Core Viewpoint - Northern Huachuang has achieved record performance in its 2024 annual report and Q1 2025 report, with significant revenue and profit growth, but faces pressure for continued growth due to high base effects in the semiconductor equipment sector [1][2][6]. Financial Performance - In Q1 2025, Northern Huachuang reported revenue of 8.206 billion yuan, a year-on-year increase of 37.9%, and a net profit of 1.57 billion yuan, up 38.8% year-on-year, marking the best performance for the same period in history [1][6]. - For the full year 2024, the company achieved revenue of 29.838 billion yuan, a 35.14% increase, and a net profit of 5.621 billion yuan, up 44.1% year-on-year [2][6]. - The company plans a cash dividend of 566 million yuan and a stock distribution of 3.5 shares for every 10 shares held [1][2]. Business Segments - Northern Huachuang's semiconductor equipment segment generated over 21 billion yuan in revenue, accounting for 70.4% of total revenue, with significant contributions from etching and thin film deposition equipment [3][6]. - The electronic process equipment segment saw revenue of 27.706 billion yuan, a 41.28% increase, while electronic components revenue decreased by 13.91% to 2.094 billion yuan [2][3]. Market Trends - The global semiconductor market is experiencing an upturn, driven by advancements in AI, high-performance computing, and recovery in automotive and consumer electronics sectors [6][7]. - The demand for semiconductor equipment is expected to rise, particularly in AI and automotive electronics, with projections indicating a significant increase in chip requirements for advanced vehicles [6][7]. Challenges and Outlook - Despite strong growth, Northern Huachuang faces challenges due to high revenue bases and the need for sustained demand in the semiconductor equipment market [1][7]. - The company’s growth in the semiconductor sector is contingent on the performance of downstream demand, particularly in AI and automotive applications, which are expected to be the main drivers of growth in 2025 [6][7].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 542.27 CNY per share [7]. Core Views - The company reported strong performance in Q1 2025, with revenue of 82.06 billion CNY, up 37.9% year-on-year, and a net profit of 15.81 billion CNY, up 38.8% year-on-year [1]. - The global semiconductor equipment market is expected to recover, with a projected sales increase of 10% year-on-year, particularly driven by a 35% increase in sales in China [2]. - The company has achieved comprehensive breakthroughs in semiconductor equipment across four product lines, with significant revenue contributions from various segments [3]. - The acquisition of a stake in ChipSource Micro will enhance the company's product offerings in coating and developing, furthering its platform integration strategy [4]. - Revenue projections for the company are optimistic, with expected revenues of 393.86 billion CNY, 492.33 billion CNY, and 590.79 billion CNY for 2025, 2026, and 2027 respectively [10]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 298.38 billion CNY, a year-on-year increase of 35.14%, and a net profit of 56.21 billion CNY, up 44.17% year-on-year [1]. - For Q1 2025, the company reported a revenue of 82.06 billion CNY and a net profit of 15.81 billion CNY, reflecting strong growth [1]. Industry Perspective - The semiconductor equipment market is experiencing a recovery, with significant growth in China due to capacity expansion and government support [2]. - The ongoing tariff issues between the US and China are accelerating the domestic production process in the semiconductor industry [2]. Product Development - The company has established a comprehensive product lineup in semiconductor equipment, achieving over 80 billion CNY in revenue from etching equipment and over 100 billion CNY from thin film deposition equipment [3]. - The acquisition of ChipSource Micro is expected to fill gaps in the company's product offerings and enhance collaborative efforts in R&D and sales [4]. Future Projections - The company is projected to achieve revenues of 393.86 billion CNY in 2025, with net profits expected to reach 76.23 billion CNY [10]. - The company is positioned to benefit from the clear trend of domestic substitution in the semiconductor industry, with a target price set at 542.27 CNY per share based on a PE ratio of 38 times [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a 2024 full-year revenue of 29.84 billion yuan, representing a year-over-year increase of 35.14%, and a net profit of 5.62 billion yuan, up 44.2% year-over-year [3][4] - In Q1 2025, the company achieved a revenue of 8.21 billion yuan, reflecting a year-over-year growth of 37.9%, and a net profit of 1.58 billion yuan, up 38.8% year-over-year, maintaining a medium to high-speed growth trajectory [3][4] - The company has made significant technological breakthroughs in several new products in the integrated circuit equipment sector, leading to an increase in market share for mature products and a gradual realization of scale effects, resulting in a steady decline in cost and expense ratios [4][5] Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 39.447 billion yuan, 48.83 billion yuan, and 59.007 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 7.803 billion yuan, 9.872 billion yuan, and 12.045 billion yuan [4][7] - The estimated P/E ratios for 2025, 2026, and 2027 are 31, 25, and 20 respectively, indicating a favorable valuation outlook [4][7] - The company's gross margin is expected to be 41.3% in 2025, with a net margin of 19.8% [7][9]

Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth, driven primarily by its semiconductor equipment segment [1][5]. Financial Performance Summary - For the full year 2024, the company achieved revenue of 29.838 billion yuan, a year-on-year increase of 35.14%, and a net profit attributable to shareholders of 5.621 billion yuan, up 44.17% year-on-year [1]. - The gross profit margin for 2024 was 42.85%, reflecting a 2.07 percentage point increase year-on-year, attributed to the higher revenue share from the semiconductor segment [3]. - In Q4 2024, the company reported revenue of 9.485 billion yuan, a year-on-year increase of 26.62%, and a net profit of 1.159 billion yuan, up 14.17% year-on-year [4]. Business Segment Performance - The semiconductor equipment revenue accounted for approximately 70% of total revenue, an increase of about 2 percentage points year-on-year [2]. - In the semiconductor sector, etching equipment revenue exceeded 8 billion yuan, up approximately 33% year-on-year, while thin film equipment revenue surpassed 10 billion yuan, reflecting a 67% year-on-year increase [3]. - Revenue from vacuum and new energy equipment reached nearly 6.7 billion yuan, a year-on-year increase of about 45% [3]. Q1 2025 Performance - For Q1 2025, the company achieved revenue of 8.206 billion yuan, a year-on-year increase of 37.90%, and a net profit of 1.581 billion yuan, up 38.80% year-on-year [4]. - The revenue growth in Q1 2025 was driven by breakthroughs in key technologies for new products, including CCP, ALD, and high-end single wafer cleaning machines [4]. Future Outlook - The company is expected to continue its strong financial performance, with projected revenues of 37.691 billion yuan, 47.914 billion yuan, and 59.892 billion yuan for 2025 to 2027, respectively [5].

Core Viewpoint - The company has announced its profit distribution and capital reserve transfer plan for the year 2024, which includes a cash dividend and a stock bonus plan, aimed at balancing shareholder interests and supporting future growth initiatives [8][10][12]. Group 1: Profit Distribution Plan - The company plans to distribute a cash dividend of 10.60 yuan (including tax) for every 10 shares, totaling approximately 566.23 million yuan, which represents 10.07% of the net profit attributable to shareholders for 2024 [9][12]. - Additionally, the company intends to increase its share capital by 3.5 shares for every 10 shares held, resulting in an increase of approximately 186.96 million shares, raising the total share capital to about 721.14 million shares [9][10]. Group 2: Financial Performance - For the year 2024, the company reported a net profit attributable to shareholders of approximately 5.62 billion yuan, with cumulative distributable profits of about 13.89 billion yuan [8][9]. - The company has maintained a consistent cash dividend payout, with the total cash dividends over the last three years amounting to approximately 1.22 billion yuan, exceeding the minimum requirement set by the Shenzhen Stock Exchange [12][13]. Group 3: Business Overview - The company focuses on the research, production, and sales of semiconductor equipment and electronic components, with a commitment to technological innovation and product upgrades to meet market demands [5][6]. - Key products include semiconductor equipment such as etching and deposition tools, which are widely used in integrated circuits and advanced packaging [5][6]. Group 4: Independent Board Opinions - The independent directors unanimously agreed that the profit distribution plan aligns with legal regulations and the company's strategic development, ensuring the protection of shareholder interests, particularly for minority shareholders [15][17].

