证券研究报告·公司深度研究·光伏设备 北方华创（002371） 平台化半导体设备龙头，受益于下游资本开 支扩张&国产化率提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 22,079 | 29,838 | 39,480 | 50,102 | 60,413 | | 同比（%） | 50.32 | 35.14 | 32.31 | 26.90 | 20.58 | | 归母净利润（百万元） | 3,899 | 5,621 | 5,843 | 7,752 | 10,234 | | 同比（%） | 65.73 | 44.17 | 3.94 | 32.67 | 32.03 | | EPS-最新摊薄（元/股） | 5.38 | 7.76 | 8.06 | 10.70 | 14.13 | | P/E（现价&最新摊薄） | 85.30 | 59.17 | 56.93 | 42.91 | 32.50 | [Table_Tag] [ ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 167.18 RMB based on a projected PS of 13 times for 2026 [4]. Core Insights - The company specializes in photoresist coating and developing equipment, with a strong presence in advanced packaging, compound semiconductors, and MEMS industries. It is actively expanding into front-end fields. The company's performance in the first three quarters of 2025 is under pressure due to delays in order acceptance, but a significant backlog of orders is expected to drive a return to high growth [2][3]. - The semiconductor equipment industry remains robust, with substantial domestic substitution opportunities for coating and developing equipment. In 2024, global semiconductor equipment sales reached 117.1 billion USD, with China accounting for 49.5 billion USD, reflecting a 35% year-over-year increase [2][3]. - The company has successfully broken the monopoly of foreign manufacturers in the domestic market for coating and developing equipment, launching multiple product models and securing orders from leading domestic clients [2][3]. Summary by Sections Section 1: Domestic Leader in Coating and Developing Equipment - The company has over 20 years of experience in semiconductor equipment, focusing on the development, production, and sales of specialized equipment, including photoresist coating and developing machines. Its product range has expanded to cover various sectors, including front-end wafer processing and advanced packaging [14][16]. Section 2: Accelerating Domestic Substitution and Market Demand Recovery - The semiconductor market is experiencing rapid growth, driven by high demand for advanced technologies. The company's products are essential in the photolithography process, and the demand for photolithography machines is expected to boost the development of coating and developing equipment [33][34]. - The domestic semiconductor equipment market is growing significantly, with a notable increase in market share from 13% in 2015 to 42% in 2024. This growth is attributed to the rise of domestic wafer fabrication plants and the demand for domestic substitution of various semiconductor equipment [60][61]. Section 3: Product Platform Development and Competitive Advantage - The company is actively enriching its product lines, including physical/chemical cleaning, temporary bonding machines, and advanced packaging products, to create new growth opportunities. The acquisition by Northern Huachuang is expected to enhance the company's R&D capabilities and optimize supply chain management [3][67]. - The company has a strong focus on R&D, with a research expense ratio that exceeds industry averages, indicating a commitment to innovation and product development [75]. Section 4: Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 0.5 million RMB, 2.3 million RMB, and 5.1 million RMB for the years 2025 to 2027, respectively. The current PS valuations are 16, 11, and 8 times for the respective years, with a target PS of 13 times for 2026 [4].

2、公司为什么会选择半导体相关产业作为转型方向？ 苏州华源控股股份有限公司 投资者关系活动记录表 | 证券代码：002787 | 证券简称：华源控股 编号：2025-IR006 | | --- | --- | | | ▉特定对象调研 □分析师会议 | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称 | 开源证券，西部证券，鹏华基金，江海证券，华安证券，竹润资本，湘禾投资，西部利 | | 及人员姓名 | 德，上海证券，昀启投资，咏明资产 | | 时间 | 年 月 日 下午 2025 12 26 14:00——16:00 | | 地点 | 上海市浦东新区富城路 号震旦国际大厦 楼，腾讯会议 99 27 | | 上市公司接待 | 邵娜，张健 | | 人员姓名 | | | | 1、公司当前半导体业务的整体布局是什么？ | | | 答：公司将半导体领域作为战略核心方向，聚焦设备及核心配套环节，通过"自主 | | | 设立+股权收购+战略协同"模式构建完整布局，助力高端制造转型与新质生产力拓展。 | | | 具体布局如下： ...

