Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][9]. Core Insights - The company has experienced significant revenue growth, with a projected revenue increase of 23% to 53% year-over-year for Q1 2025, and a net profit growth of 29% to 59% [6][9]. - The ongoing U.S.-China technology and trade disputes are expected to accelerate the domestic substitution process in the semiconductor equipment and manufacturing sectors, benefiting the company as a key player in the domestic semiconductor equipment market [6][9]. - The company's earnings per share (EPS) is projected to grow significantly, with estimates of RMB 13.24 for 2025 and RMB 17.87 for 2026, reflecting a strong growth trajectory [9][12]. Summary by Sections Company Information - The company operates in the electronics industry, with a current stock price of RMB 431.01 as of April 8, 2025, and a market capitalization of RMB 229.9 billion [2]. - The stock has seen a 12-month high of RMB 490.03 and a low of RMB 278.13, indicating volatility in its price [2]. Financial Performance - The company reported a net profit of RMB 2.353 billion in 2022, with projections of RMB 7.069 billion for 2025, reflecting a compound annual growth rate (CAGR) of 26.92% [8][12]. - Revenue is expected to reach RMB 37.557 billion in 2025, up from RMB 29.829 billion in 2024, indicating a year-over-year growth of 26.92% [12]. Market Position - The company holds a significant market share in electronic process equipment, accounting for 75% of its product mix, while electronic components make up the remaining 25% [2]. - Institutional investors hold 16.5% of the circulating A-shares, indicating a strong interest from larger investment entities [2].

2025 年 4 月 9 日 | C0044@capital.com.tw | | | --- | --- | | 朱吉翔 目标价 | 500 元 | 公司基本资讯 | 产业别 | | 电子 | | --- | --- | --- | | A 股价(2025/4/8) | | 431.01 | | 深证成指(2025/4/8) | | 9424.68 | | 股价 12 个月高/低 | | 490.03/278.13 | | 总发行股数(百万) | | 533.90 | | A 股数(百万) | | 533.44 | | A 市值(亿元) | | 2299.18 | | 主要股东 | | 北京七星华电 | | | | 科技集团有限 | | | | 责任公司 | | | | (33.43%) | | 每股净值(元) | | 58.24 | | 股价/账面净值 | | 7.40 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -5.5 11.6 | 45.1 | | 近期评等 | | | | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-01-14 ...

业绩简评 25 年 4 月 8 日公司发布 24 年业绩快报及 25 年一季报业绩预告， 24 年公司实现营业收入 298.38 亿元，同比+35.14%；归母净利润 为 56.21 亿元，同比+44.17%；25Q1 预计实现营收 73.40-89.80 亿 元，同比增长 23.35%-50.91%，归母净利润 14.20-17.40 亿元，同 比增长 24.69%-52.79%。受益于平台化布局及下游高景气扩产，公 司收入及利润均表现亮眼增幅。 经营分析 受益国产化替代浪潮，看好公司市占率持续提升。美国商务部产 业安全局（BIS）在 2024 年 12 月 2 日再次发布新规，针对中国半 导体设备施加了新一轮限制。国际形势加速半导体设备国产化替 代进程，公司作为国产半导体设备龙头厂商，产品涵盖刻蚀、薄膜 沉积、炉管、清洗、快速退火等领域，市场竞争力强劲，有望稳步 提升产品市占率。 盈利预测、估值与评级 预计公司 2024-26 年营收 298.38/388.36/469.02 亿元，同比增长 35.1%/30.2%/20.8%；归母净利润 56.9/76.7/98.1 亿元，同比增 长 46.0%/34. ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][3]. Core Views - The company is expected to achieve a revenue of 73.4 to 89.8 billion yuan in Q1 2025, representing a year-on-year growth of 23.4% to 50.9% and a quarter-on-quarter decline of 22.6% to 5.3% [1][6]. - The net profit attributable to the parent company is projected to be between 14.2 to 17.4 billion yuan, showing a year-on-year increase of 24.7% to 52.8% [1][6]. - The company's platform advantages are becoming increasingly prominent as it expands its process coverage in the semiconductor equipment sector [6]. Financial Data and Valuation - The total revenue for 2022 was 14.688 billion yuan, with a projected growth of 52% [2][8]. - The net profit attributable to the parent company for 2022 was 2.353 billion yuan, with a year-on-year growth of 118% [2][8]. - The projected revenue for 2024, 2025, and 2026 is 29.838 billion yuan, 39.220 billion yuan, and 48.456 billion yuan respectively, with corresponding net profits of 5.622 billion yuan, 7.547 billion yuan, and 9.573 billion yuan [2][8]. Key Financial Ratios - The company’s return on equity (ROE) for 2022 was 12.8%, expected to rise to 23.1% by 2026 [9]. - The net profit margin is projected to increase from 16.0% in 2022 to 19.8% in 2026 [9]. - The price-to-earnings (PE) ratio is expected to decrease from 97.8 in 2022 to 24.0 by 2026, indicating improving valuation metrics [9].

