证券代码：002371 证券简称：北方华创 公告编号：2024-048 北方华创科技集团股份有限公司 采用自主行权模式的提示性公告 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．公司 2022 年股权激励计划首次授予部分期权代码：037278；期权简称： 北方 JLC3。 2．公司 2022 年股权激励计划首次授予部分第一个行权期符合行权条件的激 励对象人数为 804 人，可行权的股票期权数量为 2,515,875 份，占目前公司总股 本 531,019,664 股的 0.47%，行权价格为 159.00 元/份。 3．本次行权采用自主行权模式。 4．公司 2022 年股权激励计划首次授予部分共分为四个行权期，第一个行权 期可行权期限为 2024 年 7 月 5 日起至 2025 年 7 月 4 日止，根据业务办理的实 际情况，实际可行权期限为 2024 年 7 月 17 日起至 2025 年 7 月 4 日止。 5．第一个行权期可行权的股票期权若全部行权，公司股份仍具备上市条件。 北方华创科技集团股份有限公司（简称"公司"）于 2024 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is expected to achieve revenue between 11.41 billion and 13.14 billion yuan for the first half of 2024, representing a year-on-year growth of 35.40% to 55.93%. The forecasted net profit attributable to shareholders is between 2.57 billion and 2.96 billion yuan, indicating a growth of 42.84% to 64.51% [4][5] - The company has focused on its core business, leading to an increase in market share and effective cost control, which has contributed to the growth in revenue and net profit [5] - The company has made significant advancements in etching technology, achieving full coverage of 12-inch silicon, metal, and dielectric etching machines, which has strengthened its competitive advantage [6] - The thin film deposition equipment segment has also seen successful applications across multiple fields, with the company being a pioneer in PVD technology in China [7] Summary by Sections Financial Performance - For the first half of 2024, the company anticipates revenue growth of 35.40% to 55.93% and net profit growth of 42.84% to 64.51% [4][5] - The company’s revenue is projected to reach 29.95 billion yuan in 2024, with a growth rate of 35.7% [10] Product Development - The company has launched over 40 PVD devices and achieved stable mass production in various semiconductor manufacturing processes, contributing to significant revenue from thin film deposition equipment [7] - The etching equipment segment generated nearly 6 billion yuan in revenue in 2023, highlighting its growing importance within the company's overall business [6] Earnings Forecast - The company is expected to generate revenues of 29.95 billion, 39.21 billion, and 49.14 billion yuan in 2024, 2025, and 2026 respectively, with corresponding EPS of 10.70, 14.51, and 18.52 yuan [8][10] - The current stock price corresponds to a PE ratio of 30.7 for 2024, 22.6 for 2025, and 17.7 for 2026, indicating a favorable valuation given the company's leading position in the semiconductor equipment sector [8]

Investment Rating - The report maintains a "Buy-A" rating for the company, reflecting strong growth potential and confidence in its platform-based semiconductor equipment business [7] Core Views - The company is positioned as a platform-based semiconductor equipment enterprise, benefiting from the increasing demand for advanced process and advanced packaging equipment driven by AI development and domestic expansion of companies like ChangXin Memory and Yangtze Memory [7] - The company is expected to achieve significant revenue growth, with projected revenues of 30,282/40,214/50,167 million yuan for 2024-2026, representing year-over-year growth rates of 37.2%/32.8%/24.8% [7] - The company's net profit is forecasted to grow at a compound annual growth rate (CAGR) of 53.1%/28.8%/26.2% for 2024-2026, reaching 5,970/7,692/9,710 million yuan [7] Company Overview - The company operates in the semiconductor equipment, vacuum and lithium battery equipment, and precision electronic components sectors, with a strong focus on innovation and R&D [1][18] - It has six R&D and production bases, offering a wide range of semiconductor equipment including etching machines, PVD, ALD, CVD, oxidation/diffusion furnaces, cleaning machines, and gas mass flow meters [1] - The company's products are widely used in integrated circuits, advanced packaging, semiconductor lighting, MEMS, power