Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][8]. Core Insights - The company is experiencing continuous improvement in profitability and is steadily advancing its platform development strategy. The market share and sales scale of CMP products are increasing, with a projected revenue of 3.406 billion yuan for 2024, representing a year-on-year growth of 35.82% [3][4]. - The company has successfully acquired the controlling stake in Chiplet Company, enhancing its core technology in ion implantation and advancing its "equipment + service" platform strategy [5][7]. - The company is well-positioned to capitalize on opportunities in advanced packaging and compound semiconductors, with significant advancements in thinning and cutting equipment [4][8]. Financial Projections - The company is expected to achieve revenues of 4.732 billion yuan in 2025, 5.918 billion yuan in 2026, and 7.404 billion yuan in 2027, with corresponding net profits of 1.379 billion yuan, 1.751 billion yuan, and 2.256 billion yuan respectively [10][11]. - The projected growth rates for revenue are 38.91% in 2025, 25.07% in 2026, and 25.12% in 2027 [10][11]. - The earnings per share (EPS) are forecasted to be 5.83 yuan in 2025, 7.40 yuan in 2026, and 9.53 yuan in 2027, with price-to-earnings (P/E) ratios of 27, 22, and 17 respectively [10][11].
华海清科:盈利能力持续增强,平台化发展稳步推进-20250512