业绩简评 25 年 4 月 8 日公司发布 24 年业绩快报及 25 年一季报业绩预告， 24 年公司实现营业收入 298.38 亿元，同比+35.14%；归母净利润 为 56.21 亿元，同比+44.17%；25Q1 预计实现营收 73.40-89.80 亿 元，同比增长 23.35%-50.91%，归母净利润 14.20-17.40 亿元，同 比增长 24.69%-52.79%。受益于平台化布局及下游高景气扩产，公 司收入及利润均表现亮眼增幅。 经营分析 受益国产化替代浪潮，看好公司市占率持续提升。美国商务部产 业安全局（BIS）在 2024 年 12 月 2 日再次发布新规，针对中国半 导体设备施加了新一轮限制。国际形势加速半导体设备国产化替 代进程，公司作为国产半导体设备龙头厂商，产品涵盖刻蚀、薄膜 沉积、炉管、清洗、快速退火等领域，市场竞争力强劲，有望稳步 提升产品市占率。 看好后续半导体先进制程及存储厂商扩产。公司作为国内龙头半 导体前道设备厂商，产品涉及刻蚀、薄膜沉积、立式炉、外延、清 洗等核心工艺制程设备，看好后续国内存储厂商及先进制程扩产 下，公司获得重复订单能力。逻辑代工大厂维持高资本开支 ...

证券代码：002371 证券简称：北方华创 公告编号：2025-020 北方华创科技集团股份有限公司 2024年度业绩快报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示：本公告所载2024年度的财务数据仅为初步核算数据，未经会计师事 务所审计，与年度报告中披露的最终数据可能存在差异。敬请广大投资者谨慎决策， 注意投资风险。 单位：元 | 项 目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | 营业总收入 | 29,838,069,162.26 | 22,079,458,092.37 | 35.14% | | 营业利润 | 6,526,987,944.71 | 4,447,912,128.24 | 46.74% | | 利润总额 | 6,510,647,485.88 | 4,465,587,698.68 | 45.80% | | 归属于上市公司股东的净利润 | 5,621,189,109.13 | 3,899,069,987.91 | 44.17% | | 扣除非经常性损益后的归属于 上市公 ...

证券代码：002371 证券简称：北方华创 公告编号：2025-021 北方华创科技集团股份有限公司 2025年第一季度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、本期业绩预计情况 1.业绩预告期间：2025年1月1日—2025年3月31日 2.预计的经营业绩：□扭亏为盈 √同向上升 □同向下降 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 营业收入 | 734,000万元-898,000万元 | 595,056.84万元 | | | 比上年同期增长23.35%-50.91% | | | 归属于上市公司 | 142,000万元-174,000万元 | 113,881.78万元 | | 股东的净利润 | 比上年同期增长24.69%-52.79% | | | 扣除非经常性损 | 140,000万元-172,000万元 | 108,475.91万元 | | 益后的净利润 | 比上年同期增长29.06%-58.56% | | | 基本每股收益 | 盈利：2.6602元/股-3.2597元/股 | 2.1476 ...

