12月19日，华海清科发布公告称，近日，公司CMP 装备累计出机超800台，涵盖公司Universal-H300、Universal-S300 等 多款主力机型和最新款机型，不仅全面覆盖逻辑、3D NAND存储、DRAM存储等主流产品线，更成功切入大硅片、第三 代半导体、CIS、MEMS、MicroLED 以及先进封装等领域头部客户供应链，已实现国内主流集成电路制造产线的全覆盖 和批量化应用，标志着公司技术先进性、产品成熟度、质量可靠性与市场适配性获得行业高度认可，彰显国产CMP装备 在核心应用领域的替代能力持续增强，公司产品市场认可度与行业影响力稳步提升，进一步夯实了公司在CMP 装备领域 的国产龙头地位。 同时，随着公司CMP装备保有量的不断攀升，公司"装备+服务"平台化战略协同效应显著释放，关键耗材与维保服务业 务量也将快速提升，为公司贡献持续稳定的利润增长点。 未来，华海清科将继续坚持核心技术自主创新，持续加大研发投入力度，一方面聚焦先进制程突破，围绕现有产品体 系，针对更先进制程工艺及功能需求推进技术迭代升级，不断提升产品核心性能；另一方面结合自身业务发展布局，密 切跟踪HBM、CoWos 等先进封 ...

证券日报网讯12月18日，华海清科在互动平台回答投资者提问时表示，公司的CMP装备、减薄装备、 划切装备、边抛装备等产品均作为HBM、CoWos等芯片堆叠与先进封装工艺的关键核心装备，目前已 在多家头部客户获得广泛应用。当前国内AI技术在算法架构、算力密度等核心维度持续突破，带动先 进封装与芯片堆叠技术迎来深层发展机遇，公司CMP装备、减薄装备、划切装备、边抛装备等产品应 用场景将持续拓宽，为公司实现持续高速增长注入强劲动能。未来，公司将结合自身业务发展情况，密 切跟踪半导体行业技术演进趋势，持续推进产品技术迭代与品类拓展，致力于为客户提供更先进、更多 元化的装备解决方案。 ...

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].

Core Viewpoint - Huahai Qingshi (688120) plans to expand its wafer regeneration project to enhance its "equipment + service" platform development strategy, aiming to capture the growing market share in the semiconductor equipment industry [1][2]. Group 1: Expansion Plans - The company intends to build a wafer regeneration expansion project in Kunshan, Jiangsu Province, with a total planned capacity of 400,000 pieces per month, and an initial construction capacity of 200,000 pieces per month [1]. - The initial investment for the project is expected to be no more than 500 million yuan, funded by the company's own and self-raised funds, with a construction period of no more than 18 months [1]. Group 2: Technology and Market Position - The wafer regeneration process involves multiple steps, including film removal, coarse grinding, fine grinding, cleaning, and inspection, aimed at ensuring a smooth surface without residual particles [1]. - The company has established strong relationships with domestic integrated circuit manufacturers, which overlap significantly with its existing equipment business customer base, laying a solid foundation for market expansion in wafer regeneration [2]. Group 3: Financial Performance - In 2024, the company achieved total operating revenue of 3.406 billion yuan, a year-on-year increase of 35.81%, and a net profit attributable to shareholders of 1.023 billion yuan, up 41.4% [2]. - Revenue from wafer regeneration and other businesses totaled 419 million yuan, reflecting an approximate 80% year-on-year growth, outpacing the growth of the main CMP/thinning equipment sales [2]. Group 4: Strategic Development - The company is committed to the "equipment + service" platform development strategy, focusing on semiconductor key equipment and technical services, and actively developing new technologies and products [3]. - The revenue from CMP equipment continues to grow rapidly, while thinning equipment, wet processing equipment, and wafer regeneration services are also contributing significantly to overall revenue [3].

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) to discuss various proposals, including profit distribution, financial reports, and compensation plans for directors and supervisors, ensuring compliance with relevant laws and regulations [1][2][3]. Group 1: Meeting Procedures - The AGM will only allow attendance from shareholders, their proxies, company directors, supervisors, senior management, and invited legal representatives to maintain order and protect shareholder rights [1][2]. - Shareholders must sign in 30 minutes before the meeting and present necessary identification to receive meeting materials [2]. - The meeting will follow a predetermined agenda for reviewing and voting on proposals, with shareholders having the right to speak and ask questions [2][3]. Group 2: Proposals for Review - Proposal 1 involves the approval of the 2024 Annual Report and its summary, which has been prepared in accordance with legal requirements [5][6]. - Proposal 2 pertains to the 2024 Board of Directors' Work Report, emphasizing the board's diligence in promoting the company's stable development [7]. - Proposal 3 focuses on the 2024 Supervisory Board's Work Report, highlighting the board's commitment to safeguarding shareholder interests [8][9]. - Proposal 4 addresses the 2024 Financial Settlement Report, which has been audited and is intended to provide shareholders with a comprehensive understanding of the company's financial status [10]. Group 3: Profit Distribution and Capital Increase - Proposal 5 outlines the profit distribution plan for 2024, proposing a cash dividend of 5.50 yuan per 10 shares and a capital increase of 4.90 shares for every 10 shares held, based on a net profit of approximately 1.02 billion yuan [11][12]. - The total share capital will increase to approximately 352.47 million shares after the proposed distribution [11]. Group 4: Related Party Transactions - Proposal 6 discusses the confirmation of 2024 related party transactions and the expected transactions for 2025, which are necessary for the company's operations [13][14]. - The proposal includes details on the expected amounts and categories of transactions with related parties, ensuring compliance with market pricing principles [15][16]. Group 5: Compensation Plans - Proposal 7 addresses the confirmation of director compensation for 2024 and the proposed compensation plan for 2025, with non-independent directors receiving salaries based on their actual roles [24]. - Proposal 8 focuses on the compensation for supervisors, similar to the directors' compensation structure [25]. Group 6: Risk Management - Proposal 9 involves purchasing Directors, Supervisors, and Senior Management Liability Insurance to enhance the company's risk management framework [26][27].

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][21]. Core Views - The company achieved record high operating performance in 2024, with revenue reaching 3.406 billion yuan, a year-on-year increase of 35.82%, and a net profit of 1.023 billion yuan, up 41.40% year-on-year [5][6]. - The company is actively advancing new product and business layouts, particularly in the AI-driven advanced packaging market, which is projected to grow significantly [5][6]. - The company has successfully increased its market share and sales scale in CMP products, enhancing its core competitiveness through increased R&D investment and production capacity [5][6]. Financial Performance - In 2024, the company reported total revenue of 34.06 billion yuan, with a year-on-year growth of 35.82%, and a net profit attributable to shareholders of 10.23 billion yuan, reflecting a year-on-year increase of 41.40% [5][6]. - For Q1 2025, the company achieved revenue of 9.12 billion yuan, a year-on-year increase of 34.14%, and a net profit of 2.33 billion yuan, up 15.47% year-on-year [5][6]. - The company’s earnings per share (EPS) are projected to be 5.70 yuan in 2025, 7.15 yuan in 2026, and 8.36 yuan in 2027 [6][7]. Market Position and Strategy - The company is focusing on the development of new products and technologies, achieving significant results in CMP equipment, thinning equipment, and other product lines [5][6]. - The company has completed the construction of new production bases to support its platform strategy, enhancing its production scale and competitiveness [5][6]. - The global advanced packaging market is expected to grow from 37.8 billion USD in 2023 to 69.5 billion USD by 2029, with a compound annual growth rate of 10.7%, presenting significant opportunities for the company [5][6].