Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has demonstrated continuous rapid growth in performance, with a clear platform-based growth logic [2] - Revenue for 2024 reached 3.406 billion, a year-on-year increase of 35.82%, aligning with market expectations; Q1 2025 revenue was 912 million, up 34.14% year-on-year, driven by sufficient orders for CMP equipment and successful market expansion for new products [3] - The gross profit margin remains high, with a net profit of 1.023 billion for 2024, a year-on-year increase of 41.40%, outperforming revenue growth [4] - The company benefits from the expansion of advanced processes, with a clear platform-based logic in product offerings such as CMP and thinning equipment [6] Summary by Sections Revenue and Growth - In 2024, the company achieved revenue of 3.406 billion, a 35.82% increase year-on-year; Q1 2025 revenue was 912 million, a 34.14% increase year-on-year, primarily due to strong orders for CMP equipment and successful market expansion for new products [3] - The company’s inventory and contract liabilities as of Q1 2025 were 3.488 billion and 1.641 billion, respectively, reflecting increases of 27.67% and 33.86% year-on-year, indicating a continuous rise in orders [3] Profitability - The company reported a net profit of 1.023 billion for 2024, a 41.40% increase year-on-year, with a net profit margin of 30.05%, up 1.19 percentage points year-on-year [4] - The gross profit margin for 2024 was 43.20%, showing stability despite a slight decrease of 0.35 percentage points [4] - For Q1 2025, the net profit was 233 million, a 15.47% increase year-on-year, with a gross profit margin of 46.37%, up 1.18 percentage points year-on-year [5] Product Development and Market Position - The company is enhancing its product line, focusing on CMP and thinning equipment, which are expected to drive future growth [6] - The new CMP polishing system Universal-H300 has received repeat orders, and the thinning equipment has successfully passed multiple acceptance tests [6][7] - The company has established a comprehensive cleaning equipment layout covering various manufacturing fields, indicating a strong market position [7] Financial Forecast - Revenue forecasts for 2025 and 2026 have been adjusted to 4.554 billion and 5.866 billion, respectively, with year-on-year growth rates of 34% and 29% [8] - The net profit forecasts for 2025 and 2026 are 1.348 billion and 1.730 billion, with year-on-year growth rates of 32% and 28% [8] - The estimated EPS for 2025 and 2026 are 5.69 and 7.31, respectively [8]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 208.76 CNY per share, maintaining the rating [6][9]. Core Views - The company has demonstrated significant revenue and profit growth, with a 35.82% year-on-year increase in revenue to 3.406 billion CNY and a 41.4% increase in net profit to 1.023 billion CNY for the year 2024 [1][2]. - The company's CMP (Chemical Mechanical Planarization) equipment continues to lead the domestic market, with a 31.16% increase in sales revenue to 2.987 billion CNY in 2024 [3][4]. - The company is expanding its product lines and platform development, including advancements in cutting, polishing, and ion implantation equipment, which are currently undergoing client validation [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.406 billion CNY, a year-on-year increase of 35.82%, and a net profit of 1.023 billion CNY, up 41.4% [1][2]. - For Q1 2025, the company reported a revenue of 912 million CNY, a 34.14% increase year-on-year, and a net profit of 233 million CNY, up 15.47% [1]. Profitability Metrics - The company's gross margin for 2024 was 43.2%, a decrease of 2.81 percentage points year-on-year, while the net margin improved to 30.05%, an increase of 1.19 percentage points [2]. Product Development - The company has successfully launched the Universal-H300 CMP system and developed specialized CMP equipment for third-generation semiconductors, which is currently in client validation [3]. - The company has made significant progress in domestic production of key components for its thinning equipment, meeting mass production requirements [3]. Market Position and Growth - The company maintains a leading market share in CMP equipment, with a strong focus on innovation and customer expansion, particularly in advanced process equipment [3][4]. - The company is expected to achieve revenues of 4.667 billion CNY, 5.833 billion CNY, and 6.883 billion CNY for the years 2025, 2026, and 2027, respectively [9].

