发布股权激励计划，深度绑定核心团队。公司向包括在公司任职的董事、高级管理人员、核心技术人才 和管理骨干实施2025 年股权激励计划。该次授予的股票期权，在行权期的4 个会计年度中，分年度进行 业绩考核并行权，以达到业绩考核目标作为激励对象的行权条件。本次股权激励考核目标为2026-2029 年4 年间，公司的营收增长率、研发投入占营业收入比例均不低于对标公司的算数平均值（对标公司值 来自Gartner 公布对应的年度全球半导体设备厂商销售额排名前五的公司）。此外，业绩考核目标要求 这4 年间公司每年专利申请量大于500件，EOE 算术平均值不低于16%，利润率算术平均值不低于8%。 盈利预测、估值与评级：我们维持公司2025-2026 年归母净利润为76.28/100.30亿元，新增2027 年归母 净利润预测为128.12 亿元。公司为半导体设备平台型公司龙头，持续受益于国产化进程，我们维持"买 入"评级。 风险提示：技术与产品研发风险；贸易环境影响。 事件：2026 年1 月7 日，公司公告北京市国资委同意北京电控以非公开协议转让方式向国新投资转让其 所持北方华创14,481,773 股股票，占总股本2% ...

百傲化学11月18日公告，公司控股子公司芯慧联下属公司芯慧联(佛山)半导体科技有限公司(以下简 称"佛山芯慧联")拟与国内知名高校、研究机构等共同签订合作研发项目合同书，共同参与开发大世代 干法刻蚀装备，佛山芯慧联作为牵头单位，拟投入自有资金2.19亿元。 百傲化学向机构投资者介绍，大世代刻蚀设备主要用于平板显示面板的生产，是推动显示技术发展的关 键设备之一，目前国内大世代刻蚀设备市场主要以东京电子为代表的日韩厂商所主导，国产化率非常 低。在此背景下，公司联合国内领先的研发机构，牵头参与大世代刻蚀设备的研发，项目瞄准被"卡脖 子"的核心设备领域，致力于通过技术攻关实现国产化替代，无论对国家战略还是公司自身发展，都具 有重要的战略意义。 "公司半导体业务发展的核心驱动力源于半导体业务团队深厚的技术积淀和国际化视野，刘红军领衔的 核心技术团队曾任职于国际半导体设备龙头企业，具有丰富的半导体行业从业经验，对于产业发展趋势 和关键技术路线选择等具有前瞻性的判断能力。"百傲化学表示，目前，公司已构建了完善的技术和研 发体系，并在部分半导体设备研发领域取得阶段性突破，未来公司将依托技术驱动，争取取得更好的发 展。 百傲化 ...

Group 1 - TSMC plans to implement a four-year price increase for advanced processes below 5nm starting January 2026, with an average increase of approximately 3%-5% [1] - The price increase will apply to 2nm, 3nm, 4nm, and 5nm technology nodes, reflecting rising production costs and capital expenditures [1] - TrendForce estimates that the global foundry capacity for mature processes (28nm and above) and advanced processes (16nm and below) will maintain a ratio of approximately 7:3 from 2023 to 2027 [1] Group 2 - Demand for semiconductor equipment for processes of 28nm and above is expected to grow, particularly in mainland China, which is actively promoting local production [2] - Taiwan is expected to maintain its leading position in the global foundry market despite increasing competition [2] - The demand for etching, thin film deposition, bonding, and coating equipment will increase as the industry shifts towards more advanced processes [2] Group 3 - SMIC is one of the few foundries in mainland China capable of mass production at advanced nodes, focusing on 7nm, 5nm, and 3nm processes [3] - Zhongwei Company leads in etching equipment, covering processes from 65nm to 5nm and aims to capture 50%-60% of the high-end semiconductor equipment market in the next 5-10 years [3]

