Core Viewpoint - The report on Kuaike Intelligent (603203) indicates that the company's performance meets expectations, with stable growth in revenue and profit, and highlights significant potential in semiconductor equipment technology breakthroughs [1][4]. Financial Performance - In 2024, the company achieved revenue of 945 million yuan, a year-on-year increase of 19%, and a net profit attributable to shareholders of 212 million yuan, up 11% year-on-year. The net profit excluding non-recurring items was 174 million yuan, reflecting a 17% increase year-on-year [1]. - For Q1 2025, the company reported revenue of 250 million yuan, an 11% year-on-year increase, with a net profit of 66 million yuan, also up 11% year-on-year, and a net profit excluding non-recurring items of 59 million yuan, marking a 19% increase year-on-year [1]. Business Segment Analysis - Precision welding equipment benefited from a structural recovery in consumer electronics, generating revenue of 698 million yuan, a 32% increase year-on-year, with a gross margin of 50.84%, down 1.22 percentage points [2]. - Machine vision process equipment revenue reached 137 million yuan, up 37% year-on-year, with a gross margin of 49.75%, down 3.37 percentage points [2]. - Smart manufacturing equipment revenue was 83 million yuan, down 41% year-on-year, with a gross margin of 30.97%, up 3.04 percentage points [2]. - Silicon carbide and packaging equipment revenue was 26 million yuan, a 9% increase year-on-year, with a gross margin of 40.90%, up 7.05 percentage points [3]. Future Growth Potential - The company anticipates significant growth from breakthroughs in silicon carbide and packaging equipment technology, with ongoing collaborations with major international and domestic semiconductor companies [3]. - Revenue projections for 2025-2027 are 1.061 billion yuan, 1.298 billion yuan, and 1.496 billion yuan, respectively, with year-on-year growth rates of 12.31%, 22.29%, and 15.27% [4]. - Expected net profits for the same period are 259 million yuan, 312 million yuan, and 364 million yuan, with growth rates of 22.10%, 20.22%, and 16.92% respectively [4].

证券研究报告：机械设备 | 公司点评报告 发布时间：2025-05-13 股票投资评级 增持 |首次覆盖 个股表现 2024-05 2024-07 2024-10 2024-12 2025-02 2025-05 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 快克智能 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.02 | | --- | --- | | 总股本/流通股本（亿股）2.49 | / 2.49 | | 总市值/流通市值（亿元）60 | / 60 | | 周内最高/最低价 52 | 26.14 / 17.51 | | 资产负债率(%) | 28.7% | | 市盈率 | 28.26 | | 第一大股东 | 常州市富韵投资咨询有 | | 限公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 事件：公司披露 2024 年报和 2025 ...

公司报告 | 年报点评报告 半导体领域固晶键合封装设备：碳化硅与先进封装前瞻性布局取得突破。1）碳化硅领域， 24 年公司自主研发的银烧结系列设备加速技术迭代，已与英飞凌、博世等国际大厂及比亚迪 半导体、汇川技术、时代电气等本土龙头开展业务合作，其中银烧结核心模块——银烧结模 具可实现最短一个月交付，极大满足客户工艺迭代和快速量产的需求。2）半导体封装领域， 24 年高速高精固晶机 QTC1000 形成批量订单，子公司快克芯装备在半导体封装 Die Bonding 领域踏出了关键坚实的一步；此外，公司聚焦先进封装高端装备 TCB 的研发，2025 年年内 将完成样机研发并提供打样服务。 盈利预测：维持"买入"评级。考虑到消费电子行业复苏不及预期，我们对盈利预测进行调 整，预计 25-27 年归母净利润 2.53、3.20、3.99 亿元（25-26 年前值：3.97、4.94 亿元），维持 "买入"评级。 风险提示：原材料价格波动风险、消费电子行业复苏不及预期风险、在研项目不及预期的风 险 快克智能（603203） 证券研究报告 业绩符合预期，3C 设备稳步增长，半导体设备开启全新成长曲线 2024 年全年： ...

