华海清科(688120):CMP龙头新品加速放量,先进封装拓宽增长空间-深度研究

<p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp; &nbsp; #核心观点：1、半导体自主可控在“十五五”规划下提速，先进制造全产业链或迎快速发展期，国产半导体设备与存储客户共同研发，加速国产化率提升。2、华海清科起源于清华大学摩擦学国家重点实验室，深化“装备+服务”平台化发展战略，已建立涵盖化学机械抛光、离子注入、减薄等高端半导体装备产品矩阵及配套服务体系。3、公司核心新品产业化进展顺利：先进制程CMP装备在国内多家头部客户完成全部工艺验证并获得批量重复订单；12英寸超精密晶圆减薄机性能达国际先进水平，累计出机突破20台；12英寸大束流离子注入机已实现全型号覆盖并批量交付头部企业。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#盈利预测与评级：预计公司2025-2027年营收分别为45.36亿元、60.15亿元、75.02亿元，归母净利润分别为12.01亿元、16.01亿元、20.13亿元。维持“强烈推荐”评级。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#风险提示：宏观经济及行业波动风险，行业风险，新产品和新服务的市场开拓不及预期的风险，技术创新风险，核心技术人员流失或不足的风险，客户相对集中的风险等。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;本报告摘要不保证其100%准确性，如有疑问，请阅读正文文件。</p><p><br/></p>