招银国际：北方华创（002371）-BuildingforthenextlegofWFEgrowth

发布者：wx****c2

2026-04-21

905 KB 5 页

半导体

文件列表：

招银国际：北方华创（002371）-BuildingforthenextlegofWFEgrowth.pdf

下载文档

资源简介

北方华创(002371) NaurareportedFY25revenueofRMB39.4bn,up31%YoYandbroadlyinlinewithourandBloombergconsensus,whilenetprofitdeclined1.8%YoYtoRMB5.5bn,belowexpectationsduetoheavierR&DinvestmentandopexassociatedwithincreasedhiringandKingsemiconsolidation.While4Qmargincameunderpressure,weviewthisprimarilyasaresultofintensifiedproductvalidationratherthandeteriorationinenddemand.Encouragingly,theCompanycontinuedtodeliverstrongtop-linemomentumonrobustICequipmentgrowth(50%+YoY)andongoingproductexpansionintohig

加载中...

已阅读到文档的结尾了

下载文档