[Table_Page] 年报点评|半导体 证券研究报告 [北Table_方Title] 华创（002371.SZ） [公Tab司le_I评nves级t] 买入 当前价格 319.00元 24Q1 业绩同比高速增长，平台化布局强化龙头地位 合理价值 416.96元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30 ⚫ 24Q1半导体设备份额稳步攀升，规模效应持续显现。公司发布23年 [相Tab对le_P市icQ场uote表] 现 报和24年一季报。23年，公司营收220.79亿元，YoY+50.32%；公 司归母净利润38.99亿元，YoY+65.73%；毛利率41.1%，yoy-2.73pct， 2% -5%05/23 07/23 09/23 10/23 12/23 02/24 04/24 净利率 18.26%，yoy+0.96pct。24Q1，公司营收 58.59 亿元， -12% YoY+51.36%，QoQ-21.79%，归母净利润11.27亿元，YoY+90.4%， -18% QoQ+11.01%。公司持续聚焦主营业务，精研客户需求，深化技术研发， ...

半导体 分析师：邹臣 半导体设备平台化布局优势突出，推动 登记编码：S0730523100001 业绩持续高速成长 z ouchen@ccnew.com 021-50581991 ——北方华创(002371) 23 年报及 24Q1 季报点评 证券研究报告-季报点评 买入(维持) 市场数据(2024-04-29) 发布日期：2024年04月30日 收盘价(元) 323.00 事件：近日公司发布2023年年度报告及2024年一季度报告，2023 一年内最高/最低(元) 323.00/216.52 年公司实现营收220.79亿元，同比+50.32%；归母净利润38.99亿 沪深300指数 3,623.91 元，同比+65.73%；扣非归母净利润35.81亿元，同比+70.05%； 市净率(倍) 6.70 2024年一季度公司实现营收58.59亿元，同比+51.36%，环比- 流通市值(亿元) 1,711.24 21.79%；归母净利润11.27亿元，同比+90.40%，环比+11.01%；扣 非归母净利润10.72亿元，同比增长+100.91%，环比+13.94%。 基础数据(2024-03-31) 每股净资产( ...

北方华创(002371) /半导体 /公司点评 /2024.05.01 电子装备业务发力，营收利润高增 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：北方华创发布2023年报与2024Q1季报。2023年公司实现营收220.79 基本数据 2024-04-30 亿元，同比增长50.32%；归母净利润38.99亿元，同比65.73%；2024Q1公司 收盘价(元) 319.00 流通股本(亿股) 5.30 实现营收 58.59 亿元，同比增长 51.36%，归母净利润 11.27 亿元，同比增长 每股净资产(元) 48.20 90.40%。 总股本(亿股) 5.31 最近12月市场表现 ❖ 半导体装备业务发力，产品种类丰富：北方华创的主要产品包括刻蚀、薄膜沉 积、炉管、清洗、晶体生长等核心工艺装备，广泛应用于集成电路、功率半导 北方华创 沪深300 体、三维集成和先进封装、化合物半导体、新型显示、新能源光伏、衬底材料 1% 等制造领域。公司在集成电路装备领域，成功研发了多款具备自主知识产权的 -6% 高端设备，已在多家客户实现稳定量产，并获得客户的一致好评。 -13% -19% ❖ 真空及锂电装备支 ...

