研报掘金丨中邮证券：维持北方华创“买入”评级，持续受益于下游扩产与国产替代进程

Group 1 - The core viewpoint of the article highlights that Northern Huachuang is a leading domestic semiconductor equipment platform manufacturer, benefiting from downstream capacity expansion and domestic substitution processes [1] - The company’s product range covers multiple core process links including etching, thin film deposition, thermal processing, cleaning, coating and developing, and ion implantation, indicating a comprehensive process coverage [1] - The company announced a stock option incentive plan for 2025, which aims to enhance the long-term incentive mechanism, improve talent attraction, and stabilize the team [1] Group 2 - The incentive plan involves granting 10,465,975 stock options, accounting for approximately 1.4446% of the company's total share capital at the time of the announcement, with 2,306 individuals as recipients [1] - Among the recipients, there are 7 directors and senior management personnel, along with 2,299 core technical talents and management backbones [1] - The total expense to be amortized for the stock options from 2025 to 2030 is estimated to be around 2.1 billion [1]