广州开发区、黄埔区：支持光刻、清洗、刻蚀、离子注入、沉积等设备、关键零部件及工具国产化替代 智通财经6月17日电，《广州开发区 黄埔区支持集成电路产业高质量发展若干政策措施》近日发布。其 中提出，鼓励发展光掩模、电子气体、光刻胶、抛光材料、高纯靶材等高端半导体和传感器制造材料。 积极引进国内重点基础材料企业，稳步提升关键基础材料供应能力。重点围绕集成电路制造关键部件和 系统集成开展持续研发和技术攻关，支持光刻、清洗、刻蚀、离子注入、沉积等设备、关键零部件及工 具国产化替代。对于新引进的固定资产投资1000万元以上的产业化项目，且政策有效期内实现小升规的 企业，按照不超过其设备和工器具投资额的15%分档给予扶持，最高1000万元。 ...

流水的行情，铁打的半导体。 自2019年以来，A股市场历经多次风格切换和重心漂移，白酒、医药、新能源等轮番登场，但大多数行业都在短暂的炒作后陷入长期 调整，唯独半导体经久不衰，而且每当对外关系出现波折和动荡，资本市场都会呈现"风浪越大半导体越贵"的风格特征。 直到现在，这个行业依然不缺掘金的空间和机会。 设备大放异彩 在整个A股市场，半导体依然有极为显著的成长性和超额收益。 2025年一季度，A股上市公司合计实现营业收入16.83万亿元，同比下降0.38%，实现归母净利润1.49万亿元，同比增长3.47%。作为对 比，Q1申万半导体板块营收1483.45亿元，同比增长16.0%，归母净利润92.83亿元，同比增长35.4%。 具体到半导体各细分领域中，最亮眼的无疑是设备。 如果把视野进一步放宽、拉长，半导体设备的想象力还要大得多。 双重利好共振 半导体设备正面临两大发展机遇。 首先是制造端扩产能。 云计算、AI等行业推动高性能芯片需求持续爆发。中信证券在最新的研报中预测2025年北美四大云厂商合计资本开支将达到3450亿美 元，同比增长37%，《财经杂志》的统计数据显示2025年字节跳动、阿里、腾讯的资本支出 ...

以下文章来源于市值观察 ，作者市值观察 市值观察 . 聚焦上市公司市值与价值 申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 2024年，北方华创以56.21亿元的归母净利润罕见反超中芯国际，成为A股半导体行业新的"盈 利王"。 很难想象，十年前这家公司的归母净利润还只有区区 4187万。 从 4187万到56.21亿，十年时间翻了134倍，北方华创不仅成了A股半导体产业最能赚钱的企 业，也是整个A股市场过去十年利润增幅最高的企业。 01 中国第一，中国唯一 北方华创是根正苗红的半导体国家队。 公司由七星电子与北方微电子重组合并而来，其中七星电子的历史最早可以追溯到苏联援建时 期，曾开发过中国第一台扩散炉和等离子刻蚀机，可以说继承了中国自建国以来半导体设备发 展的几乎全部技术遗产。 2018和2020年，北方华创又分别收购美国Akrion Systems LLC公司、北广科技射频应用技 术相关资产，不断丰富高端集成电路设备产品线。 悠久的发展历史，厚重的技术储备，持续的外延扩张，所有这些共同决定了北方华创的新陈代 谢要比友商快得多。到今天，公司已经成为国内产品覆盖度最广的半导体设备公司。 半导体设备 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to achieve revenue of 29.84 billion yuan in 2024, representing a year-on-year growth of 35.14%, and a net profit attributable to shareholders of 5.62 billion yuan, up 44.17% year-on-year [2][9] - The company is accelerating its platform layout, with significant breakthroughs in key technologies for new products, leading to a steady increase in market share for mature products [2][3] - The company has announced its entry into the ion implantation equipment market and has launched several new products, enhancing its competitive position in the semiconductor equipment sector [3][4] Financial Performance - The company is projected to achieve revenues of 38.79 billion yuan, 48.71 billion yuan, and 58.74 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 7.38 billion yuan, 9.72 billion yuan, and 12.15 billion yuan [7][9] - The company's earnings per share (EPS) is expected to grow from 10.52 yuan in 2024 to 22.75 yuan in 2027, reflecting strong profitability [9][12] - The price-to-earnings (P/E) ratio is projected to decrease from 41.50 in 2024 to 19.19 in 2027, indicating an attractive valuation over the forecast period [9][12] Market Position - The company has strengthened its market position by acquiring a 17.90% stake in Chip Source Micro, which will enhance its collaborative capabilities in semiconductor equipment [4][6] - The company has successfully launched high-end equipment in the integrated circuit equipment sector, with revenues from etching, film deposition, thermal treatment, and wet processing equipment expected to exceed 80 billion yuan, 100 billion yuan, 20 billion yuan, and 10 billion yuan respectively in 2024 [2][3]

