Investment Rating - The report initiates coverage on Huahai Qingke with a "Buy" rating, predicting net profits of 1.009 billion, 1.303 billion, and 1.606 billion yuan for 2024-2026, with corresponding P/E ratios of 31x, 24x, and 19x, which are below the industry average [7][4] Core Views - Huahai Qingke has established a strong technical and market barrier in the CMP equipment sector, with its 12-inch CMP equipment achieving full domestic substitution for 14nm nodes and above, and a domestic market share of 35% in 2023 [4] - The semiconductor market recovery and increased CMP equipment usage due to process advancements present growth opportunities, with China's wafer fab capacity expected to reach 8.85 million and 10.10 million wafers per month in 2024 and 2025, respectively [4] - The company's platform strategy of "equipment + services" creates new profit growth points, with new equipment such as thinning, dicing, and cleaning devices sent to clients for verification by the end of 2023, and a combined market size of these new fields expected to be 2.1 times that of CMP equipment by 2030 [4] Company Overview - Huahai Qingke, originating from Tsinghua University, has been deeply involved in CMP technology for over a decade, achieving significant milestones such as the delivery of its 500th 12-inch CMP machine in July 2024 [19][20] - The company's revenue grew from 19 million yuan in 2017 to 2.508 billion yuan in 2023, with a CAGR of 125.3%, and net profit grew from 98 million yuan in 2020 to 724 million yuan in 2023, with a CAGR of 64.9% [26][4] - CMP equipment accounts for about 90% of the company's revenue, with orders remaining strong, and the company has expanded its product line to include thinning, dicing, and cleaning equipment, as well as wafer regeneration and maintenance services [30][20] Industry Analysis - The global semiconductor equipment market grew from $31.789 billion in 2013 to $106.246 billion in 2023, with China's market growing from $3.37 billion to $36.597 billion in the same period, accounting for 34.4% of the global market in 2023 [53][54] - CMP equipment is a niche market, accounting for 2.5-3.2% of the global semiconductor equipment market, with a global market size of $3.04 billion in 2023 and a Chinese market size of 6.44 billion yuan, expected to grow to 9.319 billion yuan by 2025 [54][63] - The demand for CMP equipment increases with process advancements, with 12-inch wafer lines requiring 17.5 CMP machines per 10,000 wafers per month, compared to 3.7 for 8-inch lines [4][49] Competitive Landscape - The global CMP equipment market is dominated by Applied Materials and Ebara, with a combined market share of over 90%, especially in the most advanced processes below 14nm [65] - In China, Huahai Qingke and Jingyi Jingwei are the main domestic players, with Huahai Qingke achieving full substitution for 14nm and above processes and holding a 35% market share in China in 2023 [65][67] - Huahai Qingke's CMP equipment meets the production requirements for 14nm and above processes, but there is still a technical gap compared to international competitors for processes below 14nm [67]

