交银国际研究 每日晨报 2025 年 9 月 2 日 今日焦点 北方华创 002371 CH 半导体设备各业务线增长趋势不减；维持买入 评级: 买入 业绩超预期，汽车 CIS/模拟业务亮点突出：1H25 收入/归母净利润 139.6 亿/20.3 亿元（人民币，下同），均超业绩预告中位数和我们的预期。其 中汽车图像传感器贡献主要增长，1H25 同比增 30% 达 37.9 亿元，占图 像传感器收入（103.5 亿元）37%，接近智能手机图像传感器收入 39.2 亿 元（占比 38%）。 收盘价: 人民币 377.84 潜在涨幅: +13.8% 目标价: 人民币 430.00↑ 王大卫, PhD, CFA Dawei.wang@bocomgroup.com 1H25 业绩基本符合预期，关注之后利润率水平：1H25 收入 161.4 亿元（人 民币，下同），（包含芯源微）同口径同比增 29.5%，毛利率 42.2%，同比 降 3.6ppts。归母净利润 32.1 亿元，同比增 15.0%。EPS 4.45 元，同比增 14.2%。 不同设备业务国产替代继续高速推进：刻蚀设备 1H25 收入超 50 亿元 （202 ...

Core Viewpoint - The company, Haowei Group, has made significant moves in the capital market, including a name change and a listing application in Hong Kong, indicating its ambition to expand and potentially revalue the semiconductor sector in the Hong Kong market [1][8]. Group 1: Company Overview - Haowei Group, established in 2007, is one of the top ten Fabless semiconductor companies globally, with a market capitalization of 150 billion RMB [1]. - The company has diversified its product lines, including image sensor solutions, display solutions, and analog solutions, solidifying its leading position in the industry [1]. Group 2: Financial Performance - The company's revenue and profit have shown a significant upward trend from 2022 to 2024, with revenues of 20.04 billion RMB in 2022, 20.98 billion RMB in 2023, and projected 25.71 billion RMB in 2024 [2][4]. - In 2024, the net profit is expected to reach 3.279 billion RMB, marking a substantial increase from previous years [2][4]. - The image sensor solutions segment has become the primary revenue driver, accounting for 74.7% of total revenue in 2024, with a notable increase in revenue from high-end smartphone applications and automotive sectors [2][4]. Group 3: Market Position and Growth Drivers - The global CIS market is projected to grow from 17.9 billion USD in 2020 to 19.5 billion USD in 2024, with a compound annual growth rate (CAGR) of 2.2%, and expected to reach 29.5 billion USD by 2029, with a CAGR of 8.6% [5]. - Haowei Group's strategic shift towards CIS design after acquiring Beijing Haowei in 2019 has significantly contributed to its growth, with the semiconductor distribution business now only accounting for 15.3% of total revenue [3][4]. Group 4: Technological Advancements - The company has developed advanced technologies in various fields, including LED flicker suppression, global shutter technology, and low-light performance, enhancing its competitive edge in the CIS market [7][8]. - Haowei Group is also expanding its technological capabilities in emerging fields such as smart glasses, robotics, and industrial automation, positioning itself to meet the growing demand in these sectors [8].