semiconductors, compound semiconductors, new energy photovoltaics, and flat panel displays [1] Industry Drivers - The AI cycle is expected to drive semiconductor demand, with global semiconductor capacity projected to increase by 6% in 2024 and 7% in 2025, reaching 33.7 million wafers per month (8-inch equivalent) [7][25] - Advanced packaging is accelerating, with front-end processes being applied to back-end packaging, creating a mid-process intersection between wafer manufacturing and packaging [7][28] - Multiple patterning techniques are enabling breakthroughs in process nodes, with technologies like LELE, SADP, and SAQP being widely used in advanced nodes [36][37][41] - The third phase of the National Integrated Circuit Industry Investment Fund (Big Fund III) is expected to further support the domestic semiconductor industry, focusing on the entire IC supply chain [44] Product Highlights Etching Equipment - The company has achieved breakthroughs in ICP etching for 12-inch wafers across various technology nodes, with its ICP equipment widely used in polycrystalline silicon and metal etching [2] - CCP etching equipment has been successfully applied in logic, memory, and power semiconductor key processes, providing stable and efficient production support for domestic customers [2] Thin Film Deposition - The company has a comprehensive product portfolio in PVD, CVD, and ALD, with its PVD equipment achieving stable mass production in copper interconnects, aluminum pads, metal hard masks, and other processes [3] - CVD equipment has been developed to meet the demands of dielectric and metal chemical vapor deposition, with key technical indicators reaching industry-leading levels [3] Cleaning and Heat Treatment - The company offers a variety of wet cleaning equipment, achieving breakthroughs in high-end single-wafer processes and full coverage of tank processes [4][6] - Vertical furnace equipment has achieved full coverage in logic and memory process applications, with key technologies such as airflow/temperature field control and precise reaction source delivery [6] Financial Performance - The company's revenue in 2023 reached 22,079 million yuan, a year-over-year increase of 50.3%, with net profit attributable to shareholders growing by 65.7% to 3,899 million yuan [8] - Gross margin and net margin have shown an upward trend, with gross margin reaching 43.7% in 2024E and net margin expected to be 19.7% in the same year [8] - The company's R&D investment in 2023 was 4,410 million yuan, accounting for 19.97% of its revenue, with over 7,900 patents applied for and 4,700 patents granted [23]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | --- | --- | |------------------------------------|----------------------------|------------------------| | | | 电子元器件/信息科技 | | | [Table_Invest] 评级: | 增持 | | 净利润超预期,看好公司长期增长 | [Table_Target] 目标价格: | 上次评级: 增持420.80 | | 半年度业绩预报点评 | [当前价格: Table_CurPrice] | 上次预测: 371.25328.57 | | 文越(分析师) | | | | 021-38038032wenyue029694@gtjas.com | [Table_Date] | 2024.07.13 | 登记编号 S0880521070002 S0880524050001 本报告导读: 公司发布 24H1 业绩预报,归母净利润达 25.7~29.6 亿元,同比超预期增 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has reported a significant increase in its mid-year performance, driven by platform advantages and expansion in high-end processes [1][2] - The expected revenue for the first half of 2024 is projected to be between 11.41 billion to 13.14 billion yuan, representing a year-on-year growth of 35% to 56%, with a median estimate of 12.28 billion yuan, which is a 46% increase [2] - The net profit attributable to shareholders is forecasted to be between 2.57 billion to 2.96 billion yuan, indicating a year-on-year growth of 43% to 65%, with a median of 2.77 billion yuan, reflecting a 54% increase [2] - The company is expected to maintain its leading position in the semiconductor equipment sector, with a focus on advanced process orders, which are anticipated to