Group 1 - The company is implementing a "equipment + service" platform development strategy, with a high market share in CMP equipment and successful acceptance of multiple thinning machines and low-energy high-current ion implantation equipment [1][3] - The company plans to expand its wafer regeneration capacity to 600,000 pieces per month, benefiting significantly from the accelerated expansion trend of wafer fabs [1][3] Group 2 - The CMP equipment Universal-H300 has received bulk repeat orders and has achieved large-scale shipments, while specialized CMP equipment for third-generation semiconductor customers has been successfully developed and sent for client verification [1] - The thinning equipment covers various process customers, with the 12-inch ultra-precision wafer thinning machine Versatile-GP300 achieving multiple acceptances to meet customer mass production needs [2] - The company has established a series of cleaning equipment layouts covering large wafers and compound semiconductors, with the HSC-S1300 and HSC-F3400 cleaning equipment successfully verified and sold [2] Group 3 - The company has become a professional foundry for wafer regeneration with Fab equipment and process technology services, currently achieving a wafer regeneration capacity of approximately 200,000 pieces per month [2] - The company plans to build a wafer regeneration expansion project in Kunshan, Jiangsu Province, with a total planned capacity expansion of 400,000 pieces per month, and the first phase of construction capacity is expected to be 200,000 pieces per month with an investment not exceeding 500 million RMB [2] Group 4 - Revenue projections for the company are estimated at 4.503 billion, 5.860 billion, and 7.360 billion RMB for the years 2025 to 2027, with net profits of 1.290 billion, 1.682 billion, and 2.121 billion RMB respectively [3]

电子/半导体 华海清科（688120.SH） 业绩稳步提升，CMP 市占提升+平台化布局贡献持续增长 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 165.26 | | 一年最高最低(元) | 220.00/118.00 | | 总市值(亿元) | 391.21 | | 流通市值(亿元) | 280.90 | | 总股本(亿股) | 2.37 | | 流通股本(亿股) | 1.70 | | 近 3 个月换手率(%) | 130.56 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 2025-04 华海清科 沪深300 相关研究报告 《2024Q3 业绩维持高增，加速开拓产 品多元化布局—公司信息更新报告》 -2024.11.4 CMP 市占率稳步提升，持续推进新产品新工艺开发，市场竞争力稳步提升 CMP 设备方面，公司推出满足更多材质工艺和更先进制程、先进封装工艺要求 的新技术和新产品，例如全新抛光系统架构 CMP 机台 Uni ...

证 券 研 究 报 告 公司研究 华海清科（688120）2024 年报及 2025 年一季报点评 强推（维持） 经营业绩再创新高，积极推进新产品新业务布局 事项： 半导体设备 2025 年 04 月 30 日 目标价：228 元 当前价：165.50 元 华创证券研究所 证券分析师：耿琛 电话：0755-82755859 邮箱：gengchen@hcyjs.com 执业编号：S0360517100004 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：吴鑫 邮箱：wuxin@hcyjs.com 执业编号：S0360523060001 联系人：张雅轩 评论： 市场表现对比图(近 12 个月) -13% 19% 51% 83% 24/04 24/07 24/09 24/12 25/02 25/04 2024-04-29~2025-04-29 华海清科 沪深300 相关研究报告 《华海清科（688120）2024 半年报点评：业绩稳 健增长，持续深化平台化战略发展》 2024-08-19 《华海清科（688120）2023 年报&2024 年一季报 ...