东北证券研报指出，盛美上海盈利能力显著攀升，充沛订单锁定未来高增。公司三季度归母净利润增速 大幅跑赢营收增速，核心原因在于产品组合持续优化，高毛利产品占比提升，前三季度综合毛利率达到 49.54%的高位。此外，规模效应释放使得费用率有效摊薄，股份支付费用同比大幅减少进一步增厚利 润。截至2025年9月末，公司在手订单总额高达90.72亿元，同比增长34.1%，其中存储类订单占比高于 逻辑类。庞大订单储备不仅为全年65至71亿元的营收指引提供坚实支撑，更大幅提升了2026 年业绩能 见度。受益于半导体设备国产替代深入及公司多产品线放量，预计公司2025至2027年归母净利润分别为 16.02/19.97/23.52亿元，当前股价对应PE分别为53/43/36倍。公司作为平台型设备龙头，技术壁垒深厚 且成长路径清晰，首次覆盖给予"买入"评级。 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a strong potential for stock price appreciation in the next six months [4][6]. Core Insights - The company has demonstrated significant growth in profitability, with a 66.99% year-on-year increase in net profit for the first three quarters, driven by an optimized product mix and a high gross margin of 49.54% [2][4]. - The company has a robust order backlog of 9.072 billion yuan, representing a 34.1% year-on-year increase, which supports revenue guidance of 6.5 to 7.1 billion yuan for the year [2]. - The company is expanding its product offerings beyond cleaning equipment, with strong growth in other front-end equipment, particularly in response to AI chip demand [3]. - The company has raised its global revenue target for 2030 from 3 billion USD to 4 billion USD, with a specific target of 2.5 billion USD for the China region [3]. Financial Summary - For the fiscal years 2025 to 2027, the company is projected to achieve net profits of 1.602 billion yuan, 1.997 billion yuan, and 2.352 billion yuan, respectively, with corresponding price-to-earnings ratios of 53, 43, and 36 times [4][5]. - The company expects revenue growth rates of 44.48% in 2024, 23.92% in 2025, and 23.67% in 2026, indicating a strong growth trajectory [5][11]. - The gross margin is projected to remain high, around 49.9% for 2026 and 2027, reflecting the company's strong pricing power and cost management [11].

Industry Perspective - Semiconductor equipment is the cornerstone of the semiconductor industry, with significant growth potential driven by storage expansion and domestic substitution [1] - According to SEMI, the semiconductor equipment market will maintain a 33.2% share as the largest single market globally in the first half of 2025, with leading domestic companies showing impressive performance [1] - The combined revenue of eight leading domestic companies is expected to grow by 37.3% year-on-year, while net profit attributable to shareholders is projected to increase by 23.9% in the first three quarters of 2025 [1] Investment Logic - The global semiconductor market has entered a strong recovery cycle, with the market expected to grow by 18.9% year-on-year in the first half of 2025 and 15.4% for the entire year [2] - AI technology is driving a surge in storage demand, with significant supply-demand gaps pushing prices higher; NAND and DRAM prices are expected to rise by 5-10% and 13-18%, respectively, by Q4 2025 [2] Domestic Storage Leaders - Domestic storage companies are accelerating capacity expansion, with Longxin Storage starting its IPO process and Jiangsu Changjiang Storage's third-phase project being officially established [3] - The introduction of 3D DRAM technology and advancements in NAND stacking are expected to significantly increase the market for etching and thin-film deposition equipment, with projected growth of 1.7 times and 1.8 times, respectively [3] Investment Recommendations - 2025 is anticipated to be a significant year for order growth and performance realization in the domestic semiconductor equipment sector [4] - Key beneficiaries include companies like Zhongwei Company, which is expected to benefit from storage expansion and 3D technology iterations [4] - Other recommended companies include North Huachuang, which has a broad product line, and Huahai Qingke, Zhongke Feice, and Jingce Electronics, which are rapidly increasing their domestic market share in specific segments [4]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company, Yitang Co., Ltd. (屹唐股份), is positioned as a leading manufacturer of semiconductor front-end equipment, focusing on dry strip, rapid thermal processing (RTP), and etching equipment. It has