证券代码：002371 证券简称：北方华创 公告编号：2024-078 北方华创科技集团股份有限公司 关于控股股东国有股权无偿划转终止的公告 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。 重要内容提示： 1．北京电子控股有限责任公司（以下简称"北京电控"）与北京七星华电 科技集团有限责任公司（以下简称"七星集团"）签订了《北京七星华电科技集 团有限责任公司与北京电子控股有限责任公司关于北方华创科技集团股份有限 公司全部股权的无偿划转协议之终止协议》（以下简称"终止协议"），七星集 团终止将其持有的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"）的全部股权（178,175,721 股）无偿划转至北京电控。 2．公司控股股东、实际控制人未发生变化。 2024 年 11 月 5 日，公司收到实际控制人北京电控出具的《关于终止无偿划 转北方华创科技集团股份有限公司股权事项的通知》及《终止协议》。北京电控 与七星集团于 2024 年 11 月 5 日签署了《终止协议》，双方一致同意，终止本次 股权无偿划转。现将有关情况公告如下: 一、 本次无偿划转概 ...

证券代码：002371 证券简称：北方华创 公告编号：2024-077 北方华创科技集团股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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 年第二次临时股东大会。 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：2024 年 11 月 21 日 9:15- 15:00 期间的任意时间。 5．会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式召 开。 公司将通过深圳证券交易所交易系统和互联网投票系统（wltp.cninfo.com.cn） 向全体股东提供网络形式的投票平台，股东可以在网络投票时间内通过上述系统 行使表决权。 同一表决权只能选择现场投票、网络投票表决方式中的一种方式。如同一表 决权出现重复投票表决的，以第一次投票表决结果为准。 6．会议的股权登记日：2024 年 11 月 13 日 7．出席对象： （1）截至股权登记日下午收市时在中国结算深圳分公司登记在册的公司全 体普通股股东均有权出席股东大会 ...

证券代码：002371 证券简称：北方华创 公告编号：2024-076 北方华创科技集团股份有限公司 关于 2024 年股票期权激励计划授予登记完成公告 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。 重要内容提示： 1.股票期权授予登记完成日：2024 年 11 月 4 日 2.股票期权登记数量：9,137,300 份 3.期权简称：北方 JLC5 4.期权代码：037470 根据中国证监会《上市公司股权激励管理办法》、深圳证券交易所、中国证 券登记结算有限责任公司深圳分公司有关规定，北方华创科技集团股份有限公司 （简称"公司"或"本公司"）完成了 2024 年股票期权激励计划（简称"2024 年股票期权激励计划"）股票期权授予登记工作。期权简称：北方 JLC5，期权 代码：037470，现将有关事项公告如下： 一、2024 年股票期权激励计划的决策程序和批准情况 1．2024 年 8 月 30 日，公司第八届董事会第十五次会议、第八届监事会第 十次会议审议通过了《关于<北方华创科技集团股份有限公司 2024 年股票期权 激励计划（草案）>及其摘要的议案》 ...

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 [1][14]. Core Views - The company is experiencing rapid growth in performance, with significant improvements in profitability driven by increasing customer demand and continuous expansion of its business boundaries [1][2]. - The global semiconductor equipment market is anticipated to witness strong growth, with Chinese wafer fabs expected to maintain high expenditures on 300mm equipment in the coming years [3][4]. - The company is positioned as a leading domestic platform for semiconductor equipment, benefiting from the domestic substitution trend in the semiconductor industry [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 20.353 billion yuan, representing a year-on-year increase of 39.51%, and a net profit attributable to shareholders of 4.463 billion yuan, up 54.72% year-on-year [1]. - The company's gross margin for the first three quarters of 2024 was 44.22%, an increase of 4.39% year-on-year, while the net profit margin was 21.91%, up 1.52% year-on-year [1][2]. - The company forecasts 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 [3][4]. Market Position and Growth Potential - The company has successfully developed several high-end equipment with independent intellectual property rights, which are now being produced in stable quantities at multiple client sites [2]. - The company is expanding its production capacity through the completion of its semiconductor equipment industrialization base phase four, enhancing its manufacturing capabilities [2]. - The semiconductor equipment industry is expected to grow significantly, with global sales projected to reach 109 billion USD in 2024, reflecting a 3.4% year-on-year increase [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company has demonstrated significant advantages as a leading player in the industry, with a strong order backlog ensuring robust growth momentum [4][6]. - The company reported a revenue of 8.018 billion yuan for Q3 2024, a year-on-year increase of 30.12%, and a net profit attributable to shareholders of 1.682 billion yuan, up 55.02% year-on-year [4]. - The company has a solid pipeline of innovative products and is accelerating its platform-based development strategy [4][6]. Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 20.353 billion yuan, representing a year-on-year increase of 39.51%, and a net profit of 4.463 billion yuan, up 54.72% year-on-year [4]. - The gross profit margin for Q3 2024 was 42.26%, an increase of 5.89 percentage points year-on-year, while the gross profit margin for the first three quarters was 44.22%, up 4.39 percentage points year-on-year [4]. - The company has significant contract liabilities and inventory, amounting to 7.8 billion yuan and 23.2 billion yuan respectively, which supports future revenue growth [4]. Product Development and Market Position - The company has successfully developed several high-end products with independent intellectual property rights, including HDPCVD and ALD equipment, which have been stably mass-produced at multiple client sites [4][6]. - The company is well-positioned in the semiconductor equipment market, benefiting from the trend of domestic substitution, with expectations for long-term revenue and profit growth [6]. Stock Option Incentive Plan - In August 2024, the company announced a stock option incentive plan, granting approximately 9.19 million stock options, which represents 1.73% of the total share capital [5]. - The incentive plan targets 2,015 individuals, primarily core technical personnel and management, with performance metrics including revenue growth and R&D investment [5].

