证券研究报告·公司点评报告·半导体 北方华创（002371） 2023 年报&2024 年一季报点评：Q1 业绩超 2024年 04月 30 日 预期，平台化布局进入收获期 证券分析师 周尔双 买入（维持） 执业证书：S0600515110002 021-60199784 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zhouersh@dwzq.com.cn 研究助理 李文意 营业总收入（百万元） 14,688 22,079 29,075 35,836 42,607 执业证书：S0600122080043 同比（%） 51.68 50.32 31.68 23.25 18.89 liwenyi@dwzq.com.cn 归母净利润（百万元） 2,353 3,899 5,599 7,338 9,166 同比（%） 118.37 65.73 43.61 31.05 24.92 股价走势 EPS-最新摊薄（元/股） 4.44 7.35 10.56 13.84 17.29 北方华创 沪深300 P/E（现价&最新摊薄） 72.80 43.93 30.59 2 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company has demonstrated strong revenue and profit growth, with 2023 revenue reaching 22.079 billion yuan, a year-on-year increase of 50.32%, and a net profit of 3.899 billion yuan, up 65.73% year-on-year [1][2]. - The company is positioned as a leading platform in the domestic semiconductor equipment sector, with significant advancements in various equipment categories, including etching and deposition equipment [2]. - Revenue projections for 2024-2026 are estimated at 30.291 billion, 39.302 billion, and 47.888 billion yuan, respectively, with corresponding net profits of 5.405 billion, 7.259 billion, and 9.063 billion yuan [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 22.079 billion yuan, with a gross profit margin of 41.09%. The electronic process equipment segment contributed 19.611 billion yuan, growing by 62.29% and accounting for 88.82% of total revenue [1]. - For Q1 2024, the company reported revenue of 5.859 billion yuan, a 51.36% increase year-on-year, with a gross profit margin of 43.40% [1]. Equipment Development - The etching equipment segment generated nearly 6 billion yuan in revenue in 2023, with significant breakthroughs in 12-inch technology and widespread adoption in domestic fabs [2]. - The thin film deposition equipment segment also performed well, with over 60 billion yuan in revenue and numerous product launches [2]. Future Projections - The company is expected to maintain robust growth, with revenue forecasts of 30.291 billion yuan in 2024, 39.302 billion yuan in 2025, and 47.888 billion yuan in 2026, reflecting growth rates of 37.2%, 29.7%, and 21.8%, respectively [3].

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [3][4]. Core Insights - The company's net profit growth accelerated in Q1 2024, with a year-on-year increase of 90.4%, reflecting strong domestic demand for semiconductor equipment [4]. - R&D expenses nearly doubled year-on-year in Q1 2024, with an R&D expense ratio increasing by nearly 3 percentage points, highlighting the company's commitment to innovation [4]. - The company is positioned as a leading domestic equipment platform in the semiconductor sector, with significant market opportunities in etching, deposition, thermal processing, and cleaning equipment [4]. Financial Performance Summary - In 2023, the company achieved revenue of 22.1 billion RMB, a year-on-year growth of 50%, and a net profit of 3.9 billion RMB, up 66% year-on-year [4]. - For Q1 2024, the company reported revenue of 5.86 billion RMB, a year-on-year increase of 51.4%, and a net profit of 1.13 billion RMB, reflecting a strong performance in the semiconductor equipment market [4]. - The projected net profits for 2024, 2025, and 2026 are 5.8 billion RMB, 7.5 billion RMB, and 9 billion RMB, respectively, with year-on-year growth rates of 49%, 29%, and 21% [4][6]. Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 10.96 RMB, 14.12 RMB, and 17.07 RMB, respectively [6]. - The price-to-earnings (P/E) ratios for the same years are estimated at 29x, 23x, and 19x, indicating a favorable valuation compared to historical performance [4][6].

