Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][6] Core Views - The company has secured a significant order worth approximately RMB 3.163 billion for the VSMC Singapore wafer fab MEP (Mechanical, Electrical, and Plumbing) project, with a total of RMB 3.793 billion in orders accumulated from the VSMC project [2][10] - The company is a leading player in semiconductor plant system integration engineering, benefiting from the growing demand for semiconductor expansion in China and Southeast Asia [2][13] - The establishment of a wholly-owned subsidiary in Singapore aims to accelerate the company's layout in the Southeast Asian market, which is expected to drive continuous growth in performance [2][16] Summary by Sections Company Orders and Projects - The company announced the receipt of a major order from VSMC for the Singapore wafer fab project, with an expected completion date in September 2027 [2][10] - The company has previously secured a contract worth RMB 630 million for the VSMC facility system project, indicating a strong pipeline of projects [2][10] Market Dynamics - The semiconductor supply chain is shifting towards "short-chain" localization due to geopolitical uncertainties, with Southeast Asia emerging as a key region for semiconductor capacity construction [4] - The Southeast Asian semiconductor market is projected to grow from approximately USD 27 billion in 2020 to around USD 41.1 billion by 2028 [4] Financial Projections - The profit forecast for the company has been raised for 2025-2027, with expected net profits of RMB 478 million, RMB 637 million, and RMB 732 million respectively, reflecting a positive growth trajectory [3][19] - The earnings per share (EPS) estimates have also been adjusted to RMB 2.24, RMB 2.98, and RMB 3.43 for the same period [3][19] Strategic Positioning - The company is leveraging its parent company’s customer resources to accelerate its overseas market expansion, particularly in major projects [9] - The successful execution of the UMC Singapore project is expected to contribute significantly to the company's revenue and profit in 2025 [9][10]

每经记者 程雅 每经编辑 梁枭 4月1日晚，亚翔集成（SH603929，股价32.59元，市值69.53亿元）披露，公司新加坡分公司（以下简称 亚翔新加坡分公司）于近日收到VisionPower Semiconductor Manufacturing Company Pte.Ltd.（以下简称 VSMC）发来的订单，确认亚翔新加坡分公司成为VSMC的MEP工程承包单位。 资料显示，VSMC是世界先进积体电路股份有限公司与恩智浦半导体在新加坡共同成立的合资公司。 此次，亚翔集成新加坡分公司中标的项目名称为"VSMC FACILITY SYSTEM"，中标金额约31.63亿元， 预计工期到2027年9月。VSMC首座晶圆厂将采用130nm至40nm的技术，生产混合信号、电源管理和模 拟产品，支持汽车、工业、消费性电子及移动装置等市场的需求。新厂自2027年开始量产，预估2029年 总产能达到单月5.5万片。中标项目为该厂的MEP工程，包括机械空调、电力、给排水、消防、自控、 广播、安保监控等。 亚翔集成表示，项目的顺利实施将有助于提高公司在海外工程的业务承接能力，为公司后续国际工程项 目的开拓和合作提供更多的国际 ...

一、业主信息 VisionPower Semiconductor Manufacturing Company Pte. Ltd. （VSMC） 为世界先进积体电路股份有限公司与恩智浦半导体（NXP Semiconductors N.V.）在新加坡共同成立的合资公司。 二、中标项目概况 1、项目名称：VSMC FACILITY SYSTEM 亚翔系统集成科技（苏州）股份有限公司 关于分公司重大项目中标的公告 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，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 亚翔系统集成科技（苏州）股份有限公司新加坡分公司（以下简称"亚 翔新加坡分公司"）于近日收到VisionPower Semiconductor Manufacturing Company Pte.Ltd.发来的订单，确认亚翔新加坡分公司成为VisionPower Semiconductor Manufacturing Company Pte.Ltd.的MEP工程承包单位。现将 相关情况公告如下： 证券代码：603929 证券简称：亚翔集成 公告编号：2025-014 特 ...

