Company Overview - Northern Huachuang Technology Group Co., Ltd. is located at Wenchang Avenue, Beijing Economic and Technological Development Zone, established on September 28, 2001, and listed on March 16, 2010 [1] - The company's main business involves the research, production, sales, and technical services of semiconductor basic products, with revenue composition: 94.53% from electronic process equipment, 5.37% from electronic components, and 0.10% from others [1] Stock Performance - As of September 4, Northern Huachuang's stock price decreased by 2.04%, trading at 365.80 CNY per share, with a total market capitalization of 263.96 billion CNY [1] - Year-to-date, the stock price has increased by 26.64%, but it has dropped by 7.84% in the last five trading days [1] - The stock has shown a 9.89% increase over the last 20 days and a 22.49% increase over the last 60 days [1] Financial Performance - For the first half of 2025, Northern Huachuang reported a revenue of 16.142 billion CNY, representing a year-on-year growth of 30.86%, and a net profit attributable to shareholders of 3.208 billion CNY, up 15.37% year-on-year [2] - The company has distributed a total of 1.535 billion CNY in dividends since its A-share listing, with 1.217 billion CNY distributed in the last three years [3] Shareholder Information - As of July 18, the number of shareholders increased to 69,500, a rise of 10.39%, while the average circulating shares per person decreased by 9.41% to 10,375 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 54.4537 million shares, and several ETFs such as Huatai-PB CSI 300 ETF and Huaxia National Index Semiconductor Chip ETF, which have increased their holdings [3]

Core Viewpoint - Northern Huachuang's stock price has shown a year-to-date increase of 28.41%, but it has recently experienced a slight decline in the short term, indicating potential volatility in the market [2]. Company Overview - Northern Huachuang Technology Group Co., Ltd. was established on September 28, 2001, and went public on March 16, 2010. The company is located in Beijing Economic and Technological Development Zone [2]. - The main business activities include research, production, sales, and technical services related to semiconductor basic products. The revenue composition is as follows: electronic process equipment 94.53%, electronic components 5.37%, and others 0.10% [2]. Financial Performance - For the first half of 2025, Northern Huachuang achieved operating revenue of 16.142 billion yuan, representing a year-on-year growth of 30.86%. The net profit attributable to shareholders was 3.208 billion yuan, with a year-on-year increase of 15.37% [2]. - Cumulatively, the company has distributed 1.535 billion yuan in dividends since its A-share listing, with 1.217 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders reached 69,500, an increase of 10.39% from the previous period. The average circulating shares per person decreased by 9.41% to 10,375 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 54.4537 million shares, an increase of 6.7889 million shares from the previous period [3].

