Investment Rating - The investment rating for the company is "Buy" and it is maintained [5][7]. Core Insights - In 2023, the company achieved a revenue of 22.079 billion yuan, representing a year-on-year growth of 50.32%. The net profit attributable to shareholders was 3.899 billion yuan, up 65.73% year-on-year, while the net profit excluding non-recurring items reached 3.581 billion yuan, increasing by 70.05% year-on-year. The gross margin was 41.10%, a decrease of 2.73 percentage points year-on-year, and the net profit margin attributable to shareholders was 17.66%, an increase of 1.64 percentage points year-on-year [5][6][7]. - In Q1 2024, the company reported a revenue of 5.859 billion yuan, a year-on-year increase of 51.36%. The net profit attributable to shareholders was 1.127 billion yuan, up 90.40% year-on-year, and the net profit excluding non-recurring items was 1.072 billion yuan, increasing by 100.91% year-on-year. The gross margin improved to 43.40%, an increase of 2.21 percentage points year-on-year, and the net profit margin attributable to shareholders was 19.23%, up 3.94 percentage points year-on-year [5][6][7]. Business Performance - The company's electronic process equipment and electronic components generated revenues of 19.611 billion yuan and 2.433 billion yuan, respectively, with year-on-year growth rates of 62.29% and a decline of 5.51%. The gross margins for these segments were 38.04% and 65.65%, with changes of 0.34 percentage points and a decrease of 6.88 percentage points, respectively. The electronic process equipment business saw simultaneous growth in revenue and profitability, driven by new product expansions in integrated circuit equipment and economies of scale. However, the electronic components business experienced fluctuations in revenue and profitability due to a slowdown in market demand [6][7]. - The company invested 2.475 billion yuan in R&D in 2023, a year-on-year increase of 34.14%, accounting for 11.21% of total revenue. This sustained investment has enhanced the competitiveness of the company's product offerings, with new orders exceeding 30 billion yuan in 2023, ensuring future performance growth [6][7]. Product Development - The company has made significant breakthroughs in core products. As of the end of 2023, the cumulative shipments of ICP and CCP etching equipment exceeded 3,200 and 100 units, respectively. The CCP medium etching equipment has covered multiple key processes in logic, memory, and power semiconductor fields. Additionally, TSV equipment is widely used in domestic mainstream fab plants and advanced packaging factories, leading the market share in domestic TSV production lines. The revenue from etching equipment in 2023 was nearly 6 billion yuan [6][7]. - In the thin film equipment segment, the company has launched over 40 PVD devices, 30 CVD devices, and 20 EPI devices, most of which have achieved mass production. By the end of 2023, cumulative shipments exceeded 3,500, 1,000, and 1,000 units, respectively, with thin film deposition equipment revenue exceeding 6 billion yuan [6][7]. Market Outlook - The company's semiconductor business has significant potential for domestic substitution, and its photovoltaic and new energy businesses are developing steadily. As a leading state-owned enterprise in domestic semiconductor equipment, the company possesses notable advantages in both technology and products, with its equipment being adopted in large volumes by first-tier manufacturers. With continued R&D investment, the company is consistently achieving new product applications. Given the established trend of domestic semiconductor equipment substitution, the company's revenue scale and profitability are expected to improve in the long term. The projected net profits attributable to shareholders for 2024-2026 are 5.63 billion yuan, 7.78 billion yuan, and 10.40 billion yuan, corresponding to current price-earnings ratios of 30x, 22x, and 16x, respectively [7].

证券研究报告 | 2024年05月06日 北方华创（002371.SZ） 买入 一季度净利润同比增长 90%，平台型龙头受益扩产加速 核心观点 公司研究·财报点评 1Q24归母净利润同比增长90%，半导体设备的市场份额持续提升。公司1Q23 电子·半导体 实现营业收58.59亿元(YoY +51.4%，QoQ -21.8%)，归母净利润11.27亿元 证券分析师：胡剑 证券分析师：胡慧 (YoY +90.4%，QoQ +11.0%)，扣非归母净利润10.72亿元（YoY +100.9%， 021-60893306 021-60871321 hujian1@guosen.com.cn huhui2@guosen.com.cn QoQ +13.9%）。营收同比增长主因公司应用于集成电路领域的刻蚀、薄膜沉 S0980521080001 S0980521080002 积、清洗和炉管等工艺装备市场份额稳步攀升，盈利能力同比大幅提升主因 证券分析师：周靖翔 证券分析师：叶子 司营收规模的持续扩大，同时规模效应逐渐显现，成本费用率稳定下降。 021-60375402 0755-81982153 zhoujingxiang@ ...

