证券代码：002371 证券简称：北方华创 公告编号：2024-071 北方华创科技集团股份有限公司 第八届董事会第十七次会议决议公告 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。 同意全资子公司北京北方华创微电子装备有限公司在保证募集资金投资项 目正常进行的前提下，使用闲置募集资金 130,000 万元暂时补充流动资金，使用 期限为自董事会审议通过之日起不超过 12 个月。 具体内容详见与本公告同日在公司指定信息披露媒体《中国证券报》《证券 时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）上刊载的《关于全资 子公司使用部分闲置募集资金暂时补充流动资金的公告》。 本议案已经董事会审计委员会审议通过。公司监事会发表了同意意见，保荐 机构发表了核查意见，详见信息披露媒体巨潮资讯网（www.cninfo.com.cn）。 北方华创科技集团股份有限公司（以下简称"公司"）第八届董事会第十七 次会议通知于 2024 年 10 月 18 日以电子邮件方式发出。会议于 2024 年 10 月 29 日在公司会议室以现场和通讯相结合方式召开，应到董事 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][73]. Core Insights - The company is a leading domestic player in semiconductor equipment, with a platform-based layout that has achieved multiple growth points across its business segments [4]. - The expansion potential of wafer fabs is significant, and under the backdrop of self-sufficiency, the domestic equipment localization rate is expected to increase [4]. - The company has made significant advancements in various equipment types, including ICP etching, PVD, CVD, ALD, thermal processing, and cleaning equipment, establishing itself as a key player in the high-end semiconductor equipment sector [4]. - Revenue projections for 2024-2026 are estimated at 30 billion, 39.4 billion, and 49.8 billion yuan, with corresponding net profits of 5.8 billion, 7.8 billion, and 9.9 billion yuan, reflecting robust growth rates [4][73]. Summary by Sections 1. Semiconductor Equipment Leader with Platform-Based Layout - The company has established a strong presence in semiconductor equipment, vacuum and lithium battery equipment, and precision electronic components [4][11]. - The shareholder structure is stable, with significant stakes held by Beijing Electronics Holdings and the National Integrated Circuit Industry Investment Fund, indicating strong support for the company's technological capabilities [13][16]. - New orders are steadily increasing, with revenue growing from 4.06 billion yuan in 2019 to 22.08 billion yuan in 2023, reflecting a compound annual growth rate of 52.73% [19]. 2. Wafer Fab Expansion Potential - China is a major market for semiconductors, holding the largest global market share [28]. - The localization rate of domestic semiconductor equipment is expected to rise, benefiting from the expansion of local wafer fabs [32]. - The domestic chip self-sufficiency rate is projected to be around 23.3%, with significant room for improvement, particularly among local manufacturers [32]. 3. Advantages of Platform Companies - The company has a leading position in ICP etching technology, with successful breakthroughs in CCP etching [4][43]. - It has established itself as a pioneer in PVD technology, with a comprehensive layout in CVD and ALD equipment [4][54]. - The company leads in thermal processing equipment and has a growing presence in cleaning equipment, with significant market share [4][67]. 4. Investment Recommendations - The company is expected to maintain strong growth in its electronic process equipment segment, with projected revenue growth rates of 40%, 34%, and 28% for 2024-2026 [70]. - The precision electronic components segment is expected to grow at around 3% annually, reflecting stable demand [70]. - The overall financial outlook is positive, with projected net profits showing substantial growth over the next few years [73].

| --- | --- | |-----------|-------| | | | | | | | | | | | | | 21 日 | | | 公司点评 | | | 买入/维持 | | 北方华创(002371) 昨收盘:401.16 24Q3 业绩高增，平台优势逐渐显现 ◼ 走势比较 (10%) 8% 26% 44% 62% 80% 23/10/2324/1/324/3/1524/5/2624/8/624/10/17 北方华创 沪深300 ◼ 股票数据 总股本/流通(亿股) 5.33/5.33 总市值/流通(亿元) 2,137.1/2,137 .1 12 个月内最高/最低价 (元) 440/213.42 相关研究报告 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 事件：北方华创发布发布 2024 年 3 季度业 ...