插播： 5月15日，"电动交通&数字能源SiC技术应用及供应链升级大会"活动将在上海举办， 三菱电机、意法半导体、Wolfspeed、三安半导 体、天科合达、元山电子、大族半导体、香港大学、长飞先进、宏微科技、利普思、昕感科技、国扬电子、国基南方、芯长征、合盛新材料、国 瓷功能材料等将出席本次会议，点击文章底部"阅读原文"即可报名参会。 近期，芯联集成、 斯达半导体及快克智能公布了最新业绩，同时披露了其碳化硅业务进展，详情如下： 芯联集成： 2024年，实现营收65.09亿，同比增长22.25%，归母净利润大幅减亏超50%。 值得关注的是，碳化硅业务收入为 10.16亿元 ，同比增长100%以上，占总营收的15.6%。 4月28日晚，芯联集成发布2024年全年及2025年第一季度业绩公告。报告期内，业绩实现持续增长： 快克智能：2024年营收超9.45亿，银烧结设备与英飞凌、博世、比亚迪等展开合作。 芯联集成： SiC收入达10.16亿 碳化硅业务收入为10.16亿元，同比增长100%以上。 斯达半导体： IGBT单管、SiC 模块等其他产品的收入约为2.7亿元， 自主车规级芯片批量装车。 已在多家国内外 O ...

[Table_Reportdate] 2025年04月29日 公 司 简 评 机 械 设 备 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 王敏君 S0630522040002 wmj@longone.com.cn | [数据日期 Table_cominfo] | 2025/04/28 | | --- | --- | | 收盘价 | 22.54 | | 总股本(万股) | 24,915 | | 流通A股/B股(万股) | 24,915/0 | | 资产负债率(%) | 27.25% | | 市净率(倍) | 3.74 | | 净资产收益率(加权) | 4.58 | | 12个月内最高/最低价 | 27.79/17.15 | [Table_QuotePic] -21% -13% -4% 4% 13% 22% 30% 39% 24-04 24-07 24-10 25-01 快克智能 沪深300 [相关研究 Table_Report] 《快克智能（603203.SH）：期待后续 验收落地，持续研发布局新业务—— 快克智能（603203）公司简评报告》 2 ...