continue to rise [4] Summary by Relevant Sections Revenue and Profit Forecast - For Q2 2024, the company anticipates revenue between 5.55 billion to 7.28 billion yuan, with a year-on-year growth of 22% to 60%, and a median of 6.42 billion yuan, which is a 41% increase [3] - The net profit for Q2 2024 is expected to be between 1.44 billion to 1.83 billion yuan, showing a year-on-year growth of 20% to 52%, with a median of 1.64 billion yuan, reflecting a 36% increase [3] Business Segments and Market Position - The company has a comprehensive coverage in the integrated circuit field, including etching, thin film deposition, cleaning, and thermal processing, which ensures the synergy of R&D across advanced processes [4] - In the etching equipment sector, the company achieved nearly 6 billion yuan in revenue in 2023, with significant breakthroughs in 12-inch technology nodes [4] - The thin film equipment sector also generated over 6 billion yuan in revenue in 2023, with a full coverage of metallization processes for logic and memory chips [4] Financial Projections - The company is projected to achieve revenues of 29.8 billion, 39.2 billion, and 47.9 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 35%, 32%, and 22% [4] - The net profit attributable to shareholders is expected to be 5.56 billion, 7.57 billion, and 9.42 billion yuan for the same years, with growth rates of 43%, 36%, and 24% respectively [4] - The projected P/E ratios for 2024, 2025, and 2026 are 31, 23, and 19 times respectively [4]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 405.14 CNY [5]. Core Insights - The company is expected to achieve a revenue of 114.1 to 131.4 billion CNY for the first half of 2024, representing a year-on-year growth of 35.40% to 55.93%. The net profit attributable to shareholders is projected to be between 25.7 to 29.6 billion CNY, reflecting a growth of 42.84% to 64.51% compared to the same period last year [1]. - For Q2 2024, the company anticipates revenue of 55.51 to 72.81 billion CNY, with a year-on-year increase of 21.85% to 59.83%. The expected net profit for the same period is between 14.43 to 18.33 billion CNY, indicating a growth of 19.54% to 51.83% [2]. - The global semiconductor equipment market is projected to reach a record high, with sales expected to grow by 3.4% to 109 billion USD in 2024, surpassing the previous record set in 2022. The company is well-positioned to benefit from this growth and the ongoing domestic substitution trend in China [3]. - The company has made significant advancements in various semiconductor equipment sectors, including etching, thin film deposition, vertical furnace equipment, epitaxy, and cleaning equipment, establishing itself as a leader in the domestic market [4]. Financial Projections - Revenue projections for the company are 299.84 billion CNY in 2024, 398.79 billion CNY in 2025, and 516.63 billion CNY in 2026. The net profit estimates are 58.98 billion CNY for 2024, 78.35 billion CNY for 2025, and 93.18 billion CNY for 2026 [11]. - The company is expected to achieve a profit margin of 25.52% in Q2 2024, which is an increase of 6.44 percentage points compared to the previous quarter [2].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Views - The company is expected to achieve a revenue of 11.41 to 13.14 billion yuan in H1 2024, representing a year-on-year growth of 35.40% to 55.93%, with a midpoint estimate of 12.28 billion yuan, which is a 45.67% increase [3]. - The net profit for H1 2024 is projected to be between 2.57 to 2.96 billion yuan, showing a year-on-year increase of 42.84% to 64.51%, exceeding market expectations [4]. - The company benefits from a solid platform logic in semiconductor equipment, with significant R&D investment and a comprehensive product range, positioning it well to capitalize on the expansion of advanced processes in the semiconductor industry [5]. Summary by Sections Revenue Forecast - The company anticipates H1 2024 revenue of 11.41 to 13.14 billion yuan, with a midpoint of 12.28 billion yuan, reflecting a year-on-year growth of 45.67% [3]. Profit Forecast - Expected net profit for H1 2024 is between 2.57 to 2.96 billion yuan, with a midpoint of 2.77 billion yuan, indicating a year-on-year increase of 42.84% to 64.51% [4]. - The net profit margin is projected to be 25.53%, up by 1.17 percentage points year-on-year [4]. R&D and Market Position - The company has a strong R&D team of 3,656 personnel and an R&D expenditure of 4.4 billion yuan, accounting for 20% of revenue, leading the semiconductor equipment sector [5]. - The product range includes etching equipment, film deposition equipment, and cleaning equipment, with significant revenue contributions from these segments [5]. Future Growth Projections - Revenue forecasts for 2024, 2025, and 2026 are 29.93 billion, 39.67 billion, and 49.20 billion yuan, respectively, with year-on-year growth rates of 36%, 33%, and 24% [6][7]. - Net profit projections for the same years are 5.58 billion, 7.76 billion, and 10.30 billion yuan, with growth rates of 43%, 39%, and 33% [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][12] Core Views - The company is expected to achieve significant year-on-year and quarter-on-quarter growth in Q2 2024, with revenue projected between 11.41 billion to 13.14 billion yuan, representing a year-on-year increase of 35.4% to 55.93% [5] - The net profit attributable to the parent company is forecasted to be between 2.57 billion to 2.96 billion yuan, reflecting a year-on-year growth of 42.84% to 64.51% [5] - The company is recognized as a leading domestic semiconductor equipment platform, benefiting from economies of scale and continuous improvement in operational efficiency [6][7] Financial Performance Summary - For H1 2024, the company expects revenue of 11.41 billion to 13.14 billion yuan, with a net profit of 2.57 billion to 2.96 billion yuan [5] - Q2 2024 revenue is anticipated to be between 5.55 billion to 7.28 billion yuan, with a net profit of 1.44 billion to 1.83 billion yuan [5] - The company has revised its profit forecasts for 2024-2026, expecting net profits of 5.89 billion, 7.92 billion, and 10.05 billion yuan respectively [5] - The projected EPS for 2024-2026 is 11.10, 14.92, and 18.92 yuan, with corresponding P/E ratios of 29.6, 22.0, and 17.4 [5][8] Market Position and Growth Drivers - The company has seen a steady increase in market share in the IC equipment sector, driven by a comprehensive product matrix and enhanced core competitiveness [6] - The semiconductor equipment sales in mainland China are expected to exceed 35 billion USD in 2024, with the company poised to benefit from the expansion of advanced processes [7] - The company is expected to continue launching new products, which will contribute to sustained performance growth [7]

12 Jul 2024 CMB International Global Markets | Equity Research | Company Update Naura Technology (002371 CH) 1H24 profit alert points to solid 2Q results Naura announced a 1H24 profit alert. 1H revenue is expected to be within the range of RMB11.4-13.1bn, representing 35.4% to 55.9% YoY growth, respectively. Net profit is estimated to be RMB2.6-3.0bn (YoY growth of 42.8% to 64.5%). This implies that 2Q24 revenue (mid-point) could be RMB6.4bn (40.8% YoY and 9.5% QoQ growth), 5% below consensus estimate. 2Q24 ...

2024 年 7 月 12 日 朱吉翔 C0044@capital.com.tw 目标价 370 元 公司基本资讯 | --- | --- | |---------------------|--------------| | 产业别 | 电子 | | A 股价(2024/7/11) | 313.27 | | 深证成指(2024/7/11) | 8870.36 | | 股价 12 个月高/低 | 336.96/212.9 | | 总发行股数(百万) | 531.02 | | A 股数(百万) | 530.56 | | A 市值(亿元) | 1662.08 | | 主要股东 | 北京七星华电 | | | 科技集团有限 | | | 责任公司 | | | (33.56%) | | 每股净值(元) | 47.41 | | 股价/账面净值 | 6.61 | | | 三个月 一年 | | 股价涨跌(%) | -4.3 1.1 7.1 | 近期评等 | --- | --- | --- | |------------|----------|-------| | 出刊日期 | 前日收盘 | 评等 | | 2024-04-15 | ...