研報掘金丨方正證券:北方華創上半年業績超預期,維持“強烈推薦”評級
方正證券研報指出,北方華創(002371.SZ)上半年業績超預期,產品升級結構優化,維持“強烈推薦”評級。上半年預計實現歸母淨利潤25.7-29.6億元,同比增長42.8%-64.5%;盈利能力大超預期主要系營收規模持續擴大,規模效應凸顯,且智能製造助力公司運營水平提升,費用管控不斷加強。該行預計全球半導體薄膜沉積設備市場規模在2025 年將從2017年的125億美元擴大至340億美元,保持年複合13.3%的增長速度。北方華創磁控濺射PVD,通過持續突破包括濺射源設計等多個關鍵技術,建立了核心技術優勢,代表國產集成電路薄膜製備工藝設備的高水平。認為公司刻蝕設備工藝覆蓋度及市佔率將持續穩步提升。公司計劃以流量計平台為基礎,佈局氣體質量流量計、射頻電源、自動化系統等重點零部件,打造高端半導體零部件平台。其中打造零部件平台重要子公司七星流量計擬增資擴股,並實施股權激勵計劃,通過設立員工持股平台增資持股的方式,以完善企業與員工風險共擔、收益共享的長效激勵約束機制。
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