yaoj@ghzq.com.cn 证券分析师： 杜先康 S0350523080003 duxk01@ghzq.com.cn 研究所： 证券分析师： 姚健 S0350522030001 最近一年走势 相对沪深 300 表现 2024/08/19 表现 1M 3M 12M 华海清科 -9.5% 9.4% 1.1% 沪深 300 -5.1% -8.7% -11.3% 市场数据 2024/08/19 当前价格（元） 130.36 52 周价格区间（元） 119.00-228.33 总市值（百万） 30,859.46 流通市值（百万） 22,157.63 总股本（万股） 23,672.49 流通股本（万股） 16,997.26 日均成交额（百万） 269.03 近一月换手（%） 22.03 2024 年 08 月 19 日 公司研究 评级：买入(首次覆盖) [Table_Title] Q2 业绩稳健增长，平台化布局加速 ——华海清科（688120）2024 年中报点评 事件: 华海清科 8 月 16 日发布 2024 年中报：2024H1 公司实现收入 14.97 亿 元，同比增长 21.23%；实现归母净利润 4.3 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's Q2 performance met expectations, with a revenue of 1.497 billion yuan, representing a year-on-year increase of 21.23%, and a net profit of 433 million yuan, up 15.65% [5] - The company continues to enhance its product offerings and platform layout, with significant growth in CMP equipment, supporting materials, technical services, and cleaning equipment [5] - The gross profit margin for H1 2024 was 46.29%, showing stability despite a slight decrease of 0.03 percentage points [5] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 1.497 billion yuan, a 21.23% increase year-on-year, and a net profit of 433 million yuan, up 15.65% [5] - In Q2 2024, revenue reached 816 million yuan, reflecting a 32.03% increase, with net profit at 231 million yuan, a rise of 27.89% [5] - The company maintains its profit forecasts for 2024-2026, with net profits projected at 1.007 billion yuan, 1.290 billion yuan, and 1.677 billion yuan respectively [5] Product Development - The company is actively upgrading its CMP equipment, with the new Universal H300 model already achieving small batch shipments [5] - The Versatile-GP300 thinning equipment has secured multiple orders from leading front-end fabs, while the Versatile-GM300 is undergoing validation at major domestic packaging factories [5] - New cutting equipment, Versatile-DT300, has been sent to several clients for validation, and the cleaning equipment for compound semiconductors has passed its first acceptance test [5] Capacity Expansion and Localization - The company is set to complete its Beijing and Tianjin bases by the end of 2024, which will enhance its production capacity for CMP, thinning, and cleaning equipment [5] - A new investment of 1.698 billion yuan is planned for a new base in Shanghai Lingang to further improve capacity [5] - The company is advancing the localization of key components, having completed the domestic development of critical parts for thinning equipment, with some reaching mass production conditions [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 170.1 CNY, compared to the current price of 136.14 CNY [2]. Core Insights - The company achieved a revenue of 1.497 billion CNY in H1 2024, representing a year-over-year increase of 21.23%. The net profit attributable to shareholders was 433 million CNY, up 15.65% year-over-year [2]. - In Q2 2024, the company reported revenue of 816 million CNY, a year-over-year increase of 32.03% and a quarter-over-quarter increase of 20.00%. The net profit attributable to shareholders was 231 million CNY, reflecting a year-over-year growth of 27.89% [2]. - The company is focusing on enhancing its product offerings and technological innovations, with significant advancements in CMP equipment and other semiconductor technologies [2]. - The construction of new production bases is progressing, aimed at developing high-end semiconductor equipment, which is expected to create new profit growth points [2]. Financial Summary - Total revenue for 2023 is projected at 2.508 billion CNY, with a growth rate of 52.1%. For 2024, revenue is expected to reach 3.632 billion CNY, reflecting a growth rate of 44.8% [3]. - The net profit attributable to shareholders for 2023 is estimated at 724 million CNY, with a growth rate of 44.3%. For 2024, the net profit is projected to be 1.007 billion CNY, indicating a growth rate of 39.1% [3]. - Earnings per share (EPS) is forecasted to be 4.25 CNY for 2024, up from 3.06 CNY in 2023 [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Views - The company reported a significant year-on-year revenue growth of 21.23% in H1 2024, with Q2 revenue increasing by 32.03%, primarily driven by accelerated revenue recognition from CMP equipment [3]. - The net profit attributable to the parent company for H1 2024 was 4.33 billion, reflecting a year-on-year increase of 15.65%, with Q2 net profit growing by 27.89% [4]. - The company is expanding its product line and investing in a new integrated circuit equipment manufacturing base in Shanghai, which supports its platform strategy [5][6]. Summary by Sections Financial Performance - H1 2024 revenue reached 1.497 billion, with Q2 revenue at 816 million, marking a significant acceleration in growth [3]. - H1 2024 net profit was 433 million, with a net profit margin of 28.91%, slightly down from the previous year [4]. - The company’s gross margin for H1 2024 was 46.26%, showing stability despite a slight decrease [4]. Product Development and Strategy - The company is enhancing its CMP equipment offerings and has received multiple orders for its thinning and cutting equipment [5]. - The investment in the Shanghai integrated circuit equipment base is aimed at expanding production capacity and developing new products [6]. Future Projections - Revenue forecasts for 2024-2026 are set at 3.5 billion, 4.74 billion, and 6.034 billion, with expected year-on-year growth rates of 39%, 35%, and 27% respectively [7]. - The projected net profit for the same period is 1.009 billion, 1.335 billion, and 1.701 billion, with growth rates of 39%, 32%, and 27% [7].

