出品：新浪财经上市公司研究院 作者：光心 公司归母净利润增速弱于营收增速，主要在于盈利能力下降。2025年上半年公司毛利率为46.08%，同 比下降0.21个百分点，净利率为25.92%，同比下降2.99个百分点。主要原因是受到职工薪酬的增长及收 购芯嵛公司影响，本期期间费用增长幅度高于营业收入的增长幅度。此外，本报告期利息收入减少、补 偿的政府补助金额减少。 2025年以来，AI芯片产业链景气度持续提升，半导体设备领域投资热度居高不下。据华泰证券统计， 2025年第二季度全球半导体设备公司总收入同比增长24%，预计2025年全年全球半导体设备企业收入同 比增长12%。 分产品结构来看，公司主力产品CMP装备技术和性能持续升级，全新抛光系统架构CMP机台Universal- H300已经获得批量重复订单，并实现规模化出货。新签CMP装备订单中先进制程的订单已实现较大占 具体来看，AI芯片对计算性能和功耗的高要求大幅提高了芯片设计和制造的复杂性，因此对高性能SoC 测试机和存储测试机的需求显著增长。此外，HBM技术已成为AI计算的标配，其对应的COWOS封装技 术成为GPU与HBM高速互联的关键技术支撑，因此对 ...

Core Viewpoint - The company reported strong revenue growth in the first half of 2025, driven by advancements in the semiconductor equipment market and competitive advantages in its products [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.95 billion yuan, a year-on-year increase of 30.28% - The net profit attributable to shareholders was 505 million yuan, up 16.82% year-on-year - The non-recurring net profit reached 460 million yuan, reflecting a year-on-year growth of 25.02% - In Q2 2025, revenue was 1.037 billion yuan, showing a year-on-year increase of 27.05% and a quarter-on-quarter increase of 13.65% [1][2]. Profitability Analysis - The gross margin for H1 2025 was 46.08%, a decrease of 0.21 percentage points year-on-year - The net profit margin was 25.92%, down 2.99 percentage points year-on-year - The decline in profitability was attributed to higher employee compensation and acquisition-related expenses, which outpaced revenue growth [2]. Product Development and Market Position - The company has seen a significant increase in new CMP orders, particularly in advanced packaging - The Universal-H300 CMP machine has received bulk orders and is being shipped at scale - The company has a strong market share in 12/8-inch CMP equipment among leading domestic clients [3]. - The Versatile-GP300 wafer thinning machine has seen a substantial increase in orders, and the Versatile-GM300 has achieved bulk shipments [3]. Capacity Expansion and Strategic Initiatives - The company has officially launched its Beijing facility, gradually releasing capacity for core equipment - The expansion project in Kunshan aims to increase wafer regeneration capacity to 400,000 pieces per month, with an initial phase of 200,000 pieces per month [4]. - The company is enhancing its product line and expanding its market reach through strategic capacity planning [4]. Future Outlook - The company maintains a "buy" rating, anticipating continued benefits from the expansion of advanced packaging in the semiconductor industry - Projected net profits for 2025, 2026, and 2027 are 1.347 billion yuan, 1.724 billion yuan, and 2.120 billion yuan, respectively, with corresponding EPS of 3.81 yuan, 4.88 yuan, and 6.00 yuan [4].

Core Insights - The strategic value of semiconductor equipment is highlighted, with electronic terminal products accounting for a significant portion of global output, driven by the explosion of industries like big data and AI, which rely on chip manufacturing supported by semiconductor equipment [2] - CMP (Chemical Mechanical Polishing) is identified as one of the five key technologies in integrated circuit manufacturing, essential for flattening wafer surfaces to facilitate subsequent processes like lithography [2] - Current challenges in CMP include achieving nanoscale wafer flattening, cleaning nanoscale contaminants, maintaining precision in rapid polishing, and ensuring efficient operation of the entire system [2] - The global flatness requirement for 12-inch wafers has increased to less than 5nm, with strict limits on the number of fine contaminants above 28nm [2] Opportunities - The demand for CMP in advanced packaging is expected to rise significantly, driven by the rapid development of technologies like TSV and 3D packaging [3] - The transition from multi-wafer polishing to single-wafer polishing in third-generation semiconductors is leading to a sustained increase in demand for CMP equipment [3] - Huahai Qingshi, a leading domestic semiconductor equipment supplier, has evolved from a CMP equipment provider to a platform enterprise covering various equipment and services, including thinning, cutting, wet processing, ion implantation, and edge polishing [3] - The company emphasizes that industry demand and technological iteration will continue to drive progress in the sector, with a commitment to innovation based on years of technical accumulation [3]