Group 1 - The semiconductor industry ETF (159582) has seen a recent increase of 0.07%, with a latest price of 1.43 yuan, and a turnover rate of 3.05% during trading, amounting to 471.41 million yuan [3] - The semiconductor industry ETF has achieved a 41.19% increase in net value over the past year, ranking 109 out of 2765 in the index stock fund category, placing it in the top 3.94% [4] - The top ten weighted stocks in the semiconductor industry index account for 75.31% of the total index, with notable companies including Northern Huachuang (002371) and SMIC (688981) [5] Group 2 - Domestic semiconductor equipment manufacturers are expected to gradually replace foreign counterparts through technological advancements and market expansion, as the domestic demand is driven by the expansion of local wafer fabs like SMIC [3] - The semiconductor industry ETF has the lowest management fee rate of 0.50% and a custody fee rate of 0.10% among comparable funds, indicating cost efficiency for investors [4] - The ETF has a tracking error of 0.056% over the past year, which is the highest tracking precision among comparable funds [4]

Core Viewpoint - The semiconductor equipment sector in China's Sci-Tech Innovation Board is experiencing significant growth, driven by domestic companies enhancing their core component localization rates and responding to international competition and technology blockades [1][2]. Group 1: Industry Overview - Over 110 semiconductor companies have been listed on the Sci-Tech Innovation Board, accounting for 60% of the total semiconductor companies in A-shares, creating a complete and collaborative innovation ecosystem [1]. - The semiconductor equipment sector is positioned at the upstream of the semiconductor industry chain, with its technology directly influencing chip manufacturing capabilities and yield rates [1]. Group 2: Company Performance - Huafeng Measurement and Control achieved a revenue of 905 million yuan in 2024, marking a year-on-year increase of 31.05%, with a net profit of 334 million yuan, up 32.69% [2]. - The company’s core product, STS8300, saw a significant increase in shipment volume, while the STS8600 model for SoC chip testing has entered the customer validation phase [2]. - Nake Equipment also reported growth in both revenue and net profit for 2024, with current orders exceeding 170 million yuan, indicating a positive market outlook for semiconductor packaging equipment in 2025 [2]. - Deep Science and Technology achieved a revenue of 179 million yuan in the first quarter, a year-on-year increase of 108.13%, and turned a profit compared to the previous year [2].

Group 1 - The semiconductor materials ETF (562590) experienced a slight decline of 0.12% as of April 29, 2025, with component stocks showing mixed performance, led by Anji Technology with a rise of 4.98% [3] - The semiconductor materials ETF has seen a cumulative increase of 5.14% over the past three months, indicating a positive trend in the longer term [3] - The trading volume for the semiconductor materials ETF was 129.89 million yuan, with a turnover rate of 0.42% [3] Group 2 - As of April 28, 2025, the semiconductor materials ETF's net value increased by 26.75% over the past year, ranking 338 out of 2765 index equity funds, placing it in the top 12.22% [4] - The ETF has recorded a maximum monthly return of 20.35% since its inception, with an average monthly return of 10.90% and a historical one-year profit probability of 97.06% [4] - North Huachuang reported a revenue of 8.206 billion yuan for Q1 2025, a year-on-year increase of 37.9%, and a net profit of 1.57 billion yuan, up 38.8%, marking the best performance for the same period historically [4] Group 3 - The top ten weighted stocks in the semiconductor materials index account for 60.82% of the index, with North Huachuang holding the highest weight at 16.44% [5] - The performance of the top ten stocks shows a mix of slight declines and gains, with TCL Technology being the only stock with a significant increase of 2.48% [7]

1 | 报告范围 | | --- | | 编制依据 | | 数据说明 | | 确认及批准 | | 报告获取 | | 2024年ESG工作亮点 | | --- | | 2024年荣誉成就 | | 2024客户认可 | | 数说2024 | | 公司简介 | | --- | | 组织架构 | | 发展历程 | | 产品与服务 | | 企业文化 | | 2024年度十大精彩 | | 反商业贿赂及反贪污 | 31 | | --- | --- | | 反不正当竞争 | 32 | | 应对气候变化 | | | --- | --- | | 治理 | 35 | | 战略 | 35 | | 风险管理 | 37 | | 指标与目标 | 37 | | T持续发展治理 | | --- | | 向应可持续发展目标 | | J益相关方沟通 | | 重要性议题管理 | | 党建引领 | 23 | | --- | --- | | 建全治理体系 | 25 | | 投资者关系与股东权益 | 27 | | 坚持合规经营 | 28 | | 提升风控能力 | 29 | | 台理 | 37 | | --- | --- | | 龙路 | 38 | | 风 ...

