[Table_Page] 公司深度研究|专用设备 证券研究报告 [Table_Title] 华峰测控（688200.SH） 测试设备龙头，8600 有望打开新增长曲线 [Table_Summary] 核心观点： | 盈利预测： | | --- | | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1071 | 691 | 917 | 1154 | 1384 | | 增长率（ ） % | 21.9% | -35.5% | 32.8% | 25.8% | 20.0% | | EBITDA（百万元） | 556 | 240 | 347 | 460 | 581 | | 归母净利润（百万元） | 526 | 252 | 341 | 448 | 560 | | 增长率（ % ） | 19.9% | -52.2% | 35.5% | 31.4% | 25.1% | | EPS（元/股） | 3.91 | 1.86 | 2.52 | 3.31 | 4.1 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨华峰测控（688200.SH） [Table_Title] 华峰测控 2024Q3 点评：业绩超预期，订单维持 高景气 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------|-------| | | | | +19.75% ；归母净利润 2.13 亿元，同比 +8.14% ， 2024Q3 营收 2.42 亿元，同比 +76.42% ，归母净 亿元，同比 +161.48% 。 | | 分析师及联系人 [Table_Author] 赵智勇 倪蕤 SAC：S0490517110001 SAC：S0490520030003 SFC：BRP550 请阅读最后评级说明和重要声明 华峰测控（688200.SH） cjzqdt11111 2024-11-10 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 资料来源：Wind 相关 ...

证券研究报告·公司点评报告·半导体 华峰测控（688200） 2024 年三季报点评：Q3 盈利能力显著好转， 看好 8600 导入验证&海外客户拓展 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|---------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1,070.56 | 690.86 | 906.65 | 1,163.24 | 1,338.38 | | 同比（ % ） | 21.89 | (35.47) | 31.24 | 28.30 | 15.06 | | 归母净利润（百万元） | 526.29 | 251.65 | 344.96 | 458.49 | 538.59 | | 同比（ % ） | 19.95 | (52.18) | 37.08 | 32.91 | 17.47 | | EPS- 最 ...

电子/半导体 公 司 研 究 华峰测控（688200.SH） 2024 年 10 月 29 日 2024Q3 业绩同比高增，AI 应用拉动测试机需求 ——公司信息更新报告 业绩同比高增，市场需求加速提升，维持"买入"评级 2024Q1-3 实现营收 6.21 亿元，同比+19.75%；实现归 +8.14%；扣非净利润 2.23 亿元，同比+15.72%；毛利 ；净利率 34.3%，同比-3.68pcts。其中，2024Q3 营收 ，环比-0.05%；归母净利润 1.01 亿元，同比+181.16%， 0.96 亿元，同比+161.48%，环比+1.12%，主要系市 77.69%，同比+3.87pcts，环比+1.41pcts；归母净利率 41.55%，同比+15.48pcts；环比+4.79pcts。我们维持公司 2024-2026 年盈利预测， 预计 2024/2025/2026 年归母净利润为 3.49/4.44/5.66 亿元，预计 2024/2025/2026 年 EPS 为 2.58/3.28/4.18 元，当前股价对应 PE 为 42.7/33.5/26.3 倍。伴随行业周 期回暖，我们看好公司订 ...

财联社财经通讯社打开APP16:22:36【华峰测控：第三季度净利润同比增长181.16%】《科创板日报》28 日讯，华峰测控发布2024年第三季度报告，前三季度实现营业收入6.21亿元，同比增长19.75%；净利润 2.13亿元，同比增长8.14%。 第三季度实现营业收入2.42亿元，同比增长76.42%；净利润1.01亿元，同比增长181.16%。 华峰测控-1.12%A股公告速递科创板最新动态查看公告原文财联社声明：文章内容仅供参考，不构成投 资建议。 投资者据此操作，风险自担。 2024-10-28 16:22:3692858 阅读商务合作发送 ...

