Core Viewpoint - The company, North China Huachuang, is a leading domestic semiconductor equipment manufacturer, continuously advancing its platform construction and benefiting from the domestic substitution trend and wafer factory expansion [5]. Group 1: Semiconductor Equipment Business - The company's main products include etching, thin film deposition, thermal processing, wet processing, and ion implantation equipment, with projected revenue of 26.578 billion yuan and net profit of 5.218 billion yuan in 2024 [1]. - The etching equipment segment is expected to generate over 8 billion yuan in revenue in 2024, with a full range of products including ICP, CCP, bevel etching, high selectivity etching, and dry stripping equipment [1]. - The thin film deposition segment is projected to exceed 10 billion yuan in revenue in 2024, with ALD equipment alone expected to generate nearly 2 billion yuan [2]. - The thermal processing equipment segment is expected to exceed 2 billion yuan in revenue in 2024, while the wet processing equipment segment is projected to exceed 1 billion yuan [3]. Group 2: Market Expansion and Acquisitions - The company has successfully entered new markets through the acquisition of shares in Xinyuan Micro, becoming its controlling shareholder with a 9.48% stake [3][4]. - Xinyuan Micro is currently the only domestic manufacturer capable of providing mass production front-end coating and developing machines, with a comprehensive product range covering various cleaning processes [4]. - The company has received numerous orders for its fully automatic temporary bonding and debonding machines, which are compatible with mainstream adhesive processes and have nearly 20 units on hand [4]. Group 3: Financial Performance - In Q1 2025, the company achieved revenue of 8.206 billion yuan, a year-on-year increase of 37.90%, driven by breakthroughs in key technologies for new products [5]. - The net profit for Q1 2025 was 1.581 billion yuan, reflecting a year-on-year growth of 38.80%, attributed to expanding revenue scale and improved cost efficiency [5]. - The gross margin was 43.02%, and the net margin was 19.10%, remaining stable year-on-year [5].

证券代码：002371 证券简称：北方华创 公告编号：2025-039 北方华创科技集团股份有限公司 2025 年 5 月 30 日，公司收到中国证券登记结算有限责任公司出具的《证券 过户登记确认书》，获悉本次协议受让芯源微股份已完成股份过户登记手续，本 次股份过户日期为 2025 年 5 月 29 日，股份过户数量为 19,064,915 股。本次过户 完成后，公司持有芯源微 19,064,915 股股份，占芯源微总股本的 9.48%。 特此公告。 北方华创科技集团股份有限公司 董事会 2025 年 5 月 31 日 关于协议受让沈阳先进制造技术产业有限公司所持 沈阳芯源微电子设备股份有限公司9.48%股份 完成过户登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 北方华创科技集团股份有限公司（以下简称"公司"）于 2025 年 3 月 10 日召开第八届董事会第二十次会议，审议通过了《关于协议受让沈阳芯源微电子 设备股份有限公司部分股份的议案》。同日，公司与沈阳先进制造技术产业有限 公司（以下简称"先进制造"）签署了股份转让协议，公司协议受让先 ...