从中证沪港深互联互通信息产业指数持仓样本的行业来看，电子占比24.59%、传媒占比18.08%、半导 体占比17.33%、零售业占比13.53%、计算机占比11.29%、通信设备及技术服务占比7.70%、电信服务占 比7.48%。 据了解，"中证沪港深主题指数系列基于中证沪港深互联互通综合指数样本和中证沪港深 500 指数样 本，同时结合中证行业分类的主题定义，选取相应主题指数样本，从多种主题投资的角度反映了在沪港 深三地上市的互联互通范围内证券的整体表现。"该指数以2004年12月31日为基日，以1000.0点为基 点。 从指数持仓来看，中证沪港深互联互通信息产业指数十大权重分别为：阿里巴巴-W（13.36%）、腾讯 控股（10.76%）、小米集团-W（5.41%）、中国移动（3.25%）、立讯精密（1.4%）、中芯国际 （1.39%）、中芯国际（1.2%）、京东方A（1.03%）、快手-W（1.03%）、北方华创（0.89%）。 从中证沪港深互联互通信息产业指数持仓的市场板块来看，香港证券交易所占比42.19%、深圳证券交 易所占比33.30%、上海证券交易所占比24.51%。 金融界4月1日消息，A股三 ...

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the semiconductor equipment industry in China, specifically companies AccoTEST, AMEC, and NAURA, during SEMICON China 2025 [1] Core Insights 1. **Competition from SiCarrier**: - Equipment makers do not perceive SiCarrier, backed by Huawei, as an immediate threat due to concerns over technology leakage among Chinese chip makers [1][2] - SiCarrier claims to have a complete product line, but cooperation with Chinese chip makers is uncertain unless it can produce qualified DUV lithography machines [2] 2. **Revenue Growth Expectations**: - Equipment manufacturers anticipate a revenue/order growth of 25%-30% year-over-year in 2025, driven by ongoing import replacement trends, which are not influenced by typical semiconductor cycles [1] 3. **In-House Component Development**: - Companies are increasingly designing or manufacturing key components internally to ensure supply security. For instance, AccoTEST is designing chips for ATE, while NAURA is producing flowmeters [1] Company-Specific Updates AccoTEST - **Order Growth**: Expected ATE order growth of over 30% year-over-year in Q1 2025, with visibility extending into Q2 2025 [3] - **New Product Confidence**: Management is optimistic about securing firm orders for the STS8600 product, which is priced approximately 20% lower than global competitors [3] - **In-House Chip Design**: The decision to design chips internally is driven by the lack of tailored offerings from major suppliers, not geopolitical issues [3] NAURA - **Revenue and Order Growth**: Projected revenue and new order growth of 25%-30% in 2025 [4] - **M&A Considerations**: Following the acquisition of a stake in Kingsemi, NAURA is considering further expansion through mergers and acquisitions [4] - **Component Production**: Plans to design and produce key components like E-Chucks and flowmeters for local peers, in addition to removing US components from its supply chain [4] AMEC - **Growth Projections**: Anticipates a 30% growth in both revenue and orders for 2025 [5] - **New Product Revenue**: The LPCVD product is expected to see a revenue increase of approximately 200% year-over-year in 2025 [5] - **Certification Process**: The 90:1 HAR etching machine is currently undergoing certification with Chinese NAND customers, which is crucial for producing advanced 3D NAND [5] Additional Insights - The semiconductor equipment market in China is characterized by a strong focus on domestic production and supply chain security, with companies actively seeking to reduce reliance on foreign technology and components [1][4][5] - The overall sentiment among the equipment makers is optimistic, with significant growth expected despite potential competitive pressures from new entrants like SiCarrier [1][2][3][4][5]

证券代码：002371 证券简称：北方华创 公告编号：2025-019 北方华创科技集团股份有限公司 关于协议受让沈阳中科天盛自动化技术有限公司 所持沈阳芯源微电子设备股份有限公司股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 沈阳中科天盛自动化技术有限公司（以下简称"中科天盛"）通过公开征集 转让的方式协议转让其所持沈阳芯源微电子设备股份有限公司（股票代码： 688037，以下简称"芯源微"）8.41%股份，合计 16,899,750 股，公开征集期为 2025 年 3 月 12 日至 2025 年 3 月 25 日。 北方华创科技集团股份有限公司（以下简称"北方华创"或"公司"）于 2025 年 3 月 20 日召开公司第八届董事会第二十二次会议，审议通过了《关于参与沈 阳芯源微电子设备股份有限公司股份公开挂牌竞买的议案》，同意公司以现金为 对价，参与中科天盛对所持合计 16,899,750 股芯源微股份的公开挂牌竞买；授 权董事长及董事长授权人士办理本次竞买涉及的一切后续事宜（包括但不限于确 定最终交易价格、具体实施公开挂牌竞买、签署协议、 ...