established a platform-based layout to drive both domestic substitution and international expansion [12][16]. - The company has a strong market presence, holding the second-largest global market share in dry strip equipment at 34.6% and RTP equipment at 13.05% as of 2023 [21][30]. - The financial forecasts indicate steady revenue growth, with total revenue projected to reach 8,133 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 27.08% from 2023 to 2027 [1][34]. Summary by Sections Company Overview - Yitang Co., Ltd. was established in 2015 and specializes in high-end manufacturing of core equipment for integrated circuits. The company has developed a comprehensive international R&D and manufacturing system through acquisitions and partnerships, notably with Mattson Technology, Inc. [12][13]. Product and Market Position - The company has a well-established product matrix covering key processes in wafer manufacturing, including dry strip, RTP, and etching. Its products are widely used by leading semiconductor manufacturers such as SMIC, TSMC, Samsung, and Intel [12][16]. - The dry strip equipment has been developed over 30 years, featuring advanced technologies that ensure low particle contamination and cost efficiency. The RTP equipment is designed for advanced logic chips and DRAM, demonstrating compatibility with nodes at 10nm and below [18][19]. Financial Performance - The company has shown significant revenue growth, with total revenue increasing from 1.518 billion yuan in 2018 to 4.633 billion yuan in 2024, representing a CAGR of 20.4%. The net profit attributable to shareholders has also surged from 24 million yuan to 540.8 million yuan during the same period, with a CAGR of 68.5% [28][31]. - The report forecasts net profits of 652.35 million yuan in 2025, 851.69 million yuan in 2026, and 1,219.76 million yuan in 2027, indicating a strong upward trend in profitability [1][34]. R&D and Innovation - The company maintains a high R&D investment rate of around 15%, reflecting its commitment to innovation and technology development. As of mid-2025, the company had applied for 721 patents, with 474 granted, showcasing its focus on building a robust intellectual property portfolio [40][42]. Market Outlook - The global semiconductor equipment market is expected to recover, with projections indicating a market size of 125.5 billion USD in 2025 and 138.1 billion USD in 2026. The domestic market in China is anticipated to continue growing, driven by local wafer fabrication capacity expansion and increased penetration of domestic equipment [44][45].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 70.75 CNY [1][6] Core Views - The company has shown a high growth rate in revenue, with a focus on platform-based strategies to enhance its product matrix and customer service capabilities [5][10] - The company is expected to achieve significant net profit growth in the coming years, with forecasts of 1.03 billion, 3.04 billion, and 5.39 billion CNY for 2025, 2026, and 2027 respectively [6][11] Financial Performance Summary - Revenue for 2023 is projected at 2,066 million CNY, with a year-on-year growth of 33.8%. This is expected to rise to 3,988 million CNY in 2025, reflecting a growth rate of 31.2% [8][14] - The net profit attributable to the parent company is forecasted to be 169 million CNY in 2023, with a significant decline of 31.3% year-on-year, but is expected to recover to 539 million CNY by 2027 [8][14] - The company's gross margin is projected to improve from 25.2% in 2023 to 28.0% in 2027, indicating better cost management and pricing strategies [8][14] Strategic Initiatives - The company is actively pursuing a platform-based strategy, combining internal growth with external acquisitions to strengthen its market position [10] - It has successfully launched several products in the gas distribution system and heating plate sectors, enhancing its competitive edge in the semiconductor equipment market [10] - The establishment of localized factories in key regions, including Beijing and Singapore, aims to improve service efficiency and meet customer demands for confidentiality and IP security [10]