北方华创科技集团股份有限公司 审 计 报 告 大信审字[2025]第 1-01102 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 北方华创科技集团股份有限公司全体股东： 一、审计意见 我们审计了北方华创科技集团股份有限公司（以下简称"北方华创集团"）的财务报表，包 括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及 母公司现金流量表、合并及母公司股东权益变动表，以及财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了 北方华创集团 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并及母公司经营 成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对财 务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职业道 德守则，我们独立于北方华创集团，并履行了职业道德方面的其他责任。 大信会计师事务所 北京市海淀区知春路 1 号 学院国 ...

证券代码：002371 证券简称：北方华创 公告编号：2025-036 3．会议召开的合法、合规性：北方华创科技集团股份有限公司（以下简称 "公司"）第八届董事会第二十四次会议于 2025 年 4 月 24 日召开，会议审议通 过了《关于召开 2024 年度股东大会的议案》。本次股东大会的召开符合《公司 法》《上市公司股东会规则》等法律、法规、规范性文件及《公司章程》的有关 规定。 4．会议召开日期和时间： （1）现场会议时间：2025 年 5 月 16 日 14:00。 （2）网络投票时间： 北方华创科技集团股份有限公司 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 16 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00。 关于召开 2024 年度股东大会的通知 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。 一、召开会议的基本情况 1．股东大会届次：2024 年度股东大会 2．股东大会的召集人：公司董事会。 通过深圳证券交易所互联网投票系统投票的时间为：2025 年 5 月 16 日 9: ...

证券代码：002371 证券简称：北方华创 公告编号：2025-026 北方华创科技集团股份有限公司 第八届监事会第十四次会议决议公告 本公司及监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"）第八届监事会第十四 次会议通知于 2025 年 4 月 14 日以电子邮件方式发出。2025 年 4 月 24 日下午如 期在公司会议室以现场和通讯相结合方式召开，应到监事 3 名，实到 3 名。会议 由监事会主席王谨女士主持，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： 表决结果：3 票同意，0 票反对，0 票弃权。 1．审议通过了《2024 年度监事会工作报告》 《2024 年年度报告摘要》详见公司指定信息披露媒体《中国证券报》《证券 时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）。 《2024 年度监事会工作报告》详见巨潮资讯网（www.cninfo.com.cn）。 《2024 年年度报告》详见巨潮资讯网（www.cninfo.com.cn）。 2．审议通过了《2024 ...

经审核，监事会认为：公司建立了较为完善的内部控制体系，现有的内部控制制度 符合国家法律、法规的要求，符合当前公司生产经营实际情况需要，在公司经营管理中 得到了有效执行，起到了较好的内部控制和风险防范作用。董事会编制的《2024 年度内 部控制评价报告》真实、客观地反映了公司内部控制制度的建设及运行情况。监事会对 公司《2024 年度内部控制评价报告》无异议。 北方华创科技集团股份有限公司 监事会关于第八届监事会第十四次会议相关事项的 书面审核意见 根据《公司法》《证券法》等有关法律法规、规范性文件的规定，北方华创 科技集团股份有限公司（以下简称"公司"）监事会在认真审阅相关材料的基础 上，就公司第八届监事会第十四次会议相关事项发表书面审核意见如下： 一、关于公司《2024 年年度报告及摘要》的审核意见 经审核，监事会认为：公司董事会编制和审核公司 2024 年年度报告全文及摘要 的程序符合法律、行政法规和中国证监会的规定，内容真实、准确、完整地反映了公司 的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 二、关于公司《2024 年度内部控制评价报告》的审核意见 三、关于公司《2025 年第一季度报告》 ...

证券代码：002371 证券简称：北方华创 公告编号：2025-025 北方华创科技集团股份有限公司 第八届董事会第二十四次会议决议公告 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"）第八届董事会第二十 四次会议通知于 2025 年 4 月 14 日以电子邮件方式发出。2025 年 4 月 24 日下 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，公司监事、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《2024 年度经营工作报告》 表决结果：11票同意，0票反对，0票弃权。 2. 审议通过了《2024 年度董事会工作报告》 《2024年度董事会工作报告》详见巨潮资讯网（www.cninfo.com.cn）。 独立董事吴汉明、陈胜华、罗毅、刘怡向董事会提交了《2024年度独立董事 述职报告》，并将在公司2024年度股东大会上进行述职。《2024年度独立董事述 职报告》详 ...