Core Insights - The strategic value of semiconductor equipment is highlighted, with electronic terminal products accounting for a significant portion of global output, driven by the explosion of industries like big data and AI, which rely on chip manufacturing supported by semiconductor equipment [4][5] - CMP (Chemical Mechanical Polishing) is identified as one of the five key technologies in integrated circuit manufacturing, essential for flattening wafer surfaces to facilitate subsequent processes like photolithography [4][5] - Current challenges in CMP include achieving nanoscale wafer flattening, cleaning nanoscale contaminants, maintaining rapid polishing precision, and ensuring efficient and stable operation of the entire machine [4][5] - The demand for CMP equipment is expected to rise significantly due to advancements in packaging technologies such as TSV and 3D packaging, as well as the shift from multi-wafer to single-wafer polishing in third-generation semiconductors [5][6] - Huahai Qingshi, originating from Tsinghua University's State Key Laboratory of Tribology, has evolved from a CMP equipment supplier to a comprehensive platform covering various semiconductor equipment and services, establishing itself as a leading domestic supplier [5][6] - The continuous drive for progress in the industry is fueled by demand and technological iteration, with Huahai Qingshi committed to leveraging its technological expertise to support breakthroughs in China's semiconductor industry [6]

Group 1 - Huahai Qingke, a high-end semiconductor equipment supplier under Sichuan Energy Development Group, plans to issue H-shares and list on the Hong Kong Stock Exchange, potentially becoming the first company under the group to achieve dual listing in A+H [1][2] - The company specializes in the upstream key industrial chain of integrated circuit manufacturing, offering products such as CMP equipment, thinning equipment, cutting equipment, edge polishing equipment, ion implantation equipment, wet equipment, wafer regeneration, key consumables, and maintenance services [1] - In the first half of this year, Huahai Qingke achieved revenue of 1.95 billion yuan, a year-on-year increase of 30.28%, and a net profit of 505 million yuan, a year-on-year increase of 16.82% [1] Group 2 - The H-share listing aims to accelerate the company's international strategy and overseas business layout, attract international R&D and management talent, enhance competitiveness and brand image, optimize capital structure, and improve overseas financing capabilities [2] - This move reflects Sichuan Energy Development Group's efforts to promote industrial internationalization and support its subsidiaries in expanding global markets [2] - Since its establishment in February 2023, Sichuan Energy Development Group has focused on strengthening comprehensive energy and developing advanced manufacturing, high-end chemicals, and healthcare industries, with Huahai Qingke being a key enterprise in the advanced manufacturing sector [2]

Core Viewpoint - Huahai Qingke (688120.SH), a leading domestic semiconductor CMP equipment supplier, plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and overseas business layout [1][4]. Group 1: Financial Performance - In the first half of 2025, Huahai Qingke achieved operating revenue of 1.95 billion yuan, a year-on-year increase of 30.28%, and a net profit attributable to shareholders of 505 million yuan, up 16.82% [2][3]. - For the year 2024, the company reported operating revenue of 3.406 billion yuan, a growth of 35.82%, and a net profit of 1.023 billion yuan, increasing by 41.40% [2][3]. - The company's cash flow from operating activities in the first half of 2025 increased by 6.17% to 395 million yuan [3]. Group 2: Business Strategy and Development - Huahai Qingke focuses on R&D and production capacity enhancement to strengthen its core competitiveness, particularly in CMP products, which are essential for integrated circuit manufacturing [3][4]. - The company has a comprehensive platform strategy that includes equipment and services, with products widely used in integrated circuits, advanced packaging, and other manufacturing processes [2][3]. - The company is expanding its production base and optimizing its industrial layout, with a new factory in Beijing and a project in Kunshan to increase wafer regeneration capacity [7]. Group 3: Intellectual Property and R&D Investment - As of June 30, 2025, Huahai Qingke has obtained 500 authorized patents and 39 software copyrights, emphasizing its commitment to technological innovation [6]. - The company's R&D investment in the first half of 2025 was 246 million yuan, a year-on-year increase of 40.44%, accounting for 12.63% of its operating revenue [6]. Group 4: Market Position and Future Outlook - If successful in its Hong Kong listing, Huahai Qingke will be the first company under Sichuan Energy Development Group to be listed on both A-share and Hong Kong markets, enhancing its international brand image and capital structure [4]. - The company has a strong order backlog, with contract liabilities reaching 1.755 billion yuan, a 30.81% increase, supporting its ongoing performance [7].