Investment Rating - Strong Buy (Maintained) with a target price of 404.5 RMB [1] Core Views - The company's performance continues to grow at a high rate, with significant profit elasticity driven by economies of scale [2] - Revenue for 2023 reached 22.079 billion RMB, a year-on-year increase of 50.32%, with a gross margin of 41.10%, down 2.73 percentage points year-on-year [2] - Net profit attributable to the parent company in 2023 was 3.899 billion RMB, up 65.73% year-on-year, while net profit after deducting non-recurring gains and losses was 3.581 billion RMB, up 70.05% year-on-year [2] - In Q1 2024, revenue was 5.859 billion RMB, up 51.36% year-on-year, with a gross margin of 43.40%, up 2.22 percentage points year-on-year [2] - Net profit attributable to the parent company in Q1 2024 was 1.127 billion RMB, up 90.40% year-on-year, while net profit after deducting non-recurring gains and losses was 1.072 billion RMB, up 100.91% year-on-year [2] Business Performance - The company's semiconductor equipment business achieved revenue of 19.611 billion RMB in 2023, up 62.29% year-on-year, with a gross margin of 38.04%, up 0.34 percentage points year-on-year [2] - Revenue from etching equipment was nearly 6 billion RMB, while revenue from thin film deposition equipment exceeded 6 billion RMB, and revenue from vertical furnaces and cleaning equipment exceeded 3 billion RMB [2] - The electronic components business generated revenue of 2.433 billion RMB, down 5.51% year-on-year, with a gross margin of 65.65%, down 6.88 percentage points year-on-year [2] Market and Industry Outlook - The recovery in demand and innovation in end applications, such as AI, are expected to drive wafer fab expansion, benefiting platform-based equipment companies like the report company [2] - Changes in international trade dynamics are accelerating the localization of equipment, with leading domestic manufacturers expected to significantly increase their market share [2] - The company's ICP etching equipment performs excellently, and its CCP equipment R&D and introduction are progressing smoothly, with 12-inch CCP edge etching machines already being verified in multiple production lines [2] - The company's copper interconnect thin film deposition equipment and over 20 other products have become preferred choices for mainstream domestic chip manufacturers [2] Financial Forecasts - Revenue for 2024E is projected to be 30.573 billion RMB, up 38.5% year-on-year, with net profit attributable to the parent company expected to reach 5.805 billion RMB, up 48.9% year-on-year [3] - Revenue for 2025E is projected to be 40.139 billion RMB, up 31.3% year-on-year, with net profit attributable to the parent company expected to reach 7.626 billion RMB, up 31.4% year-on-year [3] - Revenue for 2026E is projected to be 49.015 billion RMB, up 22.1% year-on-year, with net profit attributable to the parent company expected to reach 9.459 billion RMB, up 24.0% year-on-year [3] - EPS for 2024E, 2025E, and 2026E are forecasted to be 10.93 RMB, 14.36 RMB, and 17.82 RMB, respectively [3] Valuation - The company's 2024E PE ratio is 29x, with a target price of 404.5 RMB based on a 37x PE ratio for 2024 [2][3]

Company Overview - Latest closing price: 323.00 CNY [1] - Total shares outstanding / Float shares: 531 million / 530 million [1] - Total market cap / Float market cap: 171.5 billion CNY / 171.3 billion CNY [1] - 52-week high / low: 323.00 CNY / 216.52 CNY [1] - Debt-to-asset ratio: 53.7% [1] - P/E ratio: 43.87 [1] - Largest shareholder: Beijing Sevenstar Huadian Technology Group Co, Ltd [1] Financial Performance - 2023 revenue: 22.079 billion CNY, up 50.32% YoY [2] - 2023 net profit attributable to parent company: 3.899 billion CNY, up 65.73% YoY [2] - 2023 non-GAAP net profit: 3.581 billion CNY, up 70.05% YoY [2] - 2024 Q1 revenue: 5.859 billion CNY, up 51.36% YoY [2] - 2024 Q1 net profit attributable to parent company: 1.127 billion CNY, up 90.40% YoY [2] - 2024 Q1 non-GAAP net profit: 1.072 billion CNY, up 100.91% YoY [2] Core Investment Highlights - IC equipment market share steadily increasing, driving stable growth [3] - Revenue CAGR from 2021 to 2023: 51.00% [3] - 2023 revenue breakdown: electronic process equipment 19.611 billion CNY (+62.29% YoY), electronic components 2.433 billion CNY (-5.51% YoY) [3] - Key product revenues in 2023: etching equipment ~6 billion CNY, thin film deposition equipment >6 billion CNY, vertical furnace and cleaning equipment >3 billion CNY, new energy photovoltaic equipment ~2 billion CNY [3] - 2023 new orders exceeded 30 billion CNY [3] - Platform leader benefiting from capacity expansion wave, with over 70% of new orders in IC sector [3] Technology Breakthroughs - Achieved full coverage of 12-inch silicon, metal, and dielectric etching machines [4] - Released full series of plasma stripping products [4] - Deep silicon etching machine with high aspect ratio process exceeded 100 units sold, total etching products shipped over 3,500 chambers [4] - Thin film deposition products shipped over 5,500 chambers [4] - Cleaning equipment achieved full process coverage and new breakthroughs in front-end high-end processes [4] - Introduced new products like rapid thermal annealing equipment and vertical furnace atomic layer deposition equipment [4] Financial Projections - 2024/2025/2026 revenue forecast: 30.2/40.3/53.9 billion CNY [5] - 2024/2025/2026 net profit forecast: 5.7/8.0/11.2 billion CNY [5] - 2024-2026 P/E ratios: 29x, 21x, 15x [5] - Maintain "Buy" rating [5] Industry Outlook - China expected to maintain annual investment scale of over $30 billion in 300mm wafer fabs for next four years [3] - Government incentives and chip localization policies driving growth [3]

