点击招商研究小程序查看PDF报告原文 华海清科发布2024年报和2025年一季报，收入同比稳健增长，盈利能力维持较高水平，CMP设备市占 率持续提升，各新品拓展顺利，设备平台化布局初显成效。 2024年和25Q1公司收入同比稳健增长，盈利能力维持高位。 公司CMP设备市占率持续提升，多款新品 初显成效，耗材维保等业务继续贡献利润增长点。 1）2024年： 公司收入34.06亿元，同比+35.8%；毛 利率43.2%，同比-2.8pcts，主要系产品结构影响；归母净利润10.23亿元，同比+41.4%；扣非净利润8.56 亿元，同比+40.8%； 2）25Q1： 公司收入9.12亿元，同比+34%/环比-4.4%；毛利率46.4%，同 比-1.6pcts/环比+9.9pcts；归母净利润2.33亿元，同比+15.5%/环比-22.9%；扣非净利润2.12亿元，同比 +23.5%/环比-12%；扣非净利率23.3%，同比-2pcts/环比-2pcts。 团队荣誉： 11/12/14/15/16/17/19/20/21/22年《新财富》电子行业最佳分析师第2/5/2/2/4/3/3/4/3/5名， 11/12/14 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a revenue of 12.117 billion yuan in Q1 2025, representing a year-on-year increase of 2.92% and a quarter-on-quarter increase of 9.24%. The net profit attributable to shareholders was 1.41 billion yuan, up 53.98% year-on-year and 270.08% quarter-on-quarter [1]. - The company's gross margin for Q1 2025 was 28.67%, with a net margin of 12.51%, reflecting improvements in profitability due to a higher proportion of high-margin overseas business and recovery in domestic sales [1]. - The company is focusing on enhancing its platform-based development potential, with significant growth in traditional product lines and emerging businesses, including a 122% year-on-year revenue increase in agricultural machinery [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a net operating cash flow of 740 million yuan, a year-on-year increase of 141%, indicating substantial improvement [1]. - The forecast for total revenue from 2024 to 2027 shows a growth trajectory, with expected revenues of 52.649 billion yuan in 2025, 63.309 billion yuan in 2026, and 73.651 billion yuan in 2027, reflecting growth rates of 15.8%, 20.2%, and 16.3% respectively [4][9]. Business Development - The company is expanding its overseas market presence, with a diversified regional sales structure and a focus on enhancing its direct sales system, which supports market expansion and risk mitigation [3]. - The company is also investing in new business areas such as mining machinery and emergency equipment, driven by technological innovation and increased R&D investment [2]. Profitability and Valuation - The projected net profit attributable to shareholders for 2025 is 5.062 billion yuan, with a corresponding PE ratio of 12x, indicating a favorable valuation outlook [4][9].

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]

丨证券研究报告丨 分析师及联系人 [Table_Author] 公司研究丨点评报告丨壹石通（688733.SH） [Table_Title] 壹石通 2024 年年报点评：盈利短期承压，静待 新材料放量 报告要点 [Table_Summary] 公司发布 2024 年年报，2024 年实现营收 5.05 亿元，同比增长 8.6%，归母净利润 0.12 亿元， 同比下降 51.05%，扣非净利润-0.24 亿元，同比亏损扩大；拆分到四季度，营收实现 1.30 亿 元，同比增长 10.82%，环比下降 4.23%，归母净利润-0.03 亿元，同比下降 130.32%，环比下 降 130.85%，扣非归母净利-0.13 亿元，同比下降 613.83%，环比亏损扩大。 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 壹石通（688733.SH） cjzqdt11111 [Table_Title 壹石通 20242 ...

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].

Core Viewpoint - The company reported a significant increase in revenue for 2024, but a decline in Q1 2025, indicating potential challenges ahead [1][2]. Revenue and Profit Summary - In 2024, the company achieved revenue of 9.2 billion, a year-on-year increase of 46%, with net profit attributable to shareholders at 1.27 billion, a slight increase of 1% [1][2]. - For Q1 2025, revenue dropped to 1.53 billion, a year-on-year decrease of 22%, and net profit fell to 140 million, down 58% year-on-year [1][2]. Order and Inventory Status - As of the end of 2024, the company had contract liabilities of 2.63 billion, a decrease of 33% year-on-year, and inventory of 5.34 billion, down 30% year-on-year [3]. - New orders signed in 2024 totaled 10.15 billion, a decline of 22% year-on-year, with a backlog of 11.83 billion, down 10% year-on-year [3]. Market and Product Development - The company is expanding its overseas presence, establishing a joint venture in Malaysia focused on automation equipment, expected to start production in 2025 [4]. - In the photovoltaic sector, the company holds over 70% global market share in module string welding machines and secured 1.3 billion in overseas orders for low-oxygen monocrystalline furnaces [4]. - In the lithium battery sector, the company received significant orders for module PACK lines, while in the semiconductor sector, new orders exceeded 100 million [4]. Future Outlook - Revenue projections for 2025-2027 are 8.35 billion, 7.95 billion, and 8.55 billion, with year-on-year growth rates of -9%, -5%, and +7% respectively [5]. - Net profit forecasts for the same period are 1.14 billion, 1.01 billion, and 1.13 billion, with year-on-year growth rates of -10%, -12%, and +12% respectively [5].