Core Points - The China Securities Index for State-Owned Enterprises in Strategic Emerging Industries (CSI 932266) experienced a decline of 1.12%, closing at 1347.12 points with a trading volume of 13.256 billion yuan [1] - Over the past month, the index has increased by 1.88%, but it has decreased by 10.59% over the last three months and 3.62% year-to-date [1] - The index is customized by China Chengtong Holdings Group and includes 50 state-owned enterprises with significant growth potential in strategic emerging industries, reflecting the overall performance of representative state-owned listed companies [1] Index Composition - The top ten weighted stocks in the index are: - Northern Huachuang (11.26%) - BOE Technology Group (9.56%) - Aluminum Corporation of China (8.92%) - Shengyi Technology (5.56%) - Goldwind Technology (4.3%) - China Power (4.14%) - Jingfang Technology (2.99%) - Shenghe Resources (2.78%) - Jinghe Integration (2.75%) - Aerospace Rainbow (2.44%) [1] - The market share of the index's holdings is as follows: - Shenzhen Stock Exchange: 51.46% - Shanghai Stock Exchange: 47.77% - Beijing Stock Exchange: 0.77% [1] Industry Breakdown - The industry composition of the index holdings is as follows: - Information Technology: 45.70% - Industrial: 29.30% - Materials: 16.71% - Communication Services: 3.99% - Utilities: 2.08% - Consumer Staples: 1.76% - Healthcare: 0.46% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a revenue of 8.2 billion yuan in Q1 2025, representing a year-on-year increase of 38% and a quarter-on-quarter decrease of 13%. The net profit attributable to the parent company was 1.6 billion yuan, up 39% year-on-year and up 36% quarter-on-quarter [5] - In 2024, the company is projected to achieve a revenue of 29.8 billion yuan, a year-on-year increase of 35%, with a net profit of 5.6 billion yuan, up 44% year-on-year [5] - The company's electronic process equipment revenue for 2024 is expected to reach 27.7 billion yuan, a year-on-year increase of 41%, with significant growth in various equipment segments [6] - The company officially entered the ion implantation equipment market in March 2025, launching its first ion implantation machine, Sirius MC 313, enhancing its competitiveness in the semiconductor manufacturing market [7] Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are 7.71 billion yuan, 9.42 billion yuan, and 11.73 billion yuan, respectively, with corresponding EPS of 14.44 yuan, 17.63 yuan, and 21.96 yuan [8] - The projected revenue for the company from 2024 to 2027 shows a consistent growth trend, with revenues of 29.8 billion yuan, 39.7 billion yuan, 49.2 billion yuan, and 60.9 billion yuan, respectively [9] - The gross margin is expected to remain stable around 42% over the forecast period, indicating strong profitability [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 8.2 billion yuan in Q1 2025, representing a year-on-year increase of 38% and a quarter-on-quarter decrease of 13%. The net profit attributable to the parent company was 1.6 billion yuan, up 39% year-on-year and up 36% quarter-on-quarter [4] - In 2024, the company is projected to achieve a revenue of 29.8 billion yuan, a year-on-year increase of 35%, with a net profit of 5.6 billion yuan, reflecting a 44% year-on-year increase [4] - The company has entered the ion implantation equipment market, launching its first ion implanter, Sirius MC 313, which enhances its competitiveness in the semiconductor manufacturing equipment sector [6] Financial Performance Summary - The company’s electronic process equipment revenue in 2024 is expected to reach 27.7 billion yuan, a year-on-year growth of 41%. This includes over 8 billion yuan from etching equipment (up approximately 33%), over 10 billion yuan from thin film deposition equipment (up approximately 67%), over 2 billion yuan from thermal processing equipment, and over 1 billion yuan from wet processing equipment [5] - The projected net profits for 2025-2027 are 7.71 billion, 9.42 billion, and 11.73 billion yuan, respectively, with corresponding EPS of 14.44, 17.63, and 21.96 yuan [7] - The company’s revenue is expected to grow at a compound annual growth rate (CAGR) of 33.1% from 2025 to 2026, with a net profit growth rate of 37.2% during the same period [8]

Investment Rating - The report maintains a "BUY" rating for Naura Technology, indicating a potential return of over 15% over the next 12 months [19]. Core Insights - Naura Technology's new orders increased by approximately 25% year-over-year in 2024, driven by strong integrated circuit (IC) orders, with continued momentum into the first quarter of 2025 [1]. - The company is expanding its product portfolio through internal R&D and external acquisitions, including a planned acquisition of a 17.9% stake in Kingsemi, a photolithography coating equipment maker [1]. - Naura is positioned as a leading player in China's semiconductor equipment market, benefiting from the country's push for semiconductor localization amid tightening export restrictions [1][9]. - The target price remains unchanged at RMB 512, based on a price-to-earnings ratio of 36.8x for 2025 estimates, reflecting an 18.1% upside from the current price of RMB 433.66 [3][9]. Financial Summary - Revenue is projected to grow from RMB 22,079 million in FY23A to RMB 38,909 million in FY25E, representing a compound annual growth rate (CAGR) of 30.4% [2]. - Net profit is expected to increase from RMB 3,899.1 million in FY23A to RMB 7,426.9 million in FY25E, with a year-over-year growth of 32.1% [2]. - The gross margin is forecasted to improve from 41.1% in FY23A to 43.4% in FY25E, indicating enhanced operational efficiency [2]. Market Context - The semiconductor equipment capital expenditure in China is estimated to exceed US$50 billion in 2024, driven by strong demand amid geopolitical uncertainties [9]. - Naura anticipates a normalization of demand for overseas products, which may create more opportunities for local vendors [9]. - The company expects investment in domestic mature nodes to stabilize over the next 2-3 years, while advanced logic and memory segments are projected to drive future growth [9].

