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 report maintains a "Buy" rating for the company [1] Core Views - The company continues to experience high growth in performance, particularly in the semiconductor equipment sector, with a projected revenue increase of 35.14% year-on-year in 2024 [7] - The company is positioned to benefit from the domestic substitution trend in the semiconductor equipment industry, with a comprehensive product line covering various equipment types [7] - The company has increased its R&D investment significantly, reaching 5.37 billion yuan in 2024, which is a 21.8% year-on-year increase [7] Financial Performance Summary - In 2024, the company achieved total revenue of 29.84 billion yuan, a year-on-year increase of 35.14%, with electronic process equipment revenue contributing 27.71 billion yuan, up 41.3% [7] - The net profit attributable to the parent company for 2024 was 5.62 billion yuan, reflecting a 44.17% increase year-on-year [7] - The company’s gross margin for 2024 was 42.9%, an increase of 1.8 percentage points compared to the previous year [7] Future Projections - Revenue is expected to reach 38.56 billion yuan in 2025, with a growth rate of 29.24% [1] - The net profit attributable to the parent company is projected to be 7.34 billion yuan in 2025, a year-on-year increase of 30.65% [1] - The earnings per share (EPS) is forecasted to be 10.52 yuan in 2024 and 13.75 yuan in 2025 [1]