Investment Rating - The report gives Northern Huachuang (002371 SZ) a "Buy" rating for the first time with a target price of 534 32 yuan [6] Core Views - Northern Huachuang is a leading domestic semiconductor equipment company benefiting from the localization trend and state-owned capital support Its key semiconductor equipment business has grown rapidly with revenue accounting for over 80% in 2023 and net profit margin increasing from 8% in 2019 to 18% in 2023 [1] - The company is expected to achieve net profits of 5 7 billion yuan 7 83 billion yuan and 10 41 billion yuan in 2024 2025 and 2026 respectively representing year-on-year growth rates of 46% 37% and 33% [4] - The semiconductor equipment industry in China is expected to grow significantly with sales projected to exceed 41 billion USD by 2025 driven by the localization trend and technological advancements [2][3] Industry Overview - The global semiconductor industry is recovering with AI demand driving growth China's semiconductor equipment sales reached 36 6 billion USD in 2023 with a five-year CAGR of 23% [2] - The localization of semiconductor equipment in China is accelerating with the domestic production rate expected to reach 50% by 2025 up from 35% in 2023 [3] - Key equipment such as etching and thin film deposition are expected to grow faster than the industry average due to advancements in semiconductor processes and 3D structure technologies [2] Company Overview - Northern Huachuang was formed in 2016 through the merger of Sevenstar Electronics and Northern Microelectronics It has since become a leading platform-based semiconductor equipment company with significant growth in revenue and profits [9][10] - The company's revenue grew from 8 54 billion yuan in 2015 to 220 8 billion yuan in 2023 with a CAGR of 50 2% during this period [9] - Northern Huachuang's product portfolio includes etching machines thin film deposition equipment and vacuum and lithium battery equipment with etching and thin film deposition equipment holding an 11% market share in China [1][9] Financial Performance - Northern Huachuang's revenue and net profit have grown significantly with revenue increasing from 4 06 billion yuan in 2019 to 22 08 billion yuan in 2023 and net profit growing from 310 million yuan to 3 9 billion yuan during the same period [22] - The company's net profit margin improved from 8 4% in 2019 to 20 8% in 2023 driven by economies of scale and reduced expense ratios [23] - Northern Huachuang's inventory and contract liabilities have increased indicating strong order backlogs and future revenue potential [25][26] Technological Advancements - Northern Huachuang has made significant progress in key technologies such as 12-inch CCP etching machines and advanced thin film deposition equipment with multiple products passing production line verification and receiving repeat orders [20] - The company's R&D intensity is higher than that of overseas competitors with a focus on capitalizing R&D expenditures to support future market applications [18][19] Market Opportunities - The semiconductor equipment market in China is expected to grow driven by the localization trend and the expansion of domestic wafer fabs [3][37] - Northern Huachuang is well-positioned to benefit from the increasing demand for etching and thin film deposition equipment due to advancements in semiconductor processes and 3D structure technologies [41][53]

北方华创(002371) 报告日期：2024 年 10 月 18 日 24Q3 业绩稳健增长，盈利能力同比提升 ——北方华创点评报告 投资要点 ❑ 事件：公司发布 2024 年前三季度业绩预告。 ❑ 前三季度业绩大幅增长，平台化优势凸显 2024 年前三季度，公司预计实现营业收入 188.3-216.8 亿元，同比增长 29.1%- 48.6%；归母净利润 41.3-47.5 亿元，同比增长 43.2%-64.7%；扣非归母净利润 39.5-45.4 亿元，同比增长 49.6%-72.0%。 公司主营业务保持良好发展态势，市 场占有率稳步攀升，前三季度收入实现同比稳健增长。平台优势逐渐显现，经营 效率持续提高，成本费用率稳定下降，归母净利润同比持续增长。 ❑ 24Q3 单季度净利率同比+2.9pct，盈利能力不断提升 2024 单三季度，公司预计实现营收 74.2-85.4 亿元，同比增长 20.4%-38.6%，环 比增长 14.6%-31.9%，中值 79.8 亿元，同比增长 29.5%，环比增长 23.2%；归母 净利润 15.6-17.9 亿元，同比增长 43.8%-65%，环比下降 5.7%-增长 ...

2024 年 10 月 15 日 朱吉翔 C0044@capital.com.tw 目标价 440 元 | --- | --- | --- | --- | |-----------------------|------------|--------|------------------------------------| | 公司基本资讯 | | | | | 产业别 | | | 电子 | | A 股价 (2024/10/14) | | | 369.01 | | 深证成指 (2024/10/14) | | | 10327.40 | | 股价 12 个月高/低 | | | 440/212.9 | | 总发行股数(百万 | | | 532.73 | | A 股数(百万 ) | | | 532.27 | | A 市值(亿元 ) | | | 1964.13 | | 主要股东 | | | 北京七星华电 科技集团有限 责任公司 | | | | | (33.55%) | | 每股净值(元 ) | | | 51.36 | | | | | | | 股价/账面净值 | | | 7.19 | | | 一个月 | 三个月 | 一年 ...