Suspension and Resumption of Trading - Tianyang New Materials' controlling shareholder is planning a change in control, leading to stock suspension [1] - Taihe Water's controlling shareholder and actual controller are planning a significant matter involving the transfer of part or all of the company's shares, resulting in stock suspension [1] - Hunan Development intends to purchase 90% equity of Tongwan Hydropower held by Xiangtou Energy, with stock resuming trading tomorrow [1] Private Placement - Huali Chuantong plans to raise no more than 450 million yuan through a private placement for projects related to radiation-resistant modules, multi-mode satellite communication SOC chips, and global multi-mode navigation systems [2] Share Transfer and Buyback - XGIMI Technology's shareholder intends to transfer 1.75 million shares, accounting for 2% of the total shares [3] - Zhongheng Group plans to repurchase shares worth between 300 million to 500 million yuan [4] External Investment and Daily Operations - Fengcai Technology intends to invest 28 million yuan to acquire 9.06% of Huake Zhixin [5] - Hongjing Technology signed a 312 million yuan contract for computing power services with China Mobile Ningxia [6] - Yaxiang Integration's Singapore branch plans to bid for a project worth approximately 3.163 billion yuan [7] - Shenglong Co., Ltd. received a notification for the development of flying cars, with an expected total sales amount of 120 million yuan over five years [8] - Huadong Medicine's wholly-owned subsidiary received acceptance notice for the marketing authorization application of Semaglutide injection [9] - Guyue Longshan has raised prices on some products [10] - Chengdi Xiangjiang's wholly-owned subsidiary received a formal contract for a data center project from China Telecom Shanghai, valued at 616 million yuan [10] - Deyue Co., Ltd. plans to invest no more than 2.127 billion yuan to build a production line with an annual capacity of 16 GWh [10] - Ankai Micro released a low-power intelligent vision chip [11] Performance Changes - Xianggang Technology expects a net profit increase of 713% to 917% year-on-year in Q1 2025, driven by significant revenue growth, improved operational efficiency, and cost control [12] - SAIC Group reported March sales of 125,700 new energy vehicles, a year-on-year increase of 48.22% [13]

1、项目名称：VSMC FACILITY SYSTEM VSMC首座晶圆厂将采用130nm至40nm的技术，生产混合信号、电 源管理和模拟产品，支持汽车、工业、消费性电子及移动装置等市场的 需求。新厂自2027年开始量产，预估2029年总产能达到单月5.5万片。 本中标项目为该厂的MEP工程，包括机械空调、电力、给排水、消防、 自控、广播、安保监控、PCW/PV/CV、工艺排气、共架、AMC、THC。 三、 本项目执行对公司的影响 证券代码：603929 证券简称：亚翔集成 公告编号：2025- 014 亚翔系统集成科技（苏州）股份有限公司 关于分公司重大项目中标的公告 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，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 亚翔系统集成科技（苏州）股份有限公司新加坡分公司（以下简称"亚翔 新加坡分公司"）于近日收到VisionPower Semiconductor Manufacturing Company Pte.Ltd.发来的订单，确认亚翔新加坡分公司成为VisionPower Semiconductor Manufac ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-013 亚翔系统集成科技（苏州）股份有限公司 关于 2024 年度业绩说明会召开情况的公告 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，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 重要内容提示： 亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"或"亚翔集 成"）于 2025 年 3 月 27 日（星期四）10:00 ~ 11:00，通过网络平台在线交 流（上海证券报·中国证券网 https://roadshow.cnstock.com/）召开了公司 2024 年度业绩说明会，就投资者关注的问题进行了沟通和交流。 一、 本次业绩说明会情况 2025 年 3 月 19 日，本公司披露了《亚翔集成关于召开 2024 年度业绩说明 会的公告》（公告编号：2025-012）。公司 2024 年度业绩说明会于 2025 年 3 月 27 日 10:00 ~ 11:00 通过网络平台在线交流（上海证券报·中国证券网 https://roadshow.cnstock.com/）召开。公司 CEO 执行长毛 ...

