Oriental Securities: Maintains a "buy" rating on Northern Huachuang with a target price of 721.65 yuan.

The research report of Oriental Securities points out that the evolution of storage technology requires the improvement of etching and thin film deposition equipment, which is expected to drive the industry to grow rapidly. In the first half of 2025, North Huachuang's etching equipment revenue exceeded 5 billion RMB. Currently, the company has formed a full range layout of physical vapor deposition, chemical vapor deposition, epitaxy, atomic layer deposition, electroplating, and metal organic chemical vapor deposition equipment. In the first half of 2025, the company's thin film deposition equipment revenue exceeded 6.5 billion RMB. The company continues to breakthrough with high-end products, and in July 2025 officially released the SICRIUSPY302 series 12-inch low-pressure chemical vapor silicon deposition vertical furnace equipment. This equipment is aimed at the high-end logic chip and storage chip fields, achieving successful technical breakthroughs in high aspect ratio structure filling, high flatness film growth, and compatibility with low temperature processes, marking the company's continuous key technological breakthroughs in the high-end semiconductor equipment field. According to the 26-year average PE valuation of comparable companies at 51 times, a target price of 721.65 yuan is given, maintaining a "buy" rating.