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 investment rating for Huahai Qingke is maintained as "Buy" [1][3] Core Views - The company achieved a revenue of 3.41 billion yuan in 2024, representing a year-on-year increase of 35.82%, and a net profit of 1.02 billion yuan, up 41.40% year-on-year. The gross margin was 43.2%, down 2.8 percentage points [3][4] - For Q1 2025, the company reported a revenue of 910 million yuan, a year-on-year increase of 34.14%, and a net profit of 230 million yuan, up 15.47% year-on-year, with a gross margin of 46.37%, down 1.6 percentage points [3][4] - The company is expected to continue its growth trajectory, with projected revenues of 4.73 billion yuan, 6.18 billion yuan, and 7.36 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 1.41 billion yuan, 1.73 billion yuan, and 1.99 billion yuan for the same years [3][4] Financial Summary - In 2023, the company reported a revenue of 2.51 billion yuan, with a year-on-year growth of 52.1%, and a net profit of 724 million yuan, up 44.3% year-on-year [6][8] - The projected financial metrics for 2025 include a revenue of 4.73 billion yuan, a net profit of 1.41 billion yuan, and a gross margin of 47% [6][8] - The P/E ratios for 2025, 2026, and 2027 are projected to be 28.3, 23.0, and 20.0 respectively [6][8] Market Position and Product Development - The company is enhancing its market share in CMP (Chemical Mechanical Planarization) products, with significant orders for new technologies and products, including the Universal-H300 CMP machine and specialized CMP equipment for third-generation semiconductor clients [4][3] - The company is also expanding its product offerings through horizontal expansion into thinning equipment, cutting equipment, and other advanced technologies, which are expected to drive future growth [4][3]

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].