Revenue and Profit - Revenue for the third quarter reached RMB 242.13 million, a year-on-year increase of 76.42%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 100.60 million, a year-on-year increase of 181.16%[2] - Total revenue for the first three quarters of 2024 reached 621,198,629.10 RMB, compared to 518,732,953.94 RMB in the same period last year[14] - Net profit for the first three quarters of 2024 was 213,093,657.21 RMB, up from 197,056,041.97 RMB in the same period last year[15] - Operating profit for the first three quarters of 2024 was 228,967,339.25 RMB, compared to 210,622,068.94 RMB in the same period last year[15] - Comprehensive income for the first three quarters of 2024 reached RMB 214,115,901.42, compared to RMB 232,041,402.47 in the same period of 2023[16] R&D and Expenses - R&D investment for the third quarter was RMB 43.86 million, accounting for 18.11% of revenue, a decrease of 6.6 percentage points compared to the same period last year[3] - R&D expenses increased to 120,879,307.89 RMB, up from 99,514,945.61 RMB in the same period last year[15] - Sales expenses increased to 102,493,255.72 RMB, up from 84,699,703.49 RMB in the same period last year[15] - Total operating costs for the first three quarters of 2024 were 385,925,600.42 RMB, compared to 339,002,532.24 RMB in the same period last year[14] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 3.68 billion, an increase of 6.06% compared to the end of the previous year[3] - The company's total equity attributable to shareholders of the listed company was RMB 3.44 billion, an increase of 3.12% compared to the end of the previous year[3] - Total assets increased to 3,677,100,960.02 RMB, up from 3,466,864,543.70 RMB in the previous period[12] - Total liabilities increased to 240,614,865.39 RMB, up from 134,370,580.57 RMB in the previous period[13] - Total equity attributable to the parent company increased to 3,436,486,094.63 RMB, up from 3,332,493,963.13 RMB in the previous period[13] - The company's monetary funds as of September 30, 2024, amounted to RMB 1,933,330,396.29[11] - Accounts receivable increased to RMB 445,634,474.39 as of September 30, 2024, compared to RMB 262,778,697.01 at the end of 2023[11] - Inventory increased to RMB 181,626,668.59 as of September 30, 2024, compared to RMB 141,630,115.69 at the end of 2023[11] - Total current assets as of September 30, 2024, amounted to RMB 2,820,042,319.39[11] - Fixed assets as of September 30, 2024, amounted to RMB 398,586,193.78[11] Cash Flow - Operating cash flow for the period from the beginning of the year to the end of the reporting period was RMB 17.51 million, a year-on-year decrease of 91.97%[2] - The decrease in operating cash flow was mainly due to reduced sales collections compared to the same period last year[6] - Net cash flow from operating activities for the first three quarters of 2024 was RMB 17,510,432.85, significantly lower than RMB 217,976,731.16 in the same period of 2023[18] - Net cash flow from investing activities for the first three quarters of 2024 was RMB 94,082,264.80, a significant improvement from a negative RMB 222,128,664.81 in the same period of 2023[18] - Cash and cash equivalents at the end of the third quarter of 2024 were RMB 995,703,996.28, compared to RMB 902,136,405.97 at the end of the same period in 2023[19] - The company received RMB 21,790,355.27 in tax refunds in the first three quarters of 2024, compared to RMB 32,460,286.52 in the same period of 2023[18] - Cash paid for goods and services in the first three quarters of 2024 was RMB 202,824,833.51, an increase from RMB 166,643,928.27 in the same period of 2023[18] - Cash paid to employees in the first three quarters of 2024 was RMB 196,831,176.31, compared to RMB 164,449,912.66 in the same period of 2023[18] - Cash received from sales of goods and services in the first three quarters of 2024 was RMB 481,700,156.23, a decrease from RMB 631,728,838.80 in the same period of 2023[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 7,282[9] - Tianjin Xinhua Investment Holding Co., Ltd. holds 37,236,420 shares, representing 27.49% of the total shares[9] - China Times Vision Technology Co., Ltd. holds 20,085,225 shares, representing 14.83% of the total shares[9] - Shenzhen Xinrui Venture Capital Partnership holds 6,739,150 shares, representing 4.98% of the total shares[9] - Hong Kong Securities Clearing Company Ltd. holds 6,276,328 shares, representing 4.63% of the total shares[9] Earnings and Returns - Basic earnings per share for the third quarter were RMB 0.84, a year-on-year increase of 223.08%[6] - Weighted average return on equity (ROE) for the third quarter was 2.95%, an increase of 1.86 percentage points compared to the same period last year[3] - Basic and diluted earnings per share for the first three quarters of 2024 were RMB 1.43, compared to RMB 1.46 in the same period of 2023[16] Non-Recurring Items - Non-recurring gains and losses for the third quarter amounted to RMB 4.36 million, primarily due to government subsidies and fair value changes in financial assets[5] - The company's other equity instrument investments had a fair value change of RMB 35,089,001.26 in the first three quarters of 2024[16] - Other comprehensive income after tax for the first three quarters of 2024 was 1,022,244.21 RMB, down from 34,985,360.50 RMB in the same period last year[15]

Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its growth prospects and market position [2][4] Core Views - The company is a leading domestic semiconductor testing equipment supplier, with a strong focus on R&D and overseas market expansion [1] - Overseas sales network expansion is progressing smoothly, with new subsidiaries and factories established in Japan, Malaysia, and the US [1] - The company is expected to benefit from the localization trend in the semiconductor industry, driving future performance growth [2] Financial Performance and Projections - Revenue is projected to grow from 1,071 million RMB in 2022 to 1,535 million RMB in 2026, with a CAGR of 30% [3] - Net profit is forecasted to increase from 526 million RMB in 2022 to 605 million RMB in 2026, with a CAGR of 31.89% [3] - EPS is expected to rise from 5.78 RMB in 2022 to 4.47 RMB in 2026 [3] - ROE (diluted) is projected to improve from 16.77% in 2022 to 13.96% in 2026 [3] Overseas Expansion - The company has established a full-scale sales and service subsidiary in Japan, a factory in Malaysia, and a subsidiary in Silicon Valley, USA [1] - The first test machine produced in the Malaysia factory was successfully installed at Unisem's facility in Malaysia [1] Talent Development - The company has 693 employees as of Q2 2024, with 330 R&D personnel, accounting for 47.62% of the total workforce [1] - R&D personnel increased by 22.22% compared to the same period in 2023 [1] - The company emphasizes talent cultivation through campus recruitment, social recruitment, and enhanced university-industry collaboration [1] Valuation Metrics - The company's PE ratio is projected to decrease from 41x in 2024 to 23x in 2026 [2] - PB ratio is expected to decline from 4.0x in 2024 to 3.3x in 2026 [3] - EV/EBITDA is forecasted to drop from 30.7x in 2024 to 18.7x in 2026 [7] Profitability and Efficiency - Gross margin is expected to remain stable around 73-75% from 2024 to 2026 [7] - EBITDA margin is projected to improve from 45.5% in 2024 to 44.8% in 2026 [7] - ROA is forecasted to increase from 8.9% in 2024 to 12.3% in 2026 [7] Market Position - The company is a domestic leader in semiconductor testing equipment, with products covering analog, mixed-signal, discrete devices, and power modules [1] - It has achieved import substitution in analog and mixed-signal semiconductor testing systems and expanded into GaN, SiC, and IGBT testing [1]

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：79.88 元/股 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,071 691 835 1,075 1,323 增长率 yoy% 22% -35% 21% 29% 23% 净利润（百万元） 526 252 307 431 551 增长率 yoy% 20% -52% 22% 40% 28% 每股收益（元） 3.89 1.86 2.27 3.18 4.06 每股现金流量 2.91 2.37 1.48 2.54 3.36 净资产收益率 17% 8% 9% 11% 12% P/E 20.6 43.0 35.2 25.1 19.7 P/B 3.4 3.2 3.1 2.8 2.4 备注：每股指标按照最新股本数全面摊薄，股价按 9 月 9 日收盘价进行计算 [Table_Profit] 基本状况 总股本(百万股) 135 流通股本(百万股) 135 市价(元) 79.88 市值(百万元) 10,819 流通市值(百万元) 10,81 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨华峰测控（688200.SH） [Table_Title] 华峰测控 24H1 点评：业绩超预期，盈利提升， 订单维持高景气 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 赵智勇 倪蕤 SAC：S0490517110001 SAC：S0490520030003 SFC：BRP550 请阅读最后评级说明和重要声明 华峰测控（688200.SH） cjzqdt11111 2024-09-05 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 相关研究 [Table_Title 华峰测控 24H1 2] 点评：业绩超预期，盈利提升， 订单维持高景气 [Table_Summary2] 事件描述 公司 24H1 营收 3.79 亿元，同比-0.63%，归母净利润 1.12 亿元，同比-30.25%，扣非归母净 利润 1.27 亿元，同比-18.65%；其中 24Q2 营收 2.42 亿元，同比+33.52%，归母净利润 0.89 亿元，同比+2.85% ...

[Table_MainInfo] 公司研究/信息设备/半导体产品与半导体设备 证券研究报告 华峰测控（688200）公司半年报点评 2024 年 09 月 05 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 首次覆盖 | --- | --- | |-------------------------------------------------|--------------| | 股票数据 | | | 09 [ Table_StockInfo 月 04 日收盘价（元） ] | 84.00 | | 52 周股价波动（元） | 66.28-145.10 | | 总股本 / 流通 A 股（百万股） | 135/135 | | 总市值 / 流通市值（百万元） | 11377/11377 | 市场表现 [Table_QuoteInfo] -50.09% -39.09% -28.09% -17.09% -6.09% 2023/9 2023/12 2024/3 2024/6 华峰测控 海通综指 | --- | --- | --- | --- | |---------- ...