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - The company reported a significant year-on-year revenue growth of 39.5% for the first three quarters of 2024, reaching 20.35 billion yuan, with a net profit increase of 54.7% to 4.46 billion yuan [3] - In Q3 2024, the company achieved a revenue of 8.02 billion yuan, reflecting a 30.1% year-on-year growth and a 23.8% quarter-on-quarter increase, with a net profit of 1.68 billion yuan, up 55.0% year-on-year [3] - The company's gross margin for Q3 2024 was 42.3%, an increase of 5.9 percentage points year-on-year, while the net profit margin was 20.9%, up 2.8 percentage points year-on-year [3] - The company has a strong focus on R&D, with Q3 2024 R&D expenses amounting to 845 million yuan, a 57.4% increase year-on-year [3] - The company is expanding its product matrix and has successfully developed several high-end equipment with independent intellectual property rights [3] Financial Projections - Revenue projections for 2024-2026 are 30 billion yuan, 39.4 billion yuan, and 49.8 billion yuan, with year-on-year growth rates of 36%, 31%, and 26% respectively [3] - Net profit projections for the same period are 5.8 billion yuan, 7.8 billion yuan, and 9.9 billion yuan, with growth rates of 50%, 34%, and 27% respectively [3] - The current price-to-earnings (P/E) ratios are projected to be 36x, 27x, and 21x for 2024, 2025, and 2026 respectively [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 457.7 CNY [1]. Core Views - The company achieved record high performance in Q3 2024, with significant profit acceleration for the industry leader. Revenue for the first three quarters of 2024 reached 20.353 billion CNY, a year-on-year increase of 39.51%. The gross margin was 44.22%, up 4.39 percentage points year-on-year, and the net profit attributable to shareholders was 4.463 billion CNY, reflecting a year-on-year growth of 54.72% [1]. - The demand recovery and terminal innovation are expected to drive wafer factory expansions, benefiting platform-type equipment companies like the report's subject. The company’s etching equipment and deposition products have become preferred choices among domestic chip manufacturers [1]. - Changes in international trade dynamics are accelerating the domestic substitution of equipment, with the market share of leading manufacturers expected to rise significantly. The company is positioned to benefit from the rapid growth of the market and the substantial increase in its market share [1]. Financial Summary - For 2024, the company is projected to achieve total revenue of 30.573 billion CNY, a year-on-year growth of 38.5%, and a net profit of 5.866 billion CNY, reflecting a growth of 50.4% [2]. - The earnings per share (EPS) are expected to be 11.00 CNY in 2024, with a price-to-earnings (P/E) ratio of 36 [2]. - The company’s total assets are projected to reach 62.81 billion CNY by 2024, with a debt-to-equity ratio of 51.9% [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance slightly exceeded the forecast median, with semiconductor equipment remaining the main growth driver. For the first three quarters of 2024, the company achieved revenue of 20.353 billion yuan, a year-on-year increase of 39.51%, with electronic process equipment (semiconductor equipment + vacuum & lithium battery equipment) revenue approximately 19 billion yuan, up 47% year-on-year, accounting for 93% of total revenue [2] - The company's profitability continues to improve year-on-year, with platform advantages gradually becoming apparent. The gross margin for the first three quarters of 2024 was 44.22%, up 4.39 percentage points year-on-year. The net profit margin was 21.91%, up 1.52 percentage points year-on-year [3] - The company is positioned as a domestic semiconductor equipment platform company, which will benefit from the domestic substitution trend in the long term. The company has made significant advancements in various equipment types, including etching equipment, thin film deposition equipment, vertical furnaces, and cleaning machines, which have become preferred choices for domestic mainstream chip manufacturers [4] Financial Forecasts and Valuation - Considering the company's order situation, the forecasted net profits for 2024-2026 are 5.9 billion yuan (originally 5.6 billion), 7.8 billion yuan (originally 7.3 billion), and 10 billion yuan (originally 9.2 billion), respectively. The current market value corresponds to dynamic P/E ratios of 35, 27, and 21 times [5]

北方华创（002371.SZ） 半导体 证券研究报告/公司点评报告 2024 年 10 月 30 日 北方华创：Q3 业绩创历史新高，半导体设备放量 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------|----------|--------|------------------------------------------|--------|--------| | 评级： 买入（维持） | 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 14,688 | 22,079 | 30,095 | 39,640 | 49,436 | | 分析师：王芳 | 增长率 yoy% | 52% | 50% | 36% | 32% | 25% | | 执业证书编号： S0740521120002 | 归母净利润（百万元） | 2,353 | 3,899 | 5,895 | ...

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年10月30日 电子 北方华创(002371.SZ) 国内半导体设备领先企业，长期受益于国产替代 推荐 ( 维持) 事项： 股价:388.7元 | --- | --- | |------------------------|--------------------------------| | 行业 | 电子 | | 公司网址 | www.naura.com | | 大股东 / 持股 | 北京七星华电科技集团有限责任公 | | | 司 /33.43% | | 实际控制人 | 北京电子控股有限责任公司 | | 总股本 ( 百万股 ) | 533 | | 流通 A 股 ( 百万股 ) | 533 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 2,071 | | 流通 A 股市值 ( 亿元 ) | 2,070 | | 每股净资产 ( 元 ) | 54.46 | | 资产负债率 (%) | 52.9 | | 行情走势图 | | | | | 证券分析师 徐勇 付强 | --- | |---------------- ...