人民财讯1月8日电，广州市人民政府办公厅印发《广州市加快建设先进制造业强市规划(2024—2035 年)》。其中提出，加快推动半导体与集成电路产业发展，积极谋划芯片研发设计、晶圆制造、封装测 试、半导体材料和设备等全产业链布局。依托黄埔、南沙、增城等区，着力补齐产业链空缺，集聚发展 光掩膜、光刻胶、电子气体、高纯靶材等制造材料生产线及其产业链上下游，引进培育光刻、刻蚀、离 子注入、沉积、清洗、检测设备等制造设备及零部件龙头企业。 ...

证券研究报告·公司深度研究·光伏设备 北方华创（002371） 平台化半导体设备龙头，受益于下游资本开 支扩张&国产化率提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 22,079 | 29,838 | 39,480 | 50,102 | 60,413 | | 同比（%） | 50.32 | 35.14 | 32.31 | 26.90 | 20.58 | | 归母净利润（百万元） | 3,899 | 5,621 | 5,843 | 7,752 | 10,234 | | 同比（%） | 65.73 | 44.17 | 3.94 | 32.67 | 32.03 | | EPS-最新摊薄（元/股） | 5.38 | 7.76 | 8.06 | 10.70 | 14.13 | | P/E（现价&最新摊薄） | 85.30 | 59.17 | 56.93 | 42.91 | 32.50 | [Table_Tag] [ ...

格隆汇12月29日丨北方华创在互动平台回应称，随着存储市场需求增长及HBM技术加速渗透，相关工 艺设备需求持续提升。公司在存储芯片制造领域可提供刻蚀、薄膜沉积、清洗、热处理、离子注入、涂 胶显影等核心工艺设备，覆盖DRAM、NAND等主流存储品类；在HBM领域，可提供TSV刻蚀、去 胶、湿法清洗、ALD、PVD、电镀、退火等多款核心设备及工艺解决方案。目前，公司相关产品已批 量交付主流存储及HBM客户，多款产品成为客户生产线的量产基线机台。 ...

中邮证券研报指出，北方华创作为国内半导体设备平台型领军厂商，产品覆盖刻蚀、薄膜沉积、热处 理、清洗、涂胶显影、离子注入等多个核心工艺环节，工艺覆盖度完善，国内份额持续提升，将持续受 益于下游扩产与国产替代进程。11月22日，公司披露2025年股票期权激励计划（草案），有助于促进公 司中长期激励机制的健全与完善，提升人才吸引力与团队稳定性。公司拟向激励对象授予10,465,975份 股票期权，约占本激励计划草案公告时公司股本总额的1.4446%，激励对象共计2,306人，其中，公司董 事、高级管理人员7人，核心技术人才及管理骨干2,299人，假设公司2025年11月末授予股票期权，2025 年-2030年期权成本需摊销的总费用约21亿。维持"买入"评级。 ...

股价表现的催化剂：公司先进制程设备国产替代验证；中国主流晶圆厂资本开支上修；AI 驱动算力存 力投资上行；公司加码产业整合与外延并购。 关键假设点：1）在地缘关系复杂化背景下，中国预计将在"十五五"开局阶段加大半导体自主可控投 入，各地专项基金有望持续落地，有望为公司提供关键工艺设备国产替代所需政策、资金支持与客户验 证环境。2）我们假设2025–2027 年大陆市场设备价值量结构为刻蚀26%、薄膜沉积27%、清洗6%、氧 化/扩散6%、外延7%、热处理5%、去胶4%、其他辅助2%。 刻蚀与薄膜沉积环节价值量占比提升，主要受先进制程与新型封装需求双驱动：①FinFET、GAA 及3D NAND 层数增加、结构复杂度提升，带动刻蚀工序增多；②AI 芯片与HBM 封装对薄膜精度和均匀性要 求提高，叠加2.5D/3D 封装与多重图案化普及，共同推升刻蚀与沉积设备的工艺密度与价值量。 有别于市场的认识：市场普遍认为晶圆厂扩产节奏趋缓，短期设备招标进入平缓期，同时认为公司"多 点开花"的平台化战略可能分散资源、削弱在先进制程上的突破力。我们认为，公司通过横向扩展设备 品类、纵向贯通工艺流程，持续向系统集成平台商转型，在 ...

