证券代码：688200 证券简称：华峰测控 公告编号：2025-067 北京华峰测控技术股份有限公司 控股股东及实际控制人、董事、高级管理人员 减持股份计划公告 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： 股东及董监高持有的基本情况 1.控股股东持有情况 截止本公告披露之日，北京华峰测控技术股份有限公司（以下简称"公司"） 控股股东天津芯华投资控股有限公司（以下简称"芯华控股"）持有公司股份 37,236,420 股，占公司总股本比例为 27.4740%。上述股份来源于公司首次公开 发行前持有及以资本公积转增股本的股份。上述股份均为无限售条件流通股。 2.实际控制人、董事、高级管理人员持有情况 截止本公告披露之日，公司实际控制人、董事、高级管理人员徐捷爽先生持 有公司股份 45,999 股，占公司总股本比例为 0.0339%。上述股份来源于公司股 权激励归属持有的股份。上述股份均为无限售条件流通股。 减持计划的主要内容 因自身资金安排需要，公司控股股东芯华控股计划通过集中竞价交易（含盘 后固 ...

因自身资金安排需要，公司实际控制人、董事、高级管理人员徐捷爽先生计划通过集中竞价交易的方式 减持公司股份合计不超过1.14万股，即不超过公司总股本的0.01%。 华峰测控(688200.SH)发布公告，因自身资金安排需要，公司控股股东芯华控股计划通过集中竞价交易 (含盘后固定价格交易)和大宗交易的方式减持公司股份合计不超过271万股，即不超过公司总股本的 2.00%。 ...

因自身资金安排需要，公司实际控制人、董事、高级管理人员徐捷爽先生计划通过集中竞价交易的方式 减持公司股份合计不超过1.14万股，即不超过公司总股本的0.01%。 智通财经APP讯，华峰测控(688200.SH)发布公告，因自身资金安排需要，公司控股股东芯华控股计划 通过集中竞价交易(含盘后固定价格交易)和大宗交易的方式减持公司股份合计不超过271万股，即不超 过公司总股本的2.00%。 ...

每经头条（nbdtoutiao）——全球首家！市值破5万亿美元，英伟达"GPU帝国"超日本GDP！对冲基金创 始人称AI投资的逻辑说不通，回本需83年 每经AI快讯，华峰测控11月2日晚间发布公告称，截至本公告披露之日，北京华峰测控技术股份有限公 司控股股东天津芯华投资控股有限公司持有公司股份约3724万股，占公司总股本比例为约27.47%。相 关股份来源于公司首次公开发行前持有及以资本公积转增股本的股份。相关股份均为无限售条件流通 股。截至本公告披露之日，公司实际控制人、董事、高级管理人员徐捷爽先生持有公司股份约4.6万 股，占公司总股本比例为0.0339%。相关股份来源于公司股权激励归属持有的股份。相关股份均为无限 售条件流通股。 （记者 王晓波） 因自身资金安排需要，公司控股股东芯华控股计划通过集中竞价交易和大宗交易的方式减持公司股份合 计不超过271万股，即不超过公司总股本的2%。因自身资金安排需要，公司实际控制人、董事、高级管 理人员徐捷爽先生计划通过集中竞价交易的方式减持公司股份合计不超过约1.14万股，即不超过公司总 股本的0.01%。本次减持期间，公司股东通过集中竞价交易方式减持的，自本公告披 ...

——25Q3 业绩超预期，SoC 测试机 8600 蓄势待发 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 31 日 | | --- | --- | | 收盘价（元） | 200.05 | | 一年内最高/最低（元） | 228.99/100.00 | | 市净率 | 7.0 | | 股息率%（分红/股价） | 0.37 | | 流通 A 股市值（百万元） | 27,113 | | 上证指数/深证成指 | 3,954.79/13,378.21 | | 注："股息率"以最近一年已公布分红计算 | | 2025 年 11 月 02 日 华峰测控 (688200) | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 28.63 | | 资产负债率% | 7.21 | | 总股本/流通 A 股（百万） | 136/136 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-31 11-30 12-31 01-31 02-28 03-31 04-30 05-31 06-30 07-3 ...

