Group 1 - The annual general meeting of Beijing Huafeng Measurement and Control Technology Co., Ltd. was held on April 3, 2025, with no rejected proposals [2][3][7] - All current directors and supervisors attended the meeting, with 6 directors and 3 supervisors present [3][4] - The meeting approved several key proposals, including the 2024 annual report, the board of directors' work report, the supervisors' work report, the financial settlement for 2024, the budget for 2025, and the profit distribution plan for 2024 [5][6] Group 2 - The meeting's legal compliance was confirmed by Beijing Deheheng Law Firm, ensuring that all procedures and voting results adhered to relevant laws and regulations [6]

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also highlighting the importance of overseas factory layouts to mitigate tariff risks [3][4]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report notes that major engineering machinery companies have limited exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies such as SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report indicates that domestic forklift exports to the U.S. will face a 79% tariff, but the impact is manageable due to low exposure and pre-stocked inventory [3]. - It highlights the potential for growth in the domestic market driven by policies supporting electric vehicle adoption and logistics industry upgrades [3]. Semiconductor Equipment - The report suggests that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, such as North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the automation industry [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their strategic positions to capitalize on current market conditions [1][16].

Group 1 - The legal opinion letter confirms the legality and validity of the convening and holding procedures of the 2024 annual general meeting of Beijing Huafeng Measurement and Control Technology Co., Ltd. [2][9] - The meeting was convened by the company's board of directors based on a resolution from the ninth meeting of the third board, with the notice published on March 14, 2025 [3][4] - A total of 36 shareholders attended the meeting, representing a significant number of shares [4] Group 2 - The voting process combined on-site and online voting, adhering to relevant laws and regulations [5][8] - The voting results showed that 73,824,276 shares (99.9820%) were in favor of the proposals, with only 5,956 shares (0.0080%) against and 7,278 shares (0.0100%) abstaining [5][6][7] - The legal opinion concludes that the voting procedures and results are in compliance with the applicable laws and regulations [9]

Meeting Overview - The shareholders' meeting of Beijing Huafeng Measurement and Control Technology Co., Ltd. was held on April 3, 2025 [1] - The meeting took place at 95 Hao Yuan, Fenghao East Road, Haidian District, Beijing [1] - A total of 36 ordinary shareholders attended, holding 73,837,510 voting rights, which accounts for 54.5879% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved [1] - The voting results showed that 99.9820% of ordinary shareholders voted in favor of the proposals, with only 0.0080% against and 0.0100% abstaining [2] - The voting breakdown indicated that 70,633,053 votes (95.6601%) were in favor, while 3,197,179 votes (4.3300%) were against, and 7,278 votes (0.0099%) abstained [2] Legal Compliance - The meeting's convening and voting procedures complied with the Company Law, Securities Law, and relevant regulations [3] - The results of the voting were deemed legal and valid [3]

重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 证券代码：688200 证券简称：华峰测控 公告编号：2025-022 北京华峰测控技术股份有限公司 2024 年年度股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 1、 公司在任董事 6 人，出席 6 人； 2、 公司在任监事 3 人，出席 3 人； 3、 董事会秘书孙镪出席了本次会议，其他高级管理人员以现场及通讯方式列席 了本次会议。 二、 议案审议情况 （一） 非累积投票议案 | 1、出席会议的股东和代理人人数 | 36 | | --- | --- | | 普通股股东人数 | 36 | | 2、出席会议的股东所持有的表决权数量 | 73,837,510 | | 普通股股东所持有表决权数量 | 73,837,510 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 54.5879 | | 例（%） | | | 普通股股 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][9]. Core Insights - The semiconductor industry is experiencing a gradual recovery, with the company showing strong business momentum and significant revenue growth in 2024, achieving 905 million yuan in revenue, a year-on-year increase of 31.05%, and a net profit of 334 million yuan, up 32.69% [3][4]. - The company's core product, the STS8300 testing system, has seen a substantial increase in shipment volume, reflecting its competitive strength and growth potential in the recovering market [3][4]. - The global semiconductor testing equipment market is projected to rebound significantly in 2024, with an expected growth of 7.4%, and is anticipated to exceed 8 billion USD by 2025 [3][4]. Company Overview - The company has a total share capital of 135 million shares, with a market capitalization of 19.4 billion yuan and a current share price of 143.45 yuan [2]. - The company is focusing on enhancing its product offerings and expanding its market reach, particularly in the high-end SoC testing systems, with plans to invest in R&D and production capabilities [7][8]. Financial Projections - Revenue forecasts for the company are 1.171 billion yuan in 2025, 1.451 billion yuan in 2026, and 1.809 billion yuan in 2027, with corresponding net profits of 438 million yuan, 570 million yuan, and 744 million yuan respectively [9][12]. - The projected P/E ratios for 2025, 2026, and 2027 are 44, 34, and 26 respectively, indicating a favorable valuation trend as earnings grow [9][12].

