2025年4月29日，华海清科(688120.SH)发布2025年一季报。 公司营业总收入为9.12亿元，在已披露的同业公司中排名第33，较去年同报告期营业总收入增加2.32亿 元，实现5年连续上涨，同比较去年同期上涨34.14%。归母净利润为2.33亿元，在已披露的同业公司中 排名第12，较去年同报告期归母净利润增加3127.16万元，实现5年连续上涨，同比较去年同期上涨 15.47%。经营活动现金净流入为1291.67万元，在已披露的同业公司中排名第78。 公司最新资产负债率为42.33%，较上季度资产负债率减少2.52个百分点。 公司摊薄每股收益为0.99元，在已披露的同业公司中排名第3，较去年同报告期摊薄每股收益增加0.14 元，同比较去年同期上涨16.47%。 公司最新毛利率为46.37%，在已披露的同业公司中排名第30，较上季度毛利率增加3.16个百分点，较去 年同期毛利率增加1.18个百分点。最新ROE为3.47%，在已披露的同业公司中排名第10。 公司最新总资产周转率为0.08次，较去年同期总资产周转率增加0.01次，同比较去年同期上涨7.89%。 最新存货周转率为0.14次。 公司股东户数为 ...

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 ...

Investment Rating - The report maintains an "Accumulate" investment rating for Huahai Qingke (688120.SH) [1][3] Core Views - The company has demonstrated steady revenue growth and maintained high profitability, with a continuous increase in market share for CMP equipment and successful expansion of new products [1][7] - The financial forecasts indicate robust revenue growth for 2024 and 2025, with expected revenues of 44.1 billion and 55.2 billion respectively, and net profits of 13.6 billion and 16.9 billion [7] Financial Data and Valuation - Total revenue for 2023 is reported at 2,508 million, with a year-on-year growth of 52%. Projections for 2024 and 2025 are 3,406 million and 4,411 million respectively, with growth rates of 36% and 30% [2][10] - Operating profit for 2023 is 790 million, with a projected increase to 1,118 million in 2024 and 1,509 million in 2025, maintaining a growth rate of 42% for 2024 [2][10] - The net profit attributable to the parent company is expected to reach 1,023 million in 2024 and 1,359 million in 2025, reflecting year-on-year growth of 41% and 33% respectively [2][10] - The company's PE ratio is projected to decrease from 56.4 in 2023 to 30.0 in 2025, indicating an improving valuation [2][10] Key Financial Metrics - The company’s gross margin for 2024 is forecasted at 43.2%, with a net profit margin of 30.0% [10] - Return on equity (ROE) is expected to rise from 14.0% in 2023 to 19.2% in 2025, indicating improved profitability [10] - The asset-liability ratio is projected to stabilize around 43.4% in 2025, reflecting a solid financial structure [10] Product Development and Market Position - The company has successfully expanded its product offerings, including CMP, thinning, and cleaning equipment, with significant orders and validations from major clients [7] - The introduction of new products has contributed to profit growth, particularly in consumables and maintenance services [7] - The company is actively pursuing a platform strategy, enhancing its market position in the semiconductor equipment sector [7]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has demonstrated continuous rapid growth in performance, with a clear platform-based growth logic [2] - Revenue for 2024 reached 3.406 billion, a year-on-year increase of 35.82%, aligning with market expectations; Q1 2025 revenue was 912 million, up 34.14% year-on-year, driven by sufficient orders for CMP equipment and successful market expansion for new products [3] - The gross profit margin remains high, with a net profit of 1.023 billion for 2024, a year-on-year increase of 41.40%, outperforming revenue growth [4] - The company benefits from the expansion of advanced processes, with a clear platform-based logic in product offerings such as CMP and thinning equipment [6] Summary by Sections Revenue and Growth - In 2024, the company achieved revenue of 3.406 billion, a 35.82% increase year-on-year; Q1 2025 revenue was 912 million, a 34.14% increase year-on-year, primarily due to strong orders for CMP equipment and successful market expansion for new products [3] - The company’s inventory and contract liabilities as of Q1 2025 were 3.488 billion and 1.641 billion, respectively, reflecting increases of 27.67% and 33.86% year-on-year, indicating a continuous rise in orders [3] Profitability - The company reported a net profit of 1.023 billion for 2024, a 41.40% increase year-on-year, with a net profit margin of 30.05%, up 1.19 percentage points year-on-year [4] - The gross profit margin for 2024 was 43.20%, showing stability despite a slight decrease of 0.35 percentage points [4] - For Q1 2025, the net profit was 233 million, a 15.47% increase year-on-year, with a gross profit margin of 46.37%, up 1.18 percentage points year-on-year [5] Product Development and Market Position - The company is enhancing its product line, focusing on CMP and thinning equipment, which are expected to drive future growth [6] - The new CMP polishing system Universal-H300 has received repeat orders, and the thinning equipment has successfully passed multiple acceptance tests [6][7] - The company has established a comprehensive cleaning equipment layout covering various manufacturing fields, indicating a strong market position [7] Financial Forecast - Revenue forecasts for 2025 and 2026 have been adjusted to 4.554 billion and 5.866 billion, respectively, with year-on-year growth rates of 34% and 29% [8] - The net profit forecasts for 2025 and 2026 are 1.348 billion and 1.730 billion, with year-on-year growth rates of 32% and 28% [8] - The estimated EPS for 2025 and 2026 are 5.69 and 7.31, respectively [8]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 208.76 CNY per share, maintaining the rating [6][9]. Core Views - The company has demonstrated significant revenue and profit growth, with a 35.82% year-on-year increase in revenue to 3.406 billion CNY and a 41.4% increase in net profit to 1.023 billion CNY for the year 2024 [1][2]. - The company's CMP (Chemical Mechanical Planarization) equipment continues to lead the domestic market, with a 31.16% increase in sales revenue to 2.987 billion CNY in 2024 [3][4]. - The company is expanding its product lines and platform development, including advancements in cutting, polishing, and ion implantation equipment, which are currently undergoing client validation [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.406 billion CNY, a year-on-year increase of 35.82%, and a net profit of 1.023 billion CNY, up 41.4% [1][2]. - For Q1 2025, the company reported a revenue of 912 million CNY, a 34.14% increase year-on-year, and a net profit of 233 million CNY, up 15.47% [1]. Profitability Metrics - The company's gross margin for 2024 was 43.2%, a decrease of 2.81 percentage points year-on-year, while the net margin improved to 30.05%, an increase of 1.19 percentage points [2]. Product Development - The company has successfully launched the Universal-H300 CMP system and developed specialized CMP equipment for third-generation semiconductors, which is currently in client validation [3]. - The company has made significant progress in domestic production of key components for its thinning equipment, meeting mass production requirements [3]. Market Position and Growth - The company maintains a leading market share in CMP equipment, with a strong focus on innovation and customer expansion, particularly in advanced process equipment [3][4]. - The company is expected to achieve revenues of 4.667 billion CNY, 5.833 billion CNY, and 6.883 billion CNY for the years 2025, 2026, and 2027, respectively [9].