证券研究报告·公司点评报告·半导体 北方华创（002371） 2023 年报&2024 年一季报点评：Q1 业绩超 2024年 04月 30 日 预期，平台化布局进入收获期 证券分析师 周尔双 买入（维持） 执业证书：S0600515110002 021-60199784 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zhouersh@dwzq.com.cn 研究助理 李文意 营业总收入（百万元） 14,688 22,079 29,075 35,836 42,607 执业证书：S0600122080043 同比（%） 51.68 50.32 31.68 23.25 18.89 liwenyi@dwzq.com.cn 归母净利润（百万元） 2,353 3,899 5,599 7,338 9,166 同比（%） 118.37 65.73 43.61 31.05 24.92 股价走势 EPS-最新摊薄（元/股） 4.44 7.35 10.56 13.84 17.29 北方华创 沪深300 P/E（现价&最新摊薄） 72.80 43.93 30.59 2 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company has demonstrated strong revenue and profit growth, with 2023 revenue reaching 22.079 billion yuan, a year-on-year increase of 50.32%, and a net profit of 3.899 billion yuan, up 65.73% year-on-year [1][2]. - The company is positioned as a leading platform in the domestic semiconductor equipment sector, with significant advancements in various equipment categories, including etching and deposition equipment [2]. - Revenue projections for 2024-2026 are estimated at 30.291 billion, 39.302 billion, and 47.888 billion yuan, respectively, with corresponding net profits of 5.405 billion, 7.259 billion, and 9.063 billion yuan [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 22.079 billion yuan, with a gross profit margin of 41.09%. The electronic process equipment segment contributed 19.611 billion yuan, growing by 62.29% and accounting for 88.82% of total revenue [1]. - For Q1 2024, the company reported revenue of 5.859 billion yuan, a 51.36% increase year-on-year, with a gross profit margin of 43.40% [1]. Equipment Development - The etching equipment segment generated nearly 6 billion yuan in revenue in 2023, with significant breakthroughs in 12-inch technology and widespread adoption in domestic fabs [2]. - The thin film deposition equipment segment also performed well, with over 60 billion yuan in revenue and numerous product launches [2]. Future Projections - The company is expected to maintain robust growth, with revenue forecasts of 30.291 billion yuan in 2024, 39.302 billion yuan in 2025, and 47.888 billion yuan in 2026, reflecting growth rates of 37.2%, 29.7%, and 21.8%, respectively [3].

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [3][4]. Core Insights - The company's net profit growth accelerated in Q1 2024, with a year-on-year increase of 90.4%, reflecting strong domestic demand for semiconductor equipment [4]. - R&D expenses nearly doubled year-on-year in Q1 2024, with an R&D expense ratio increasing by nearly 3 percentage points, highlighting the company's commitment to innovation [4]. - The company is positioned as a leading domestic equipment platform in the semiconductor sector, with significant market opportunities in etching, deposition, thermal processing, and cleaning equipment [4]. Financial Performance Summary - In 2023, the company achieved revenue of 22.1 billion RMB, a year-on-year growth of 50%, and a net profit of 3.9 billion RMB, up 66% year-on-year [4]. - For Q1 2024, the company reported revenue of 5.86 billion RMB, a year-on-year increase of 51.4%, and a net profit of 1.13 billion RMB, reflecting a strong performance in the semiconductor equipment market [4]. - The projected net profits for 2024, 2025, and 2026 are 5.8 billion RMB, 7.5 billion RMB, and 9 billion RMB, respectively, with year-on-year growth rates of 49%, 29%, and 21% [4][6]. Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 10.96 RMB, 14.12 RMB, and 17.07 RMB, respectively [6]. - The price-to-earnings (P/E) ratios for the same years are estimated at 29x, 23x, and 19x, indicating a favorable valuation compared to historical performance [4][6].

Investment Rating - The report maintains a "Recommendation" rating for the company [2][6][7] Core Views - The company has shown continuous high growth in performance, with a substantial order backlog. In 2023, the company achieved revenue of 22.08 billion yuan, representing a year-on-year growth of 50.32%, and a net profit of 3.90 billion yuan, up 65.73% year-on-year [6][7] - The company benefits from the domestic IC equipment market, with significant orders exceeding 30 billion yuan in 2023, indicating strong demand [6][7] - The company has established a robust customer service system with 19 service centers and 4 spare parts distribution centers across the country, enhancing its competitive edge [6][7] Financial Summary - In 2023, the company reported revenue of 22,079 million yuan and a net profit of 3,899 million yuan, with a proposed cash dividend of 7.80 yuan per 10 shares [5][6] - The company's gross margin and net margin for 2023 were 41.10% and 18.26%, respectively [6] - The company’s revenue projections for 2024-2026 are 30,690 million yuan, 41,432 million yuan, and 53,862 million yuan, with corresponding net profits of 5,609 million yuan, 7,385 million yuan, and 9,439 million yuan [5][7] Order and Market Position - The company has completed mass production verification for hundreds of processes in etching equipment, with over 3,200 units shipped by the end of 2023 [4][6] - The company is a leading player in the domestic semiconductor equipment market, benefiting from the trend of domestic substitution [7] - The company’s R&D expenses reached 2.475 billion yuan in 2023, accounting for 11.21% of revenue, indicating a strong commitment to innovation [6][7]