证券研究报告 非金融公司|公司点评|华海清科（688120） 2024 年半年报点评： 业绩稳步增长，盈利持续稳定 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月18日 证券研究报告 |报告要点 公司发布 2024 年半年度业绩公告，上半年公司实现营业收入 14.97 亿元，同比增长 21.23%； 归母净利润 4.33 亿元，同比增长 15.65%；基本每股收益 2.72 元/股。 |分析师及联系人 熊军 王海 SAC：S0590522040001 SAC：S0590524070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月18日 华海清科(688120) 2024 年半年报点评： 业绩稳步增长，盈利持续稳定 | --- | --- | |------------|-------------| | 行 业： | 电子/半导体 | | 投资评级： | 买入 | | 当前价格： | 136.14 元 | 基本数据 总股本/流通股本(百万股) 236.72/169.97 流通 A 股市值(百万元) 23,140.07 ...

证 券 研 究 报 告 公 司 报 告 2024年08月19日 电子 推荐 ( 维持) 事项： 平安观点： 行情走势图 主要数据 | --- | --- | |-------------------|----------------------------------| | 行业 | 电子 | | 公司网址 | www.hwatsing.com | | 大股东/持股 | 清控创业投资有限公司/28.19% | | 实际控制人 | 四川省政府国有资产监督管理委员会 | | 总股本(百万股) | 237 | | 流通A股(百万股) | 170 | | 流通B/H股(百万股) | | | 总市值(亿元) | 322 | | 流通A股市值(亿元) | 231 | | 每股净资产(元) | 24.84 | | 资产负债率(%) | 42.9 | 徐碧云 投资咨询资格编号 付强 投资咨询资格编号 徐勇 投资咨询资格编号 XUYONG318@pingan.com.cn | --- | |--------------------------| | S1060523070002 | | XUBIYUN372@pingan.co ...

电子/半导体 公 司 研 究 华海清科（688120.SH） 2024 年 08 月 18 日 2024H1 业绩维持高增，扩产项目助力平台化布局 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） luotong@kysec.cn 证书编号：S0790522070002 | --- | --- | |--------------------|---------------| | 日期 | 2024/8/16 | | 当前股价(元) | 136.14 | | 一年最高最低(元) | 228.33/119.00 | | 总市值(亿元) | 322.28 | | 流通市值(亿元) | 231.40 | | 总股本(亿股) | 2.37 | | 流通股本(亿股) | 1.70 | | 近 3 个月换手率(%) | 61.46 | 股价走势图 华海清科 沪深300 -36% -24% -12% 0% 12% 24% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《2024Q2 业绩同环比高增，CMP 龙 头市占率加速渗透—公司信息更新报 告》-2024.7.17 《2023Q ...

华海清科：营收净利同步增长，平台型战略+先进封装持续深化 华海清科(688120.SH)/电子 证券研究报告/公司点评 2024 年 8 月 17 日 [Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：136.14 元/股 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 237 | | 流通股本(百万股) | 170 | | 市价(元) | 136.14 | | 市值(百万元) | 32,228 | | 流通市值(百万元) | 23,140 | [Table_QuotePic] 股价与行业-市场走势对比 华海清科 沪深300 -30% -2 ...

华福证券 华海清科（688120.SH） CMP 龙头地位稳固，拓展减薄、划切等多类设 备 投资要点： 24H1 业绩稳健增长，耗材与新设备收入逐步增加。公司 24 年上半年 实现营收 14.97 亿元，同比+21%；实现归母净利润 4.33 亿元，同比+16%； 实现扣非归母净利润 3.68 亿元，同比+20%。24Q2 季度，公司实现营收 8.16 亿元，同比+32%；实现归母净利润 2.31 亿元，同比+28%；实现扣非归母 净利润 1.97 亿元，同比+40%。公司上半年业绩稳健增长，同时 Q2 有所加 速。公司表示 CMP 设备市占率不断提升，关键耗材与维保服务等业务逐步 放量，同时晶圆再生及湿法设备收入逐步增加。 CMP 设备地位稳固，减薄、划切、清洗、量测等多设备拓展。公司基 于在纳米级抛光、纳米精度膜厚在线检测、纳米颗粒超洁净清洗、大数据 分析及智能化控制等关键技术，开发出了 CMP 装备、减薄装备、划切装备、 湿法装备、晶圆再生、关键耗材与维保服务等，初步实现了"装备+服务" 的平台化战略布局。在 CMP 设备中，公司推出的全新抛光系统架构 CMP 机台 Universal H300 已经实 ...