| 北方华创、上市公司、公 | 指 | 北方华创科技集团股份有限公司 | | --- | --- | --- | | 司 | | | | 中信建投证券、本独立财 | 指 | 中信建投证券股份有限公司 | | 务顾问 | | | | 本激励计划、本计划 | 指 | 《北方华创科技集团股份有限公司2022年股票期权 | | | | 激励计划（草案）》 | | 独立财务顾问报告 | 指 | 《中信建投证券股份有限公司关于北方华创科技集 团股份有限公司2022年股票期权激励计划首次授予 部分第一个行权期行权条件成就之独立财务顾问报 | | | | 告》 | | 股票期权、期权 | 指 | 公司授予激励对象在未来一定期限内以预先确定的 | | | | 价格和条件购买公司一定数量股票的权利 | | 激励对象 | 指 | 公司公告本激励计划时在公司（含子公司，下同）任 职的核心技术人才和管理骨干，不含公司董事、监事 | | | | 和高级管理人员 | | 授权日 | 指 | 公司向激励对象授予股票期权的日期，授权日必须 | | | | 为交易日 | | 等待期 | 指 | 股票期权授权日至股票期权可行权日之间的时间段 | ...

证券代码：002371 证券简称：北方华创 公告编号：2024-045 北方华创科技集团股份有限公司 关于控股股东拟发生变更暨国有股权无偿划转的 2024 年 2 月 6 日，公司收到北京电控出具的《关于无偿划转北方华创科技 集团股份有限公司股权事项进展说明的通知》，无偿划转事宜尚在推进过程中。 具体详见公司于 2024 年 2 月 8 日披露的《北方华创科技集团股份有限公司关于 控股股东拟发生变更暨国有股权无偿划转的后续进展公告》（2024-004）。 2024 年 3 月 6 日，公司收到北京电控出具的《关于无偿划转北方华创科技 集团股份有限公司股权事项进展说明的通知》，无偿划转事宜尚在推进过程中。 具体详见公司于 2024 年 3 月 8 日披露的《北方华创科技集团股份有限公司关于 控股股东拟发生变更暨国有股权无偿划转的后续进展公告》（2024-013）。 后续进展公告 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。 一、 本次无偿划转基本情况 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"）于 2023 年 11 月 16 日收到公司实 ...