Core Viewpoint - The company reported strong revenue growth in Q3 2025, driven by accelerated revenue recognition and better-than-expected income from the acquisition of ChipSource, although net profit fell short of expectations due to increased R&D expenses and losses from ChipSource [1][2]. Financial Performance - Q3 2025 revenue reached 111.60 billion yuan, representing a year-over-year increase of 39.19% and a quarter-over-quarter increase of 40.63% [1][2]. - Net profit attributable to shareholders was 19.22 billion yuan, up 14.60% year-over-year and 18.13% quarter-over-quarter [1][2]. - The net profit margin for Q3 was 17.23%, down 3.75 percentage points year-over-year and 3.28 percentage points quarter-over-quarter, primarily due to changes in product mix and increased expenses [1][2]. Product and Market Development - The company experienced significant revenue growth in etching, thin film, thermal processing, and wet processing equipment, with a strong entry into ion implantation and coating development markets [1][3]. - In the first half of 2025, etching equipment revenue exceeded 5 billion yuan, thin film deposition equipment revenue surpassed 6.5 billion yuan, thermal processing equipment revenue exceeded 1 billion yuan, and wet processing equipment revenue exceeded 500 million yuan [3]. Strategic Expansion - The company officially entered the ion implantation equipment market in March 2025 and completed the acquisition of ChipSource, expanding its product matrix and enhancing its platform advantages [4]. - From 2026 to 2028, global spending on 300mm wafer fab equipment is projected to reach 374 billion USD, with China expected to lead in spending, benefiting from ongoing national policy support [4]. Earnings Forecast and Valuation - Following the consolidation of ChipSource, revenue forecasts for 2025-2027 have been adjusted upward, while net profit forecasts have been revised downward due to increased R&D expenses [5]. - The target price has been raised to 515.42 yuan based on a comparable company average PE of 41.3 times for 2026, maintaining a "buy" rating [5].

Group 1 - The NAND sector is expected to see increased investment in deposition equipment due to the need for more deposition/etching machines to stack layers, along with a rise in demand for high aspect ratio etching technology and advanced packaging/bonding equipment [1] - Global semiconductor equipment demand is projected to grow, driven by advancements in logic and storage technologies, with total sales expected to reach $125.5 billion by 2025, influenced by AI applications and capacity expansions [1] - China is anticipated to lead global spending on 300mm equipment, with total investments reaching $94 billion between 2026 and 2028, further driving demand for etching, deposition, bonding, and coating equipment [1] Group 2 - AI demand is expected to significantly boost the logic and storage markets, with data center investments projected to grow from $17 billion in 2020 to $45.3 billion by 2028 [2] - OpenAI plans to deploy a total of 6 GW of AMD GPU computing power, with an estimated cost of $50 billion for 1 GW of AI computing power, primarily for chips and supporting data center infrastructure [2] - The overall revenue for AI semiconductors is forecasted to grow from $8.2 billion in 2020 to $41.3 billion by 2030, with a compound annual growth rate of 24.4% [2] Group 3 - There are limitations in acquiring key semiconductor equipment, with a bipartisan investigation revealing loopholes in supply chain restrictions that allow China to purchase nearly $40 billion worth of advanced chip manufacturing equipment [3] - NVIDIA's founder announced a complete exit from the Chinese market due to U.S. export controls, resulting in a market share drop from 95% to 0% [3] - The demand for domestic AI chips is expected to increase as domestic computing infrastructure advances [3]

