Gelonghui, April 16 | Qunyi Securities (Hong Kong) Research Report indicates that North China Huachuang (002371.SZ)'s revenue increased by 50% in 2023 and net profit increased by 66%, reflecting the continued progress of domestic replacement of semiconductor equipment. At the same time, 1Q24 median revenue increased by 50%, median net profit increased by nearly 90%, and the performance growth rate exceeded expectations. In the long run, it is expected that production capacity at the semiconductor manufacturing side in mainland China will continue to expand. As a leader in the domestic equipment field, the company is in a leading domestic position in many segments, and will continue to benefit from the increase in demand for domestic fabs to expand production. The company's net profit for 2024-26 is expected to be 5.8 billion yuan, 7.5 billion yuan, and 9 billion yuan, YOY will increase by 49%, 29%, and 21%, and EPS will be 10.96 yuan, 14.12 yuan, and 1,707 yuan. The current stock price corresponding to 2024-26 PE is 26 times, 21 times, and 17 times, respectively, giving it a buying rating.