北方华创 20240718_原文 2024 年 07 月 18 日 23:01 发言人 00:01 特别声明,本会议为光大证券专业机构投资者设计,任何情形下,会议内容不构成对任何人的投资建议。 参会者应当充分了解各类投资风险,根据自身情况自主做出投资决策,并自行承担投资风险。嘉宾发言内 容仅代表嘉宾的个人观点和立场。研究人员发言内容来自于以外发报告或对研报的跟踪解读,观点仅代表 报告发布当日的判断。本会议内容的知识产权仅归光大证券所有。未经书面许可,任何机构和个人不得以 任何形式、任何目的进行转发、翻版、复制、发布或引用会议全部或部分内容,亦不得擅自录音、制作会 议纪要、对外传播。 发言人 00:54 好的,谢谢。今天是我们科技龙头系列的第七期,然后北方华创我也来汇报一下整个北方华创的一个情况 北方华创是今年以来我们在整个半导体板块里面首推的标的我们的这个标题就是平台优势凸显,然后充分 受益先进制成的一个扩展。其实从去年的一个新签订单上来讲,其实华创的一个平台优势还是体现的比较 明显的。去年其实是整个半导体设备里面,一这个可能说是一个小年,就是整体的一个全球整体以及国内 整体都是一个下滑的状态。但是北方华创的 ...

丨证券研究报告丨 联合研究丨公司点评丨北方华创(002371.SZ) [Table_Title] 北方华创:业绩持续高增,盈利能力增强 报告要点 [Table_Summary] 近期北方华创发布了 2024 年半年度业绩预告。公司预计 2024H1 实现营业收入 114.10 亿元- 131.40 亿元,同比增长 35.40%-55.93%;归母净利润 25.70 亿元-29.60 亿元,同比增长 42.84%- 64.51%;扣非净利润 24.40 亿元-28.10 亿元,同比增长 51.64%-74.63%。 分析师及联系人 [Table_Author] SFC:BUW100 SFC:BRP550 杨洋 赵智勇 倪蕤 王泽罡 SAC:S0490517070012 SAC:S0490517110001 SAC:S0490520030003 SAC:S0490521120001 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 北方华创(002371.SZ) [Table_Title2] 北方华创:业绩持续高增,盈利能力增强联合研究丨公司点评 [Table_Ran ...

证券代码：002371 证券简称：北方华创 公告编号：2024-048 北方华创科技集团股份有限公司 采用自主行权模式的提示性公告 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。 特别提示： 1．公司 2022 年股权激励计划首次授予部分期权代码：037278；期权简称： 北方 JLC3。 2．公司 2022 年股权激励计划首次授予部分第一个行权期符合行权条件的激 励对象人数为 804 人，可行权的股票期权数量为 2,515,875 份，占目前公司总股 本 531,019,664 股的 0.47%，行权价格为 159.00 元/份。 3．本次行权采用自主行权模式。 4．公司 2022 年股权激励计划首次授予部分共分为四个行权期，第一个行权 期可行权期限为 2024 年 7 月 5 日起至 2025 年 7 月 4 日止，根据业务办理的实 际情况，实际可行权期限为 2024 年 7 月 17 日起至 2025 年 7 月 4 日止。 5．第一个行权期可行权的股票期权若全部行权，公司股份仍具备上市条件。 北方华创科技集团股份有限公司（简称"公司"）于 2024 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is expected to achieve revenue between 11.41 billion and 13.14 billion yuan for the first half of 2024, representing a year-on-year growth of 35.40% to 55.93%. The forecasted net profit attributable to shareholders is between 2.57 billion and 2.96 billion yuan, indicating a growth of 42.84% to 64.51% [4][5] - The company has focused on its core business, leading to an increase in market share and effective cost control, which has contributed to the growth in revenue and net profit [5] - The company has made significant advancements in etching technology, achieving full coverage of 12-inch silicon, metal, and dielectric etching machines, which has strengthened its competitive advantage [6] - The thin film deposition equipment segment has also seen successful applications across multiple fields, with the company being a pioneer in PVD technology in China [7] Summary by Sections Financial Performance - For the first half of 2024, the company anticipates revenue growth of 35.40% to 55.93% and net profit growth of 42.84% to 64.51% [4][5] - The company’s revenue is projected to reach 29.95 billion yuan in 2024, with a growth rate of 35.7% [10] Product Development - The company has launched over 40 PVD devices and achieved stable mass production in various semiconductor manufacturing processes, contributing to significant revenue from thin film deposition equipment [7] - The etching equipment segment generated nearly 6 billion yuan in revenue in 2023, highlighting its growing importance within the company's overall business [6] Earnings Forecast - The company is expected to generate revenues of 29.95 billion, 39.21 billion, and 49.14 billion yuan in 2024, 2025, and 2026 respectively, with corresponding EPS of 10.70, 14.51, and 18.52 yuan [8][10] - The current stock price corresponds to a PE ratio of 30.7 for 2024, 22.6 for 2025, and 17.7 for 2026, indicating a favorable valuation given the company's leading position in the semiconductor equipment sector [8]

