2019年7月22日，首批25家科创板企业鸣锣上市，其中半导体公司仅占4席；而截至2025年7月21日，这 个数字已增长至109家，总市值突破3万亿元。 科创板将于本周二（7月22日）迎来开市六周年。作为资本市场注册制改革的起点与承载科技强国使命 的板块，科创板"硬科技"浓度高，从一级行业来看，科创板电子权重占比44%为最高，其中尤以半导体 企业的数量最多，在AI产业高速发展的背景下，科创板的半导体产业链发展进程备受市场关注。 业绩表现是科创企业发展的"试金石"。自2024年三季度起，全球半导体景气度复苏，伴随终端需求增 长，不少半导体企业业绩大幅回暖，有的更是创下历史同期最好水平。 截至2025年7月21日，科创板已上市109家半导体企业，涵盖晶圆制造、设计、材料、封装、设备等各个 环节，总市值突破3.18万亿元，占科创板总市值（8.46万亿元）的37.6%，是市值占比最高的二级行 业，成为科创板的"硬核"担当。 六年来，科创板半导体产业链实现全链突破，国产替代纵深推进，中芯国际（688981.SH）攻克先进工 艺，设计环节百家争鸣，寒武纪（688256.SH）的云端AI芯片、澜起科技（688008.SH） ...

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 ...