证券研究报告·公司点评报告·半导体 北方华创（002371） 2025 年中报点评：业绩实现稳步增长，平台 化布局加速推进 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 | 38,564 | 47,861 | 57,163 | | 同比（%） | 50.32 | 35.14 | 29.24 | 24.11 | 19.43 | | 归母净利润（百万元） | 3,899 | 5,621 | 7,344 | 9,303 | 11,265 | | 同比（%） | 65.73 | 44.17 | 30.65 | 26.68 | 21.10 | | EPS-最新摊薄（元/股） | 5.40 | 7.79 | 10.18 | 12.89 | 15.61 | | P/E（现价&最新摊薄） | 68.94 | 47.82 | 36.60 | 28.89 | 23.86 | [Table_Tag] ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 475.6 CNY per share, maintaining the rating [6]. Core Views - The company reported a robust revenue growth of 30.86% year-on-year, achieving 16.142 billion CNY in revenue for the first half of 2025, with a net profit of 3.208 billion CNY, reflecting a 15.37% increase [1]. - The increase in orders has driven revenue growth, with a gross margin of 42.17%, although it decreased by 3.33 percentage points year-on-year [2]. - The company completed the acquisition of ChipSource Micro, enhancing its product line in semiconductor equipment, particularly in lithography process equipment, which creates strong synergies with existing operations [10]. Financial Performance - In the first half of 2025, the company's revenue from electronic process equipment reached 15.258 billion CNY, a year-on-year increase of 33.89%, with a gross margin of 41.70% [3]. - The revenue from electronic components decreased by 17.47% year-on-year to 868 million CNY, with a gross margin of 50.43% [3]. - The company expects continued revenue growth in the semiconductor equipment sector due to domestic IC localization trends and benefits from technological iterations in the photovoltaic and new energy industries [3]. Future Projections - Revenue projections for the company are estimated at 39.09 billion CNY, 48.86 billion CNY, and 59.61 billion CNY for 2025, 2026, and 2027 respectively, with net profits of 7.30 billion CNY, 9.39 billion CNY, and 11.98 billion CNY for the same years [10][12].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported steady growth in its H1 2025 performance, benefiting from the expansion of advanced process manufacturing [2][3] - The semiconductor equipment business experienced rapid growth, with H1 2025 revenue reaching 16.142 billion yuan, a year-on-year increase of 29.51% [3] - The company's gross profit margin showed fluctuations, leading to a slight decline in profitability levels in H1 2025 [4] - The platform layout is expected to benefit from the expansion of advanced processes, with strategic acquisitions enhancing competitiveness [5] Summary by Sections Revenue Performance - In H1 2025, the company achieved revenue of 161.42 billion yuan, up 29.51% year-on-year, with Q2 revenue at 79.36 billion yuan, a 21.84% increase year-on-year [3] - The electronic process equipment segment generated 152.58 billion yuan in revenue, a 33.89% increase year-on-year, contributing over 85% to total revenue [3] - The electronic components segment saw a revenue decline of 17.47% year-on-year, impacting overall revenue performance [3] Profitability Analysis - The net profit attributable to the parent company for H1 2025 was 32.08 billion yuan, a 14.97% increase year-on-year, while the net profit margin decreased slightly [4] - The overall gross profit margin for 2025 was 42.17%, down 3.33 percentage points year-on-year, influenced by changes in product mix and industry conditions [4] - R&D expenses for H1 2025 were 29.15 billion yuan, with a capitalized R&D expense ratio of 28.75%, contributing to the decline in net profit margin [4] Strategic Outlook - The company is expected to benefit from the expansion of advanced processes in the semiconductor industry over the next five years [5] - The acquisition of Chip Source Microelectronics is anticipated to enhance the company's competitive position in the market [5] - The strategic significance of acquisitions is highlighted, with comparisons to global leaders in specific segments [5] Financial Forecast - Revenue forecasts for 2025-2027 are projected at 390.58 billion yuan, 484.54 billion yuan, and 601.63 billion yuan, with respective year-on-year growth rates of 30.9%, 24.1%, and 24.2% [7] - Net profit forecasts for the same period are 76.37 billion yuan, 101.56 billion yuan, and 128.55 billion yuan, with year-on-year growth rates of 35.9%, 33.0%, and 26.6% [7] - The estimated EPS for 2025-2027 is 10.58 yuan, 14.07 yuan, and 17.82 yuan, respectively [7]