丨证券研究报告丨 报告要点 [Table_Summary] 公司发布 2024 年年报，实现营业收入 53.81 亿元，同比增加了 68.09%；实现归属于上市公司 股东净利润 6.36 亿元，同比增加 121.66%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% 公司研究丨点评报告丨亚翔集成（603929.SH） [Table_Title] 营收业绩大幅增长，海外持续经营能力提升 %% %% research.95579.com 1 亚翔集成（603929.SH） cjzqdt11111 [Table_Title2] 营收业绩大幅增长，海外持续经营能力提升 [Table_Summary2] 事件描述 公司发布 2024 年年报，实现营业收入 53.81 亿元，同比增加了 68.09%；实现归属于上市公司 股东净利润 6.36 亿元，同比增加 121.66%。 事件评论 风险提示 1、新加坡市场新签订单不及预期； 2、市场竞争加剧。 公司基 ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-012 亚翔系统集成科技（苏州）股份有限公司 关于召开 2024 年度业绩说明会的公告 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，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 重要内容提示： 一、业绩说明会类型 为便于广大投资者更加全面深入了解公司经营情况，公司将通过网络平台 在线交流的方式举行 2024 年度业绩说明会（以下简称"说明会"）。届时将 针对公司发展的经营业绩等投资者关心的问题与广大投资者进行交流和沟通， 同时广泛听取投资者的意见和建议。 会议召开时间：2025 年 3 月 27 日（周四）上午 10:00-11:00 会议召开方式：网络平台在线交流 上海证券报·中国证券网 https://roadshow.cnstock.com/ 投资者可于 2025 年 3 月 25 日（周二）23:59 前将相关问题通过电子 邮件的形式发送至本公司投资者关系邮箱 ：QJB@lkeng.com.cn 。本 公司将会于 2024 年度业绩说明会上对投资者普遍关注的问题进行回答。 二、说明会召开的 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][22][28] Core Views - The company achieved significant revenue and profit growth in 2024, with operating income reaching 5.38 billion yuan, up 68.1% year-on-year, and net profit attributable to shareholders at 636 million yuan, up 121.6% year-on-year [1][3][7] - The company is benefiting from the expansion demand in the semiconductor industry in China and Southeast Asia, with a strong pipeline of projects and successful bids for major contracts [3][22] - The company’s cash flow from operating activities increased significantly, reaching 1.6 billion yuan, which is 2.5 times the net profit attributable to shareholders, indicating strong cash collection from projects [1][15] Financial Performance Summary - In 2024, the company’s revenue was 5.38 billion yuan, with a gross margin of 14.0% and a net profit margin of 11.8%, reflecting a 2.8 percentage point increase in net profit margin year-on-year [8][15] - The company’s new contract value in 2024 was 3.61 billion yuan, down 49.6% year-on-year, but the overall trend of new orders is upward when excluding the impact of a major project from 2023 [2][17] - The company forecasts net profits for 2025-2027 to be 411 million, 530 million, and 651 million yuan respectively, with earnings per share projected at 1.93, 2.49, and 3.05 yuan [3][4][22] Project and Order Status - The company has a backlog of 3.03 billion yuan in signed but uncompleted contracts at the end of 2024, down 45.9% year-on-year [2][17] - The successful bid for the Singapore VSMC plant system project worth 630 million yuan is expected to contribute to overseas business volume [2][17] - The company is nearing completion of the major UMC Singapore project, with 830 million yuan in unrecognized revenue remaining, which is expected to contribute 175 million yuan to net profit in 2025 [2][17] Cash Flow and Dividends - The company plans to distribute a cash dividend of 213 million yuan for the 2024 fiscal year, maintaining a high payout ratio of 33.5% [19][22] - The cash reserves at the end of 2024 reached 2.48 billion yuan, up 129% year-on-year, supporting future dividend payments [15][19]

Financial Performance - The company's operating revenue for 2024 reached ¥5,380,651,966.41, representing a 68.09% increase compared to ¥3,201,091,943.29 in 2023[22]. - Net profit attributable to shareholders for 2024 was ¥635,907,950.94, a significant increase of 121.66% from ¥286,884,319.35 in 2023[22]. - The basic earnings per share for 2024 was ¥2.98, up 122.39% from ¥1.34 in 2023[23]. - The weighted average return on equity increased to 40.41% in 2024, up 18.09 percentage points from 22.32% in 2023[23]. - The net cash flow from operating activities for 2024 was ¥1,601,712,137.23, a 204.47% increase from ¥526,069,096.69 in 2023[22]. - Total assets at the end of 2024 were ¥4,039,585,433.57, reflecting a 14.03% increase from ¥3,542,492,191.52 at the end of 2023[22]. - The company's net assets attributable to shareholders increased by 28.31% to ¥1,828,684,965.39 at the end of 2024[22]. - The gross profit margin for 2024 was 13.55%, a decrease of 0.62 percentage points from 14.17% in 2023[60]. - The company achieved significant cash flow improvement in 2024, meeting its annual cash flow targets through effective project cash management strategies[57]. Dividend Policy - The board proposed a cash dividend of 10 RMB per 10 shares, totaling 213,360,000 RMB, based on a total share capital of 21,336,000 shares as of the end of 2024[7]. - The company does not plan to issue new shares or increase capital through retained earnings, focusing instead on cash dividends[7]. - The cash dividend amount is set to be no less than 20% of the distributable profit in years of sustained profitability, with a minimum of 80% during mature stages without major capital expenditures[168]. - The cumulative cash dividends over the last three fiscal years amounted to $480,060,000[177]. - The average annual net profit over the last three fiscal