Group 1 - The core index of high-end equipment manufacturing, the CSI High-end Equipment Manufacturing Index, closed at 5678.24 points, down 0.13% with a trading volume of 118.67 billion yuan [1] - Over the past month, the CSI High-end Equipment Manufacturing Index has increased by 4.53%, but it has decreased by 6.29% over the past three months and is down 3.98% year-to-date [2] - The index includes representative companies from sectors such as communication equipment, power equipment, machinery manufacturing, aerospace and defense, electronics, semiconductors, passenger vehicles, and components [2] Group 2 - The top ten weighted companies in the CSI High-end Equipment Manufacturing Index are: CATL (8.68%), BYD (4.38%), SMIC (2.14%), Luxshare Precision (2.06%), Huichuan Technology (1.86%), BOE Technology (1.81%), Cambricon (1.77%), Northern Huachuang (1.75%), Haiguang Information (1.64%), and SANY Heavy Industry (1.44%) [2] - The market capitalization distribution of the index shows that the Shenzhen Stock Exchange accounts for 54.32%, the Shanghai Stock Exchange for 45.58%, and the Beijing Stock Exchange for 0.10% [2] - The industry composition of the index includes 43.50% in industrials, 38.26% in information technology, 12.42% in consumer discretionary, 5.56% in communication services, and 0.26% in energy [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [3] - Public funds tracking the CSI High-end Equipment Manufacturing Index include Eastmoney CSI High-end Equipment Manufacturing Index Enhanced A, Eastmoney CSI High-end Equipment Manufacturing Index Enhanced C, Tianhong CSI High-end Equipment Manufacturing Enhanced A, Tianhong CSI High-end Equipment Manufacturing Enhanced C, and Eastmoney CSI High-end Equipment Manufacturing Index Enhanced E [3]

证券代码：002371 证券简称：北方华创 公告编号：2025-038 北方华创科技集团股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1.本次股东大会以现场投票与网络投票相结合的方式召开。 2.本次股东大会无变更或否决议案的情况。 一、会议召开情况 北方华创科技集团股份有限公司（简称"公司"）于 2025 年 5 月 16 日 14:00 在公司会议室召开 2024 年度股东大会，会议采取现场投票与网络投票相结合的 方式召开。其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 16 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票 系统投票的时间为 2025 年 5 月 16 日 9:15-15:00 期间的任意时间。 本次股东大会由公司董事会召集，副董事长李前先生主持，本次会议的召集、 召开符合《公司法》《上市公司股东会规则》《深圳证券交易所股票上市规则》 及《公司章程》的相关规定。 二、会议出席情况 出席本次会议的股东 ...

北京金诚同达律师事务所 关于 北方华创科技集团股份有限公司 2024 年度股东大会的 法律意见书 北京市朝阳区建国门外大街 1 号国贸大厦 A 座 10 层 电话：010-5706 8585 传真：010-6518 5057 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于北方华创科技集团股份有限公司 2024 年度股东大会的 法律意见书 金证法意[2025]字 0516 第 0447 号 致：北方华创科技集团股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受北方华创科技集团股份 有限公司（以下简称"北方华创"或"公司"）的聘请，指派本所律师出席公司 2024 年度股东大会（以下简称"本次股东大会"）并对会议的相关事项出具法律 意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"）、 《律师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则 （试行）》等有关法律、法规和规范性文件的要求以及《北方华创科技集团股份 有限公司章程》（以下简称"《公司章程》"）的规定，对本次股东大会的 ...

Group 1 - The semiconductor materials ETF (562590) has seen a recent increase of 0.09%, with a year-to-date cumulative rise of 1.23% as of May 15 [1][3] - The ETF's latest share count reached 298 million, marking a one-month high, and it has experienced continuous net inflows over the past five days, totaling 15.19 million yuan [1] - Key component stocks such as Zhongke Feimeasure, Jiangfeng Electronics, and Naike Equipment have shown positive performance, with increases of 1.75%, 1.43%, and 1.27% respectively [1] Group 2 - Under the backdrop of domestic production, equipment companies have shown growth in contract liabilities, with notable increases for companies like Zhongwei, Tuojing Technology, and Xinyuan Micro, indicating a rise in orders [2] - Longchuan Technology and Huafeng Measurement have reported significant increases in contract liabilities, with growth rates of 76% and 44% respectively for Q1 2025 [2] - Conversely, Jinhaitong experienced a substantial decline of 87% in contract liabilities due to a short order-to-revenue conversion cycle [2] Group 3 - The semiconductor materials ETF and its linked funds focus on semiconductor equipment and materials, with over 75% weight in the index attributed to companies benefiting from domestic production [3] - The index's price-to-book ratio stands at 4.17 times, indicating it is cheaper than 73% of the time since its listing, suggesting potential for upward correction [3]