研报掘金丨长城证券：维持北方华创“买入”评级，行业景气+国产替代双轮驱动

Core Viewpoint - Northern Huachuang achieved a net profit attributable to shareholders of 3.208 billion yuan in the first half of the year, representing a year-on-year increase of 14.97% [1] - The company is expected to benefit from the dual drivers of industry prosperity and domestic substitution, maintaining a "buy" rating [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 1.627 billion yuan, showing a year-on-year decrease of 1.62% but a quarter-on-quarter increase of 2.95% [1] - The core business experienced rapid growth, with significant year-on-year performance improvement in H1 2025 [1] Business Development - The company has made continuous breakthroughs in multiple technology fields, with a comprehensive layout in thin film deposition equipment, including physical vapor deposition, chemical vapor deposition, epitaxy, atomic layer deposition, electroplating, and metal-organic chemical vapor deposition [1] - In the first half of 2025, revenue from thin film deposition equipment exceeded 6.5 billion yuan [1] Market Outlook - The company focuses on electronic process equipment and electronic components, with core business maintaining high-speed growth [1] - The company is expected to benefit long-term from trends in AI computing power, automotive electronics, and domestic substitution [1]