Financial Performance - The company's operating revenue for 2024 reached ¥945,089,608.47, representing a 19.24% increase compared to ¥792,598,367.22 in 2023[26]. - The net profit attributable to shareholders for 2024 was ¥212,200,274.40, an increase of 11.10% from ¥191,000,164.32 in 2023[26]. - The cash flow from operating activities for 2024 was ¥140,645,908.05, a decrease of 32.94% compared to ¥209,726,630.24 in 2023[26]. - The total assets at the end of 2024 were ¥2,013,628,019.7, reflecting a 13.24% increase from ¥1,778,241,387.1 in 2023[26]. - The basic earnings per share for 2024 was ¥0.85, up 10.39% from ¥0.77 in 2023[27]. - The weighted average return on equity for 2024 was 15.17%, an increase of 1.18 percentage points from 13.99% in 2023[27]. - The company reported a net profit of ¥59,806,994.81 in the first quarter of 2024[29]. - The company's revenue for the reporting period reached ¥945,089,608.47, representing a 19.24% increase compared to ¥792,598,367.22 in the same period last year[66]. - The operating costs increased to ¥486,054,863.64, up 16.37% from ¥417,681,621.26, reflecting a corresponding rise in expenses[66]. - The company reported a total cost of approximately ¥485.18 million, which is a 16.39% increase compared to the previous year[74]. Dividend Policy - The company plans to distribute a cash dividend of 6.50 CNY per 10 shares (including tax) to shareholders based on the total share capital minus shares held in the repurchase account[6]. - The cash dividend amount for the current year is 161,319,676.70 RMB, which accounts for 76.02% of the net profit attributable to ordinary shareholders in the consolidated financial statements[151]. - The company has a policy to distribute at least 20% of the distributable profits as cash dividends if the company is profitable and has positive retained earnings[144]. - The company’s cash dividend policy allows for a minimum of 80% cash distribution in profit allocation if it is in a mature stage without significant capital expenditure plans[145]. - The company’s cash dividend policy has been strictly implemented during the reporting period, ensuring the protection of minority shareholders' rights[147]. - The company’s profit distribution plan requires the board to consider industry characteristics, development stage, and operational model when proposing cash dividends[145]. - The company will conduct cash dividends annually, with the board able to propose interim cash dividends based on profitability and funding needs[144]. - Cumulative cash dividends over the last three fiscal years amounted to ¥559,854,678.50[153]. - The average annual net profit over the last three fiscal years was ¥225,526,848.08[153]. - The cash dividend payout ratio over the last three fiscal years was 248.24%[153]. Corporate Governance - The board of directors has confirmed that all members attended the board meeting[4]. - The company held one annual shareholders' meeting during the reporting period, ensuring compliance with legal requirements and equal treatment of all shareholders[116]. - The board of directors convened seven times, overseeing major operational decisions and maintaining independence from the controlling shareholder[117]. - The supervisory board met three times to oversee the actions of the board and management, ensuring financial accountability[117]. - The company adheres to strict information disclosure practices, ensuring transparency and equal access to information for all shareholders[117]. - The company is committed to continuous improvement in corporate governance and internal control systems to enhance operational standards[119]. - The remuneration decisions for directors and supervisors are subject to approval by the shareholders' meeting after being reviewed by the board[127]. - The company has a structured process for determining the remuneration of directors and senior management, which is reviewed by the remuneration and assessment committee[127]. - The company has implemented a stock repurchase and cancellation plan for certain restricted stocks due to performance assessment failures[122]. - The company has a total of 1,335 employees, with 940 in the parent company and 395 in major subsidiaries[140]. Market and Industry Insights - The company plans to expand its market presence and enhance its product offerings through new technology developments[1]. - The company is focused on providing IC chip packaging and testing services, targeting Tier 1 suppliers in the automotive industry[1]. - The retail penetration rate of new energy vehicles in China reached 47.6%, with sales exceeding 10.89 million units, a year-on-year growth of 41%[38]. - The global industrial robot market is expected to exceed $20 billion in 2024, with China accounting for 40% of this market[40]. - The global semiconductor market is projected to recover significantly in 2024, with sales expected to reach $628 billion, a year-on-year increase of 19%[46]. - The global silicon carbide (SiC) power device market is expected to exceed $2.6 billion in 2024, with a year-on-year growth of 32%, driven by the increasing penetration in the new energy vehicle sector[47]. - The global automotive camera market is projected to reach $8.6 billion in 2024, with the millimeter-wave radar market surpassing $15.1 billion, and the laser radar market reaching $692 million[44]. - The company has entered the supply chain of major clients like Nvidia and Xiaomi, enhancing its market position[38]. - The company is focusing on high-end equipment localization and has made significant technological breakthroughs in AI, smart wearables, and semiconductor packaging[37]. Research and Development - Research and development expenses rose by 20.29% to ¥132,809,261.00, compared to ¥110,410,785.20, indicating a strong focus on innovation[67]. - The company is focused on providing intelligent equipment solutions for precision electronic assembly and semiconductor packaging, leveraging 30 years of expertise in precision welding technology[106]. - The company is focusing on several key R&D projects, including a sealing transfer chamber for semiconductor packaging and an AI platform for industrial automation, with ongoing optimization and iteration[109]. - The company is developing a high-speed pre-set solder ball system aimed at achieving a placement speed of over 10 balls per second[110]. - The company is working on a dual-camera precision chip alignment and inspection system to address multi-dimensional alignment deviations[110]. - The company is developing a high-precision bonding head motion system to meet the precise control requirements in semiconductor packaging[110]. Risk Management - The company has detailed descriptions of industry and market risks in the report[8]. - The company has not disclosed any significant risks that would prevent the board from ensuring the accuracy and completeness of the annual report[8]. - The company faces risks from intensified market competition and potential declines in overall market demand due to international trade frictions[111]. - There is a risk of accounts receivable bad debts due to increased sales of high-priced electronic welding and automation equipment, necessitating improved customer credit management[113]. - The company faces inventory impairment risks as rapid demand changes in downstream sectors may render some raw materials obsolete, requiring cautious procurement forecasting[113]. - Tax incentives are critical, with subsidiaries enjoying a 15% corporate income tax rate and other tax benefits; changes in tax policies could significantly impact financial performance[113]. Environmental and Social Responsibility - The company invested 2.0348 million yuan in environmental protection during the reporting period[170]. - The company has reduced carbon emissions by approximately 1,260.88 tons through various energy-saving measures and the implementation of a solar photovoltaic power generation project, which generated 1,606,214 kWh of electricity in 2024[173][174]. - The company has committed to donating a total of RMB 100,000 to the Wujin District Charity Association from 2024 to 2028, with an annual contribution of RMB 20,000[175]. - The company emphasizes energy conservation and efficiency improvements as a foundation for enhancing economic benefits, implementing measures such as promoting energy-saving practices and optimizing energy structure[174].