证券代码：002371 证券简称：北方华创 公告编号：2024-031 北方华创科技集团股份有限公司 关于控股股东拟发生变更暨国有股权无偿划转的 后续进展公告 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。 2024 年 4 月 3 日，公司收到北京电控出具的《关于无偿划转北方华创科技 集团股份有限公司股权事项进展说明的通知》，无偿划转事宜尚在推进过程中。 具体详见公司于 2024 年 4 月 7 日披露的《北方华创科技集团股份有限公司关于 控股股东拟发生变更暨国有股权无偿划转的后续进展公告》（2024-017）。 二、 本次无偿划转进展情况 根据《上市公司收购管理办法》第五十五条的相关规定："收购人在收购报 告书公告后 30 日内仍未完成相关股份过户手续的，应当立即作出公告，说明理 由；在未完成相关股份过户期间，应当每隔 30 日内公告相关股份过户办理进展 情况。" 一、 本次无偿划转基本情况 北方华创科技集团股份有限公司（以下简称"公司"或"北方华创"）于 2023 年 11 月 16 日收到公司实际控制人北京电子控股有限责任公司（以下简称"北京 电控" ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][12] Core Views - The company has significantly improved its market share in the platform-based semiconductor equipment sector, with cost reduction and efficiency enhancement driving high growth in performance [2][5] - In 2023, the company achieved a record high revenue of 22.08 billion yuan, representing a year-on-year increase of 50.32%, and a net profit of 3.90 billion yuan, up 65.73% year-on-year [5][6] - The company continues to see strong order growth, with new orders exceeding 30 billion yuan in 2023, and over 70% of these orders related to IC equipment [6][7] Financial Performance Summary - In Q1 2024, the company reported revenue of 5.86 billion yuan, a year-on-year increase of 51.36%, and a net profit of 1.13 billion yuan, up 90.4% year-on-year [5][6] - The gross profit margin for 2023 was 41.1%, slightly down by 2.73 percentage points year-on-year, while the gross profit margin for Q1 2024 improved to 43.4%, up 2.21 percentage points year-on-year [5][6] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 5.81 billion yuan, 7.91 billion yuan, and 9.96 billion yuan respectively [5][8] Market Position and Strategy - The company has made significant technological advancements in core semiconductor equipment, enhancing its market coverage and share [6][7] - The R&D expense ratio for Q1 2024 was 12.31%, indicating a commitment to innovation and product line expansion [7] - The company’s contract liabilities reached 9.25 billion yuan in Q1 2024, reflecting a growth of 11.23% compared to the end of 2023, indicating a positive trend in order intake [7]

2024年05月05日 公司研究●证券研究报告 北方华创（ ） 公司快报 002371.SZ 电子 | 半导体设备Ⅲ 平台型公司规模效应凸显，长期增长动力强劲 投资评级 买入-A(维持) 股价(2024-04-30) 319.00元 投资要点 公司各工艺装备市场份额逐步攀升，营收规模持续扩大规模效应逐步显现。2023 交易数据 年公司持续加大研发投入，产品质量稳步提高，营业收入达220.79亿元，创公司 总市值（百万元） 169,370.06 业绩历史新高。2023年归母净利润为38.99亿元，同比增长65.73%，主要原因为： 流通市值（百万元） 169,211.44 公司持续增强产品竞争力，收入规模大幅增加，公司2023年新签订单超过300亿 总股本（百万股） 530.94 元。合同、订单数量同比大幅增加的同时，降本增效工作取得显著成果，成本费用 流通股本（百万股） 530.44 率同比降低，综合导致归属于上市公司股东净利润增长。公司2024Q1实现营收 12个月价格区间 319.51/222.88 58.59亿元，同比增加51.36%，其主要原因是：公司持续聚焦主营业务，精研客 一年股价表现 户需求， ...

