证券代码：002371 证券简称：北方华创 公告编号：2026-009 北方华创科技集团股份有限公司 本议案已经公司董事会薪酬与考核委员会审议通过。 表决结果：11票同意，0票反对，0票弃权。 2．审议通过了《关于 2022 年股票期权激励计划预留授予部分第二个行权 期行权条件成就的议案》 第八届董事会第三十一次会议决议公告 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。 北方华创科技集团股份有限公司（以下简称"公司"）第八届董事会第三十 一次会议通知于 2026 年 3 月 13 日以电子邮件方式发出。2026 年 3 月 23 日上午 会议如期在公司会议室以现场和通讯相结合方式召开，应到董事 11 名，实到 11 名，会议由董事长赵晋荣先生主持，公司高级管理人员列席了会议。会议的召集、 召开符合《公司法》和《公司章程》的规定。 本次会议决议如下： 1．审议通过了《关于注销 2022 年股权激励计划预留授予部分股票期权的 议案》 根据《北方华创科技集团股份有限公司 2022 年股票期权激励计划》（简称 "2022 年股权激励计划"）的规定，预留授予的部分激 ...

鉴于公司 2022 年股权激励计划预留授予中有 4 名激励对象离职，4 名激励 对象绩效考核结果不达标，已不符合激励条件。上述激励对象持有的已获授但尚 未获准行权的 62,270 份股票期权无偿收回并统一注销。 北方华创科技集团股份有限公司 董事会薪酬与考核委员会关于 公司2022年股票期权激励计划预留授予部分相关事项的 核查意见 北方华创科技集团股份有限公司（以下简称"公司"）第八届董事会薪酬与 考核委员会 2026 年第一次会议于 2026 年 3 月 20 日召开，审议通过了《关于注 销 2022 年股权激励计划预留授予部分股票期权的议案》《关于 2022 年股票期权 激励计划预留授予部分第二个行权期行权条件成就的议案》。依据《公司 2022 年股票期权激励计划（草案）》（以下简称《激励计划》）及《公司 2022 年股 票期权激励计划实施考核管理办法》的有关规定，对注销 2022 年股权激励计划 预留授予部分期权、第二个行权期行权条件成就相关事项进行了核查，发表核查 意见如下： 一、关于注销 2022 年股权激励计划预留授予部分期权的核查意见 董事会薪酬与考核委员会对本次股票期权注销数量及涉及的激励对象 ...

| | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 22,079 | 29,838 | 39,014 | 50,830 | 62,539 | | 同比增长 (%) | 50.3% | 35.1% | 30.8% | 30.3% | 23.0% | | 营业利润(百万元) | 4,448 | 6,527 | 8,150 | 12,243 | 15,801 | | 同比增长 (%) | 55.1% | 46.7% | 24.9% | 50.2% | 29.1% | | 归属母公司净利润(百万元) | 3,899 | 5,621 | 7,042 | 10,258 | 13,050 | | 同比增长 (%) | 65.7% | 44.2% | 25.3% | 45.7% | 27.2% | | 每股收益（元） | 5.38 | 7.76 | 9.72 | 14.15 | 18.00 | | 毛利率(%) | 40.8% | 42.9% | 42.1% | 43.0% | 43.9 ...

刻蚀及薄膜沉积设备持续突破，受益存储 技术演进 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年归母净利润分别为 70.4、102.6、130.5 亿元（原 25-26 年预 测为 74.9、96.4亿元，主要调整了营业收入和毛利率），根据可比公司 26年平均 51 倍 PE 估值，给予 721.65 元目标价，维持买入评级。 风险提示 国际和国内竞争加剧，技术迭代风险，下游需求不及预期风险，宏观经济波动风险，政 策变化风险，假设条件变化影响测算结果。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 22,079 | 29,838 | 39,014 | 50,830 | 62,539 | | 同比增长 (%) | 50.3% | 35.1% | 30.8% | 30.3% | 23.0% | | 营业利润(百万元) | 4,448 | 6,527 | 8,150 | 12,243 | 15,801 | | 同比增长 (%) | 55.1 ...

当全球半导体产业进入"后摩尔时代"的关键博弈期，集成电路作为科技竞争的核心壁垒、高质量发 展的战略支撑，其发展格局直接决定国家科技话语权。2026年，"十五五"规划纲要明确提出"超常 规"布局集成电路产业，推动关键核心技术自主可控，这一战略部署为中国半导体产业指明了前进 方向。 与此同时，全球半导体市场迎来强劲复苏，WSTS数据显示，2026年全球市场规模预计攀升至 9800亿美元，同比增幅达27%；粤港澳大湾区凭借完善的产业链配套、雄厚的创新实力，已成为 中国半导体产业的"增长引擎"，集聚超1.2万家产业链企业，深圳、广州、珠海等地形成错位发 展、协同发力的产业集群，成为全球半导体产业的重要增长极。 在此背景下， 湾区半导体产业生态博览会 （湾芯展）以 "全局思维" 布局，以 "引领姿态" 破 局，全力冲刺"具有全球引领力的中国集成电路第一展"目标，为中国半导体产业高质量发展注入强 劲动能。 在全球半导体产业"本土化布局、国际化协同"的趋势下，湾芯展精准把握产业脉搏，搭建起全球半 导体资源高效对接的桥梁，实现"引进来"与"走出去"的双向赋能。 2025年展会期间，全球半导体TOP30企业悉数亮相，参展企业覆 ...