证券代码：603203 证券简称：快克智能 公告编号：2025-010 快克智能装备股份有限公司 2024 年 2 月 20 日，公司首次实施回购股份，并于 2024 年 2 月 21 日披露了 首次回购股份情况，具体内容详见公司在上海证券交易所网站及其他指定媒体披 露的《关于以集中竞价交易方式首次回购公司股份暨回购进展的公告》（公告编 号：2024-005）。 2024 年 5 月 6 日，公司完成回购，已实际回购公司股份 969,200 股，占公 司总股本的 0.39%，回购最高价格 22.70 元/股，回购最低价格 19.80 元/股，回 购均价 21.67 元/股，使用资金总额 20,997,756.03 元（不含印花税、交易佣金 等交易费用）。公司回购的股份全部存放于公司回购专用证券账户中。具体内容 详见公司于 2024 年 5 月 8 日在上海证券交易所网站及其他指定媒体披露的《关 于股份回购实施结果暨股份变动的公告》（公告编号：2024-018）。 二、 本次变更回购股份用途的主要内容 关于变更回购股份用途的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏， ...

北京市天元律师事务所 关于快克智能装备股份有限公司 2025 年限制性股票激励计划（草案）的 法律意见 北京市天元律师事务所 北京市西城区金融大街 35 号国际企业大厦 A 座 509 单元 邮编：100033 北京市天元律师事务所 关于快克智能装备股份有限公司 2025 年限制性股票激励计划（草案）的 法律意见 京天股字（2025）第 191 号 致：快克智能装备股份有限公司 根据北京市天元律师事务所（以下简称"本所"）与快克智能装备股份有限 公司（以下简称"公司"）签订的《委托协议》，本所担任公司本次 2025 年限制 性股票激励计划（以下简称"激励计划"或"本次激励计划"）的专项中国法律 顾问并出具法律意见。 本所及经办律师依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办 法》（以下简称"《管理办法》"）、《律师事务所从事证券法律业务管理办法》等法 律、法规和中国证券监督管理委员会（以下简称"中国证监会"）的有关规定以 及本法律意见出具日以前已经发生或者存在的事实，按照律师行业公认的业务标 准、道德规范和勤勉尽责的精神 ...

证券代码：603203 证券简称：快克智能 快克智能装备股份有限公司 2025 年限制性股票激励计划 （草案） 快克智能装备股份有限公司 2025 年 4 月 声明 本公司及全体董事、监事保证本激励计划及其摘要不存在虚假记载、误导 性陈述或重大遗漏，并对其真实性、准确性、完整性依法承担法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈 述或者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相 关信息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激 励计划所获得的全部利益返还公司。 2 特别提示 一、本激励计划系依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司股权激励管理办法》和其他有关法律、法规、规范性文件，以 及《快克智能装备股份有限公司章程》制订。 二、本激励计划采取的激励工具为限制性股票。股票来源为快克智能装备 股份有限公司（以下简称"公司"或"本公司"）向激励对象定向发行本公司 人民币 A 股普通股股票。 三、本激励计划拟向激励对象授予的限制性股票总量为 484.78 万股，约占 本激励计划草案公告日公司股本总额 24,915.331 ...

证券代码：603203 证券简称：快克智能 公告编号：2025- 011 快克智能装备股份有限公司 2025 年限制性股票激励计划（草案）摘要公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股权激励的权益总数及涉及的标的股票总数： 2025 年限制性股票激励计划（以下简称"本激励计划"）拟向激励对象授 予的限制性股票总量为 484.78 万股，约占本激励计划草案公告日公司股本总额 24,915.3318 万股的 1.95%。其中，首次授予 454.78 万股，约占本激励计划草 案公告时公司股本总额 24,915.3318 万股的 1.83%，约占本激励计划拟授予限 制性股票总量的 93.81%；预留 30.00 万股，约占本激励计划草案公告时公司股 本总额 24,915.3318 万股的 0.12%，约占本激励计划拟授予限制性股票总量的 6.19%。 一、公司基本情况 （一）公司简介 公司名称：快克智能装备股份有限公司 法定代表人：戚国强 上市日期：2016 年 11 月 8 日 2 主要会计数据 202 ...