Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The establishment of the National Big Fund Phase III is expected to significantly boost domestic advanced process capacity expansion, creating substantial opportunities for domestic equipment replacement [3][4] - The company is well-positioned to benefit from the increasing demand for advanced process equipment due to its comprehensive product offerings in the semiconductor equipment sector [4] - The company's stock incentive plans aim to strengthen its technological and talent barriers, enhancing its competitive edge in the market [4] Financial Summary - The company's total revenue for 2023 was 22,079 million, with a year-on-year growth rate of 50.3%. For 2024, the expected revenue is 30,785 million, reflecting a growth rate of 39.4% [3][11] - The net profit attributable to the parent company for 2023 was 3,899 million, with a year-on-year growth of 65.7%. The forecast for 2024 is 5,695 million, indicating a growth rate of 46.1% [3][11] - The earnings per share (EPS) for 2023 was 7.36, projected to rise to 10.73 in 2024 [3][11] - The company's gross margin for 2023 was 41.1%, expected to be 41.3% in 2024 [3][11] - The return on equity (ROE) for 2023 was 16.0%, with a forecast of 19.4% for 2024 [3][11] Market Position - The company has a market capitalization of 166,921 million, with a closing price of 314.64 as of June 25, 2024 [1][20] - The price-to-earnings (PE) ratio is projected to decrease from 43 in 2023 to 29 in 2024, indicating a more attractive valuation compared to international peers [3][5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The establishment of the National Integrated Circuit Industry Investment Fund Phase III is expected to significantly boost domestic advanced process capacity expansion, creating substantial opportunities for domestic equipment replacement [4]. - The company, North Huachuang, is well-positioned to benefit from the increasing demand for advanced process equipment due to its comprehensive product offerings in the semiconductor equipment sector [5]. - The company's stock incentive plans aim to strengthen its technological and talent barriers, enhancing its competitive edge in the market [5]. - The advanced process is anticipated to drive an increase in product prices, coupled with scale effects that are likely to enhance profitability [5]. Financial Summary - For 2024 to 2026, the company is projected to achieve revenues of 30.79 billion, 39.98 billion, and 50.32 billion respectively, with year-on-year growth rates of 39.4%, 29.9%, and 25.9% [6]. - The net profit attributable to the parent company is expected to reach 5.70 billion, 7.71 billion, and 10.12 billion for the same period, with corresponding growth rates of 46.1%, 35.3%, and 31.3% [6]. - The company's dynamic PE ratios are projected to be 29, 22, and 17 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation compared to international peers [6].

关于部分限制性股票回购注销完成的公告 本公司及全体董事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．北方华创科技集团股份有限公司(以下简称"公司")本次回购注销的限 制性股票数量 36,000 股，占回购前公司总股本 531,038,314 股的 0.007%；回购价 格为 33.778 元/股。 2．天职国际会计师事务所（特殊普通合伙）出具了《北方华创科技集团股 份有限公司验资报告》（天职业字[2024]42956 号），截至 2024 年 6 月 14 日， 因限制性股票回购注销，公司股本减少 36,000 股，总股本由 531,038,314 股变更 为 531,002,314 股。自上述验资完成后至本次限制性股票回购办理完成之日，公 司总股本因股权激励计划行权增加 17,350 股，总股本变更为 531,019,664 股。 3．2024 年 6 月 26 日，上述限制性股票已在中国证券登记结算有限责任公 司深圳分公司办理完成回购注销手续。 一、 股权激励计划的决策程序和批准情况 证券代码：002371 证券简称：北方华创 公告编号：2024-038 北 ...

