Group 1 - The company is implementing a "equipment + service" platform development strategy, with a high market share in CMP equipment and successful acceptance of multiple thinning machines and low-energy high-current ion implantation equipment [1][3] - The company plans to expand its wafer regeneration capacity to 600,000 pieces per month, benefiting significantly from the accelerated expansion trend of wafer fabs [1][3] Group 2 - The CMP equipment Universal-H300 has received bulk repeat orders and has achieved large-scale shipments, while specialized CMP equipment for third-generation semiconductor customers has been successfully developed and sent for client verification [1] - The thinning equipment covers various process customers, with the 12-inch ultra-precision wafer thinning machine Versatile-GP300 achieving multiple acceptances to meet customer mass production needs [2] - The company has established a series of cleaning equipment layouts covering large wafers and compound semiconductors, with the HSC-S1300 and HSC-F3400 cleaning equipment successfully verified and sold [2] Group 3 - The company has become a professional foundry for wafer regeneration with Fab equipment and process technology services, currently achieving a wafer regeneration capacity of approximately 200,000 pieces per month [2] - The company plans to build a wafer regeneration expansion project in Kunshan, Jiangsu Province, with a total planned capacity expansion of 400,000 pieces per month, and the first phase of construction capacity is expected to be 200,000 pieces per month with an investment not exceeding 500 million RMB [2] Group 4 - Revenue projections for the company are estimated at 4.503 billion, 5.860 billion, and 7.360 billion RMB for the years 2025 to 2027, with net profits of 1.290 billion, 1.682 billion, and 2.121 billion RMB respectively [3]

Core Viewpoint - Huahai Qingsi plans to expand its wafer regeneration capacity by constructing a new project in Kunshan, Jiangsu, with a total planned capacity of 400,000 pieces per month, aiming to seize the opportunity of accelerated expansion in wafer factories [2] Group 1: Investment and Expansion Plans - The company intends to invest no more than 500 million yuan in the first phase of the expansion, which will have a capacity of 200,000 pieces per month [2] - The funding for the project will come from the company's own and self-raised funds, with a construction period expected to be no more than 18 months [2] Group 2: Financial Performance - For 2024, the company anticipates a revenue growth of 35.82% year-on-year, reaching 3.406 billion yuan, and a net profit growth of 41.4%, amounting to 1.023 billion yuan [2] - The company's net profit excluding non-recurring items is expected to grow by 40.79% to 856 million yuan [2] Group 3: Industry Context and Demand - The integrated circuit industry is a strategic sector for national economic and social development, supported by a series of government policies aimed at enhancing innovation capabilities and international competitiveness [2] - The demand for wafer regeneration is increasing due to the accelerated expansion of domestic 12-inch wafer factories, which require higher processing standards for new production lines [3] Group 4: Technological Advantages - The company has established itself as a professional foundry for wafer regeneration, leveraging its proprietary chemical mechanical polishing (CMP) and cleaning equipment to meet downstream customer needs [3] - The wafer regeneration process involves multiple steps, including film removal, coarse polishing, fine polishing, cleaning, and inspection, with CMP and cleaning technologies being core to this process [3][4] Group 5: Customer Relationships and Market Synergy - The company's customer base for wafer regeneration primarily consists of integrated circuit manufacturers, which overlaps significantly with its existing equipment business [4] - Strong cooperation with domestic integrated circuit manufacturers and recognition of the company's equipment products provide a solid foundation for expanding the wafer regeneration business [4]

证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 159.18 | | --- | --- | | 总股本/流通股本（亿股）2.37 | / 1.70 | | 总市值/流通市值（亿元）377 | / 271 | | 52 周内最高/最低价 | 211.66 / 118.67 | | 资产负债率(%) | 44.9% | | 市盈率 | 36.76 | | 第一大股东 | 清控创业投资有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 华海清科(688120) 盈利能力持续增强，平台化发展稳步推进 l 投资要点 CMP 市场占有率和销售规模持续提高，盈利能力持续增强。公 司的产品及服务凭借先进的产品性能、卓越的产品质量和优秀的 售后服务在逻辑芯片、存储芯片、先进封装、大硅片、MEMS、 MicroLED、第三代半导体等领域取得了良好的市场口碑，市场占有 率不断突破。20 ...

股票投资评级 证券研究报告：电子 | 公司点评报告 | 最新收盘价（元） | 159.18 | | --- | --- | | 总股本/流通股本（亿股）2.37 | / 1.70 | | 总市值/流通市值（亿元）377 | / 271 | | 52 周内最高/最低价 | 211.66 / 118.67 | | 资产负债率(%) | 44.9% | | 市盈率 | 36.76 | | 第一大股东 | 清控创业投资有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 华海清科(688120) 盈利能力持续增强，平台化发展稳步推进 l 投资要点 CMP 市场占有率和销售规模持续提高，盈利能力持续增强。公 司的产品及服务凭借先进的产品性能、卓越的产品质量和优秀的 售后服务在逻辑芯片、存储芯片、先进封装、大硅片、MEMS、 MicroLED、第三代半导体等领域取得了良好的市场口碑，市场占有 率不断突破。2024 年公司实 ...