Investment Rating - The report maintains a "Recommendation" rating for the company [2][6][7] Core Views - The company has shown continuous high growth in performance, with a substantial order backlog. In 2023, the company achieved revenue of 22.08 billion yuan, representing a year-on-year growth of 50.32%, and a net profit of 3.90 billion yuan, up 65.73% year-on-year [6][7] - The company benefits from the domestic IC equipment market, with significant orders exceeding 30 billion yuan in 2023, indicating strong demand [6][7] - The company has established a robust customer service system with 19 service centers and 4 spare parts distribution centers across the country, enhancing its competitive edge [6][7] Financial Summary - In 2023, the company reported revenue of 22,079 million yuan and a net profit of 3,899 million yuan, with a proposed cash dividend of 7.80 yuan per 10 shares [5][6] - The company's gross margin and net margin for 2023 were 41.10% and 18.26%, respectively [6] - The company’s revenue projections for 2024-2026 are 30,690 million yuan, 41,432 million yuan, and 53,862 million yuan, with corresponding net profits of 5,609 million yuan, 7,385 million yuan, and 9,439 million yuan [5][7] Order and Market Position - The company has completed mass production verification for hundreds of processes in etching equipment, with over 3,200 units shipped by the end of 2023 [4][6] - The company is a leading player in the domestic semiconductor equipment market, benefiting from the trend of domestic substitution [7] - The company’s R&D expenses reached 2.475 billion yuan in 2023, accounting for 11.21% of revenue, indicating a strong commitment to innovation [6][7]

Financial Performance - The company's revenue for Q1 2024 reached ¥5,859,163,380.59, representing a 51.36% increase compared to the same period last year[3] - Net profit attributable to shareholders was ¥1,126,550,627.36, a 90.40% increase year-over-year[3] - The net profit excluding non-recurring items was ¥1,072,494,911.14, reflecting a 100.91% increase compared to the previous year[3] - Basic earnings per share for Q1 2024 were ¥2.1245, up 89.94% from the same period last year[3] - The total operating revenue for Q1 2024 was CNY 5,859,163,380.59, a significant increase of 51.3% compared to CNY 3,871,132,953.79 in the same period last year[15] - The net profit for Q1 2024 reached CNY 1,118,680,309.21, representing a 81.9% increase from CNY 615,310,147.60 in Q1 2023[16] - The company's basic earnings per share for Q1 2024 was CNY 2.1245, up from CNY 1.1185 in Q1 2023, reflecting an increase of 90.0%[16] - The total operating costs for Q1 2024 were CNY 4,764,194,908.34, which is a 50.3% increase from CNY 3,168,062,974.83 in the same period last year[15] - The company reported a tax expense of CNY 217,383,352.39 for Q1 2024, compared to CNY 115,717,755.31 in the previous year, indicating an increase of 87.9%[16] Cash Flow and Assets - The net cash flow from operating activities was ¥260,016,536.69, a significant increase of 139.31% year-over-year[3] - The company's cash and cash equivalents amounted to RMB 12,603,744,188.00, compared to RMB 12,451,459,936.82 at the beginning of the quarter, indicating a slight increase of 1.22%[12] - The cash inflow from operating activities for Q1 2024 was CNY 6,287,206,223.02, an increase from CNY 4,208,293,570.61 in Q1 2023, representing a growth of approximately 49.4%[18] - The net cash outflow from investing activities was CNY -267,119,434.58, compared to CNY -477,271,050.69 in the same period last year, indicating a reduction in cash outflow by about 44%[18] - The net cash flow from financing activities was CNY -83,655,290.22, a significant decrease from CNY 470,361,004.96 in Q1 2023, reflecting a change of approximately 117.8%[19] - The total cash and cash equivalents at the end of Q1 2024 stood at CNY 12,139,979,317.68, compared to CNY 9,583,269,029.01 at the end of Q1 2023, marking an increase of about 27.3%[19] - The company reported a net cash flow from operating activities of CNY 260,016,536.69, a turnaround from a negative cash flow of CNY -661,529,950.77 in the previous year[18] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to ¥56,256,540,818.55, a 4.91% increase from the end of the previous year[3] - As of March 31, 2024, the total assets of the company reached RMB 56,256,540,818.55, an increase from RMB 53,624,552,279.13 at the beginning of the period, reflecting a growth of approximately 4.83%[12] - The total liabilities increased to CNY 30,217,813,517.30, up from CNY 28,799,771,760.61, indicating a growth of 4.9%[14] - The company's total current liabilities decreased from RMB 9,000,000,000.00 to RMB 8,000,000,000.00, reflecting a reduction of approximately 11.11%[12] - The total equity attributable to shareholders increased to RMB 16,275,629,172.35 from RMB 15,398,555,002.29, showing a growth of about 5.68%[13] - The company's total equity increased to CNY 26,038,727,301.25 from CNY 24,824,780,518.52, showing a growth of 4.9%[14] - The company's total liabilities decreased from RMB 39,000,000,000.00 to RMB 38,000,000,000.00, indicating a reduction of approximately 2.56%[12] Research and Development - The company focused on core business areas, enhancing technological research and development, which contributed to increased market share in the integrated circuit equipment sector[6] - Research and development expenses amounted to CNY 720,993,024.09, which is a 96.3% increase compared to CNY 366,852,038.34 in the previous year[15] - The company’s development expenditure rose to RMB 7,049,547,886.88 from RMB 6,322,777,822.18, reflecting an increase of about 11.53%[13] Shareholder Information - The top shareholder, Beijing Qixing Huadian Technology Group Co., Ltd., holds 33.56% of the shares[7]