Core Insights - The report highlights a significant increase in the performance of the electronic and TMT sectors, with a focus on the communication, media, and non-ferrous metals industries, indicating a strategic shift towards these areas by active equity funds [2][11] - The report notes that the electronic sector's holding ratio has reached a historical high of 25.7%, indicating a crowded market that may lead to volatility in future performance [11] - The analysis suggests that the market may experience a style shift influenced by the Producer Price Index (PPI) transitioning from negative to positive growth, which historically favors value stocks over growth stocks [11] Industry Configuration - Active equity funds have increased their positions in the ChiNext board and the technology sector, particularly in communication, media, non-ferrous metals, and power equipment [2][11] - The report indicates a reduction in positions in domestic consumption sectors, including home appliances, social services, and automotive industries [11] Performance Metrics - The report details that the electronic sector is projected to see a 54% year-on-year increase in net profit for 2025, with growth rates expected to remain high in subsequent years [11] - The EBITDA margin for a specific company reached approximately 51.7%, reflecting strong operational performance and cash generation capabilities [12] Company-Specific Insights - A specific company reported a revenue of 1.824 billion yuan for the first three quarters of 2025, marking a 15.3% increase year-on-year, with a net profit of 145 million yuan, up 37.3% [12] - Another company achieved a revenue of 428.3 billion yuan for the first three quarters of 2025, with a net profit of 1.629 billion yuan, indicating a 24% increase year-on-year [17] - A third company reported a revenue of 36.71 billion yuan for the first three quarters of 2025, reflecting a 246.01% increase, with a net profit of 3.47 billion yuan, up 299.36% [20] Future Outlook - The report emphasizes the importance of monitoring the PPI as a key indicator for potential market shifts, particularly in identifying opportunities in undervalued sectors during inflation recovery phases [11] - The report suggests that the financial sector, particularly non-bank financials, may see a slower recovery compared to banks, indicating a potential area for cautious investment [11]

Group 1 - The report highlights a significant increase in the performance of the electronic sector, with TMT (Technology, Media, and Telecommunications) sector holdings reaching a historical high of 40% [12][12][12] - The report indicates that the electronic sector's profit growth is expected to be robust, with a projected net profit growth of 54% in 2025, followed by 34% and 25% in 2026 and 2027 respectively [12][12][12] - The report emphasizes the importance of monitoring PPI (Producer Price Index) trends, as a shift from negative to positive growth could influence market style changes, favoring value stocks over growth stocks [12][12][12] Group 2 - The report on Aofei Data (300738) indicates that the company achieved a revenue of 1.824 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 15.3%, and a net profit of 145 million yuan, up 37.3% [13][13][13] - Aofei Data's gross margin improved to 35% in the first three quarters of 2025, reflecting a significant increase of 9.4 percentage points year-on-year, with a further increase to 37.6% in Q3 [13][13][13] - The report notes that Aofei Data's asset and liability structure shows strong delivery potential for data centers, with new fixed assets amounting to 3.161 billion yuan in the first three quarters of 2025 [13][13][13] Group 3 - The report on Jinlei Co., Ltd. (300443) states that the company achieved a gross margin of 24.63% in the first three quarters of 2025, an increase of 1.88 percentage points year-on-year, with Q3 gross margin reaching 26.41% [15][15][15] - The report indicates that the company is expanding its high-end transmission equipment market, with a focus on free forging products, which have seen a compound annual growth rate of 57% over the past three years [15][15][15] - The report maintains a "Buy" rating for Jinlei Co., Ltd., projecting net profits of 447 million yuan, 652 million yuan, and 758 million yuan for 2025-2027 [15][15][15] Group 4 - The report on Hisense Visual (600060) indicates that the company achieved a revenue of 42.83 billion yuan in the first three quarters of 2025, with a net profit of 1.629 billion yuan, reflecting a year-on-year growth of 24% [18][18][18] - Hisense Visual's market share in high-end televisions remains strong, with a 41.65% retail volume share in the 100-inch and above market [18][18][18] - The report maintains a profit forecast for Hisense Visual, expecting net profits of 2.5 billion yuan, 2.757 billion yuan, and 3.012 billion yuan for 2025-2027 [18][18][18] Group 5 - The report on Xinnengda (300207) highlights that the company achieved a revenue of 21.92 billion yuan in 2025, with a projected net profit of 3.516 billion yuan by 2027 [26][26][26] - The report notes that the demand for energy storage batteries is expected to remain strong, with the company investing in a new lithium battery project in Thailand [26][26][26] - The report maintains a "Buy" rating for Xinnengda, projecting a steady improvement in profitability due to the scale effect in the energy storage sector [26][26][26]

