2025 年 6 月 26 日 | C0044@capital.com.tw | | | --- | --- | | 朱吉翔 目标价 | 500 元 | 公司基本资讯 | 产业别 | | | 电子 | | --- | --- | --- | --- | | A 股价(2025/6/26) | | 437.91 | | | 深证成指(2025/6/26) | | 10343.48 | | | 股价 12 个月高/低 | | 490.03/278.13 | | | 总发行股数(百万) | | | 534.52 | | A 股数(百万) | | | 534.06 | | A 市值(亿元) | | | 2338.70 | | 主要股东 | | 北京七星华电 | | | | | 科技集团有限 | | | | | | 责任公司 | | | | | (33.36%) | | 每股净值(元) | | | 60.05 | | 股价/账面净值 | | | 7.29 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 2.0 | 5.3 | 34.8 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | - ...

长江商报记者注意到，2025年一季度，公司实现营业收入82.06亿元，归母净利润和扣非净利润分别为 15.81亿元、15.7亿元，同比增速均在40%左右。 值得一提的是，北方华创的负债率过去一年来逐季改善，到2025年一季度末降至50%。与此同时，公司 的总资产继续增长，达到682.42亿元。 长江商报消息 ●长江商报记者 潘瑞冬 国内半导体龙头北方华创（002371.SZ）订单稳步增长。 5月12日，北方华创举行了线上2024年度暨2025年第一季度业绩说明会。当天晚间，北方华创发布了一 份投资者关系管理信息表，公司表示，2025年一季度，公司的新签订单继续保持良好趋势。 营收净利连续8年双增 日前，北方华创举行了线上2024年度暨2025年第一季度业绩说明会。 数据显示，今年一季度，北方华创实现营业收入82.06亿元，同比增长37.90%；归母净利润和扣非净利 润分别为15.81亿元、15.7亿元，同比增长38.80%、44.75%。 对于业绩增长，北方华创表示，公司集成电路装备领域电容耦合等离子体刻蚀设备（CCP）、原子层沉 积设备（ALD）、高端单片清洗机等多款新产品实现关键技术突破，工艺覆盖度显著增 ...

"从几家半导体公司第一季度财报来看，半导体设备类企业营收以及利润都有较大幅度增长，这是非常 积极健康的预兆，尤其是在目前地缘政治的大背景下，设备类企业的财报喜人，说明国内半导体产业链 中最重要的一环已经在健康成长。"电子创新网CEO张国斌如此表示。 设计和封测两端整体表现亮眼 从传统上的"设计—制造—封装&测试"来划分芯片产业链，中国国内公司普遍被认为在设计和封测两端 具有优势。 2025年第一季度，A股半导体板块市值第二、第三位的芯片设计公司海光信息（688041.SH）和寒武纪 业绩表现亮眼。其中，寒武纪今年一季报喜人，公司实现总营收11.11亿元，几乎相当于2024年全年的 收入，自去年第四季度利润首次转正后再次盈利。 本报记者 李玉洋 上海报道 就在五一假期前，不少国内半导体产业链上市公司发布了2025年第一季度业绩报告。 《中国经营报》记者注意到，按照产业链环节分类的核心企业及关键财务数据梳理，涵盖设计、制造、 设备、材料、封装测试等领域，2025年第一季度，国内半导体产业链上市公司业绩分化明显，AI算 力、汽车电子、国产替代成为核心增长引擎，而消费电子疲软、转型阵痛则拖累部分企业表现。 典型的代表 ...