Financial Performance - In 2023, the company achieved a revenue of 22.079 billion yuan, representing a year-on-year growth of 50.32%, and a net profit attributable to shareholders of 3.899 billion yuan, up 65.73% year-on-year[2]. - The company's operating revenue for 2023 reached ¥22.08 billion, a year-on-year increase of 50.32% compared to ¥14.69 billion in 2022[15]. - Net profit attributable to shareholders for 2023 was ¥3.90 billion, up 65.73% from ¥2.35 billion in 2022[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥3.58 billion, reflecting a 70.05% increase from ¥2.11 billion in 2022[15]. - The gross margin improved to 40%, up from 35% in the previous year, reflecting better cost management and pricing strategies[10]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB, representing a year-over-year growth of 25%[10]. - The company reported a total of ¥1,002,565,382.26 in receivables financing, reflecting significant growth in financing activities[64]. Research and Development - The company aims to continuously increase R&D investment and improve innovation efficiency to meet customer needs[4]. - Investment in R&D has increased by 30%, focusing on advanced technologies such as AI and semiconductor materials[10]. - The company has applied for over 7,900 patents and has been granted more than 4,700 patents, showcasing its strong innovation capabilities in semiconductor products[30]. - In 2023, the company achieved a research and development investment of CNY 4.41 billion, with an R&D intensity of 19.97%[95]. - The company has established a national-level enterprise technology center and multiple municipal-level engineering centers to enhance its R&D capabilities[95]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[10]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% driven by new product launches and market expansion strategies[10]. - A new product line in the semiconductor sector is expected to launch in Q3 2024, anticipated to contribute an additional 200 million RMB in revenue[10]. - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and market reach[10]. - The company has a strategic focus on expanding its market presence and enhancing its product offerings in the semiconductor equipment sector[131]. Operational Efficiency - The company is focused on high-quality development, enhancing supply chain management capabilities, and optimizing market management systems[4]. - The company has implemented a lean management system to continuously enhance production efficiency and product quality[35]. - The company has built a production and R&D base exceeding 900,000 square meters, incorporating advanced technologies such as automation and AI to improve production efficiency[33]. - The company aims to reduce the cost of ownership (COO) for its products by 15% through efficiency improvements in production[10]. Customer Focus - The company emphasizes a customer-centric approach and aims to maintain a competitive edge through continuous innovation[4]. - The company has established 19 customer service centers and 4 spare parts allocation centers nationwide, enhancing its customer service system[32]. - The company is committed to creating greater customer value and becoming a trusted long-term partner by maintaining a customer-centric approach[34]. Corporate Governance - The company has 11 board members, including 4 independent directors, and held 9 board meetings during the reporting period[102]. - The supervisory board consists of 3 members, including 1 employee representative, and held 6 meetings in the reporting period[103]. - The company maintains complete independence from its controlling shareholder in terms of assets, personnel, finance, organization, and business operations[111]. - The company has an independent financial accounting department and a separate accounting system, ensuring independent financial decision-making[113]. - The company has adopted a governance structure in compliance with the Company Law and the Corporate Governance Guidelines[137]. Employee Engagement and Welfare - The company has implemented multiple stock incentive plans to enhance employee engagement and responsibility, contributing to a workforce of over 12,000 employees[31]. - The company has established a training plan to enhance employee skills and promote sustainable development, adjusting it based on operational needs[143]. - The total number of employees at the end of the reporting period is 12,010, with 82 in the parent company and 11,928 in major subsidiaries[141]. - The company has a total of 4,737 production staff, 483 sales personnel, and 5,397 technical staff, indicating a strong focus on technical expertise[141]. Environmental and Social Responsibility - The company invested over 1.6 million yuan in poverty alleviation efforts, benefiting over 13,000 people in 2023[167]. - The company is actively pursuing green development strategies, including the establishment of an ISO 50001 energy management system[166]. - The company has complied with environmental regulations and has not faced any significant environmental penalties during the reporting period[166]. Financial Management and Shareholder Returns - The company plans to distribute a cash dividend of 7.80 yuan per 10 shares (including tax) based on 530,940,639 shares[5]. - The average cash dividend payout ratio over the past three years is 10.34%, demonstrating the company's commitment to shareholder returns[99]. - The cash dividend represents 100% of the total profit distribution amount[147]. - The company has not proposed any stock dividends or capital reserve transfers for the current year, focusing solely on cash dividends[145].