证券代码：688120 证券简称：华海清科 公告编号：2025-029 2025年4月28日，华海清科股份有限公司（以下简称"公司"）召开第二届 董事会第十三次会议，审议通过了《关于公司2025年度向银行申请综合授信额度 的议案》，具体内容如下： 为满足公司经营发展的资金需求，公司及全资子公司拟向银行申请总额不超 过人民币 30 亿元的综合授信额度，授信业务包括但不限于项目借款、流动资金 借款、银行承兑汇票、票据贴现、贸易融资、信用证、保函等，利率不高于 LPR 基准利率，贷款期限不超过 5 年，具体授信业务种类、额度和期限，以银行最终 核定为准。本次授信的有效期自本议案审议通过之日起 12 个月内有效，在有效 期内授信额度可循环使用。 华海清科股份有限公司 关于公司 2025 年度向银行申请综合授信额度的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 特此公告 华海清科股份有限公司 董 事 会 2025 年 4 月 29 日 授信额度不等于公司的实际融资金额，实际融资金额应在授信额度内，并以 银行与公司实际发生的融 ...

华海清科股份有限公司 关于使用超募资金及部分闲置募集资金 进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 华海清科股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了公 司第二届董事会第十三次会议、第二届监事会第七次会议，审议通过了《关于使 用超募资金及部分闲置募集资金进行现金管理的议案》，同意公司及全资子公司 在保证不影响募集资金投资项目（以下简称"募投项目"）实施及确保募集资金 安全的前提下，使用最高不超过人民币 10 亿元的超募资金及部分闲置募集资金 进行现金管理，适时投资于风险低、流动性强、配置方便、利率较灵活的大额存 款、结构性存款等保本理财产品或中国证监会认可的其他投资产品，使用期限自 公司第二届董事会第十三次会议审议通过之日起 12 个月内有效。在前述额度及 期限范围内，资金可以循环滚动使用。公司董事会授权管理层在有效期及资金额 度内行使该项投资决策权并签署相关合同文件，具体事项由公司财务部负责组织 实施。 证券代码：688120 证券简称：华海清科 公告编号：2025 ...

证券代码：688120 证券简称：华海清科 公告编号：2025-028 华海清科股份有限公司 关于预计 2025 年度日常关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 是否需要提交股东大会审议：是 本议案尚需提交股东大会审议，关联股东在股东大会上对本议案需回避表决。 （二）本次日常关联交易预计金额和类别 1、向关联人采购和销售商品、设备及技术服务 日常关联交易对上市公司的影响：本次关联交易属公司日常关联交易，是正 常生产经营业务，以市场价格为定价依据，遵循平等自愿原则，交易风险可控， 不存在损害公司及股东利益的情况，不会对关联人形成较大的依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 华海清科股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了第 二届董事会第十三次会议，审议通过了《关于确认 2024 年度日常关联交易及预 计 2025 年度日常关联交易的议案》，关联董事王同庆、甄佳、陈泰全、王怀需 回避表决，此议案获出席会议的非关联董事一致表决通过 ...

华海清科股份有限公司 涉及财务公司关联交易的专项说明 二O二四年度 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acam.cgov.cn）"进行重点 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acam.c.gov.cn）"进行重点 。 关于华海清科股份有限公司 2024 年度 涉及财务公司关联交易的专项说明 信会师报字[2025]第 ZB10938 号 华海清科股份有限公司全体股东: 我们审计了华海清科股份有限公司(以下简称"华海清科")2024 年度的财务报表,包括 2024年 12 月 31 日的合并及母公司资产负债 表、2024 年度合并及母公司利润表、合并及母公司现金流量表、合 并及母公司所有者权益变动表和相关财务报表附注,并于 2025 年 4 月 28 日出具了报告号为信会师报字|2025]第 ZB10934 号的无保留意 见审计报告。 华海清科管理层根据中国证券监督管理委员会《关于规范上市公 司与企业集团财务公司业务往来的通知》（证监发〔2022〕48 号） 和《上海证券交易所上市公司自律监管指引第 5 号 -- 交易与关联交 易》的相关 ...