公司基本情况 | 最新收盘价（元） | 436.68 | | --- | --- | | 总股本/流通股本（亿股）5.34 | / 5.34 | | 总市值/流通市值（亿元）2,333 | / 2,331 | | 52 周内最高/最低价 | 486.69 / 283.86 | | 资产负债率(%) | 51.0% | | 市盈率 | 41.30 | | 第一大股东 | 北京七星华电科技集团 | | 有限责任公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 北方华创(002371) 平台型布局加速推进 l 投资要点 成熟产品市占稳步提升，新产品关键技术持续突破。2024 年 公司持续深化半导体基础产品领域布局，核心业务保持高速增长， 2024 年公司实现营收 298.38 亿元，同比+35.14%；归母净利润 56.21 亿元，同比+44.17 ...

公 司 报 告 2025年05月01日 华海清科(688120.SH) 业绩持续增长，新品拓展初见成效 推荐 ( 维持) 股价:165.26元 行情走势图 证券分析师 | 陈福栋 | 投资咨询资格编号 | | --- | --- | | | S1060524100001 | | | CHENFUDONG847@pingan.com.cn | | 徐碧云 | 投资咨询资格编号 | | | S1060523070002 | | | XUBIYUN372@pingan.com.cn | 事项： 公司发布2024年报和2025年一季报。2024年，公司实现收入34.06亿元，同 比增长35.82%，实现归母净利润10.23亿元，同比增长41.40%；2025年一季 度，公司实现收入9.12亿元，同比增长34.14%，实现归母净利润2.33亿元， 同比增长15.47%。2024年，公司拟每10股派发现金红利5.50元(含税)，以资 本公积金向全体股东每10股转增4.90股。 平安观点： 券 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn | | 2023A | 20 ...

点击招商研究小程序查看PDF报告原文 华海清科发布2024年报和2025年一季报，收入同比稳健增长，盈利能力维持较高水平，CMP设备市占 率持续提升，各新品拓展顺利，设备平台化布局初显成效。 2024年和25Q1公司收入同比稳健增长，盈利能力维持高位。 公司CMP设备市占率持续提升，多款新品 初显成效，耗材维保等业务继续贡献利润增长点。 1）2024年： 公司收入34.06亿元，同比+35.8%；毛 利率43.2%，同比-2.8pcts，主要系产品结构影响；归母净利润10.23亿元，同比+41.4%；扣非净利润8.56 亿元，同比+40.8%； 2）25Q1： 公司收入9.12亿元，同比+34%/环比-4.4%；毛利率46.4%，同 比-1.6pcts/环比+9.9pcts；归母净利润2.33亿元，同比+15.5%/环比-22.9%；扣非净利润2.12亿元，同比 +23.5%/环比-12%；扣非净利率23.3%，同比-2pcts/环比-2pcts。 团队荣誉： 11/12/14/15/16/17/19/20/21/22年《新财富》电子行业最佳分析师第2/5/2/2/4/3/3/4/3/5名， 11/12/14 ...

Investment Rating - The report maintains an "Accumulate" investment rating for Huahai Qingke (688120.SH) [1][3] Core Views - The company has demonstrated steady revenue growth and maintained high profitability, with a continuous increase in market share for CMP equipment and successful expansion of new products [1][7] - The financial forecasts indicate robust revenue growth for 2024 and 2025, with expected revenues of 44.1 billion and 55.2 billion respectively, and net profits of 13.6 billion and 16.9 billion [7] Financial Data and Valuation - Total revenue for 2023 is reported at 2,508 million, with a year-on-year growth of 52%. Projections for 2024 and 2025 are 3,406 million and 4,411 million respectively, with growth rates of 36% and 30% [2][10] - Operating profit for 2023 is 790 million, with a projected increase to 1,118 million in 2024 and 1,509 million in 2025, maintaining a growth rate of 42% for 2024 [2][10] - The net profit attributable to the parent company is expected to reach 1,023 million in 2024 and 1,359 million in 2025, reflecting year-on-year growth of 41% and 33% respectively [2][10] - The company's PE ratio is projected to decrease from 56.4 in 2023 to 30.0 in 2025, indicating an improving valuation [2][10] Key Financial Metrics - The company’s gross margin for 2024 is forecasted at 43.2%, with a net profit margin of 30.0% [10] - Return on equity (ROE) is expected to rise from 14.0% in 2023 to 19.2% in 2025, indicating improved profitability [10] - The asset-liability ratio is projected to stabilize around 43.4% in 2025, reflecting a solid financial structure [10] Product Development and Market Position - The company has successfully expanded its product offerings, including CMP, thinning, and cleaning equipment, with significant orders and validations from major clients [7] - The introduction of new products has contributed to profit growth, particularly in consumables and maintenance services [7] - The company is actively pursuing a platform strategy, enhancing its market position in the semiconductor equipment sector [7]

