Investment Rating - The report maintains an "Accumulate" investment rating for Huahai Qingke (688120.SH) [1][3] Core Views - The company has demonstrated steady revenue growth and maintained high profitability, with a continuous increase in market share for CMP equipment and successful expansion of new products [1][7] - The financial forecasts indicate robust revenue growth for 2024 and 2025, with expected revenues of 44.1 billion and 55.2 billion respectively, and net profits of 13.6 billion and 16.9 billion [7] Financial Data and Valuation - Total revenue for 2023 is reported at 2,508 million, with a year-on-year growth of 52%. Projections for 2024 and 2025 are 3,406 million and 4,411 million respectively, with growth rates of 36% and 30% [2][10] - Operating profit for 2023 is 790 million, with a projected increase to 1,118 million in 2024 and 1,509 million in 2025, maintaining a growth rate of 42% for 2024 [2][10] - The net profit attributable to the parent company is expected to reach 1,023 million in 2024 and 1,359 million in 2025, reflecting year-on-year growth of 41% and 33% respectively [2][10] - The company's PE ratio is projected to decrease from 56.4 in 2023 to 30.0 in 2025, indicating an improving valuation [2][10] Key Financial Metrics - The company’s gross margin for 2024 is forecasted at 43.2%, with a net profit margin of 30.0% [10] - Return on equity (ROE) is expected to rise from 14.0% in 2023 to 19.2% in 2025, indicating improved profitability [10] - The asset-liability ratio is projected to stabilize around 43.4% in 2025, reflecting a solid financial structure [10] Product Development and Market Position - The company has successfully expanded its product offerings, including CMP, thinning, and cleaning equipment, with significant orders and validations from major clients [7] - The introduction of new products has contributed to profit growth, particularly in consumables and maintenance services [7] - The company is actively pursuing a platform strategy, enhancing its market position in the semiconductor equipment sector [7]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has demonstrated continuous rapid growth in performance, with a clear platform-based growth logic [2] - Revenue for 2024 reached 3.406 billion, a year-on-year increase of 35.82%, aligning with market expectations; Q1 2025 revenue was 912 million, up 34.14% year-on-year, driven by sufficient orders for CMP equipment and successful market expansion for new products [3] - The gross profit margin remains high, with a net profit of 1.023 billion for 2024, a year-on-year increase of 41.40%, outperforming revenue growth [4] - The company benefits from the expansion of advanced processes, with a clear platform-based logic in product offerings such as CMP and thinning equipment [6] Summary by Sections Revenue and Growth - In 2024, the company achieved revenue of 3.406 billion, a 35.82% increase year-on-year; Q1 2025 revenue was 912 million, a 34.14% increase year-on-year, primarily due to strong orders for CMP equipment and successful market expansion for new products [3] - The company’s inventory and contract liabilities as of Q1 2025 were 3.488 billion and 1.641 billion, respectively, reflecting increases of 27.67% and 33.86% year-on-year, indicating a continuous rise in orders [3] Profitability - The company reported a net profit of 1.023 billion for 2024, a 41.40% increase year-on-year, with a net profit margin of 30.05%, up 1.19 percentage points year-on-year [4] - The gross profit margin for 2024 was 43.20%, showing stability despite a slight decrease of 0.35 percentage points [4] - For Q1 2025, the net profit was 233 million, a 15.47% increase year-on-year, with a gross profit margin of 46.37%, up 1.18 percentage points year-on-year [5] Product Development and Market Position - The company is enhancing its product line, focusing on CMP and thinning equipment, which are expected to drive future growth [6] - The new CMP polishing system Universal-H300 has received repeat orders, and the thinning equipment has successfully passed multiple acceptance tests [6][7] - The company has established a comprehensive cleaning equipment layout covering various manufacturing fields, indicating a strong market position [7] Financial Forecast - Revenue forecasts for 2025 and 2026 have been adjusted to 4.554 billion and 5.866 billion, respectively, with year-on-year growth rates of 34% and 29% [8] - The net profit forecasts for 2025 and 2026 are 1.348 billion and 1.730 billion, with year-on-year growth rates of 32% and 28% [8] - The estimated EPS for 2025 and 2026 are 5.69 and 7.31, respectively [8]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 208.76 CNY per share, maintaining the rating [6][9]. Core Views - The company has demonstrated significant revenue and profit growth, with a 35.82% year-on-year increase in revenue to 3.406 billion CNY and a 41.4% increase in net profit to 1.023 billion CNY for the year 2024 [1][2]. - The company's CMP (Chemical Mechanical Planarization) equipment continues to lead the domestic market, with a 31.16% increase in sales revenue to 2.987 billion CNY in 2024 [3][4]. - The company is expanding its product lines and platform development, including advancements in cutting, polishing, and ion implantation equipment, which are currently undergoing client validation [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.406 billion CNY, a year-on-year increase of 35.82%, and a net profit of 1.023 billion CNY, up 41.4% [1][2]. - For Q1 2025, the company reported a revenue of 912 million CNY, a 34.14% increase year-on-year, and a net profit of 233 million CNY, up 15.47% [1]. Profitability Metrics - The company's gross margin for 2024 was 43.2%, a decrease of 2.81 percentage points year-on-year, while the net margin improved to 30.05%, an increase of 1.19 percentage points [2]. Product Development - The company has successfully launched the Universal-H300 CMP system and developed specialized CMP equipment for third-generation semiconductors, which is currently in client validation [3]. - The company has made significant progress in domestic production of key components for its thinning equipment, meeting mass production requirements [3]. Market Position and Growth - The company maintains a leading market share in CMP equipment, with a strong focus on innovation and customer expansion, particularly in advanced process equipment [3][4]. - The company is expected to achieve revenues of 4.667 billion CNY, 5.833 billion CNY, and 6.883 billion CNY for the years 2025, 2026, and 2027, respectively [9].

