证券研究报告 华海清科 (688120 CH) 布局 HBM、先进封装保障未来成长 2025 年 11 月 03 日│中国内地 半导体 华海清科 Q3 实现营收 12.44 亿元（yoy+30.28%，qoq+19.97%），归母净 利 2.86 亿元（yoy-0.71%，qoq+5.14%）。2025 年 Q1-Q3 实现营收 31.94 亿元（yoy+30.28%），归母净利 7.91 亿元（yoy+9.81%），扣非净利 7.23 亿元（yoy+17.61%）。平台化布局及市场占有率提高带动营收增长，Q3 部分新产品确认收入导致毛利率环比下降 4.9pct，公司加大投入造成 Q3 净 利率短期波动向下，后续公司有望稳定毛利率及净利率。公司 CMP 产品、 离子注入产品面向更先进制程工艺和功能需求不断进行更新迭代，减薄装 备、划切装备、边抛装备等新技术新产品的开发拓展满足当下 AI 芯片、 HBM（高带宽存储器）堆叠封装、Chiplet（芯粒）异构集成等前沿技术领 域的迫切需求。看好公司未来成长性，维持"买入"评级。 3Q25 回顾：市场份额提升收入利润增长，新产品确收影响毛利率 公司 Q3 实现营收 1 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][22]. Core Views - The company has demonstrated robust revenue growth, driven by opportunities in the advanced packaging market fueled by AI technology. The company achieved a revenue of 1.95 billion yuan in the first half of 2025, representing a year-on-year increase of 30.28%, and a net profit of 505 million yuan, up 16.82% year-on-year [3][7]. - The company is actively developing new products and technologies, enhancing its market competitiveness. It focuses on semiconductor key equipment and technology services, continuously updating existing products and expanding into new technologies [7]. - The construction of new production bases is accelerating, optimizing the company's industrial layout. The Beijing plant has commenced operations, and the company is expanding its capacity in the wafer regeneration project in Kunshan [7]. Financial Summary - Total revenue is projected to grow from 3.41 billion yuan in 2024 to 6.89 billion yuan in 2027, with a compound annual growth rate (CAGR) of 35.8% to 16.7% [3][8]. - Net profit attributable to the parent company is expected to increase from 1.02 billion yuan in 2024 to 1.98 billion yuan in 2027, with a CAGR of 41.4% to 17.0% [3][8]. - Earnings per share (EPS) is forecasted to rise from 2.90 yuan in 2024 to 5.60 yuan in 2027, reflecting strong profitability growth [3][8].