[Table_Contacts] [Table_Page] 公告点评|半导体 证券研究报告 [Table_Title] 北方华创（002371.SZ） 24Q3 业绩有望持续高速增长，行业龙头成长空间广阔 [Table_Summary] 核心观点： ⚫ 市占率提升+经营效率提高，24Q3 业绩有望持续高速增长。公司发布 2024 年前三季度业绩预告。24 年前三季度，公司预计收入 188.3-216.8 亿元，yoy+29.08%-48.61%，主要原因是公司精研客户需求，丰富产 品矩阵，拓宽工艺覆盖范围，主营业务继续保持良好发展态势，市场占 有率稳步攀升，前三季度收入实现同比稳健增长；归母净利润 41.3- 47.5 亿元，yoy+43.19%-64.69%，随着公司营收规模持续扩大，平台 优势逐渐显现，经营效率持续提高，成本费用率稳定下降，前三季度归 属于上市公司股东的净利润同比持续增长；扣非归母净利润 39.5-45.4 亿元，yoy+49.62%-71.97%。24Q3，公司预计收入 74.2-85.4 亿元， yoy+20.42%-38.60%；归母净利润 15.6-17.9 亿元，yoy+43.7 ...

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 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——北方华创 24Q3 业绩预报点评 三季度业绩超预期，订单支撑业绩高增 北方华创(002371) 电子元器件 [Table_Industry] /信息科技 | --- | --- | --- | |----------|-----------------------------------|------------------------| | | | | | | [table_Authors] 舒迪 ( 分析师 ) | 文越 ( 分析师 ) | | | 021-38676666 | 021-38038032 | | | shudi@gtjas.com | wenyue029694@gtjas.com | | 登记编号 | S0880521070002 | S0880524050001 | | --- | --- | --- | |--------------------------------|----------- ...

446 团 旗 下 企 业 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|-----------------------------------------|------------------------------------------|----------------------| | 2024 年 10 月 15 日 \n北方华创（ 002371.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 半导体设备Ⅲ | | 前三季度业绩预计持续增长，市占率稳步攀升 | 投资评级 | | 买入 | -A(维持) | | 投资要点 | 股价 | (2024-10-15) | | ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q3 revenue and profit exceeded market expectations, driven by strong growth in IC equipment [3] - The company's platform-based layout in the semiconductor equipment sector presents long-term investment value [4] - The company's revenue and profit growth are expected to remain robust in the coming years, with revenue projected to reach 299 31 billion yuan in 2024, a 36% YoY increase [5] Financial Performance - Q3 revenue is estimated at 74 2-85 4 billion yuan, a YoY increase of 20 42%-38 60%, with a central value of 79 8 billion yuan, up 29 51% YoY and 23 2% QoQ [3] - Q3 net profit attributable to the parent company is estimated at 15 6-17 9 billion yuan, a YoY increase of 43 78%-64 98% [4] - The company's net profit margin for Q3 is estimated at 19 77%, up 3 38 percentage points YoY [4] Industry and Market Position - The company's IC equipment business is driving rapid revenue growth, with market share and product coverage steadily increasing [3] - The company is positioned as a platform-based player in the domestic semiconductor equipment sector, with competitive products across multiple segments including etching, thin film deposition, and cleaning [4] - The company's revenue CAGR from 2018-2023 was 46%, and net profit CAGR was 76%, demonstrating strong operational performance [4] Future Projections - Revenue for 2024-2026 is projected to be 299 31 billion yuan, 396 71 billion yuan, and 492 03 billion yuan, with YoY growth rates of 36%, 33%, and 24% respectively [5] - Net profit attributable to the parent company for 2024-2026 is projected to be 55 80 billion yuan, 77 97 billion yuan, and 103 36 billion yuan, with YoY growth rates of 43%, 40%, and 33% respectively [5] - The company's EPS for 2024-2026 is projected to be 10 48 yuan, 14 64 yuan, and 19 40 yuan, with PE ratios of 35, 25, and 19 respectively [5]