years was $359,628,758.74, resulting in a cash dividend payout ratio of 133.49%[177]. Operational Strategies - The company is focused on expanding its market presence and enhancing its product offerings, although specific figures on growth targets were not disclosed[8]. - The company’s operational strategies include leveraging technological advancements in system integration and semiconductor sectors[8]. - The company is focused on technological upgrades, management optimization, and international development to enhance its system integration capabilities and ESG practices[32]. - The company aims to enhance its project coordination capabilities, which are crucial for maintaining the stability and reliability of cleanroom projects[52]. - The company plans to enhance its high-tech factory construction and increase investment in employee skill education, focusing on new technology development and solutions for process yield issues[113]. Market and Industry Insights - The cleanroom engineering industry is experiencing significant demand growth driven by the implementation of new GMP standards in the pharmaceutical sector and increased government investment in healthcare[35]. - The semiconductor and optoelectronic industries remain the primary downstream sectors for the cleanroom engineering industry, with significant growth potential driven by domestic policies and technological advancements[99]. - Future growth is expected in the semiconductor and optoelectronic sectors, as well as in the medical and food industries, driven by the company's strong reputation and technological advantages[80]. - The global semiconductor market is expected to grow by 18.1% year-on-year in 2024, reaching approximately RMB 4.56 trillion (USD 626 billion)[114]. - The company is well-positioned for future growth in the domestic cleanroom engineering market due to its strong financial capabilities and industry leadership[100]. Risk Management - The company has outlined potential industry and market risks in the management discussion, emphasizing the importance of risk awareness for investors[9]. - The company has implemented a comprehensive risk management mechanism to address various operational risks, including market and client risks[59]. - The company faces risks related to subcontracting, project delays, and quality control, which could impact its operational performance and reputation[43]. - The company has a risk of project cost increases and reduced profitability if there are changes in project design or scope under fixed-price contracts[41]. - The company faces exchange rate risks due to confirmed foreign currency assets and liabilities, primarily denominated in USD, despite its main operations being in RMB[130]. Governance and Compliance - The company has improved its corporate governance structure, ensuring clear responsibilities among the shareholders, board of directors, and management[132]. - The company adheres to strict information disclosure standards, ensuring transparency and timely communication with shareholders[137]. - The company held its annual general meeting on April 22, 2024, where key resolutions were passed, including the approval of the 2023 annual report and financial statements[140]. - The company has maintained a consistent governance structure with independent directors and supervisors to oversee operations[150]. - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating compliance with regulations[153]. Human Resources and Training - The company has a workforce of 641 engineering personnel, including 68 first-class constructors and 42 second-class constructors, ensuring a strong talent pool for project execution[53]. - The company established an engineering training center in 2024, focusing on practical training across various specialties, enhancing the skills of both new and existing engineering personnel[165]. - The company has a structured approach to employee training, integrating professional development with performance assessments[166]. - The total number of employees in the parent company and major subsidiaries is 728, with 694 in the parent company and 34 in subsidiaries[162]. - The company has 105 R&D personnel, making up 14.42% of the total workforce[85]. Research and Development - The company is investing heavily in R&D, allocating 20% of its revenue towards innovation and new technology[143]. - Research and development expenses totaled ¥169,021,799.03, representing 3.14% of the total revenue[84]. - The company plans to increase R&D investment in molecular contamination prevention, energy-saving technologies, and new products, aiming to maintain its leading position in the domestic industry[119]. - The company is actively developing new technologies and processes to meet the evolving demands of the cleanroom engineering market[100]. - The company has implemented a cash dividend policy, distributing a total of RMB 213,360,000, which represents 33.55% of the net profit attributable to ordinary shareholders in the consolidated financial statements[175].