1 | 报告范围 | | --- | | 编制依据 | | 数据说明 | | 确认及批准 | | 报告获取 | | 2024年ESG工作亮点 | | --- | | 2024年荣誉成就 | | 2024客户认可 | | 数说2024 | | 公司简介 | | --- | | 组织架构 | | 发展历程 | | 产品与服务 | | 企业文化 | | 2024年度十大精彩 | | 反商业贿赂及反贪污 | 31 | | --- | --- | | 反不正当竞争 | 32 | | 应对气候变化 | | | --- | --- | | 治理 | 35 | | 战略 | 35 | | 风险管理 | 37 | | 指标与目标 | 37 | | T持续发展治理 | | --- | | 向应可持续发展目标 | | J益相关方沟通 | | 重要性议题管理 | | 党建引领 | 23 | | --- | --- | | 建全治理体系 | 25 | | 投资者关系与股东权益 | 27 | | 坚持合规经营 | 28 | | 提升风控能力 | 29 | | 台理 | 37 | | --- | --- | | 龙路 | 38 | | 风 ...

证券代码：688120 证券简称：华海清科 公告编号：2025-029 2025年4月28日，华海清科股份有限公司（以下简称"公司"）召开第二届 董事会第十三次会议，审议通过了《关于公司2025年度向银行申请综合授信额度 的议案》，具体内容如下： 为满足公司经营发展的资金需求，公司及全资子公司拟向银行申请总额不超 过人民币 30 亿元的综合授信额度，授信业务包括但不限于项目借款、流动资金 借款、银行承兑汇票、票据贴现、贸易融资、信用证、保函等，利率不高于 LPR 基准利率，贷款期限不超过 5 年，具体授信业务种类、额度和期限，以银行最终 核定为准。本次授信的有效期自本议案审议通过之日起 12 个月内有效，在有效 期内授信额度可循环使用。 华海清科股份有限公司 关于公司 2025 年度向银行申请综合授信额度的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 特此公告 华海清科股份有限公司 董 事 会 2025 年 4 月 29 日 授信额度不等于公司的实际融资金额，实际融资金额应在授信额度内，并以 银行与公司实际发生的融 ...

证券代码：688120 证券简称：华海清科 公告编号：2025-028 华海清科股份有限公司 关于预计 2025 年度日常关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 是否需要提交股东大会审议：是 本议案尚需提交股东大会审议，关联股东在股东大会上对本议案需回避表决。 （二）本次日常关联交易预计金额和类别 1、向关联人采购和销售商品、设备及技术服务 日常关联交易对上市公司的影响：本次关联交易属公司日常关联交易，是正 常生产经营业务，以市场价格为定价依据，遵循平等自愿原则，交易风险可控， 不存在损害公司及股东利益的情况，不会对关联人形成较大的依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 华海清科股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了第 二届董事会第十三次会议，审议通过了《关于确认 2024 年度日常关联交易及预 计 2025 年度日常关联交易的议案》，关联董事王同庆、甄佳、陈泰全、王怀需 回避表决，此议案获出席会议的非关联董事一致表决通过 ...

华海清科股份有限公司 关于立信会计师事务所（特殊普通合伙）2024 年度 履职情况评估报告 华海清科股份有限公司（以下简称"公司"）聘请立信会计师事务所（特殊 普通合伙）（以下简称"立信"）作为公司 2024 年度财务报告及内部控制审计机 构。根据《上市公司治理准则》《国有企业、上市公司选聘会计师事务所管理办 法》，公司对立信在 2024 年度审计工作的履职情况进行了评估。具体情况如下： 一、会计师事务所情况 （一）基本情况 立信由我国会计泰斗潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会计师事务所，注册地址为上海市， 首席合伙人为朱建弟先生。立信是国际会计网络 BDO 的成员所，长期从事证券服 务业务，新证券法实施前具有证券、期货业务许可证，具有 H 股审计资格，并已 向美国公众公司会计监督委员会（PCAOB）注册登记。 （四）续聘会计师事务所履行的程序 公司于2024年11月29日和12月17日分别召开第二届董事会第六次会议和 2024年第四次临时股东大会，审议通过了《关于续聘2024年度审计机构的议案》， 公司续聘立信为公司2024年度财务报告 ...