Core Viewpoint - Goldman Sachs has raised the target price for Huahong Semiconductor (01347) by 13% to HKD 87, reflecting a forecasted price-to-earnings ratio of 51.5 times for 2028, up from 45.7 times, indicating a positive outlook for the company due to its shift towards 40nm/28nm processes and capacity expansion [1][2] Group 1 - Goldman Sachs maintains its earnings forecast for Huahong from 2025 to 2027 but has slightly increased the net profit estimates for 2028 and 2029 by 0.2% and 0.6% respectively, reflecting a more optimistic long-term growth outlook [2] - The firm has slightly raised its revenue forecasts for Huahong for 2028 and 2029, anticipating that Chinese policies and fund support will drive growth for downstream customers and local equipment suppliers, benefiting the company's revenue and gross margin [2] - The gross margin forecast for Huahong in 2029 has been increased by 0.1 percentage points, reflecting a slightly more optimistic view on capacity utilization [2] Group 2 - The China Integrated Circuit Industry Investment Fund's third phase, with a scale of USD 47 billion, aims to comprehensively support the development of the Chinese semiconductor industry, covering the entire industry chain from design to manufacturing, materials, and equipment [2] - The recent investment by the third phase fund in Piotech Jianke, a subsidiary of Tuojing Technology, highlights the support for the semiconductor supply chain from mainland policies, which is beneficial for strengthening the overall industry ecosystem [2]

Summary of North Huachuang Conference Call Company Overview - **Company**: North Huachuang - **Industry**: Semiconductor Equipment - **Market Position**: Leading domestic semiconductor equipment company with a market capitalization of approximately 330 billion RMB, about 30% of Applied Materials' market cap [6][12] Key Financial Metrics - **Revenue Growth**: - Revenue compound annual growth rate (CAGR) over the past five years: 40% [2] - Revenue for the first half of 2025: 16.1 billion RMB, a 30% year-on-year increase [2][7] - **Net Profit Growth**: - Net profit for the first half of 2025: 3.2 billion RMB, a 15% year-on-year increase [2][7] - Net profit CAGR from 2019 to 2024: 62% [7] - **Future Projections**: - Expected revenue growth from 2025 to 2027: approximately 27% [4][12] - Expected profit growth: approximately 30% [12] Industry Dynamics - **Semiconductor Equipment Index**: - Increased by 72% in 2025, driven by AR computing demand and breakthroughs in domestic lithography machines [2][4] - Historical performance: 89% increase in 2019, 94% in 2020, and 62% in 2021, followed by stagnation from 2022 to 2024 [4] - **Domestic Market**: - China is the largest semiconductor equipment market globally, with a current domestic production rate of only 20%, indicating significant growth potential [4][28] Strategic Initiatives - **Equity Incentive Plan**: - Implementation of a new equity incentive plan expected by the end of October 2025, aimed at enhancing R&D capabilities and long-term competitiveness [2][9] - **Acquisitions**: - Acquisition of a 17% stake in Chip Source Micro, enhancing capabilities in key semiconductor process equipment [10][20] - **Product Coverage**: - Comprehensive layout in etching, thin film deposition, thermal treatment, and wet processing, achieving a process coverage of 60% [2][10][15] Market Outlook - **Capital Expenditure**: - Anticipated significant increase in domestic advanced process capital expenditure in 2026, with strong expansion certainty for wafer fabs [11][24] - **Competitive Landscape**: - North Huachuang's market share is expected to increase due to high process coverage and integrated supply capabilities [11][18] R&D and Talent - **R&D Investment**: - R&D expenditure in 2024 was 5.4 billion RMB, representing 18% of total revenue, indicating a strong commitment to innovation [21] - **Talent Acquisition**: - R&D personnel increased by 28% year-on-year to 4,600, reflecting a robust talent pipeline [21][22] Valuation and Investment Recommendation - **Valuation Metrics**: - Projected PE ratio for 2026 is 36, lower than peers like Zhongwei and Tuo Jing, which have PE ratios above 50 [4][12] - **Investment Recommendation**: - North Huachuang is considered a stable investment opportunity with strong growth potential and favorable valuation compared to the industry average [12][30] Conclusion - North Huachuang is positioned for significant growth in the semiconductor equipment sector, driven by strong financial performance, strategic acquisitions, and a robust R&D framework. The company is well-placed to capitalize on the increasing domestic demand for semiconductor equipment and the ongoing trend of localization in the industry.