Financial Performance - The company's revenue for Q1 2024 reached ¥5,859,163,380.59, representing a 51.36% increase compared to the same period last year[3] - Net profit attributable to shareholders was ¥1,126,550,627.36, a 90.40% increase year-over-year[3] - The net profit excluding non-recurring items was ¥1,072,494,911.14, reflecting a 100.91% increase compared to the previous year[3] - Basic earnings per share for Q1 2024 were ¥2.1245, up 89.94% from the same period last year[3] - The total operating revenue for Q1 2024 was CNY 5,859,163,380.59, a significant increase of 51.3% compared to CNY 3,871,132,953.79 in the same period last year[15] - The net profit for Q1 2024 reached CNY 1,118,680,309.21, representing a 81.9% increase from CNY 615,310,147.60 in Q1 2023[16] - The company's basic earnings per share for Q1 2024 was CNY 2.1245, up from CNY 1.1185 in Q1 2023, reflecting an increase of 90.0%[16] - The total operating costs for Q1 2024 were CNY 4,764,194,908.34, which is a 50.3% increase from CNY 3,168,062,974.83 in the same period last year[15] - The company reported a tax expense of CNY 217,383,352.39 for Q1 2024, compared to CNY 115,717,755.31 in the previous year, indicating an increase of 87.9%[16] Cash Flow and Assets - The net cash flow from operating activities was ¥260,016,536.69, a significant increase of 139.31% year-over-year[3] - The company's cash and cash equivalents amounted to RMB 12,603,744,188.00, compared to RMB 12,451,459,936.82 at the beginning of the quarter, indicating a slight increase of 1.22%[12] - The cash inflow from operating activities for Q1 2024 was CNY 6,287,206,223.02, an increase from CNY 4,208,293,570.61 in Q1 2023, representing a growth of approximately 49.4%[18] - The net cash outflow from investing activities was CNY -267,119,434.58, compared to CNY -477,271,050.69 in the same period last year, indicating a reduction in cash outflow by about 44%[18] - The net cash flow from financing activities was CNY -83,655,290.22, a significant decrease from CNY 470,361,004.96 in Q1 2023, reflecting a change of approximately 117.8%[19] - The total cash and cash equivalents at the end of Q1 2024 stood at CNY 12,139,979,317.68, compared to CNY 9,583,269,029.01 at the end of Q1 2023, marking an increase of about 27.3%[19] - The company reported a net cash flow from operating activities of CNY 260,016,536.69, a turnaround from a negative cash flow of CNY -661,529,950.77 in the previous year[18] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to ¥56,256,540,818.55, a 4.91% increase from the end of the previous year[3] - As of March 31, 2024, the total assets of the company reached RMB 56,256,540,818.55, an increase from RMB 53,624,552,279.13 at the beginning of the period, reflecting a growth of approximately 4.83%[12] - The total liabilities increased to CNY 30,217,813,517.30, up from CNY 28,799,771,760.61, indicating a growth of 4.9%[14] - The company's total current liabilities decreased from RMB 9,000,000,000.00 to RMB 8,000,000,000.00, reflecting a reduction of approximately 11.11%[12] - The total equity attributable to shareholders increased to RMB 16,275,629,172.35 from RMB 15,398,555,002.29, showing a growth of about 5.68%[13] - The company's total equity increased to CNY 26,038,727,301.25 from CNY 24,824,780,518.52, showing a growth of 4.9%[14] - The company's total liabilities decreased from RMB 39,000,000,000.00 to RMB 38,000,000,000.00, indicating a reduction of approximately 2.56%[12] Research and Development - The company focused on core business areas, enhancing technological research and development, which contributed to increased market share in the integrated circuit equipment sector[6] - Research and development expenses amounted to CNY 720,993,024.09, which is a 96.3% increase compared to CNY 366,852,038.34 in the previous year[15] - The company’s development expenditure rose to RMB 7,049,547,886.88 from RMB 6,322,777,822.18, reflecting an increase of about 11.53%[13] Shareholder Information - The top shareholder, Beijing Qixing Huadian Technology Group Co., Ltd., holds 33.56% of the shares[7]