Core Insights - The "2024-2025 Shanghai Key Industries International Competitiveness Index Report" indicates that Shanghai's key industries competitiveness index increased from 121.9 in 2019 to 126 in 2024, reflecting a cumulative growth of 4.1 over six years, transitioning from "speed chasing" to "quality leading" in strategy [1][2]. Industry Analysis - The report highlights that in 2024, industries such as new energy vehicles, biomedicine, integrated circuits, and shipbuilding and marine engineering are the primary contributors to the competitiveness index, forming the "first tier" of Shanghai's key industries [2]. - Advanced materials, artificial intelligence, and civil aviation are identified as "frontier fields" in a critical phase of technological accumulation and market expansion, expected to become new growth points for Shanghai's industrial competitiveness [2]. - Traditional industries like petrochemicals and steel are undergoing transformation and upgrading, with a reduction in output value but still maintaining large scale, potentially reshaping competitive advantages through integration with emerging industries [2]. Sector-Specific Insights - The competitiveness of the new energy vehicle industry reflects Shanghai's early advantages in green and low-carbon transformation, with recommendations to deepen smart factory construction and supply chain collaboration to enhance industrial efficiency [2]. - The integrated circuit sector has seen the largest competitiveness increase in both international and domestic markets, attributed to its comprehensive industry chain layout and large-scale production of high-end equipment, with a call for continued investment in cutting-edge fields to overcome key technological bottlenecks [2][3]. Strategic Recommendations - The report suggests that global industrial competition has shifted from relying on scale, cost, and single-point technological advantages to focusing on rule systems, technological innovation, green compliance, digital operations, and regional collaboration [3]. - It emphasizes the need for Shanghai's industrial policies to transition from "factor aggregation" to "system capability," forming a systemic competitiveness structure centered on technology, institutions, and ecology [3].

Core Insights - The company reported a robust growth in performance, with a year-on-year revenue increase of 29.4% for Q1-Q3 2025, reaching 5.15 billion yuan, driven by strong demand in the Chinese semiconductor equipment market and successful expansion into new customers and markets [1] - The net profit attributable to shareholders for the same period rose by 67.0% to 1.27 billion yuan, while the non-recurring net profit increased by 49.5% to 1.11 billion yuan [1] - The company maintained high R&D investment, with R&D expenses amounting to 870 million yuan, a year-on-year increase of 41.9% [2] Financial Performance - For Q3 2025, the company achieved a revenue of 1.88 billion yuan, reflecting a year-on-year growth of 19.6% and a quarter-on-quarter increase of 4.0% [1] - The net profit for Q3 was 570 million yuan, up 81.0% year-on-year and 26.9% quarter-on-quarter, while the non-recurring net profit was 430 million yuan, a year-on-year increase of 41.4% [1] - The gross margin for Q1-Q3 2025 was 49.5%, an increase of 1.1 percentage points year-on-year, and the net profit margin was 24.6%, up 5.5 percentage points year-on-year [2] Strategic Developments - The company is focusing on a platform-based approach in cleaning, electroplating, and coating development equipment, which is expected to benefit from the new cleaning and electroplating demands in HBM [3] - The company has achieved over 30% market share in domestic single wafer cleaning equipment, with its cleaning technologies reaching international leading levels [3] - The company has delivered over 1,500 electroplating chambers, with its 3D stacking electroplating equipment capable of handling high aspect ratio copper plating for advanced semiconductor structures [3] Profit Forecast and Investment Rating - The company has adjusted its net profit forecasts for 2025-2027 to 1.82 billion, 2.24 billion, and 2.55 billion yuan, respectively, reflecting an increase from previous estimates [4] - The current stock price corresponds to dynamic P/E ratios of 46, 37, and 33 times for the years 2025, 2026, and 2027, respectively, maintaining an "overweight" rating [4]