Core Viewpoint - The company reported strong financial results for 2024 and Q1 2025, with revenue and net profit growth exceeding market expectations, indicating robust operational performance and market position [1][2][4]. Financial Performance - For 2024, the company achieved revenue of 29.838 billion yuan, a year-on-year increase of 35.14%, and a net profit of 5.621 billion yuan, up 44.17% year-on-year, aligning with previous forecasts [1]. - In Q1 2025, revenue reached 8.206 billion yuan, reflecting a 37.90% year-on-year growth, with net profit at 1.581 billion yuan, up 38.80% year-on-year, slightly exceeding market expectations [1]. Revenue Breakdown - In 2024, electronic equipment revenue was 27.707 billion yuan, up 41.28% year-on-year, with a gross margin of 41.50%, an increase of 3.83 percentage points [2]. - Semiconductor equipment revenue included over 8 billion yuan from etching equipment, over 10 billion yuan from thin film deposition equipment, and over 2 billion yuan from thermal processing equipment [2]. Expense Management - Sales and management expenses for 2024 were 1.085 billion yuan and 2.111 billion yuan, showing a year-on-year increase of 0.1% and 20.5%, respectively, indicating improved expense efficiency [3]. - R&D expenses rose to 3.669 billion yuan, a 48.2% increase year-on-year, with R&D personnel increasing from 3,656 to 4,583, reflecting a strong commitment to innovation [3]. Inventory and Debt - As of the end of 2024 and Q1 2025, inventory stood at 23.479 billion yuan and 25.211 billion yuan, respectively, while contract liabilities were 6.214 billion yuan and 5.751 billion yuan [3]. - Long-term borrowings increased from 3.946 billion yuan at the end of 2024 to 4.858 billion yuan in Q1 2025, with plans to issue bonds up to 15 billion yuan for working capital [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting revenue growth of 27.2% and 24.1% for 2025 and 2026, reaching 37.960 billion yuan and 47.102 billion yuan, respectively [4]. - The current stock price corresponds to a P/E ratio of 31.4x for 2025 and 25.1x for 2026, with a target price of 515 yuan, indicating a potential upside of 14% [4].

半导体设备行业正迎来新一轮高光时刻。 4月25日晚，设备老大哥北方华创发布2025年一季度财报，营收82.1亿元，同比增长37.9%；归母净利润15.8亿元，同比大增38.8%，创下历史同期最佳表 现。这一亮眼成绩不仅印证了国产半导体设备的强势崛起，更折射出行业景气度持续复苏的确定性趋势。 ETF方面，聚焦一众半导体设备与材料龙头的$半导体设备ETF(SH561980)$早盘上演V型反转，截至收盘上涨0.62%，盘中成交额超1800万。成分股北方华 创、拓荆科技、海光信息等涨超1%，中微公司、中芯国际、韦尔股份等亦收红。 数据显示，该ETF凭借高弹性、高成长属性，近期已连续3日获资金增仓。 消息面上，4月25日重要会议明确提出"集中力量攻克高端芯片、基础软件等核心技术"，与半导体设备产业链的技术攻坚方向高度契合。在此战略指引下， 预计将推动更多资源向刻蚀、薄膜沉积等关键环节倾斜。 当前，AI算力爆发与汽车电动化两大趋势正驱动全球半导体需求进入新一轮扩张周期。叠加消费电子回暖，晶圆厂资本开支有望持续提升——设备作为产 能扩张的"卖水人"，业绩弹性与确定性兼具。 如果大家看好半导体设备板块在行业复苏初期往往率先反 ...