本次实施的分配方案与股东大会审议通过的分配方案及其调整原则一致，本 次实施分配方案距离公司股东大会审议通过的时间未超过 2 个月。 现将权益分派事宜公告如下： 证券代码：002371 证券简称：北方华创 公告编号：2024-039 北方华创科技集团股份有限公司 2023 年度权益分派实施公告 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（简称"公司"）2023 年年度权益分派方案 已获 2024 年 5 月 28 日召开的 2023 年度股东大会审议通过。 公司 2023 年度利润分配方案为：以公司总股本 530,940,639 股为基数，向全 体股东每 10 股派发现金红利 7.80 元（含税），预计派发现金红利总额为 414,133,698.42 元（含税），剩余未分配利润结转以后年度。本年度拟不送红股， 不以公积金转增股本。若在公司 2023 年度利润分配预案实施前，公司总股本由 于可转债转股、股份回购、股权激励行权、再融资新增股份上市等原因而发生变 化的，分配方案将按照每股分配比例不变的原则相应调整。 自 2023 年 ...

Investment Rating - The report reiterates a "Buy" rating for Northern Huachuang (002371CH) with a target price of RMB 405 [1] Core Viewpoints - Northern Huachuang is expected to benefit from the expansion of downstream customers' capital expenditures and the trend of domestic substitution in China's semiconductor industry [1] - The establishment of China's National Integrated Circuit Industry Investment Fund Phase III (USD 47 5 billion) is expected to be favorable for Northern Huachuang [1] - The company is the preferred stock under the theme of semiconductor domestic substitution [1] Industry Analysis - Geopolitical risks are driving major economies to prioritize supply chain security and self-reliance over production efficiency [1] - China's National Integrated Circuit Industry Investment Fund Phase III has a registered capital of RMB 3 440 billion, the largest to date (Phase I/II were RMB 1 390 billion/RMB 2 000 billion respectively) [1] - The fund is expected to focus on chip manufacturing, semiconductor equipment, and materials, potentially extending to other critical areas such as AI [1] Company Performance and Outlook - Northern Huachuang's 2023 new orders amounted to RMB 30 billion, with over 70% from semiconductor equipment and 15% from new energy/photovoltaics [1] - These orders are expected to convert into revenue in 2024, with a projected revenue growth of approximately 40% for the year [1] - The company's gross margin forecasts for 2024 and 2025 have been raised by 1 9% and 3 9% respectively, due to increased contributions from advanced manufacturing equipment [1] - R&D expenditure forecasts have also been raised, offsetting the positive impact of gross margin improvements on net profit [1] - The target price of RMB 405 is based on a 2024 forecasted P/E ratio of 39x [1]

Investment Rating - The report maintains a BUY rating for Naura Technology (002371 CH) with an unchanged target price (TP) of RMB405, indicating a potential upside of 32.8% from the current price of RMB304.98 [4][5]. Core Insights - Naura Technology is positioned as a key beneficiary of the semiconductor localization trend in China, driven by significant capital expenditure (capex) expansion from downstream clients and the launch of the "Big Fund III" with a total of US$47.5 billion [2][3]. - The company is expected to achieve robust revenue growth, with new orders signed in 2023 amounting to RMB30 billion, of which over 70% are for semiconductor equipment [2][3]. - Revenue growth projections include a 40% increase in 2024, supported by order wins in critical product areas such as CCP, CVD, and cleansers [2][3]. Financial Summary - Revenue is projected to grow from RMB22,079 million in FY23A to RMB30,856 million in FY24E, reflecting a year-on-year growth of 39.7% [3][12]. - Gross margin is expected to decline slightly to 39.8% in FY24E but is projected to recover to 42.3% by FY26E [3][10]. - Net profit is forecasted to increase from RMB3,899.1 million in FY23A to RMB5,527.3 million in FY24E, representing a growth of 41.8% [3][10]. Earnings Estimates - The report revises gross profit margin forecasts upward by 1.9 percentage points for FY24E and 3.9 percentage points for FY25E, due to a larger revenue contribution from advanced equipment [2][10]. - The earnings per share (EPS) is expected to rise from RMB10.41 in FY24E to RMB19.74 in FY26E, indicating strong profitability growth [10][12]. Market Context - The geopolitical landscape has prompted major economies to invest heavily in domestic chip fabrication capabilities, which is expected to benefit companies like Naura Technology [2][3]. - The "Big Fund III" aims to enhance self-sufficiency in the semiconductor industry, with a focus on advanced materials and AI-related areas, further supporting Naura's growth trajectory [2][8].