证券代码：002371 证券简称：北方华创 公告编号：2024-043 北方华创科技集团股份有限公司 关于调整公司股权激励计划股票期权行权价格的公告 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。 北方华创科技集团股份有限公司（以下简称"公司"）于 2024 年 7 月 5 日召 开的第八届董事会第十二次会议、第八届监事会第八次会议审议通过了《关于调 整公司股权激励计划股票期权行权价格的议案》，现将有关事项公告如下： 一、 股权激励计划的决策程序和批准情况 （一）2019 年股票期权与限制性股票激励计划已履行的决策程序和批准情况 1．2019 年 11 月 12 日，公司第六届董事会第二十六次会议审议通过了《关 于<北方华创科技集团股份有限公司 2019 年股票期权与限制性股票激励计划（草 案）>及其摘要的议案》《关于<北方华创科技集团股份有限公司 2019 年股票期 权和限制性股票激励计划实施考核管理办法>的议案》,具体内容详见 2019 年 11 月 13 日披露于巨潮资讯网（www.cninfo.com.cn）的《第六届董事会第二十六次会 议决议公告》 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth and profit increases for the coming years [5]. Core Insights - The company is positioned to benefit from the ongoing expansion of 2.5D and 3D packaging technologies, which are critical for overcoming bottlenecks in integrated circuit development. The TSV (Through-Silicon Via) technology plays a vital role in this advancement, driving the development of over twenty types of equipment [3][4]. - The company has a comprehensive layout in advanced packaging, including etching, thin films, furnace tubes, and cleaning processes, which positions it well to capitalize on the growth of domestic 2.5D and 3D packaging technologies [3]. - Revenue projections for 2024, 2025, and 2026 are estimated at 302 billion, 403 billion, and 539 billion yuan respectively, with corresponding net profits of 54 billion, 76 billion, and 106 billion yuan [5]. Financial Summary - The company is expected to achieve a revenue growth rate of 50.32% in 2023, followed by 36.78% in 2024, and around 33.6% in the subsequent years [7]. - The projected earnings per share (EPS) are 7.34 yuan for 2023, increasing to 10.24 yuan in 2024, 14.33 yuan in 2025, and reaching 20.00 yuan by 2026 [7]. - The price-to-earnings (P/E) ratio is projected to decrease from 43.49 in 2023 to 15.97 by 2026, indicating a potentially attractive valuation as earnings grow [7].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The establishment of the National Big Fund Phase III is expected to significantly boost domestic advanced process capacity expansion, creating substantial opportunities for domestic equipment replacement [3][4] - The company is well-positioned to benefit from the increasing demand for advanced process equipment due to its comprehensive product offerings in the semiconductor equipment sector [4] - The company's stock incentive plans aim to strengthen its technological and talent barriers, enhancing its competitive edge in the market [4] Financial Summary - The company's total revenue for 2023 was 22,079 million, with a year-on-year growth rate of 50.3%. For 2024, the expected revenue is 30,785 million, reflecting a growth rate of 39.4% [3][11] - The net profit attributable to the parent company for 2023 was 3,899 million, with a year-on-year growth of 65.7%. The forecast for 2024 is 5,695 million, indicating a growth rate of 46.1% [3][11] - The earnings per share (EPS) for 2023 was 7.36, projected to rise to 10.73 in 2024 [3][11] - The company's gross margin for 2023 was 41.1%, expected to be 41.3% in 2024 [3][11] - The return on equity (ROE) for 2023 was 16.0%, with a forecast of 19.4% for 2024 [3][11] Market Position - The company has a market capitalization of 166,921 million, with a closing price of 314.64 as of June 25, 2024 [1][20] - The price-to-earnings (PE) ratio is projected to decrease from 43 in 2023 to 29 in 2024, indicating a more attractive valuation compared to international peers [3][5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The establishment of the National Integrated Circuit Industry Investment Fund Phase III is expected to significantly boost domestic advanced process capacity expansion, creating substantial opportunities for domestic equipment replacement [4]. - The company, North Huachuang, is well-positioned to benefit from the increasing demand for advanced process equipment due to its comprehensive product offerings in the semiconductor equipment sector [5]. - The company's stock incentive plans aim to strengthen its technological and talent barriers, enhancing its competitive edge in the market [5]. - The advanced process is anticipated to drive an increase in product prices, coupled with scale effects that are likely to enhance profitability [5]. Financial Summary - For 2024 to 2026, the company is projected to achieve revenues of 30.79 billion, 39.98 billion, and 50.32 billion respectively, with year-on-year growth rates of 39.4%, 29.9%, and 25.9% [6]. - The net profit attributable to the parent company is expected to reach 5.70 billion, 7.71 billion, and 10.12 billion for the same period, with corresponding growth rates of 46.1%, 35.3%, and 31.3% [6]. - The company's dynamic PE ratios are projected to be 29, 22, and 17 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation compared to international peers [6].

关于部分限制性股票回购注销完成的公告 本公司及全体董事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．北方华创科技集团股份有限公司(以下简称"公司")本次回购注销的限 制性股票数量 36,000 股，占回购前公司总股本 531,038,314 股的 0.007%；回购价 格为 33.778 元/股。 2．天职国际会计师事务所（特殊普通合伙）出具了《北方华创科技集团股 份有限公司验资报告》（天职业字[2024]42956 号），截至 2024 年 6 月 14 日， 因限制性股票回购注销，公司股本减少 36,000 股，总股本由 531,038,314 股变更 为 531,002,314 股。自上述验资完成后至本次限制性股票回购办理完成之日，公 司总股本因股权激励计划行权增加 17,350 股，总股本变更为 531,019,664 股。 3．2024 年 6 月 26 日，上述限制性股票已在中国证券登记结算有限责任公 司深圳分公司办理完成回购注销手续。 一、 股权激励计划的决策程序和批准情况 证券代码：002371 证券简称：北方华创 公告编号：2024-038 北 ...

