Investment Rating - The report maintains a Buy rating on Advanced Micro-Fabrication Equipment (AMEC) with a target price of Rmb220, indicating an expected share price return of 14.9% and a total expected return of 15.1% [2][15]. Core Insights - AMEC's 2024 results showed revenue and gross profit growth of 45% and 36% year-over-year, respectively, aligning with preliminary results. However, net profit decreased by 9% year-over-year to Rmb1.61 billion due to lower investment incomes [1]. - The gross profit margin (GPM) contracted by 2.8 percentage points year-over-year to 41.1% in 2024, attributed to price discounts offered to customers in China [1]. - Operating cash flow (OCF) improved significantly to Rmb1.46 billion cash inflow in 2024, compared to Rmb977 million outflow in 2023 [1]. - Despite the challenges, the report emphasizes that AMEC's solid fundamentals and the import replacement thesis remain intact [1]. Summary by Sections Earnings Summary - In 2024, AMEC's net profit is projected at Rmb1,626 million, with a diluted EPS of Rmb2.626, reflecting an EPS growth decline of 8.8%. For 2025, net profit is expected to rise to Rmb2,391 million, with an EPS of Rmb3.862, indicating a growth of 47.1% [4]. - The report outlines a decreasing P/E ratio from 72.9 in 2024E to 49.6 in 2025E, suggesting improved valuation metrics over time [4]. Market Comparison - The report indicates a preference for NAURA (002371.SZ) over AMEC due to NAURA's potential for mergers and acquisitions to expand its product portfolio and its cheaper price-to-sales (P/S) valuation [2][15]. - AMEC's P/S valuation is based on approximately 11 times the 2025 estimated sales, reflecting the market's recognition of its semi-equipment business [15].

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the market by more than 5% in the next 6 months) [34] Core Insights - RISC-V architecture is driving diverse demand in the chip ecosystem under AI influence, with a projected CAGR of 75% from 2020 to 2024 and an expected annual growth rate of nearly 50% until 2030 [2][9] - International market changes are expected to increase the contract price growth of memory products in Q2 2025, with both DRAM and NAND Flash prices anticipated to rise more than previously expected due to heightened trading momentum [4][5] - The global smartphone market showed a modest growth of only 1% in Q1 2025, with Samsung leading at 20% market share, followed by Apple at 18% [12][13] - QD-OLED displays are projected to account for 73% of OLED display shipments in 2025, up from 68% in 2024, indicating strong competitiveness in high-end display technology [18][19] Summary by Sections RISC-V and AI - RISC-V is recognized for its innovative architecture, offering better performance and smaller chip sizes, making it suitable for AI accelerator designs [2][9] - The market for processors utilizing RISC-V technology is expected to grow significantly, with a 10-year CAGR of approximately 57% from 2020 to 2030 [2][9] Memory Market Outlook - The memory market is experiencing a shift in supply and demand strategies due to international circumstances, leading to increased contract price expectations for DRAM and NAND Flash in Q2 2025 [4][5] - Price forecasts indicate a potential increase in memory prices, with DRAM and NAND Flash expected to rise by 3-8% in Q2 2025 after a decline in Q1 2025 [6] Smartphone Market Analysis - The smartphone market's growth remains sluggish, with a mere 1% increase in Q1 2025, attributed to macroeconomic challenges and consumer confidence issues [12][13] - Major players like Samsung and Apple continue to dominate the market, with Xiaomi, vivo, and OPPO following [12][13] Display Technology Trends - The rise of QD-OLED technology is expected to enhance the quality and performance of displays, catering to high-end users and gamers [18][19] Investment Recommendations - The report suggests focusing on semiconductor manufacturing and equipment due to the clear trend of domestic substitution, with specific companies recommended for investment [29][33]

北方华创科技集团股份有限公司 第八届董事会第二十三次会议决议公告 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 三次会议通知于 2025 年 4 月 8 日以电子邮件方式发出。2025 年 4 月 18 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《关于向全资子公司增资并参与北京电控产业投资有限公司 增资暨关联交易的议案》 同意公司向全资子公司北方华创创新投资（北京）有限公司（以下简称"华 创创投"）现金增资 4 亿元人民币，同时通过华创创投以非公开协议方式向关联 人北京电控产业投资有限公司现金增资 4 亿元人民币。 证券代码：002371 证券简称：北方华创 公告编号：2025-022 表决结果：9票同意，0票反对，0票弃权。 2. 审议通过了《关于聘任公司执行委员会副主席的议案》 同意聘任 ...