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, with a focus on AI and mechanical equipment investment opportunities [1]. Core Insights - The report emphasizes the potential of AI-driven mechanical equipment, particularly in the robotics sector, where companies like Yushu Technology are showing significant growth in revenue and profitability [1]. - The GTC conference highlighted the increasing demand for AI computing power, which is expected to drive growth in PCB and liquid cooling segments [2]. - The solar equipment sector is poised to benefit from Tesla's procurement of photovoltaic equipment and Blue Origin's satellite launch plans, indicating strong demand for leading equipment manufacturers [3]. Summary by Sections Recommended Companies - The report suggests a focus on companies such as Northern Huachuang, Sany Heavy Industry, and Zhongwei Company, among others, across various segments including robotics, AI devices, and solar equipment [1][2][3]. Industry Trends - The robotics industry is experiencing a significant rebound, with Yushu Technology's IPO materials indicating a revenue increase of 335.36% and a net profit increase of 674.29% for 2025 [1]. - The AI device sector is seeing advancements in architecture and cooling solutions, with Nvidia's LPU architecture expected to enhance performance and drive PCB demand [2]. - The solar equipment market is benefiting from increased demand driven by major companies like Tesla and innovative projects like Blue Origin's satellite constellation [3]. Market Dynamics - The oil service equipment sector is facing short-term adjustments due to geopolitical tensions, but long-term demand is expected to rise as oil prices remain high and reconstruction efforts in conflict areas increase [7]. - The mechanical equipment industry is projected to see significant growth opportunities due to China's increasing foreign investments and the global demand for advanced machinery [37].

Group 1 - The mechanical equipment sector is expected to outperform the market, driven by a combination of cyclical recovery and growth potential, with engineering machinery and rail transit equipment showing significant profit recovery and low valuations [3][10] - The commercial aerospace sector is anticipated to reach a critical turning point in 2026, with advancements in reusable rocket technology and an increase in launch frequency, leading to a projected 197% year-on-year growth in payload quality [3][4] - The humanoid robotics industry is transitioning towards large-scale production, with significant cost reductions and improved capabilities expected, particularly with the launch of the Optimus V3 model [3][4] Group 2 - The semiconductor equipment sector is poised for growth due to increased demand from storage expansion and advanced packaging upgrades, with key players expected to benefit from ongoing capital expenditure recovery [3][4] - The PCB equipment market is experiencing a shift towards high-end products, driven by the penetration of AI servers and HPC architectures, leading to increased demand for new capacity and upgrades of existing production lines [3][4] - The controllable nuclear fusion sector is advancing with the construction of experimental devices and the bidding for key equipment, with high-temperature superconducting materials expected to become a core beneficiary of technological evolution [3][4] Group 3 - The mechanical equipment sector has shown a significant recovery in profitability, with 17 out of 19 sub-industries reporting improved net profit margins, indicating a broad-based recovery [12][33] - The sector's valuation has rebounded to a historically high level, with the current PE ratio at 35.42, reflecting a strong market preference for growth-oriented manufacturing assets [13][26] - The demand side remains weak but is stabilizing, with high-tech manufacturing and equipment manufacturing showing better performance compared to traditional sectors, indicating a gradual recovery in the overall manufacturing landscape [34][38]

存储产业链是半导体产业的核心支柱赛道，贯穿上游核心设备与关键材料、中游芯片设计与晶圆制造、 下游先进封测与存储模组应用全环节，更是支撑AI服务器、车载电子、工业控制、物联网、云计算等 下游高景气领域的底层硬件基石，没有完整的存储产业链配套，就无法实现核心算力硬件的自主可控。 近年来，在国产替代全面提速、全球AI算力爆发式增长、车载与工业存储高端化升级三重核心红利驱 动下，国内存储产业链上下游龙头企业订单量全线攀升，多家头部企业在手订单规模突破百亿，订单排 期横跨数年，行业整体高景气度与业绩增长确定性持续凸显，产业链自主化进程全面提速。 下文结合企业官方公开信息，深度拆解国内存储产业链TOP10的核心龙头企业，覆盖设计、制造设备、 封测、模组全环节，全方位梳理各家企业核心实力、产品布局、市场壁垒与长期增长逻辑。 第十名：聚辰股份（Giantec） 企业官方定位 聚辰股份2009年成立于上海张江，2019年登陆科创板，是一家专注于集成电路设计的高新技术企业，定 位全球化的非易失性存储芯片及混合信号芯片供应商，深耕存储芯片、音圈马达驱动芯片等领域多年， 建立了覆盖全球的客户体系与销售网络，核心产品广泛应用于智能手机 ...