证券研究报告：电子 | 公司点评报告 2025 年 4 月 1 日 股票投资评级 买入 |首次覆盖 公司基本情况 | 最新收盘价（元） | 143.45 | | --- | --- | | 总股本/流通股本（亿股）1.35 | / 1.35 | | 总市值/流通市值（亿元）194 | / 194 | | 52 周内最高/最低价 | 157.50 / 76.04 | | 资产负债率(%) | 6.2% | | 市盈率 | 58.08 | | 第一大股东 | 天津芯华投资控股有限 | | 公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:翟一梦 SAC 登记编号:S1340123040020 Email:zhaiyimeng@cnpsec.com 华峰测控(688200) 持续巩固模拟、数模混合、功率测试机优势，数字 测试机打开成长空间 个股表现 2024-04 2024-06 2024-08 2024-11 2025-01 2025-03 -19% -11% -3% 5% 13% 21% 29% 37% 45% 53 ...

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the semiconductor equipment industry in China, specifically companies AccoTEST, AMEC, and NAURA, during SEMICON China 2025 [1] Core Insights 1. **Competition from SiCarrier**: - Equipment makers do not perceive SiCarrier, backed by Huawei, as an immediate threat due to concerns over technology leakage among Chinese chip makers [1][2] - SiCarrier claims to have a complete product line, but cooperation with Chinese chip makers is uncertain unless it can produce qualified DUV lithography machines [2] 2. **Revenue Growth Expectations**: - Equipment manufacturers anticipate a revenue/order growth of 25%-30% year-over-year in 2025, driven by ongoing import replacement trends, which are not influenced by typical semiconductor cycles [1] 3. **In-House Component Development**: - Companies are increasingly designing or manufacturing key components internally to ensure supply security. For instance, AccoTEST is designing chips for ATE, while NAURA is producing flowmeters [1] Company-Specific Updates AccoTEST - **Order Growth**: Expected ATE order growth of over 30% year-over-year in Q1 2025, with visibility extending into Q2 2025 [3] - **New Product Confidence**: Management is optimistic about securing firm orders for the STS8600 product, which is priced approximately 20% lower than global competitors [3] - **In-House Chip Design**: The decision to design chips internally is driven by the lack of tailored offerings from major suppliers, not geopolitical issues [3] NAURA - **Revenue and Order Growth**: Projected revenue and new order growth of 25%-30% in 2025 [4] - **M&A Considerations**: Following the acquisition of a stake in Kingsemi, NAURA is considering further expansion through mergers and acquisitions [4] - **Component Production**: Plans to design and produce key components like E-Chucks and flowmeters for local peers, in addition to removing US components from its supply chain [4] AMEC - **Growth Projections**: Anticipates a 30% growth in both revenue and orders for 2025 [5] - **New Product Revenue**: The LPCVD product is expected to see a revenue increase of approximately 200% year-over-year in 2025 [5] - **Certification Process**: The 90:1 HAR etching machine is currently undergoing certification with Chinese NAND customers, which is crucial for producing advanced 3D NAND [5] Additional Insights - The semiconductor equipment market in China is characterized by a strong focus on domestic production and supply chain security, with companies actively seeking to reduce reliance on foreign technology and components [1][4][5] - The overall sentiment among the equipment makers is optimistic, with significant growth expected despite potential competitive pressures from new entrants like SiCarrier [1][2][3][4][5]

证券代码：688200 证券简称：华峰测控 公告编号：2025-021 北京华峰测控技术股份有限公司 董监高减持股份结果公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： ? 董监高持有的基本情况 本次减持计划实施前，公司副总经理居宁先生直接持有公司股份 10,952 股， 占公司总股本比例 0.01%。 ? 减持计划的实施结果情况 中竞价减持股份计划公告》（公告编号：2025-009），副总经理居宁先生计划减 持公司股份数量不超过 2,738 股，即不超过公司总股本的 0.0020%。若在上述减 持计划实施期间，公司发生派发红利、送红股、转增股本、增发新股或配股等股 本除权、除息事项的，上述减持主体将对上述减持股份数量进行相应调整。 北京华峰测控技术股份有限公司（以下简称"公司"）于近日收到副总经理 居宁先生出具的《关于减持北京华峰测控技术股份有限公司股份结果的告知函》， 截至 2025 年 3 月 31 日，居宁先生通过集中竞价方式累计减持公司股份 2,738 股，占公司总股本的 0.00 ...

本次减持计划实施前，公司副总经理居宁先生直接持有公司股份 10,952 股， 占公司总股本比例 0.01%。 证券代码：688200 证券简称：华峰测控 公告编号：2025-021 北京华峰测控技术股份有限公司 董监高减持股份结果公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： 董监高持有的基本情况 减持计划的实施结果情况 北京华峰测控技术股份有限公司（以下简称"公司"）于近日收到副总经理 居宁先生出具的《关于减持北京华峰测控技术股份有限公司股份结果的告知函》， 截至 2025 年 3 月 31 日，居宁先生通过集中竞价方式累计减持公司股份 2,738 股，占公司总股本的 0.0020%。具体情况如下： 1 股东名称 居宁 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 董事、监事和高级管理人员 √是 □否 一、减持主体减持前基本情况 2025 年 2 月 14 日，公司披露了《北京华峰测控技术股份有限公司董监高集 中竞价减持股份计划公告》（公告编号： ...