研报掘金丨开源证券：维持北方华创“买入”评级，高端化+平台化战略持续推进

Core Viewpoint - The report from Kaiyuan Securities highlights that Northern Huachuang achieved steady revenue growth in the first half of 2025, with a year-on-year increase of 29.51% [1] Financial Performance - In H1 2025, the company reported operating revenue of 16.142 billion yuan and a net profit attributable to shareholders of 3.208 billion yuan, reflecting a year-on-year growth of 14.97% [1] - The company's R&D investment reached 2.915 billion yuan in H1 2025, marking a 30.01% increase year-on-year [1] Market Position and Strategy - Northern Huachuang remains the leader in the domestic integrated circuit equipment sector, with over 9,900 patent applications and 5,700 authorized patents [1] - The company experienced a slight decline in revenue in Q2 due to downstream acceptance rhythm, but it is expected that downstream capital expenditure will remain stable throughout the year [1] - The ongoing high-end and platform-based strategy is expected to support future growth [1] Future Projections - The company is projected to achieve operating revenues of 39.5 billion yuan, 48.8 billion yuan, and 59 billion yuan for the years 2025, 2026, and 2027, respectively [1] - The net profit attributable to shareholders is expected to reach 7.8 billion yuan, 9.9 billion yuan, and 12 billion yuan for the same years [1] - The current stock price corresponds to price-to-earnings ratios of 34.3, 27.1, and 22.4 for the years 2025, 2026, and 2027, respectively [1]