Group 1 - The rise of domestic computing power chips is reshaping the advanced manufacturing landscape, with China's AI chip market expected to explode, and the share of local 7nm/6nm process platforms predicted to expand to nearly 20% by 2026 [3][16] - The semiconductor equipment market in mainland China is projected to continue leading globally, with investment accounting for about 30% of the total, benefiting local equipment manufacturers from high capital expenditures [3][44] - The storage sector is entering a super cycle, with domestic manufacturers emerging as key players, particularly in the server segment, which is expected to become the largest downstream application for storage by 2026 [3][54] Group 2 - The Chinese AI chip market is entering a period of explosive growth, with shipments expected to reach 1.906 million units in the first half of 2025, a year-on-year increase of 109.9%, and local market share rising from under 15% in 2022 to nearly 35% by 2025 [8][8] - Huawei's Ascend series is set to make a strong comeback, with new models expected to double computing power annually, showcasing significant advancements in architecture and interconnect bandwidth [10][10] - The global wafer foundry market is expected to see a shift in the share of 6/7nm and 5/4nm nodes, with mainland China's share projected to increase significantly by 2026 [14][16] Group 3 - The demand for storage driven by AI is expected to span all sectors, with servers projected to surpass smartphones as the primary application for DRAM and NAND flash by 2026 [50][50] - Limited new supply in the storage market is likely to keep prices elevated, with global DRAM capacity expected to rise slightly while NAND flash capacity is projected to decline [53][53] - Domestic storage manufacturers like Changxin Technology are poised to enter the top tier, with significant advancements in DRAM technology and upcoming IPOs marking milestones in self-sufficiency [58][60] Group 4 - Key investment targets include domestic computing power chips such as Moer Thread, Muxi Co., and others, as well as advanced manufacturing and packaging companies like SMIC and Hua Hong Semiconductor [3][72] - The report highlights the importance of semiconductor equipment manufacturers like Northern Huachuang and Zhongwei Company, which are expected to benefit from the ongoing capital expenditure boom [3][72] - The valuation table indicates significant growth potential for various semiconductor companies, with projected net profits and market capitalizations reflecting the industry's robust outlook [73][73]

Summary of Key Findings from China Semiconductors Tour 1H26 Industry Overview - The semiconductor industry in China is experiencing strong demand, particularly in sectors other than mobile, with companies gaining market share through technological advancements and localization efforts [1][2]. Core Insights Semiconductor Equipment (Semicap) - Front-end capacity expansion remains robust, with DRAM orders expected for a Shanghai fab soon and additional fabs planned for Beijing and Hefei by 2027-28 [2]. - Advanced logic orders are anticipated to bring significant upside, although visibility for mature logic remains less clear [2]. - The localization rate for semiconductor equipment is projected to rise from approximately 30% to 45% this year, with domestic suppliers gaining traction [12][26]. AI Chips - Demand for AI chips continues to be strong, but capacity constraints are a significant bottleneck [3]. - CSPs are shifting towards local vendors due to restrictions on Nvidia chips, increasing demand for local chips in inferencing [3]. Power Discrete - Foundry and IDM capacity in China is tightening, leading to expected price increases for power discrete components [4]. - Demand in the automotive sector is projected to grow over 20%, while consumer demand is expected to be weaker [4]. Analog Semiconductors - New product releases are driving market share gains, with pricing stabilizing and potential recovery expected this year [5]. - The automotive segment is anticipated to grow faster than others, with increasing content per vehicle [5]. Financial Guidance and Market Performance - Companies such as NAURA, AMEC, Piotech, SMIC, Hua Hong, Cambricon, Hygon, and Horizon Robotics are rated as outperformers, while Silergy is marked as market-perform and Black Sesame as underperform [8]. - AMEC aims for RMB 100 billion in revenue over the next five years, targeting a 30% CAGR [23]. - The overall gross margin for semicap is expected to decline to around 39% in 2026, driven by competition and margin compression in mature-node and memory segments [18]. Investment Implications - The semiconductor equipment market in China is projected to reach RMB 500-600 billion by 2030, with a conservative estimate of capturing 20% market share [23]. - The localization of semiconductor equipment is seen as irreversible, with significant opportunities for domestic suppliers [12][13]. Additional Observations - The competitive landscape is characterized by regional government support and competition, which is driving growth in the semiconductor sector [26]. - Companies are focusing on R&D and product development to enhance competitiveness, particularly in advanced technology areas such as GAA and 3D NAND processes [30][41]. Conclusion - The semiconductor industry in China is poised for growth, driven by strong demand across various segments, localization efforts, and technological advancements. Companies are strategically positioning themselves to capitalize on these trends, with a focus on expanding market share and improving financial performance.