Core Viewpoint - North Huachuang's Q3 2025 report shows strong revenue growth and profitability, indicating a robust performance in the semiconductor equipment sector [1][2][4]. Financial Performance - In Q3 2025, the company achieved revenue of 11.16 billion yuan, a year-on-year increase of 38.31%, and a net profit attributable to shareholders of 1.92 billion yuan, up 14.60% [1]. - For the first three quarters of 2025, total revenue reached 27.30 billion yuan, growing 32.97%, with a net profit of 5.13 billion yuan, reflecting a 14.83% increase [1]. - The gross profit margin for Q3 2025 was 40.31%, a decrease of 1.95 percentage points year-on-year, while the margin for the first three quarters was 41.41%, down 2.81 percentage points [1]. R&D and Product Development - The company maintained high R&D intensity, with R&D expenses for the first three quarters of 2025 amounting to 3.28 billion yuan, a 48.4% increase year-on-year, representing 12.0% of revenue, up 1.3 percentage points [2]. - North Huachuang achieved significant milestones with the delivery of its 1,000th unit of vertical furnaces and physical vapor deposition (PVD) equipment, alongside new product launches [2]. Industry Outlook - The semiconductor equipment industry is expected to maintain a favorable outlook, with a 7.22% year-on-year increase in semiconductor equipment imports in China, reaching 32.4 billion USD [3]. - The global semiconductor equipment market is projected to grow, with a 7% increase in spending on 300mm wafer fab equipment expected in 2025, reaching 107 billion USD [3]. Market Position and Future Prospects - North Huachuang, as a leading state-owned enterprise in the semiconductor equipment sector, has a significant competitive edge in technology and product offerings, with its equipment being adopted by major downstream manufacturers [4]. - The company is expected to see long-term growth in revenue and profitability due to the ongoing trend of domestic semiconductor equipment replacement, with projected net profits of 7.10 billion yuan, 9.32 billion yuan, and 11.98 billion yuan for 2025-2027 [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a robust performance with significant revenue growth and a healthy order backlog, indicating stable growth prospects [6][12]. - The semiconductor equipment industry is expected to maintain its favorable conditions, with increasing demand for advanced process construction [12]. - The company is well-positioned to benefit from the domestic semiconductor equipment market's shift towards localization, enhancing its revenue and profitability in the long term [12]. Financial Performance Summary - In Q3 2025, the company achieved revenue of 11.16 billion yuan, a year-on-year increase of 38.31%, and a net profit attributable to shareholders of 1.92 billion yuan, up 14.60% year-on-year [2][6]. - For the first three quarters of 2025, the company reported total revenue of 27.30 billion yuan, a 32.97% increase year-on-year, with a net profit of 5.13 billion yuan, reflecting a 14.83% growth [2][6]. - The gross profit margin for Q3 2025 was 40.31%, a decrease of 1.95 percentage points year-on-year, while the gross margin for the first three quarters was 41.41%, down 2.81 percentage points year-on-year [2][6]. Research and Development - The company maintained high R&D intensity, with R&D expenses for the first three quarters of 2025 amounting to 3.285 billion yuan, a 48.4% increase year-on-year, representing a 12.0% R&D expense ratio [12]. - The company has achieved significant milestones in equipment delivery, with over 1,000 units of key products delivered, indicating strong operational capabilities [12]. Market Outlook - The semiconductor equipment market is projected to see continued growth, with a 7% increase in global spending on 300mm wafer fab equipment expected in 2025, reaching 107 billion USD [12]. - The domestic demand for semiconductor equipment remains strong, driven by ongoing construction of wafer fabs and the need for domestic equipment to replace foreign products [12].