 404.25/145.21 公司发布2023 年报及2024 一季报，公司 2023年度实现营业收入 25.08 亿元， 司 信 总市值(亿元) 275.26 YoY+52.11%；实现归母净利润7.24亿元，YoY+44.29%；扣非净利润6.08亿元， 息 流通市值(亿元) 195.78 YoY+60.05%；毛利率46.02%，YoY-1.71pcts。此外，2024Q1实现营收6.08亿元， 更 总股本(亿股) 1.59 YoY+10.4%，QoQ+1.88%；实现归母净利润2.02亿元，Y ...

Investment Rating - The report maintains a "Recommendation" rating for the company [2][6] Core Viewpoints - The company achieved a revenue of 2.508 billion yuan in 2023, representing a year-on-year growth of 52.11%, and a net profit attributable to shareholders of 724 million yuan, up 44.29% year-on-year [4][6] - In Q1 2024, the company reported a revenue of 680 million yuan, a 10.40% increase year-on-year, with a net profit of 202 million yuan, reflecting a 4.27% year-on-year growth [4][6] - The company is actively developing new products and technologies, particularly in CMP equipment, which saw sales revenue of 2.278 billion yuan in 2023, a 59.2% increase year-on-year [4][6] Financial Performance Summary - For 2023, the company reported a gross margin of 46.02% and a net margin of 28.86%, with a total expense ratio of 21.83% [4][6] - The projected revenues for 2024 to 2026 are 3.580 billion yuan, 4.931 billion yuan, and 6.536 billion yuan respectively, with corresponding net profits of 1.013 billion yuan, 1.347 billion yuan, and 1.744 billion yuan [5][9] - The company's EPS is expected to grow from 6.38 yuan in 2024 to 10.97 yuan in 2026, with a P/E ratio decreasing from 25.5 to 14.8 over the same period [5][9] Business Development and Strategy - The company is expanding its business model to include both equipment and services, benefiting from the domestic semiconductor industry's growth [6][8] - New product developments include the Universal H300 CMP machine and the Versatile-GP300 thinning polishing machine, which are expected to meet advanced packaging and wafer manufacturing needs [6][8] - The company has established itself as a professional foundry for wafer regeneration, achieving a production capacity of 100,000 wafers per month [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 2.508 billion yuan, a year-on-year increase of 52.11%. The revenue from CMP equipment sales was 2.278 billion yuan, up 59.2% year-on-year [3][9] - The company's net profit attributable to shareholders was 724 million yuan, reflecting a year-on-year growth of 44.29% [3][9] - The report highlights the company's stable profitability and a general decrease in expense ratios, with a gross margin of 46.02% in 2023, slightly down from the previous year [11][14] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.508 billion yuan, with a year-on-year growth of 52.11%. The net profit attributable to shareholders was 724 million yuan, up 44.29% year-on-year. The first quarter of 2024 saw revenue of 680 million yuan, a 10.4% increase year-on-year [3][9][18] - The gross margin for 2023 was 46.02%, with a slight decrease of 1.71 percentage points year-on-year. The net profit margin was 28.86%, down 1.56 percentage points year-on-year [11][14] Product Development and Market Expansion - The company is focusing on enhancing its product line based on CMP equipment, achieving over 90% coverage of CMP process types in mature processes for logic, DRAM, and 3D NAND storage chips. It is also expanding into advanced packaging and compound semiconductor markets [4][16] - The introduction of the 12-inch ultra-precision wafer thinning machine Versatile-GP300 has filled a gap in the domestic chip equipment industry, with successful deliveries to leading integrated circuit companies [4][17] Future Earnings Forecast - The report projects the company's net profit attributable to shareholders to be 1.087 billion yuan in 2024 and 1.381 billion yuan in 2025, with an expected net profit of 1.580 billion yuan in 2026. The current market capitalization corresponds to dynamic P/E ratios of 24, 19, and 16 for the respective years [18][20]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [4]. Core Insights - The company achieved a revenue of 2.508 billion yuan in 2023, representing a year-on-year growth of 52.11%, and a net profit attributable to shareholders of 724 million yuan, up 44.29% year-on-year [2]. - The company is a leader in the CMP equipment sector, benefiting from increased demand for semiconductor equipment from major domestic wafer manufacturers, while also enhancing its product competitiveness through ongoing R&D investments [2][3]. - The company has diversified its product lines, with significant orders for thinning equipment and successful validation of cleaning equipment for various semiconductor applications [3]. - The company is actively investing in the semiconductor industry to enhance synergy, including establishing venture capital firms and expanding its portfolio in ion implantation equipment [3]. Financial Summary - Revenue and profit forecasts for 2024-2026 are projected at 3.359 billion, 4.148 billion, and 5.221 billion yuan respectively, with net profits of 907 million, 1.141 billion, and 1.468 billion yuan [3][4]. - The company’s gross margin for 2023 was 46.02%, with a slight decrease from the previous year, while the gross margin for Q1 2024 improved to 47.92% [2]. - The projected PE ratios for 2024-2026 are 28, 23, and 18 respectively, reflecting a favorable valuation trend [4][8].

华海清科股份有限公司 华海清科股份有限公司 董事会对独立董事独立性自查情况的专项意见 根据证监会《上市公司独立董事管理办法》《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》 等相关要求，华海清科股份有限公司（以下简称"公司"）董事会，就公司独立 董事金玉丰先生、李全先生、管荣齐先生的独立性情况进行评估并出具如下专项 意见： 经核查：公司独立董事金玉丰先生、李全先生、管荣齐先生的任职情况以及 其签署的相关自查情况报告，上述人员不存在任何妨碍其进行独立客观判断的关 系，不存在影响独立董事独立性的情况。因此，董事会认为公司独立董事符合《上 市公司独立董事管理办法》《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》中对独立董事独立性的相关要求。 董 事 会 2024 年 4 月 26 日 ...

证券代码：688120 证券简称：华海清科 公告编号：2024-033 华海清科股份有限公司 关于修订《公司章程》及部分公司治理制度的公告 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。 华海清科股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日召开了公 司第二届董事会第三次会议，审议通过了《关于修订公司章程及部分公司治理制 度的议案》，该议案中部分子议案尚需提交公司股东大会审议，具体内容如下： 一、修订公司章程部分条款的相关情况 为维护公司、股东和债权人的合法权益，规范公司的组织和行为，根据《中 华人民共和国公司法》《上海证券交易所科创板股票上市规则》《上市公司独立 董事管理办法》《上市公司章程指引》《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》及其他有关法律、法规及规范性文件的规定，结合 公司实际情况，公司拟对《公司章程》相关条款进行修订。具体如下： | 修订前 | 修订后 | | --- | --- | | 第四十一条 第（十五）项、第（二十一）项 | 第四十一条 第（十五）项、 ...