Investment Rating - The report maintains a "Buy-A" rating for the company, reflecting strong growth potential and confidence in its platform-based semiconductor equipment business [7] Core Views - The company is positioned as a platform-based semiconductor equipment enterprise, benefiting from the increasing demand for advanced process and advanced packaging equipment driven by AI development and domestic expansion of companies like ChangXin Memory and Yangtze Memory [7] - The company is expected to achieve significant revenue growth, with projected revenues of 30,282/40,214/50,167 million yuan for 2024-2026, representing year-over-year growth rates of 37.2%/32.8%/24.8% [7] - The company's net profit is forecasted to grow at a compound annual growth rate (CAGR) of 53.1%/28.8%/26.2% for 2024-2026, reaching 5,970/7,692/9,710 million yuan [7] Company Overview - The company operates in the semiconductor equipment, vacuum and lithium battery equipment, and precision electronic components sectors, with a strong focus on innovation and R&D [1][18] - It has six R&D and production bases, offering a wide range of semiconductor equipment including etching machines, PVD, ALD, CVD, oxidation/diffusion furnaces, cleaning machines, and gas mass flow meters [1] - The company's products are widely used in integrated circuits, advanced packaging, semiconductor lighting, MEMS, power semiconductors, compound semiconductors, new energy photovoltaics, and flat panel displays [1] Industry Drivers - The AI cycle is expected to drive semiconductor demand, with global semiconductor capacity projected to increase by 6% in 2024 and 7% in 2025, reaching 33.7 million wafers per month (8-inch equivalent) [7][25] - Advanced packaging is accelerating, with front-end processes being applied to back-end packaging, creating a mid-process intersection between wafer manufacturing and packaging [7][28] - Multiple patterning techniques are enabling breakthroughs in process nodes, with technologies like LELE, SADP, and SAQP being widely used in advanced nodes [36][37][41] - The third phase of the National Integrated Circuit Industry Investment Fund (Big Fund III) is expected to further support the domestic semiconductor industry, focusing on the entire IC supply chain [44] Product Highlights Etching Equipment - The company has achieved breakthroughs in ICP etching for 12-inch wafers across various technology nodes, with its ICP equipment widely used in polycrystalline silicon and metal etching [2] - CCP etching equipment has been successfully applied in logic, memory, and power semiconductor key processes, providing stable and efficient production support for domestic customers [2] Thin Film Deposition - The company has a comprehensive product portfolio in PVD, CVD, and ALD, with its PVD equipment achieving stable mass production in copper interconnects, aluminum pads, metal hard masks, and other processes [3] - CVD equipment has been developed to meet the demands of dielectric and metal chemical vapor deposition, with key technical indicators reaching industry-leading levels [3] Cleaning and Heat Treatment - The company offers a variety of wet cleaning equipment, achieving breakthroughs in high-end single-wafer processes and full coverage of tank processes [4][6] - Vertical furnace equipment has achieved full coverage in logic and memory process applications, with key technologies such as airflow/temperature field control and precise reaction source delivery [6] Financial Performance - The company's revenue in 2023 reached 22,079 million yuan, a year-over-year increase of 50.3%, with net profit attributable to shareholders growing by 65.7% to 3,899 million yuan [8] - Gross margin and net margin have shown an upward trend, with gross margin reaching 43.7% in 2024E and net margin expected to be 19.7% in the same year [8] - The company's R&D investment in 2023 was 4,410 million yuan, accounting for 19.97% of its revenue, with over 7,900 patents applied for and 4,700 patents granted [23]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | --- | --- | |------------------------------------|----------------------------|------------------------| | | | 电子元器件/信息科技 | | | [Table_Invest] 评级: | 增持 | | 净利润超预期,看好公司长期增长 | [Table_Target] 目标价格: | 上次评级: 增持420.80 | | 半年度业绩预报点评 | [当前价格: Table_CurPrice] | 上次预测: 371.25328.57 | | 文越(分析师) | | | | 021-38038032wenyue029694@gtjas.com | [Table_Date] | 2024.07.13 | 登记编号 S0880521070002 S0880524050001 本报告导读: 公司发布 24H1 业绩预报,归母净利润达 25.7~29.6 亿元,同比超预期增 ...