3）毛利率41.54%，同比-3.40pcts，处在正常水平上，表观毛利率有所下滑的原因：一方面，会计准则 修改影响毛利率，另一方面，产品结构变动也会造成毛利率波动。 事件：中微公司发布25Q1 业绩报告 1）收入21.73 亿元，同比+35.40%，相比去年q4 增幅有所放缓，判断系前期发货和验收节奏所致。 2）归母净利润3.13 亿元，同比+25.67%，扣非归母净利润2.98 亿元，同比+13.44%。 点评：高研发投入导致利润不及预期，合同负债显示发货正常进行，持续关注平台化进程。 风险提示：下游客户扩产进度不及预期风险、新产品验证不及预期风险、地缘政治加剧风险。 国内半导体产业进入创新驱动阶段后，高研发投入是设备公司必选项，核心应当持续关注公司平台化进 程和关键设备的验证进展。 盈利预测与投资建议：下游客户驱动下，公司新品开发周期明显缩短，除了下游fab 的招标动向之外， 核心需要关注公司新品的验证进展。预计25-27 年收入119.43/156.56/197.10 亿元，归母净利润 23.12/32.41/41.97 亿元，对应25 年PE 50X，维持"强烈推荐"评级。 利润率的下滑的主要原因系 ...

思瑞浦 20250428 • 思瑞浦 2024 年营收达 12.2 亿元，同比增长 11.52%，产品销售总量达 36.58 亿颗，同比增长 57.7%。尽管面临产品结构调整和市场竞争压力， 全年净利润为负 1.97 亿元，综合毛利率为 48.19%。 • 信号链芯片是主要收入来源，占比 79.94%，同比增长 12.19%；电源管 理芯片销量增长显著，达 13 亿颗，同比增长 164%，在泛工业、汽车和 服务器市场快速放量。 • 公司加大研发投入，推出音频总线芯片 ASN 和 17 通道高精度模拟前端 AFE 等创新产品。汽车市场收入约 2 亿，同比增长 80%，占总收入 16%，车规级产品型号超 200 款。 • 2025 年第一季度，受益于泛工业、汽车、通讯市场增长，营收达 4 亿， 同比增长 110%，净利润 1,556 万元。信号链芯片和电源管理芯片分别增 长 64%和 416%。 • 公司推进平台化发展战略，加强人才团队建设，研发人员占比达 62%，硕 士及以上学历人员占比 60%。截至 2024 年底，累计获得有效发明专利 147 项，实用新型 99 项，集成电路布图设计 239 项。 Q&A ...

4月28日，华夏银行服务首都国企高质量发展大会召开，华夏银行与16家首都国企签署战略合作协议，该行将为首都国企提供全方位、综合化、不间断、高 质量金融服务。 会上，华夏银行重点推介了产业数字金融、境外投融资等重点产品与服务，为首都国企打造多元化、综合化金融服务生态。该行推出的"数翼通"等系列产 品，致力于解决汽车、大宗、物流、消费等行业企业融资痛点问题，沿着产业链"上下游"提供综合金融服务。 华夏银行充分利用"境内+境外"两个市场优势，有效发挥香港分行境外桥头堡作用，未来将继续在境外债承销、境外银团、双边贷款、贸易融资、外汇及利 率衍生交易等领域，为首都国企提供全方位多渠道的海外增值服务。 此次跨境债券的发行，不仅是该行服务国家战略和实体经济的具体举措，也标志着该行正向"轻资本、交易型、平台化"的现代商业银行转型。华夏银行党委 书记杨书剑表示，作为首都金融国企，华夏银行将持续深化"北京的银行"战略定位，聚焦"五子联动"服务首都新发展格局，不断提升综合服务能力，在跨境 金融、科技金融、绿色金融等重点领域打造特色化服务体系，为首都国企深化改革、提升国际竞争力贡献更大力量。 活动现场，华夏银行还向签约的各家首都国企 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company has demonstrated rapid year-on-year revenue growth, with a revenue of 29.84 billion yuan in 2024, representing a 35.1% increase compared to the previous year. The net profit attributable to the parent company reached 5.62 billion yuan, up 44.2% year-on-year [4][9]. - The company's platform strategy is continuously advancing, with significant expansions in product offerings across various semiconductor equipment categories, including etching, thin film deposition, thermal processing, and wet processing equipment [6][7][9]. Financial Performance Summary - In Q1 2025, the company achieved a revenue of 8.21 billion yuan, reflecting a 37.9% year-on-year increase, while the net profit attributable to the parent company was 1.58 billion yuan, up 38.8% year-on-year [5][6]. - The gross margin for 2024 was 42.9%, an increase of 1.8 percentage points year-on-year, while the net profit margin was 19.1%, up 0.8 percentage points year-on-year [4][5]. - The company’s inventory as of Q1 2025 was 25.2 billion yuan, a 7.4% increase from the end of 2024, indicating potential for future revenue growth [6]. Growth Projections - Revenue projections for 2025, 2026, and 2027 are 38.51 billion yuan, 48.40 billion yuan, and 60.01 billion yuan, respectively, with year-on-year growth rates of 29%, 26%, and 24% [8][9]. - The net profit attributable to the parent company is expected to reach 7.51 billion yuan in 2025, 9.59 billion yuan in 2026, and 11.93 billion yuan in 2027, with growth rates of 34%, 28%, and 24% respectively [8][9]. Market Position and Strategy - The company is recognized as a leading domestic semiconductor equipment manufacturer, with a strong focus on expanding its product matrix and enhancing its technological capabilities [6][9]. - The company has announced its entry into the ion implantation equipment market and plans to acquire shares in ChipSource to expand into the coating and developing equipment sector, further solidifying its platform strategy [9].