点击招商研究小程序查看PDF报告原文 事件：北方华创发布2025三季报，25Q3收入111.6亿元，同比+38.3%/环比+40.6%；归母净利 润19.22亿元，同比+14.6%/环比+18%。公司在手订单充沛，平台型优势不断增强，未来收入有 望延续健康成长态势。 25Q3收入环比高增长，归母利润同环比稳健增长。 25Q3收入111.6亿元，同比+38.3%/环比 +40.6%；毛利率40.3%，同比-2pcts/环比-1pct；归母净利润19.22亿元，同比+14.6%/环比 +18%；扣非净利润19.2亿元，同比+18%/环比+19.3%；扣非净利率17.2%，同比-3pcts/环 比-3pcts。公司收入环比高增长，主要系收入确认节奏所致；利润增速低于收入增速，主要系公司 销售、管理、研发等费用增长，同时信用减值损失有所增加。 公司拓展离子注入机、电镀机等新品，平台型优势不断增强。 公司在首款离子注入设备Sirius MC 313后发布多款12英寸离子注入机台，同时发布首款12英寸电镀设备（ECP）Ausip T830，专为 2.5/3D先进封装TSV镀铜设计。公司同时为芯源微控股股东并取得对芯源微控 ...

❑ 风险提示：下游晶圆厂扩产不及预期，晶圆厂产能利用率下滑的风险，新品 研发不及预期，行业竞争加剧的风险。 证券研究报告 | 公司点评报告 2025 年 10 月 31 日 北方华创（002371.SZ） 25Q3 收入利润同比稳健增长，平台型优势不断增强 TMT 及中小盘/电子 北方华创发布 2025 三季报，25Q3 收入 111.6 亿元，同比+38.3%/环比+40.6%； 归母净利润 19.22 亿元，同比+14.6%/环比+18%。公司在手订单充沛，平台型 优势不断增强，未来收入有望延续健康成长态势。维持"增持"投资评级。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 22079 | 29838 | 39120 | 48756 | 59410 | | 同比增长 | 50% | 35% | 31% | 25% | 22% | | 营业利润(百万元) | 4448 | 6527 | 8628 | 11396 | 14580 | | 同 ...

Investment Rating - The report maintains an "Overweight" rating for the semiconductor equipment industry, indicating a positive outlook for the sector [1]. Core Insights - The development of domestic computing power chips is gaining attention, with significant benefits expected for domestic equipment manufacturers. Huawei announced a three-year roadmap for its Ascend AI chips, aiming to release four new products between 2026 and 2028, which is expected to enhance the market share of domestic computing power chips [4]. - Domestic advanced process expansion is exceeding expectations, which is favorable for local equipment manufacturers. The report highlights the establishment of Changxin Storage and the anticipated new iteration cycle in memory technology [4]. - The high-end SoC testing machine market presents significant opportunities, with domestic companies like Huafeng Measurement and Changchuan Technology actively working on SoC testing machines to meet the high demands of testing [4]. - The demand for advanced packaging in computing power chips is expected to benefit equipment manufacturers, as domestic supply chains are anticipated to shift towards local advanced packaging suppliers [4]. - Investment recommendations include companies involved in front-end processes such as North Huachuang and Zhongke Feimeng, as well as back-end packaging firms like Huafeng Measurement and Changchuan Technology [4].

Core Viewpoint - The company, North Huachuang, reported steady growth in its semiconductor business for the first half of 2025, with a strong order backlog and expectations for continued year-on-year growth despite seasonal revenue fluctuations in Q2 2025 [2][3]. Financial Performance - Q2 2025 revenue was 7.94 billion yuan, a year-on-year increase of 22.5% but a quarter-on-quarter decrease of 3.3%, attributed to seasonal revenue recognition [2]. - Gross margin for Q2 2025 was 41.3%, down 6.1 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [2]. - Net profit attributable to shareholders for Q2 2025 was 1.63 billion yuan, a year-on-year decrease of 1.6% but a quarter-on-quarter increase of 3% [2]. - For the first half of 2025, electronic process equipment revenue reached 15.26 billion yuan, up 33.9% year-on-year, with a gross margin of 41.7%, down 2.93 percentage points year-on-year [2][3]. Business Segments - The semiconductor equipment segment showed robust growth, with revenue from North Huachuang's semiconductor equipment reaching 14.8 billion yuan, a year-on-year increase of 35.4%, and net profit of 3.26 billion yuan, up 20% [3]. - The electronic components segment faced challenges, with revenue of 868 million yuan, down 17.5% year-on-year, and a gross margin of 50.4%, down 7 percentage points [2][3]. Product Development - The company continues to enhance its process coverage, successfully launching new products such as ion implantation machines and electroplating machines [3]. - In H1 2025, revenue from etching equipment exceeded 5 billion yuan, thin film deposition equipment exceeded 6.5 billion yuan, thermal processing equipment exceeded 1 billion yuan, and wet processing equipment exceeded 500 million yuan [3]. Investment Outlook - The company is expected to achieve revenues of 38.52 billion yuan, 48.36 billion yuan, and 59.41 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 7.43 billion yuan, 9.64 billion yuan, and 12.1 billion yuan, corresponding to P/E ratios of 38.5, 29.7, and 23.7 [3].