联合研究丨公司点评丨华海清科（688120.SH） [Table_Title] 华海清科 2025H1 点评：业绩保持增长，先进制 程设备获突破平台化进展迅速 报告要点 丨证券研究报告丨 [Table_Summary] 华海清科发布半年报，2025H1 实现营收 19.50 亿元，同比+30.28%，归母净利润 5.05 亿元， 同比+16.82%；其中 2025Q2 营业收入 10.37 亿元，同比+27.05%，归母净利润 2.72 亿元，同 比+18.01%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% 1 [Table_Author] 赵智勇 杨洋 倪蕤 王泽罡 SAC：S0490517110001 SAC：S0490517070012 SAC：S0490520030003 SAC：S0490521120001 SFC：BRP550 SFC：BUW100 华海清科（688120.SH） cjzqdt11111 [Table_Title 华海清科 2025H1 2] 点评：业绩保持增长，先进制 程设备获突破平台化进展迅速 %% %% research.95579.com [Table_Su ...

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].