本次实施的分配方案与股东大会审议通过的分配方案及其调整原则一致，本 次实施分配方案距离公司股东大会审议通过的时间未超过 2 个月。 现将权益分派事宜公告如下： 证券代码：002371 证券简称：北方华创 公告编号：2024-039 北方华创科技集团股份有限公司 2023 年度权益分派实施公告 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（简称"公司"）2023 年年度权益分派方案 已获 2024 年 5 月 28 日召开的 2023 年度股东大会审议通过。 公司 2023 年度利润分配方案为：以公司总股本 530,940,639 股为基数，向全 体股东每 10 股派发现金红利 7.80 元（含税），预计派发现金红利总额为 414,133,698.42 元（含税），剩余未分配利润结转以后年度。本年度拟不送红股， 不以公积金转增股本。若在公司 2023 年度利润分配预案实施前，公司总股本由 于可转债转股、股份回购、股权激励行权、再融资新增股份上市等原因而发生变 化的，分配方案将按照每股分配比例不变的原则相应调整。 自 2023 年 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [3][11]. Core Insights - The company has shown impressive financial performance, with 2023 revenue reaching 22.08 billion yuan, a year-on-year increase of 50.32%, and a net profit of 3.90 billion yuan, up 65.73% year-on-year [1][2]. - The semiconductor equipment market in China is expected to grow significantly, driven by domestic production and expansion of manufacturing capacity, which will benefit the company [5][2]. - The company has a strong order backlog and is well-positioned to capitalize on the increasing demand for domestic semiconductor equipment [5][4]. Financial Performance Summary - **Revenue Growth**: The company reported a revenue of 22,079 million yuan in 2023, with a growth rate of 50.3% year-on-year. Forecasts for 2024, 2025, and 2026 are 29,900 million yuan, 39,206 million yuan, and 49,137 million yuan, respectively, indicating a gradual decline in growth rates to 25.3% by 2026 [1][7]. - **Net Profit**: The net profit for 2023 was 3,899 million yuan, reflecting a 65.7% increase year-on-year. Projections for the next three years are 5,598 million yuan, 7,765 million yuan, and 10,270 million yuan, with growth rates decreasing to 32.3% by 2026 [1][7]. - **Profitability Ratios**: The company's return on equity (ROE) is expected to rise from 16.2% in 2023 to 22.2% by 2026, indicating improving profitability [1][7]. Product and Market Positioning - The company has expanded its product matrix, achieving significant sales in various semiconductor equipment categories, including etching and deposition equipment, with over 3,200 units of ICP etching equipment and 3,500 units of PVD equipment shipped by the end of 2023 [2][5]. - The domestic semiconductor equipment market is projected to grow, with a 29.5% year-on-year increase in 2023, positioning the company to benefit from increased capital expenditures by domestic manufacturers [5][2]. Future Outlook - The company is expected to continue its strong performance, with forecasts for net profit reaching 5.60 billion yuan in 2024, 7.77 billion yuan in 2025, and 10.27 billion yuan in 2026, supported by a robust order pipeline and market demand [5][1].

Investment Rating - The report reiterates a "Buy" rating for Northern Huachuang (002371CH) with a target price of RMB 405 [1] Core Viewpoints - Northern Huachuang is expected to benefit from the expansion of downstream customers' capital expenditures and the trend of domestic substitution in China's semiconductor industry [1] - The establishment of China's National Integrated Circuit Industry Investment Fund Phase III (USD 47 5 billion) is expected to be favorable for Northern Huachuang [1] - The company is the preferred stock under the theme of semiconductor domestic substitution [1] Industry Analysis - Geopolitical risks are driving major economies to prioritize supply chain security and self-reliance over production efficiency [1] - China's National Integrated Circuit Industry Investment Fund Phase III has a registered capital of RMB 3 440 billion, the largest to date (Phase I/II were RMB 1 390 billion/RMB 2 000 billion respectively) [1] - The fund is expected to focus on chip manufacturing, semiconductor equipment, and materials, potentially extending to other critical areas such as AI [1] Company Performance and Outlook - Northern Huachuang's 2023 new orders amounted to RMB 30 billion, with over 70% from semiconductor equipment and 15% from new energy/photovoltaics [1] - These orders are expected to convert into revenue in 2024, with a projected revenue growth of approximately 40% for the year [1] - The company's gross margin forecasts for 2024 and 2025 have been raised by 1 9% and 3 9% respectively, due to increased contributions from advanced manufacturing equipment [1] - R&D expenditure forecasts have also been raised, offsetting the positive impact of gross margin improvements on net profit [1] - The target price of RMB 405 is based on a 2024 forecasted P/E ratio of 39x [1]