Building for the next leg of WFE growth
- 2026-04-21 11:20:33上传人:遗忘**en
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北方华创(002371)NaurareportedFY25revenueofRMB39.4bn,up31%YoYandbroadlyinlinewithourandBloombergconsensus,whilenetprofitdeclined1.8%YoYtoRMB5.5bn,belowexpectationsduetoheavierR&DinvestmentandopexassociatedwithincreasedhiringandKingsemiconsolidation.While4Qmargincameunderpressure,weviewthisprimari