证券研究报告 | 公司点评 | 半导体 北方华创(002371) 报告日期:2024 年 07 月 13 日 中报业绩超预期,平台化优势及高端制程扩产驱动成长 ——北方华创点评报告 投资要点 ❑ 事件:7 月 11 日晚,公司发布 2024 年上半年业绩预告。 ❑ 中报业绩预告超预期,规模效应凸显提升利润率 2024 年上半年,公司预计实现营业收入 114.1-131.4 亿元,同比增长 35%-56%, 中值 122.8 亿,同比+46%;归母净利润 25.7-29.6 亿元,同比增长 43%-65%,中 值 27.7 亿,同比+54%;扣非归母净利 24.4-28.1 亿元,同比增长 52%-75%,中值 26.3 亿,同比+63%。从收入端看,公司应用于集成电路领域的刻蚀、薄膜沉 积、清洗、炉管和快速退火等工艺装备工艺覆盖度及市场占有率持续稳步攀升, 收入同比稳健增长。从利润端看,公司营收规模持续扩大,规模效应逐渐显现; 智能制造助力运营水平有效提升;成本费用率稳定下降,使得归属于上市公司股 东的净利润同比持续增长。 ❑ 二季度业绩高增长,盈利能力环比大幅提升 2024 年二季度,公司预计实现营收 55 ...

2024 年 07 月 13 日 北方华创(002371.SZ) 24Q2 营收延续高增,盈利能力持续提 高 事件: 公司发布 2024 年半年度业绩预告,报告期内营业收入预计 114.1- 131.4 亿元,比上年同期增长 35.40%-55.93%;实现归属于公司股东 净利润 25.7-29.6 亿元,比上年同期增长 42.84%-64.51%;扣除非经 常性损益后的净利润 24.4-28.1 亿元,比上年同期增长 51.64%- 74.63%。 24Q2 营收延续高增,盈利能力持续提高: 从 24Q2 单季度来看,公司预计实现营收 55.51-72.81 亿元,同比增 长 21.85%-59.83%;预计归母净利润为 14.43-18.33 亿元,同比增长 19.54%-51.83%。按照营收和归母净利润中值计算,24Q2 公司实现利 润率 25.52%,环比提高 6.44pct,盈利能力持续提高。 全球半导体设备市场预计创新高,公司有望持续受益国产替代: 根据国际半导体产业协会(SEMI)公布预测报告指出,2024 年全球半 导体设备销售额预计将同比增长 3.4%至 1,090 亿美元,将超越 202 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Views - The company is expected to achieve a revenue of 11.41 to 13.14 billion yuan in H1 2024, representing a year-on-year growth of 35.40% to 55.93%, with a midpoint estimate of 12.28 billion yuan, which is a 45.67% increase [3]. - The net profit for H1 2024 is projected to be between 2.57 to 2.96 billion yuan, showing a year-on-year increase of 42.84% to 64.51%, exceeding market expectations [4]. - The company benefits from a solid platform logic in semiconductor equipment, with significant R&D investment and a comprehensive product range, positioning it well to capitalize on the expansion of advanced processes in the semiconductor industry [5]. Summary by Sections Revenue Forecast - The company anticipates H1 2024 revenue of 11.41 to 13.14 billion yuan, with a midpoint of 12.28 billion yuan, reflecting a year-on-year growth of 45.67% [3]. Profit Forecast - Expected net profit for H1 2024 is between 2.57 to 2.96 billion yuan, with a midpoint of 2.77 billion yuan, indicating a year-on-year increase of 42.84% to 64.51% [4]. - The net profit margin is projected to be 25.53%, up by 1.17 percentage points year-on-year [4]. R&D and Market Position - The company has a strong R&D team of 3,656 personnel and an R&D expenditure of 4.4 billion yuan, accounting for 20% of revenue, leading the semiconductor equipment sector [5]. - The product range includes etching equipment, film deposition equipment, and cleaning equipment, with significant revenue contributions from these segments [5]. Future Growth Projections - Revenue forecasts for 2024, 2025, and 2026 are 29.93 billion, 39.67 billion, and 49.20 billion yuan, respectively, with year-on-year growth rates of 36%, 33%, and 24% [6][7]. - Net profit projections for the same years are 5.58 billion, 7.76 billion, and 10.30 billion yuan, with growth rates of 43%, 39%, and 33% [7].

电子/半导体 北方华创(002371.SZ) 2024 年 07 月 12 日 2024Q2 业绩同环比高增,龙头公司规模化效应凸显 ——公司信息更新报告 投资评级:买入(维持) 罗通(分析师) luotong@kysec.cn 证书编号:S0790522070002 | --- | --- | |--------------------|---------------| | 日期 | 2024/7/12 | | 当前股价(元) | 328.57 | | 一年最高最低(元) | 337.78/213.42 | | 总市值(亿元) | 1,744.77 | | 流通市值(亿元) | 1,743.26 | | 总股本(亿股) | 5.31 | | 流通股本(亿股) | 5.31 | | 近 3 个月换手率(%) | 61.13 | 股价走势图 北方华创 沪深300 -36% -24% -12% 0% 12% 24% 2023-07 2023-11 2024-03 2024-07 数据来源:聚源 相关研究报告 《平台化龙头市占率显著提升,降本 增效助力业绩高增—公司信息更新报 告》-2024.5.6 《2024Q1 ...