北方华创：本土半导体设备龙头，深度受益国产化 北方华创（002371.SZ）/电子 证券研究报告/公司深度报告 2024年4月23日 [Table_Industry] [评Ta级ble：_T买itle入] （首次） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：297.92元/股 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 9,683 14,688 22,080 29,990 39,640 分析师：王芳 增长率yoy% 60% 52% 50.3% 35.8% 32.2% 执业证书编号：S0740521120002 净利润（百万元） 1,077 2,353 3,899 5,441 7,171 Email：wangfang02@zts.com.cn 增长率yoy% 101% 118% 65.7% 39.5% 31.8% 每股收益（元） 2.03 4.44 7.35 10.26 13.52 分析师：杨旭 每股现金流量 -1.46 -1.37 13.56 11.93 12.42 执业证书编号：S0740521120001 净资产收益率 6% 12% 16% ...

证券研究报告：电子 | 公司点评报告 2024年4月15日 股票投资评级 北方华创(002371) 买入|维持 24Q1 业绩超预期 个股表现 ⚫ 事件 4月13 日，公司披露2023 年度业绩快报以及2024 年第一季 北方华创 电子 度业绩预告： 4% 0% 预计23年实现营收220.79亿元，同比+50.32%，归母净利润 -4% -8% 38.99 亿元，同比+65.73%，扣非归母净利润 35.81 亿元，同比 -12% -16% +70.05%。 -20% -24% 预计 24Q1 实现营收 54.20-64.20 亿元，同比增长 40.01%- -28% 61.19%，归母净利润10.40-12.00亿元，同比增长75.77%-102.81%， -32% -36% 2023-04 2023-06 2023-09 2023-11 2024-01 2024-04 扣非归母净利润9.90-11.40亿元，同比增长85.46%-113.56%。 资料来源：聚源，中邮证券研究所 ⚫ 投资要点 市场份额稳步攀升驱动营收稳健增长。公司预计23年实现营 公司基本情况 收 220.79 亿元，同比+50.32%， ...

[Table_Page] 公告点评|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 290.00元 24Q1 业绩超预期，平台化布局构建多元成长曲线 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 2024-04-13 ⚫ 产品份额稳步提升，24Q1业绩超预期。公司发布23年度业绩快报和 [相Tab对le_P市icQ场uote表] 现 24年第一季度业绩预告，23年公司营收220.79亿元，yoy+50.32%， 主要原因是公司主营业务发展良好，应用于集成电路领域的刻蚀、薄膜 20% 10% 沉积、清洗和炉管等数十种核心工艺装备市场认可度持续提升，工艺覆 0% 盖度及市场占有率显著增长，产品销量同比大幅度增加。23年公司归 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -10% 母净利润38.99亿元，yoy+65.73%，主要原因是在收入增长的同时， -20% -30% 持续推动降本增效工作，多元化供应链保障能力不断增强，量产交 ...

Compa n y U pda te Ch in a Resea rch Dep t . 2024年4月15日 北方华创 (002371.SZ) BUY 买进 朱吉翔 C0044@capital.com.tw 目标价 360元 1Q24净利润增长超预期 结论与建议： 公司基本资讯 产业别 电子 公司2023年营收增长5成，净利润增长66%，反应半导体设备国产替代 A股价(2024/4/14) 290.00 深证成指(2024/4/14) 9228.23 的持续推进。同时1Q24营收中值增长5成，净利润中值增长近9成，业绩 股价12个月高/低 357.48/213.42 增速超预期。 总发行股数(百万) 530.29 A股数(百万) 529.80 展望未来，公司作为国内设备平台企业，在刻蚀、沉积、热处理、清洗 A市值(亿元) 1536.41 设备等半导体设备领域均有大量积累，在承载国产化重任的同时自身市场空 主要股东 北京七星华电 科技集团有限 间也进一步打开。我们预计公司2024-26年净利润58亿元、75亿元和90亿 责任公司 元，YOY增长49%、29%和增长21%，EPS10.96元、14.12元和17 ...