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company continues to experience high growth in its performance, with a year-on-year revenue increase of 29.4% in Q1-Q3 2025, reaching 5.15 billion yuan, driven by strong demand in the semiconductor equipment sector [8][9] - The company's net profit for Q1-Q3 2025 increased by 67% year-on-year, amounting to 1.27 billion yuan, indicating robust operational performance [8][9] - The company is focusing on a platform-based strategy, successfully expanding its product offerings in cleaning, electroplating, coating, and etching equipment, which positions it well to benefit from the growing demand in the HBM sector [3][9] Financial Performance Summary - For 2023, the total revenue is projected at 3.888 billion yuan, with a year-on-year growth of 35.34% [1] - The net profit attributable to shareholders is expected to be 910.52 million yuan in 2023, reflecting a year-on-year increase of 36.21% [1] - The company maintains a high gross margin of 49.5% for Q1-Q3 2025, with a net profit margin of 24.6%, showing improved profitability [8][9] - The R&D investment for the company reached 870 million yuan in Q1-Q3 2025, a year-on-year increase of 41.9%, highlighting its commitment to innovation [8][9] Earnings Forecast - The forecast for net profit attributable to shareholders is adjusted to 1.82 billion yuan for 2025, 2.24 billion yuan for 2026, and 2.55 billion yuan for 2027, reflecting strong growth expectations [9] - The projected P/E ratios for the current stock price are 46 for 2025, 37 for 2026, and 33 for 2027, indicating a favorable valuation outlook [9]

Core Insights - The company reported a revenue of 5.146 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 29.42% [1] - The net profit attributable to shareholders reached 1.266 billion yuan, marking a significant increase of 66.99% year-on-year [1] - Research and development investment totaled 868 million yuan, accounting for 16.87% of the revenue, with a year-on-year growth of 41.89% [1] Industry and Company Performance - Since 2025, the semiconductor equipment market has been recovering, with an increase in the penetration rate of domestic equipment [3] - The company maintains a leading position in core product areas such as cleaning equipment due to technological innovation and accumulated customer resources [3] - As of September 29, the total amount of orders on hand reached 9.072 billion yuan, an increase of 34.10% year-on-year, providing solid support for future performance growth [3] - The company is optimizing production scheduling and accelerating delivery to meet the equipment demands of wafer fab customers at advanced process nodes [3] Capacity Expansion and Future Plans - The company has two production plants in the Lingang factory area, with Plant A already in operation and capable of reaching a full capacity of 10 billion yuan [3] - The current capacity at the Lingang factory supports the company's annual revenue target of 6.5 billion to 7.1 billion yuan [3] - Plant B is expected to be completed and operational by the second half of 2026, further expanding the company's high-end equipment capacity [3] - The company plans to continue increasing R&D investment, promote domestic substitution of key equipment, and upgrade its product matrix while enhancing international layout and after-sales service systems [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 13.106 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.17%, and a net profit attributable to shareholders of 2.688 billion yuan, up 32.9% year-on-year [2]. - In Q3 2025, the company achieved a revenue of 4.734 billion yuan, down 17.26% year-on-year, but the net profit attributable to shareholders was 858 million yuan, reflecting a 7.7% increase year-on-year, aligning with expectations [2]. - The gross margin for Q3 was 28.06%, an increase of 4.68 percentage points year-on-year, and the net profit margin was 18.13%, up 4.21 percentage points year-on-year, primarily due to a higher proportion of high-margin cleaning and vacuum equipment in the revenue mix [3]. - The company has seen a significant improvement in cash flow and a reduction in impairment losses, with total impairment provisions for the first three quarters of 2025 amounting to 367 million yuan, a decrease of 74.32% year-on-year [3]. - The company has successfully developed and shipped multiple self-developed perovskite equipment, including industrial-grade piezoelectric inkjet printing technology and magnetron sputtering equipment, enhancing its competitive edge in the perovskite battery sector [4]. Summary by Sections Performance Review - For the first three quarters of 2025, the company achieved a revenue of 13.106 billion yuan, a 6.17% increase year-on-year, and a net profit of 2.688 billion yuan, a 32.9% increase year-on-year [2]. Operational Analysis - The company reported a gross margin of 28.06% in Q3, up 4.68 percentage points year-on-year, and a net profit margin of 18.13%, up 4.21 percentage points year-on-year, driven by a higher share of high-margin products [3]. - The company’s cash flow and impairment losses have improved significantly, with a 74.32% reduction in impairment provisions year-on-year [3]. Profit Forecast, Valuation, and Rating - The earnings forecast for 2025-2027 has been adjusted to 3.123 billion yuan, 1.274 billion yuan, and 1.102 billion yuan, respectively, with corresponding EPS of 8.97, 3.66, and 3.16 yuan [5].