北方华创（002371）公告，公司拟以全资子公司北方华创创新投资(北京)有限公司作为出资平台，与北 京电子控股有限责任公司各出资4亿元人民币，以非公开协议方式向北京电控控股子公司北京电控产业 投资有限公司增资。电控产投将主要通过基金和股权投资方式，围绕集成电路、人工智能、物联网等应 用领域，投资布局发展潜力大、技术或产品好的标的企业。此次增资总额为8亿元，其中北方华创出资4 亿元，北京电控出资4亿元。增资完成后，电控产投注册资本将增至18.57亿元，北方华创持股比例为 17.6847%。 ...

关于向全资子公司增资并参与北京电控产业投资有限公司 增资暨关联交易的公告 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。 证券代码：002371 证券简称：北方华创 公告编号：2025-023 北方华创科技集团股份有限公司 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"）于 2025 年 4 月 18 日召开第八届董事会第二十三次会议，审议通过了《关于向全资子公 司增资并参与北京电控产业投资有限公司增资暨关联交易的议案》，关联董事李 前先生、叶枫先生已对该议案回避表决，该议案已经公司独立董事专门会议审议 通过。 本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组，根据《公司章程》规定，亦无需提交公司股东大会审议。现将相关事项公告 如下： 一、对外投资暨关联交易概述 （一）本次交易概述 根据《公司法》《深圳证券交易所股票上市规则》相关规定，由于北京电控 为北方华创的实际控制人，为电控产投及其股东方京东方、电子城的实际控制人 及控股股东，华创创投为北方华创全资子公司，本次交易构成关联交易。 二、投资主体基本情况 为加快推动北方华 ...

Group 1 - The China Strategic Emerging Industries Index (New Emerging Index, 000171) closed up 0.14% at 1115.03 points, with a trading volume of 58.941 billion yuan [1] - Over the past month, the index has decreased by 11.00%, down 3.58% over the last three months, and down 5.99% year-to-date [1] - The index includes 100 representative listed companies from sectors such as energy conservation and environmental protection, new generation information technology, biotechnology, high-end equipment manufacturing, new energy, new materials, new energy vehicles, digital creativity, and high-tech services [1] Group 2 - The top ten weights in the index are: Dongfang Caifu (7.95%), BYD (6.47%), Hengrui Medicine (4.45%), Huichuan Technology (4.15%), Northern Huachuang (4.02%), Haiguang Information (3.41%), Luxshare Precision (3.05%), Mindray Medical (2.75%), Wanhua Chemical (2.47%), and Zhongji Xuchuang (2.37%) [1] - The market segments of the index holdings show that the Shenzhen Stock Exchange accounts for 59.48%, while the Shanghai Stock Exchange accounts for 40.52% [1] Group 3 - The industry composition of the index holdings includes: Information Technology (27.70%), Industrial (19.27%), Healthcare (14.92%), Communication Services (13.72%), Consumer Discretionary (9.66%), Financials (7.95%), Materials (6.13%), Utilities (0.34%), and Consumer Staples (0.31%) [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Public funds tracking the New Emerging Index include: Huaxia Strategic Emerging Index ETF Connect A, Huaxia Strategic Emerging Index ETF Connect C, and Huaxia Strategic Emerging Index ETF [2]