Group 1: Northern Huachuang - Northern Huachuang achieved operating revenue of 16.142 billion yuan in the first half of 2025, a year-on-year increase of 29.51% [2][3] - The net profit attributable to shareholders was 3.208 billion yuan, reflecting a year-on-year growth of 14.97% [2][3] - The company focuses on the research, production, sales, and technical services of semiconductor basic products, including electronic process equipment and electronic components [4] Group 2: Deep Kangjia - Deep Kangjia reported operating revenue of 5.248 billion yuan in the first half of 2025, a decrease of 3.05% year-on-year [5][6] - The company incurred a net loss of 383 million yuan attributable to shareholders [5][6] - The consumer electronics business faced intensified competition and product mismatch with national subsidy policies, leading to losses [7] Group 3: Crystal Integration - Crystal Integration achieved operating revenue of 5.198 billion yuan in the first half of 2025, an increase of 18.21% year-on-year [8][10] - The net profit attributable to shareholders was 332 million yuan, marking a significant increase of 77.61% [8][10] - The company specializes in 12-inch wafer foundry services and has made progress in various technology platforms [11] Group 4: Weida Optoelectronics - Weida Optoelectronics reported operating revenue of 101 million yuan in the first half of 2025, a decrease of 7.25% year-on-year [12][13] - The net profit attributable to shareholders was 9.48 million yuan, down 39.78% [12][13] - The company is focused on the development and sales of polarizers and optical films for liquid crystal displays [14] Group 5: Landai Technology - Landai Technology achieved operating revenue of 1.751 billion yuan in the first half of 2025, a year-on-year increase of 8.32% [15][16] - The net profit attributable to shareholders was 109 million yuan, reflecting a growth of 61.56% [15][16] - The company is engaged in power transmission and touch display businesses, with a focus on automotive electronics and IoT devices [17]

浙商汇金先进制造混合（013145）基金经理为王霆。 8月29日，北方华创跌5.92%，截至发稿，报373.42元/股，成交44.87亿元，换手率1.68%，总市值 2694.61亿元。 资料显示，北方华创科技集团股份有限公司位于北京市经济技术开发区文昌大道8号5层，成立日期2001 年9月28日，上市日期2010年3月16日，公司主营业务涉及半导体基础产品的研发、生产、销售和技术服 务。主营业务收入构成为：电子工艺装备94.53%，电子元器件5.37%，其他(补充)0.10%。 从基金十大重仓股角度 数据显示，浙商证券资管旗下1只基金重仓北方华创。浙商汇金先进制造混合（013145）二季度减持 1800股，持有股数2500股，占基金净值比例为3.1%，位居第十大重仓股。根据测算，今日浮亏损失约 5.88万元。 浙商汇金先进制造混合（013145）成立日期2021年8月16日，最新规模3560.7万。今年以来收益 32.07%，同类排名1962/8189；近一年收益76.48%，同类排名991/7969；成立以来亏损2.18%。 截至发稿，王霆累计任职时间6年90天，现任基金资产总规模3560.5万元，任职期 ...

Core Viewpoint - Northern Huachuang's stock price has shown significant growth this year, with a notable increase in trading volume and market capitalization, indicating strong investor interest and confidence in the company's performance [1][2]. Group 1: Stock Performance - As of August 26, Northern Huachuang's stock price increased by 2.00% to 387.69 CNY per share, with a trading volume of 2.424 billion CNY and a turnover rate of 0.89%, resulting in a total market capitalization of 279.758 billion CNY [1]. - The stock has risen by 34.22% year-to-date, with a 14.04% increase over the last five trading days, 12.44% over the last 20 days, and 23.52% over the last 60 days [2]. Group 2: Financial Performance - For the first quarter of 2025, Northern Huachuang reported revenue of 8.206 billion CNY, representing a year-on-year growth of 40.05%, and a net profit attributable to shareholders of 1.581 billion CNY, also up by 40.31% year-on-year [2]. Group 3: Shareholder Information - As of March 31, 2025, the number of shareholders increased to 69,500, up by 10.39%, while the average circulating shares per person decreased by 9.41% to 10,374 shares [2]. - The company has distributed a total of 1.535 billion CNY in dividends since its A-share listing, with 1.217 billion CNY distributed over the past three years [3]. Group 4: Institutional Holdings - As of March 31, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder with 47.6648 million shares, an increase of 15.8145 million shares from the previous period [3]. - Huatai-PB CSI 300 ETF and Huaxia National Semiconductor Chip ETF have seen reductions in their holdings, with decreases of 218,800 shares and 345,600 shares, respectively [3].