2024 年 5 月 29 日 CMB 国际全球市场 | 股票研究 | 公司更新 诺拉科技 （ 002371 CH ） 半导体国产化的主要受益者 此外, 我们认为公司可能是最近在中国推出的 “Big Fund III ” (475 亿美元) 的受益者之一。 Naura 目前是我们在半本地化主题下的最爱。重申对 Naura （ 002371 CH ） 的买入评级 目标价 RMB405.00 ， TP 不变为 405 元。 涨 / 跌 32.8%  地缘政治紧张局势促使全球主要经济体追求弹性而不是效率，导致大量投资以加强国 CurrentPrice RMB304.98 内芯片制造能力。最近在中国成立的 “Big Fd III ” （ 475 亿美元 ） 是该系列迄今为止 最大的阶段，注册资本为 3440 亿元人民币 （ 而第一 / 第二阶段 ： 1390 亿元 / 2000 中国半 亿元 ） 。第三阶段强调了中国政府在地缘政治紧张局势升级的情况下实现半自给自足 杨莉莉博士 的努力。以前的阶段集中在芯片制造，设备，材料等。， 我们预计第三阶段将有类似 (852) 3916 3716 的投资兴趣，以及对人工智能相关 ...

证券代码：002371 证券简称：北方华创 公告编号：2024-036 公司债权人可采用信函或电子邮件的方式申报，具体方式如下： 北方华创科技集团股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 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2024年2月21日第 八届董事会第八次会议、第八届监事会第五次会议及2024年5月28日召开的2023 年度股东大会，分别审议通过了《关于回购注销2019年股票期权与限制性股票激 励计划部分限制性股票的议案》，因公司2019年股票期权与限制性股票激励计划 （以下简称"激励计划"）2名激励对象离职，其已不符合激励对象条件，由公 司对其持有的、已获授但尚未解除限售的36,000股限制性股票进行回购注销，回 购价格33.778元/股，回购资金合计为人民币1,216,008.00元。具体内容详见公司于 巨潮资讯网（www.cninfo.com.cn）披露的《关于回购注销2019年股票期权与限制 性股票激励计划部分限制性股票的公告》（2024-008）。本次回购注 ...

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 二〇二三年度股东大会 之 法律意见书 金证法意[2024]字 0528 第 0276 号 中国北京市建国门外大街1号国贸大厦A座十层 100004 电话：010—57068585 传真：010—85150267 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 二〇二三年度股东大会之 法律意见书 金证法意[2024]字 0528 第 0276 号 致：北方华创科技集团股份有限公司 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"）聘 请和北京金诚同达律师事务所（以下简称"本所"）委派，本所律师出席北方华 创二〇二三年度股东大会并对会议的相关事项出具法律意见书。 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共 和国公司法》（以下简称"《公司法》"）《上市公司股东大会规则》（以下简 称"《股东大会规则》"）《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》等法律、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 ...

证券代码：002371 证券简称：北方华创 公告编号：2024-035 本次股东大会由公司董事会召集，董事长赵晋荣先生主持，本次会议的召集、 召开符合《公司法》《上市公司股东大会规则》《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及股东代理人共225人，代表股份293,554,164股，占公 司有表决权股份总数531,012,135股的55.2820%，其中，参加表决的中小股东共223 人，代表股份65,425,601股，占公司有表决权股份总数531,012,135股的12.3209%, 具体如下： 北方华创科技集团股份有限公司 2023 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 2024 年 5 月 28 日 14:00 在公司 4V15 会议室召开 2023 年度股东大会，会议采取现场投票与网络投票相 结 ...