Summary of Huafeng Measurement and Control Conference Call Company Overview - **Company**: Huafeng Measurement and Control - **Year**: 2025 - **Projected Orders**: 1.4 billion RMB, a historical high, with a year-on-year growth of approximately 50% [2][17] Industry Insights - **Industry**: Semiconductor and Integrated Circuit - **Market Trends**: The semiconductor industry began to recover in 2024, with continued high demand in 2025. Domestic companies are accelerating capacity expansion, leading to increased order volumes and revenue recognition [3][22] - **Market Share**: The 8,200 series products have a market share close to 70%, while the 8,300 series is starting to gain traction [2][3] Product Performance - **Order Structure**: - Silicon-based products dominate, with the 8,200 and 8,300 series accounting for about 80% of orders. - Third-generation compound semiconductors (GaN, SiC) represent about 10% of orders, primarily used in fast charging, servers, and automotive applications, but commercial applications are still in early stages due to process, yield, and cost limitations [2][5][6] - **Revenue Composition**: - Analog products (8,200 series): 52%-54% - Mixed-signal products (8,300 series): 34%-35% - Power products: approximately 10% [6] Future Developments - **8,600 Platform**: - Aimed at higher scale mixed-signal and SoC categories, with successful client validation and expected to launch 1.6G boards by the end of next year [7][9] - Targeting a market share of 20%-30% within two to three years [9][12] - **AI and High Voltage Testing**: - Actively investing in AI and high voltage power supply architecture testing, with the 86 platform reaching validation level [5][11] Competitive Landscape - **Market Position**: Huafeng Measurement and Control holds a significant market share in the Chinese analog and mixed-signal testing market, surpassing competitors like Teradyne [3][23] - **Client Concentration**: The top ten clients account for 50%-60% of orders, which is seen as beneficial for resource integration and expanding application areas [15] Challenges and Risks - **Testing Capabilities**: Currently lacking the ability to test high-speed storage chips, which requires specialized ASIC chips [8] - **Market Dynamics**: The semiconductor industry is characterized by a lack of large enterprises and high levels of homogenization, leading to a trend of mergers and acquisitions [14] Financial Performance - **2025 Orders**: Expected to reach between 1.2 billion to 1.4 billion RMB, with a strong likelihood of hitting the upper limit [18] - **Order Conversion Cycle**: The cycle from order to revenue recognition is relatively quick, ranging from 3 to 6 months [19] Conclusion - The semiconductor industry is expected to maintain a favorable outlook at least through 2026, with no signs of a bubble due to cautious capacity expansion by packaging and testing companies [22]

Investment Rating - The report maintains a "Buy" rating for Huafeng Measurement and Control [5][4] Core Views - The company is expected to benefit from the gradual ramp-up of the STS8600 model, which will drive revenue growth. The self-developed ASIC technology is anticipated to enhance the testing performance of high-end SoC testing machines, further opening up order and revenue growth opportunities [1][3] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 405 million RMB, representing a year-over-year increase of 67.21% and a quarter-over-quarter increase of 20.21%. The net profit attributable to the parent company was 191 million RMB, up 89.99% year-over-year and 42.80% quarter-over-quarter. For the first three quarters of 2025, revenue totaled 939 million RMB, a year-over-year increase of 51.21%, with a net profit of 387 million RMB, up 81.57% year-over-year [1][2][5] Market Outlook - The company has three main testing models: STS8200, STS8300, and STS8600. The STS8600 is expected to capture the domestic high-end SoC testing equipment market as it ramps up production. The company is also launching a convertible bond project to develop a new generation of domestic testing systems based on self-developed ASIC technology, which is expected to reduce component costs and improve testing performance [3][4] Valuation - The target price is set at 278.12 RMB, reflecting an increase from the previous target of 229.16 RMB. The report projects net profits for 2025-2027 to be 555 million, 594 million, and 650 million RMB, respectively, with a three-year compound growth rate of 24.85%. The expected EPS for these years is 4.09, 4.38, and 4.80 RMB [4][5]

Core Insights - As of October 29, a total of 112 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is Lao Feng Xiang, which has seen net buying for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Dai Mei Co., Zhejiang Wen Internet, ST Zhongdi, Jingjin Equipment, Youfa Group, Dalian Friendship, Huafeng Measurement and Control, and Kaile Co. [1]