Core Viewpoint - The report outlines the continuous supervision and guidance provided by Guotai Junan Securities for Huahai Qingke Co., Ltd. during the first half of 2025, emphasizing the company's compliance with regulations and its operational performance [2][9]. Summary by Sections Continuous Supervision Work - The sponsor has established a continuous supervision system to ensure the company adheres to regulatory obligations, including information disclosure and operational compliance [2][3]. - The sponsor has assisted the company in developing internal systems and decision-making processes to meet legal and regulatory requirements [3][4]. - The company has maintained transparency in its information disclosure, ensuring it is accurate, complete, and timely [3][4]. Financial Performance - For the first half of 2025, the company reported a revenue of approximately RMB 1.95 billion, a year-on-year increase of 30.28% [17]. - The total profit reached approximately RMB 549.78 million, reflecting an 11.66% increase compared to the previous year [17]. - The net profit attributable to shareholders was approximately RMB 505 million, marking a 16.82% increase [17]. R&D and Innovation - The company has a strong focus on R&D, with R&D expenses accounting for 12.63% of revenue, an increase from 11.72% in the previous year [17][22]. - The company has developed a robust R&D team of 722 members, representing 31.99% of its total workforce [19][20]. - The company has obtained 500 patents and 39 software copyrights, showcasing its commitment to innovation [19][20]. Risk Management - The company faces risks related to core competitiveness, including potential talent loss and technological advancements in the semiconductor equipment industry [9][10]. - The company has established a quality management system to ensure product quality and customer satisfaction [20][21]. - The company is exposed to financial risks, particularly concerning accounts receivable and customer concentration [12][13]. Use of Raised Funds - The company raised a total of RMB 364.43 million through its IPO, with a net amount of RMB 348.99 million after deducting issuance costs [2][23]. - As of June 30, 2025, the company has utilized RMB 111.58 million of the raised funds for designated projects [23]. - The company has ensured compliance with regulations regarding the management and use of raised funds [23].

Core Insights - The company, Huahai Qingshi (688120), reported a revenue of 1.95 billion yuan for the first half of 2025, representing a year-on-year growth of 30.28% [1] - The net profit attributable to shareholders reached 505 million yuan, an increase of 16.82% year-on-year, while the net profit excluding non-recurring items was 460 million yuan, up 25.02% [1] - The basic earnings per share stood at 2.14 yuan [1] Business Performance - The company's core product matrix showed strong performance, particularly in CMP equipment, which has seen significant technological advancements and market expansion [2] - The new CMP polishing system, Universal-H300, has received bulk repeat orders and achieved large-scale shipments [2] - Advanced process CMP equipment orders have increased significantly, with successful process validation at several leading domestic clients [2] Product Development - The company has developed thinning equipment suitable for advanced packaging and front-end wafer manufacturing, achieving substantial results during the reporting period [2] - The 12-inch ultra-precision wafer thinning machine, Versatile-GP300, saw a significant increase in order volume due to its excellent performance [2] - The 12-inch wafer thinning and film application integrated machine, Versatile-GM300, has been successfully adopted by major domestic semiconductor companies [2] Ion Implantation Equipment - The company’s subsidiary, Xinyu, successfully delivered its first 12-inch low-temperature ion implanter, iPUMA-LT, to a leading domestic logic chip manufacturer [3] - The company is expanding its product matrix to include medium and high-energy ion implanters to meet diverse manufacturing needs [3] Platform Strategy and R&D Investment - The "equipment + service" platform strategy is showing results, with an increase in the scale of key consumables and maintenance services as CMP equipment market share grows [3] - The company’s wafer regeneration business has received bulk orders from major production lines, with a project in Kunshan aiming for a monthly capacity of 200,000 wafers [3] - R&D investment reached 246 million yuan in the first half of 2025, a year-on-year increase of 40.44%, with R&D expenses accounting for 12.63% of revenue [3]

Group 1 - Huahai Qingsi Co., Ltd. has completed a strategic investment in Suzhou Bohongyuan Equipment Co., Ltd. [1] - Huahai Qingsi, established in 2013 and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2022, specializes in semiconductor equipment manufacturing, including CMP, thinning, and cutting equipment [1] - Suzhou Bohongyuan, founded in 2016, focuses on high-precision grinding and polishing equipment for hard and brittle materials, successfully entering overseas markets [1] Group 2 - The power semiconductor sector is evolving towards higher efficiency and power density, particularly with the adoption of wide bandgap semiconductor technologies like silicon carbide and gallium nitride, which demand improved substrate material performance [1] - Advanced packaging technology is also raising stringent standards for substrate flatness and purity, driving increased market demand for silicon carbide and gallium nitride [1] - The collaboration between Huahai Qingsi and Suzhou Bohongyuan aims to leverage their expertise in precision manufacturing equipment to create a one-stop platform for thinning, grinding, and polishing equipment, expanding market opportunities [2]

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].