[Table_Page] 年报点评|半导体 证券研究报告 [北Table_方Title] 华创（002371.SZ） [公Tab司le_I评nves级t] 买入 当前价格 319.00元 24Q1 业绩同比高速增长，平台化布局强化龙头地位 合理价值 416.96元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30 ⚫ 24Q1半导体设备份额稳步攀升，规模效应持续显现。公司发布23年 [相Tab对le_P市icQ场uote表] 现 报和24年一季报。23年，公司营收220.79亿元，YoY+50.32%；公 司归母净利润38.99亿元，YoY+65.73%；毛利率41.1%，yoy-2.73pct， 2% -5%05/23 07/23 09/23 10/23 12/23 02/24 04/24 净利率 18.26%，yoy+0.96pct。24Q1，公司营收 58.59 亿元， -12% YoY+51.36%，QoQ-21.79%，归母净利润11.27亿元，YoY+90.4%， -18% QoQ+11.01%。公司持续聚焦主营业务，精研客户需求，深化技术研发， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [2][17]. Core Insights - The company has demonstrated continuous high growth in revenue and net profit, with 2023 revenue reaching 22.079 billion yuan, a year-on-year increase of 50.32%, and net profit of 3.899 billion yuan, up 65.73% year-on-year [5][8]. - In Q1 2024, the company reported revenue of 5.859 billion yuan, a 51.36% increase year-on-year, and net profit of 1.127 billion yuan, reflecting a 90.40% year-on-year growth [5][8]. - The company has secured over 30 billion yuan in new orders in 2023, with more than 70% coming from the integrated circuit sector, ensuring continued revenue growth for 2024 [5][6]. Financial Performance - The company's gross margin for 2023 was 41.10%, a decrease of 2.73% year-on-year, while Q1 2024 gross margin improved to 43.40%, an increase of 2.22% year-on-year [5][6]. - The net profit margin for 2023 was 18.26%, up 0.96% year-on-year, and for Q1 2024, it was 19.09%, reflecting a year-on-year increase of 3.20% [5][6]. - The company is expected to achieve revenues of 30.239 billion yuan, 40.165 billion yuan, and 50.681 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 5.638 billion yuan, 7.643 billion yuan, and 9.907 billion yuan [6][8]. Market Outlook - The global semiconductor equipment market is anticipated to enter a new growth phase, with significant investments expected in mainland China's wafer fabs, projected to exceed 30 billion USD annually over the next four years [5][6]. - The company is well-positioned to benefit from the domestic semiconductor equipment localization trend, having established a comprehensive platform covering key processes such as etching, film deposition, and cleaning [6][7].

北方华创(002371) /半导体 /公司点评 /2024.05.01 电子装备业务发力，营收利润高增 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：北方华创发布2023年报与2024Q1季报。2023年公司实现营收220.79 基本数据 2024-04-30 亿元，同比增长50.32%；归母净利润38.99亿元，同比65.73%；2024Q1公司 收盘价(元) 319.00 流通股本(亿股) 5.30 实现营收 58.59 亿元，同比增长 51.36%，归母净利润 11.27 亿元，同比增长 每股净资产(元) 48.20 90.40%。 总股本(亿股) 5.31 最近12月市场表现 ❖ 半导体装备业务发力，产品种类丰富：北方华创的主要产品包括刻蚀、薄膜沉 积、炉管、清洗、晶体生长等核心工艺装备，广泛应用于集成电路、功率半导 北方华创 沪深300 体、三维集成和先进封装、化合物半导体、新型显示、新能源光伏、衬底材料 1% 等制造领域。公司在集成电路装备领域，成功研发了多款具备自主知识产权的 -6% 高端设备，已在多家客户实现稳定量产，并获得客户的一致好评。 -13% -19% ❖ 真空及锂电装备支 ...