证券代码：688120 证券简称：华海清科 公告编号：2025-029 2025年4月28日，华海清科股份有限公司（以下简称"公司"）召开第二届 董事会第十三次会议，审议通过了《关于公司2025年度向银行申请综合授信额度 的议案》，具体内容如下： 为满足公司经营发展的资金需求，公司及全资子公司拟向银行申请总额不超 过人民币 30 亿元的综合授信额度，授信业务包括但不限于项目借款、流动资金 借款、银行承兑汇票、票据贴现、贸易融资、信用证、保函等，利率不高于 LPR 基准利率，贷款期限不超过 5 年，具体授信业务种类、额度和期限，以银行最终 核定为准。本次授信的有效期自本议案审议通过之日起 12 个月内有效，在有效 期内授信额度可循环使用。 华海清科股份有限公司 关于公司 2025 年度向银行申请综合授信额度的公告 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。 特此公告 华海清科股份有限公司 董 事 会 2025 年 4 月 29 日 授信额度不等于公司的实际融资金额，实际融资金额应在授信额度内，并以 银行与公司实际发生的融 ...

1 | 报告范围 | | --- | | 编制依据 | | 数据说明 | | 确认及批准 | | 报告获取 | | 2024年ESG工作亮点 | | --- | | 2024年荣誉成就 | | 2024客户认可 | | 数说2024 | | 公司简介 | | --- | | 组织架构 | | 发展历程 | | 产品与服务 | | 企业文化 | | 2024年度十大精彩 | | 反商业贿赂及反贪污 | 31 | | --- | --- | | 反不正当竞争 | 32 | | 应对气候变化 | | | --- | --- | | 治理 | 35 | | 战略 | 35 | | 风险管理 | 37 | | 指标与目标 | 37 | | T持续发展治理 | | --- | | 向应可持续发展目标 | | J益相关方沟通 | | 重要性议题管理 | | 党建引领 | 23 | | --- | --- | | 建全治理体系 | 25 | | 投资者关系与股东权益 | 27 | | 坚持合规经营 | 28 | | 提升风控能力 | 29 | | 台理 | 37 | | --- | --- | | 龙路 | 38 | | 风 ...

华海清科股份有限公司 涉及财务公司关联交易的专项说明 二O二四年度 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acam.cgov.cn）"进行重点 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acam.c.gov.cn）"进行重点 。 关于华海清科股份有限公司 2024 年度 涉及财务公司关联交易的专项说明 信会师报字[2025]第 ZB10938 号 华海清科股份有限公司全体股东: 我们审计了华海清科股份有限公司(以下简称"华海清科")2024 年度的财务报表,包括 2024年 12 月 31 日的合并及母公司资产负债 表、2024 年度合并及母公司利润表、合并及母公司现金流量表、合 并及母公司所有者权益变动表和相关财务报表附注,并于 2025 年 4 月 28 日出具了报告号为信会师报字|2025]第 ZB10934 号的无保留意 见审计报告。 华海清科管理层根据中国证券监督管理委员会《关于规范上市公 司与企业集团财务公司业务往来的通知》（证监发〔2022〕48 号） 和《上海证券交易所上市公司自律监管指引第 5 号 -- 交易与关联交 易》的相关 ...

