Core Viewpoint - The report from Kaiyuan Securities highlights that Northern Huachuang achieved steady revenue growth in the first half of 2025, with a year-on-year increase of 29.51% [1] Financial Performance - In H1 2025, the company reported operating revenue of 16.142 billion yuan and a net profit attributable to shareholders of 3.208 billion yuan, reflecting a year-on-year growth of 14.97% [1] - The company's R&D investment reached 2.915 billion yuan in H1 2025, marking a 30.01% increase year-on-year [1] Market Position and Strategy - Northern Huachuang remains the leader in the domestic integrated circuit equipment sector, with over 9,900 patent applications and 5,700 authorized patents [1] - The company experienced a slight decline in revenue in Q2 due to downstream acceptance rhythm, but it is expected that downstream capital expenditure will remain stable throughout the year [1] - The ongoing high-end and platform-based strategy is expected to support future growth [1] Future Projections - The company is projected to achieve operating revenues of 39.5 billion yuan, 48.8 billion yuan, and 59 billion yuan for the years 2025, 2026, and 2027, respectively [1] - The net profit attributable to shareholders is expected to reach 7.8 billion yuan, 9.9 billion yuan, and 12 billion yuan for the same years [1] - The current stock price corresponds to price-to-earnings ratios of 34.3, 27.1, and 22.4 for the years 2025, 2026, and 2027, respectively [1]

电子/半导体 中微公司（688012.SH） 收入实现高增，高端化+平台化战略稳步推进 | 日期 | 2025/4/20 | | --- | --- | | 当前股价(元) | 190.00 | | 一年最高最低(元) | 256.99/115.50 | | 总市值(亿元) | 1,182.49 | | 流通市值(亿元) | 1,182.49 | | 总股本(亿股) | 6.22 | | 流通股本(亿股) | 6.22 | | 近 3 个月换手率(%) | 82.17 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 2025-04 中微公司 沪深300 相关研究报告 《Q3 业绩同环比高增，刻蚀龙头高端 产品加速放量—公司信息更新报告》 -2024.10.31 《高研发助力长期成长，2024H1 新签 订单加速放量—公司信息更新报告》 -2024.8.24 《2024Q1 营收同比持续增长，高端刻 蚀设备快速放量—公司信息更新报 告》-2024.4.28 陈蓉芳（分析师） 陈瑜熙（分析师） chenrongfang@kysec.cn 证书 ...