Core Points - The A-share market indices closed mixed, with the China Securities Hong Kong-Shenzhen Connect Midstream Index reported at 2508.85 points [1] - The index has seen a decline of 12.49% over the past month, 4.21% over the past three months, and 5.65% year-to-date [1] Index Composition - The top ten holdings of the China Securities Hong Kong-Shenzhen Connect Midstream Index include: - CATL (4.07%) - SMIC (1.41%) - Luxshare Precision (1.02%) - North Huachuang (1.01%) - Haiguang Information (0.98%) - Cambrian (0.96%) - BOE A (0.96%) - Huichuan Technology (0.92%) - China State Construction (0.78%) [1] - The market share of the index's holdings is as follows: - Shenzhen Stock Exchange: 46.89% - Shanghai Stock Exchange: 45.64% - Hong Kong Stock Exchange: 7.47% [1] Industry Breakdown - The industry composition of the index holdings is as follows: - Industrial: 46.42% - Information Technology: 33.62% - Materials: 9.96% - Consumer Discretionary: 5.14% - Communication Services: 4.86% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Core Insights - The Chinese semiconductor industry is experiencing significant growth, with 134 companies reporting their 2024 annual results, indicating a strong upward trend in revenue and profitability [2][3][4] Group 1: Revenue Growth - Among the 134 semiconductor companies, 9 reported revenues exceeding 10 billion yuan, with notable companies like SMIC achieving 57.796 billion yuan, a 27.72% increase year-on-year [2] - Longji Technology is projected to have a revenue of 35.96 billion yuan in 2024, reflecting a 21.2% year-on-year growth [2] - Northern Huachuang expects revenues of 29.838 billion yuan, with a year-on-year growth of 35.14% [3] Group 2: Profitability Improvement - Out of the 134 companies, 92 achieved profitability, representing nearly 70% of the total, while 77 companies reported year-on-year growth in net profit attributable to shareholders [3] - Weir shares are expected to see a net profit of 3.323 billion yuan, marking a staggering 498.11% increase year-on-year [3] - Northern Huachuang's net profit is projected to be 5.621 billion yuan, a 44.17% increase compared to the previous year [3] Group 3: R&D Investment - A total of 68 companies disclosed R&D expenditures amounting to 37.56 billion yuan, with 58 companies reporting year-on-year growth in R&D spending [4] - SMIC, Haiguang Information, and Weir shares lead in R&D spending, with amounts of 5.447 billion yuan, 3.446 billion yuan, and 3.245 billion yuan respectively [4] - Companies like Zhongke Feimeng and Micro Company reported significant year-on-year increases in R&D expenses, with growth rates of 118.17% and 73.59% respectively [4] Group 4: Market Trends and Future Outlook - The rapid development of the Chinese semiconductor industry is attributed to the accumulation of manufacturing capabilities and the swift growth of electronic product manufacturing [6] - AI is driving the growth of cloud computing, smart vehicles, and smart hardware, significantly boosting semiconductor companies' performance [7] - IDC forecasts a 15% year-on-year growth in the semiconductor market by 2025, with the storage market expected to grow by over 24% [7]

金融界4月17日消息，A股三大指数收盘涨跌不一，中证A100动态指数 (A100动态，H30271)报2390.71 点。 从中证A100动态指数持仓的市场板块来看，上海证券交易所占比51.04%、深圳证券交易所占比 48.96%。 从中证A100动态指数持仓样本的行业来看，信息技术占比30.36%、工业占比26.86%、金融占比 16.19%、原材料占比8.60%、可选消费占比7.86%、通信服务占比4.68%、房地产占比3.11%、医药卫生 占比2.35%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。每次调整的样本比例一般不超过10%。特殊情况下将对指数进行临时调整。当样本退市时，将 其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 数据统计显示，中证A100动态指数近一个月下跌10.09%，近三个月下跌2.32%，年至今下跌5.72%。 据了解，中证A100、中证200动态和稳定指数分别以各自基准指数为样本空间，根据波动率因子和质量 因子计算敏感性评分，选取对宏观环境和经济周期变动具有较高风险敞口的证券构成 ...

相应的，4Q24 公司实现营收94.9 亿元，YOY+27%，QOQ+18%；实现净利11.6 亿元，YOY+14%。同 时，公司预计1Q25 实现营收73.8~89.8 亿元，YOY+23%~51%，实现净利润14.2 亿元~17.4 亿元， YOY+25%~53%，扣非后净利润14 亿元~17.2 亿元，YOY+29%~59%,1Q25 业绩继续保持高速增长态 势。我们认为1Q25 公司业绩大幅增长一方面是得益于成熟产品市占率的稳步提升，另一方面也反应电 容耦合等离子体刻蚀设备（CCP）、原子层沉积设备（ALD）等多款新产品实现关键技术突破，从而带 动公司产值规模快速提升。 结论与建议： 得益于精研客户需求，公司产品矩阵进一步丰富，公司1Q25 营收同比增长23%~53%，净利润同比增长 29%~59%，继续保持高增态势。展望未来，中美科技争端、贸易争端已进入白热化阶段，美国对于中 国半导体先进制程的限制不断提升，因此半导体设备、制造领域国产替代的进程将进一步加速。 公司作为国内半导体设备平台型公司，承载中国半导体产业崛起的希望，业绩亦有望保持快速增长态 势。目前股价对应2025、2026 年PE33 倍 ...