华海清科股份有限公司 关于使用超募资金及部分闲置募集资金 进行现金管理的公告 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 2025 年 4 月 28 日召开了公 司第二届董事会第十三次会议、第二届监事会第七次会议，审议通过了《关于使 用超募资金及部分闲置募集资金进行现金管理的议案》，同意公司及全资子公司 在保证不影响募集资金投资项目（以下简称"募投项目"）实施及确保募集资金 安全的前提下，使用最高不超过人民币 10 亿元的超募资金及部分闲置募集资金 进行现金管理，适时投资于风险低、流动性强、配置方便、利率较灵活的大额存 款、结构性存款等保本理财产品或中国证监会认可的其他投资产品，使用期限自 公司第二届董事会第十三次会议审议通过之日起 12 个月内有效。在前述额度及 期限范围内，资金可以循环滚动使用。公司董事会授权管理层在有效期及资金额 度内行使该项投资决策权并签署相关合同文件，具体事项由公司财务部负责组织 实施。 证券代码：688120 证券简称：华海清科 公告编号：2025 ...

证券代码：688120 证券简称：华海清科 公告编号：2025-028 华海清科股份有限公司 关于预计 2025 年度日常关联交易的公告 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： 是否需要提交股东大会审议：是 本议案尚需提交股东大会审议，关联股东在股东大会上对本议案需回避表决。 （二）本次日常关联交易预计金额和类别 1、向关联人采购和销售商品、设备及技术服务 日常关联交易对上市公司的影响：本次关联交易属公司日常关联交易，是正 常生产经营业务，以市场价格为定价依据，遵循平等自愿原则，交易风险可控， 不存在损害公司及股东利益的情况，不会对关联人形成较大的依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 华海清科股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了第 二届董事会第十三次会议，审议通过了《关于确认 2024 年度日常关联交易及预 计 2025 年度日常关联交易的议案》，关联董事王同庆、甄佳、陈泰全、王怀需 回避表决，此议案获出席会议的非关联董事一致表决通过 ...

关于 2025 年度对外担保额度预计的公告 证券代码：688120 证券简称：华海清科 公告编号：2025-030 华海清科股份有限公司 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： 被担保人名称：华海清科股份有限公司（以下简称"公司"）的全资子公司 （含授权期限内新设立或纳入合并报表范围内的全资和控股子公司）（以下简称 "公司子公司"）； 本次担保金额及实际担保余额：公司预计为公司子公司提供担保额度不超过 人民币10亿元，截至本公告披露日，公司已实际提供的担保余额为人民币0亿元； 截至本公告披露日，公司无逾期对外担保的情况。 一、担保情况概述 为满足公司子公司生产经营和业务发展的资金需求，公司拟在子公司申请信 贷业务及日常经营需要时为其提供担保，担保额度合计不超过人民币10亿元，具 体担保金额、担保期限、担保费率、担保方式等内容，由公司、公司子公司与贷 款银行或合作方等机构在以上额度内协商确定，相关担保事项以正式签署的担保 文件为准。该担保额度有效期为自第二届董事会第十三次会议审议生效之日起12 个月内 ...

证券代码：688120 证券简称：华海清科 公告编号：2025-027 华海清科股份有限公司 2024 年度募集资金存放与实际使用情况专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》《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》《上海证券交易所科创板股票上市规则》等有关规定，华海 清科股份有限公司（以下简称"公司"）董事会编制的 2024 年度募集资金存放 与实际使用情况专项报告如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意华海清科股份有限公司首次公开发行 股票注册的批复》（证监许可〔2022〕890 号）同意注册，公司向社会公开发行 人民币普通股（A 股）26,666,700 股，每股面值为人民币 1 元，每股发行价为人 民币 136.66 元，应募集资金总额为 3,644,271,222.00 元，根据有关规定扣除发 行费用 154,36 ...