Core Viewpoint - The semiconductor equipment sector has experienced significant growth, leading the rebound in technology stocks, but has recently faced a correction after a period of rapid gains [1][7]. Group 1: Recent Performance - The semiconductor equipment index surged over 30% in half a month and over 50% in three months, becoming the standout performer in the A-share market [1][7]. - From September 22 to September 24, the index rose a cumulative 16.85%, outperforming 276 other industry indices [3]. - On September 24, several semiconductor equipment ETFs reached their daily limit up, with notable gains of 9.55%, 9.44%, and 9.4% [3]. Group 2: Driving Factors - Key factors driving the recent surge include the establishment of Changcun Phase III Integrated Circuit Co., which is expected to enhance domestic semiconductor equipment production capacity [3]. - The increase in storage chip prices has exceeded market expectations, likely driving global storage chip capacity expansion [3]. - The recent display of lithography machines at the Industrial Expo has positively influenced market sentiment [3]. Group 3: Market Sentiment and Future Outlook - Analysts suggest that the recent correction in the semiconductor equipment index is a natural adjustment after substantial gains, with the long-term growth trajectory remaining intact due to AI demand [6][7]. - The semiconductor equipment sector is expected to continue benefiting from increasing domestic production rates and capital expenditure expansion, with projections indicating sustained high investment levels in wafer fabrication equipment [8]. - The semiconductor industry is a key focus of national policy support, indicating a favorable development outlook [9].

Core Viewpoint - The semiconductor equipment sector has experienced a significant surge, driven by AI demand, making it a standout performer in the A-share market, although a recent pullback raises questions about future performance [1][5]. Group 1: Recent Performance - From September 10 to September 24, the semiconductor equipment index surged over 33%, ranking first among 276 sub-industries [2]. - On September 22 to 24, the index saw a cumulative increase of 16.85%, with several ETFs reaching daily limits [1][2]. - As of September 25, the semiconductor equipment index had risen 31.81% in the past half month and 51.57% over three months, with a year-to-date increase of 58.73% [5]. Group 2: Driving Factors - Key factors for the recent performance include the establishment of Changcun Phase III, which is expected to enhance domestic semiconductor equipment production capacity [2]. - Rising prices of memory chips are anticipated to drive global production expansion [2]. - The recent display of lithography machines at the Industrial Expo has positively influenced market sentiment [2]. Group 3: Market Sentiment and Future Outlook - The semiconductor equipment sector is viewed as a critical area for institutional investment in Q4, with current valuations still considered relatively low [4]. - Analysts believe the recent pullback is a rational correction after a rapid increase, rather than a trend reversal [6][4]. - The long-term growth trajectory of the semiconductor equipment sector remains clear, supported by increasing domestic production rates and capital expenditure expansion [6][5]. Group 4: Investment Opportunities - There is a focus on high-performance testing machines, advanced packaging equipment, and etching equipment as areas of potential growth [7][8]. - The demand for testing equipment related to AI chips and advanced storage technologies is expected to rise significantly [8]. - Companies with core technologies in the semiconductor equipment sector are recommended for investment, particularly those involved in technological breakthroughs and downstream expansion [8][7].

Core Insights - The 13th Semiconductor Equipment and Core Components Exhibition (CSEAC) commenced on September 4 in Wuxi, Jiangsu, showcasing significant growth since its inception in 2021, expanding from a few dozen exhibitors to over 1,130 companies [1] - The exhibition attracted more than 100,000 attendees, a substantial increase from the initial 400-500 participants [1] - Major domestic companies such as Northern Huachuang, Shengmei Semiconductor, and Zhongwei Semiconductor participated, highlighting advancements in wafer manufacturing and packaging equipment [1] Company Highlights - Zhongwei Company launched six new semiconductor equipment products at CSEAC, covering critical processes such as plasma etching, atomic layer deposition, and epitaxy [1] - Shengmei showcased advanced packaging electroplating equipment and vertical furnace tube equipment, among others [1] - New Kai Lai, a semiconductor equipment "dark horse" established just four years ago, presented etching and ALD models at the exhibition [1]