北方华创点评报告：中报业绩超预期，平台化优势及高端制程扩产驱动成长

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has reported a significant increase in its mid-year performance, driven by platform advantages and expansion in high-end processes [1][2] - The expected revenue for the first half of 2024 is projected to be between 11.41 billion to 13.14 billion yuan, representing a year-on-year growth of 35% to 56%, with a median estimate of 12.28 billion yuan, which is a 46% increase [2] - The net profit attributable to shareholders is forecasted to be between 2.57 billion to 2.96 billion yuan, indicating a year-on-year growth of 43% to 65%, with a median of 2.77 billion yuan, reflecting a 54% increase [2] - The company is expected to maintain its leading position in the semiconductor equipment sector, with a focus on advanced process orders, which are anticipated to continue to rise [4] Summary by Relevant Sections Revenue and Profit Forecast - For Q2 2024, the company anticipates revenue between 5.55 billion to 7.28 billion yuan, with a year-on-year growth of 22% to 60%, and a median of 6.42 billion yuan, which is a 41% increase [3] - The net profit for Q2 2024 is expected to be between 1.44 billion to 1.83 billion yuan, showing a year-on-year growth of 20% to 52%, with a median of 1.64 billion yuan, reflecting a 36% increase [3] Business Segments and Market Position - The company has a comprehensive coverage in the integrated circuit field, including etching, thin film deposition, cleaning, and thermal processing, which ensures the synergy of R&D across advanced processes [4] - In the etching equipment sector, the company achieved nearly 6 billion yuan in revenue in 2023, with significant breakthroughs in 12-inch technology nodes [4] - The thin film equipment sector also generated over 6 billion yuan in revenue in 2023, with a full coverage of metallization processes for logic and memory chips [4] Financial Projections - The company is projected to achieve revenues of 29.8 billion, 39.2 billion, and 47.9 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 35%, 32%, and 22% [4] - The net profit attributable to shareholders is expected to be 5.56 billion, 7.57 billion, and 9.42 billion yuan for the same years, with growth rates of 43%, 36%, and 24% respectively [4] - The projected P/E ratios for 2024, 2025, and 2026 are 31, 23, and 19 times respectively [4]