Core Viewpoint - The company reported its 2024 annual report and Q1 2025 results, meeting expectations with significant revenue and profit growth [1][2]. Financial Performance - In 2024, the company achieved revenue of 29.84 billion, a year-on-year increase of 35.1% - The net profit attributable to shareholders reached 5.62 billion, up 44.2% year-on-year - For Q1 2025, revenue was 8.21 billion, reflecting a 37.9% year-on-year growth - The net profit attributable to shareholders was 1.58 billion, with a year-on-year increase of 38.8% [1]. Profitability Improvement - The company's gross margin for 2024 was 42.9%, an increase of 1.8 percentage points year-on-year - The net profit margin was 19.08%, up 0.8 percentage points year-on-year - In Q1 2025, the gross margin was 43.0% and the net profit margin was 19.10%, showing further slight improvements - The increasing proportion of advanced process products is expected to raise the average product price and further enhance gross margins [1]. Product Revenue Breakdown - In 2024, the total revenue from integrated circuit equipment exceeded 21 billion, accounting for over 70% of total revenue - Revenue from etching equipment surpassed 8 billion, thin film deposition equipment exceeded 10 billion, thermal processing equipment exceeded 2 billion, and wet processing equipment exceeded 1 billion [1]. Strategic Moves - The company plans to control Chip Source Micro by acquiring shares, aiming to enhance product layout and achieve synergies - If the share acquisitions are completed, the company will hold 17.9% of Chip Source Micro, becoming the largest shareholder - The company aims to leverage this control to enhance collaboration in the fields of coating, developing, and high-temperature sulfuric acid cleaning equipment [2]. Industry Trends - The trend of domestic substitution in the semiconductor industry is strengthening, emphasizing the importance of supply chain security for domestic wafer fabs - The company is expected to benefit from the increasing domestic substitution rate, with new orders in the integrated circuit sector anticipated to grow rapidly in 2025, ensuring sustainable performance growth [2]. Earnings Forecast - The company maintains its earnings forecast, projecting revenues of 39.44 billion, 49.19 billion, and 58.62 billion for 2025 to 2027, with year-on-year growth rates of 32.2%, 24.7%, and 19.2% respectively - The net profits for the same period are expected to be 7.71 billion, 10.13 billion, and 12.19 billion, with growth rates of 37.2%, 31.3%, and 20.3% respectively - Corresponding dynamic price-to-earnings ratios are projected to be 31, 24, and 20 times [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's profitability is steadily improving, with significant growth in process coverage [1] - The company reported a revenue of 29.84 billion yuan in 2024, a year-on-year increase of 35.1%, and a net profit of 5.62 billion yuan, up 44.2% year-on-year [7] - In Q1 2025, the company achieved a revenue of 8.21 billion yuan, reflecting a 37.9% year-on-year growth, and a net profit of 1.58 billion yuan, up 38.8% year-on-year [7] - The gross profit margin reached 42.9% in 2024, an increase of 1.8 percentage points, with a net profit margin of 19.08%, up 0.8 percentage points [7] - The company is benefiting from the domestic substitution trend in the semiconductor industry, which is expected to enhance its order intake in 2025 [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are 39.44 billion yuan, with a year-on-year growth rate of 32.2% [6] - The forecasted net profit for 2025 is 7.71 billion yuan, representing a year-on-year increase of 37.2% [6] - The company anticipates a gross margin of 43.6% in 2025, with a return on equity (ROE) of 20.5% [6] - The projected earnings per share (EPS) for 2025 is 14.45 yuan [6] - Revenue and net profit forecasts for 2026 and 2027 are 49.19 billion yuan and 10.13 billion yuan, and 58.62 billion yuan and 12.19 billion yuan, respectively [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a 2024 full-year revenue of 29.84 billion yuan, representing a year-over-year increase of 35.14%, and a net profit of 5.62 billion yuan, up 44.2% year-over-year [3][4] - In Q1 2025, the company achieved a revenue of 8.21 billion yuan, reflecting a year-over-year growth of 37.9%, and a net profit of 1.58 billion yuan, up 38.8% year-over-year, maintaining a medium to high-speed growth trajectory [3][4] - The company has made significant technological breakthroughs in several new products in the integrated circuit equipment sector, leading to an increase in market share for mature products and a gradual realization of scale effects, resulting in a steady decline in cost and expense ratios [4][5] Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 39.447 billion yuan, 48.83 billion yuan, and 59.007 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 7.803 billion yuan, 9.872 billion yuan, and 12.045 billion yuan [4][7] - The estimated P/E ratios for 2025, 2026, and 2027 are 31, 25, and 20 respectively, indicating a favorable valuation outlook [4][7] - The company's gross margin is expected to be 41.3% in 2025, with a net margin of 19.8% [7][9]

文 ｜ 徐涛 王子源 2 0 2 5年SEMICON大会火爆程度再创新高，行业持续迸发新活力，国产半导体设备和材料 头 部 厂 商 持 续 高 歌 猛 进 ， 各 类 新 公 司 、 新 技 术 、 新 产 品 层 出 不 穷 ， 为 行 业 发 展 注 入 新 活 力，国内半导体产业链正在逐渐补齐。国产替代并购整合有望加速。同时我们也关注到， 国内市场参与者增多，各家厂商加速平台化布局，行业逐渐进入"战国时代"，未来并购整 合是大势所趋。 ▍ 2 0 2 5年SEMICON大会火爆程度再创新高，在全球半导体供应链加速重构的大背景下，行 业持续迸发新活力。 2 0 2 5年3月2 6 - 2 8日，半导体盛会SEMICON Ch i n a 在上海举行，汇聚1 4 0 0余家展商，再创历 史新高。我们对本次展会最直观的感受就是国内半导体产业正凭借全产业链协同的强大力量实 现快速进步，国产厂商大放异彩，2 0 2 4年国内参会展商为8 4 7家，2 0 2 5年增长至1 0 9 3家，同 比增长3 0%，设备、零部件、材料、封测等细分赛道厂商多点开花。反观海外厂商，许是受到 美国半导体制裁的限制，美国设备厂商中 ...