Investment Rating - Strong Buy (Maintained) with a target price of 404.5 RMB [1] Core Views - The company's performance continues to grow at a high rate, with significant profit elasticity driven by economies of scale [2] - Revenue for 2023 reached 22.079 billion RMB, a year-on-year increase of 50.32%, with a gross margin of 41.10%, down 2.73 percentage points year-on-year [2] - Net profit attributable to the parent company in 2023 was 3.899 billion RMB, up 65.73% year-on-year, while net profit after deducting non-recurring gains and losses was 3.581 billion RMB, up 70.05% year-on-year [2] - In Q1 2024, revenue was 5.859 billion RMB, up 51.36% year-on-year, with a gross margin of 43.40%, up 2.22 percentage points year-on-year [2] - Net profit attributable to the parent company in Q1 2024 was 1.127 billion RMB, up 90.40% year-on-year, while net profit after deducting non-recurring gains and losses was 1.072 billion RMB, up 100.91% year-on-year [2] Business Performance - The company's semiconductor equipment business achieved revenue of 19.611 billion RMB in 2023, up 62.29% year-on-year, with a gross margin of 38.04%, up 0.34 percentage points year-on-year [2] - Revenue from etching equipment was nearly 6 billion RMB, while revenue from thin film deposition equipment exceeded 6 billion RMB, and revenue from vertical furnaces and cleaning equipment exceeded 3 billion RMB [2] - The electronic components business generated revenue of 2.433 billion RMB, down 5.51% year-on-year, with a gross margin of 65.65%, down 6.88 percentage points year-on-year [2] Market and Industry Outlook - The recovery in demand and innovation in end applications, such as AI, are expected to drive wafer fab expansion, benefiting platform-based equipment companies like the report company [2] - Changes in international trade dynamics are accelerating the localization of equipment, with leading domestic manufacturers expected to significantly increase their market share [2] - The company's ICP etching equipment performs excellently, and its CCP equipment R&D and introduction are progressing smoothly, with 12-inch CCP edge etching machines already being verified in multiple production lines [2] - The company's copper interconnect thin film deposition equipment and over 20 other products have become preferred choices for mainstream domestic chip manufacturers [2] Financial Forecasts - Revenue for 2024E is projected to be 30.573 billion RMB, up 38.5% year-on-year, with net profit attributable to the parent company expected to reach 5.805 billion RMB, up 48.9% year-on-year [3] - Revenue for 2025E is projected to be 40.139 billion RMB, up 31.3% year-on-year, with net profit attributable to the parent company expected to reach 7.626 billion RMB, up 31.4% year-on-year [3] - Revenue for 2026E is projected to be 49.015 billion RMB, up 22.1% year-on-year, with net profit attributable to the parent company expected to reach 9.459 billion RMB, up 24.0% year-on-year [3] - EPS for 2024E, 2025E, and 2026E are forecasted to be 10.93 RMB, 14.36 RMB, and 17.82 RMB, respectively [3] Valuation - The company's 2024E PE ratio is 29x, with a target price of 404.5 RMB based on a 37x PE ratio for 2024 [2][3]

Company Overview - Latest closing price: 323.00 CNY [1] - Total shares outstanding / Float shares: 531 million / 530 million [1] - Total market cap / Float market cap: 171.5 billion CNY / 171.3 billion CNY [1] - 52-week high / low: 323.00 CNY / 216.52 CNY [1] - Debt-to-asset ratio: 53.7% [1] - P/E ratio: 43.87 [1] - Largest shareholder: Beijing Sevenstar Huadian Technology Group Co, Ltd [1] Financial Performance - 2023 revenue: 22.079 billion CNY, up 50.32% YoY [2] - 2023 net profit attributable to parent company: 3.899 billion CNY, up 65.73% YoY [2] - 2023 non-GAAP net profit: 3.581 billion CNY, up 70.05% YoY [2] - 2024 Q1 revenue: 5.859 billion CNY, up 51.36% YoY [2] - 2024 Q1 net profit attributable to parent company: 1.127 billion CNY, up 90.40% YoY [2] - 2024 Q1 non-GAAP net profit: 1.072 billion CNY, up 100.91% YoY [2] Core Investment Highlights - IC equipment market share steadily increasing, driving stable growth [3] - Revenue CAGR from 2021 to 2023: 51.00% [3] - 2023 revenue breakdown: electronic process equipment 19.611 billion CNY (+62.29% YoY), electronic components 2.433 billion CNY (-5.51% YoY) [3] - Key product revenues in 2023: etching equipment ~6 billion CNY, thin film deposition equipment >6 billion CNY, vertical furnace and cleaning equipment >3 billion CNY, new energy photovoltaic equipment ~2 billion CNY [3] - 2023 new orders exceeded 30 billion CNY [3] - Platform leader benefiting from capacity expansion wave, with over 70% of new orders in IC sector [3] Technology Breakthroughs - Achieved full coverage of 12-inch silicon, metal, and dielectric etching machines [4] - Released full series of plasma stripping products [4] - Deep silicon etching machine with high aspect ratio process exceeded 100 units sold, total etching products shipped over 3,500 chambers [4] - Thin film deposition products shipped over 5,500 chambers [4] - Cleaning equipment achieved full process coverage and new breakthroughs in front-end high-end processes [4] - Introduced new products like rapid thermal annealing equipment and vertical furnace atomic layer deposition equipment [4] Financial Projections - 2024/2025/2026 revenue forecast: 30.2/40.3/53.9 billion CNY [5] - 2024/2025/2026 net profit forecast: 5.7/8.0/11.2 billion CNY [5] - 2024-2026 P/E ratios: 29x, 21x, 15x [5] - Maintain "Buy" rating [5] Industry Outlook - China expected to maintain annual investment scale of over $30 billion in 300mm wafer fabs for next four years [3] - Government incentives and chip localization policies driving growth [3]