智通财经APP获悉，9月22日，摩根士丹利分析师Shane Brett将应用材料(AMAT.US)股票评级从"持股观 望"上调至"增持"，目标价由172美元大幅上调至209美元，并明确指出该股当前极具吸引力。 报告核心逻辑显示，应用材料股价较同业公司泛林集团(LRCX.US)存在25%的折价空间，而历史数据显 示2023年以来平均折价水平为10%，本次目标价调整后隐含折价将为15%。 该行分析师特别强调，应用材料在DRAM资本支出领域的高敞口布局，以及全球新晶圆厂扩产带来的潜 在收益，是其上调业绩预期的关键支撑——公司2026年每股收益预期由9.58美元提升至10.45美元。 从风险收益比看，该股牛市与熊市情景比例为3:1，在摩根士丹利覆盖的半导体设备板块中，应用材料 对绿地DRAM项目的杠杆率最高，且分析认为中国、ICAPS及前沿逻辑领域的风险敞口相对可控，综合 因素促使风险回报呈现明显上行倾向。 作为材料工程解决方案的全球领军企业，应用材料专注于为半导体、显示器及相关行业提供制造设备、 专业服务及配套软件。 ...

Core Viewpoint - The company, North China Huachuang, is a leading domestic semiconductor equipment manufacturer, continuously advancing its platform construction and benefiting from the domestic substitution trend and wafer factory expansion [5]. Group 1: Semiconductor Equipment Business - The company's main products include etching, thin film deposition, thermal processing, wet processing, and ion implantation equipment, with projected revenue of 26.578 billion yuan and net profit of 5.218 billion yuan in 2024 [1]. - The etching equipment segment is expected to generate over 8 billion yuan in revenue in 2024, with a full range of products including ICP, CCP, bevel etching, high selectivity etching, and dry stripping equipment [1]. - The thin film deposition segment is projected to exceed 10 billion yuan in revenue in 2024, with ALD equipment alone expected to generate nearly 2 billion yuan [2]. - The thermal processing equipment segment is expected to exceed 2 billion yuan in revenue in 2024, while the wet processing equipment segment is projected to exceed 1 billion yuan [3]. Group 2: Market Expansion and Acquisitions - The company has successfully entered new markets through the acquisition of shares in Xinyuan Micro, becoming its controlling shareholder with a 9.48% stake [3][4]. - Xinyuan Micro is currently the only domestic manufacturer capable of providing mass production front-end coating and developing machines, with a comprehensive product range covering various cleaning processes [4]. - The company has received numerous orders for its fully automatic temporary bonding and debonding machines, which are compatible with mainstream adhesive processes and have nearly 20 units on hand [4]. Group 3: Financial Performance - In Q1 2025, the company achieved revenue of 8.206 billion yuan, a year-on-year increase of 37.90%, driven by breakthroughs in key technologies for new products [5]. - The net profit for Q1 2025 was 1.581 billion yuan, reflecting a year-on-year growth of 38.80%, attributed to expanding revenue scale and improved cost efficiency [5]. - The gross margin was 43.02%, and the net margin was 19.10%, remaining stable year-on-year [5].