华峰测控2024年年度股东大会 北京华峰测控技术股份有限公司 2024年年度股东大会 会议材料 二零二五年四月 华峰测控2024年年度股东大会 股东大会须知 为保障北京华峰测控技术股份有限公司（下称"公司"）全体股东的合法权 益，维护股东大会的正常秩序，保证股东大会的议事效率，确保本次股东大会如 期、顺利召开，根据《中华人民共和国公司法》《北京华峰测控技术股份有限公 司章程》《北京华峰测控技术股份有限公司股东大会议事规则》及中国证券监督 管理委员会、上海证券交易所的有关规定，特制定本须知。 一、股东大会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 二、为保证股东大会的严肃性和正常秩序，切实维护与会股东（或股东代表） 的合法权益，除出席会议的股东（或股东代表）、公司董事、监事、高级管理人 员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 三、出席会议的股东（或股东代表）须在会议召开前20分钟到会议现场办理 签到手续，并请按规定出示证券账户卡、身份证或法人单位证明、授权委托书以 及参会回执等，经验证后领取会议资料，方可出席会议。 四、股东（或股东代表）依法享有发言权、咨询权和表决权 ...

证券代码：688200 证券简称：华峰测控 公告编号：2025-020 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 及时投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过发送智能短信等形式，根据股权登记日 的股东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、 议案情况等信息。投资者在收到智能短信后，可根据使用手册（下载链接： https://vote.sseinfo.com/i/yjt_help.pdf）的提示步骤直接投票，如遇拥堵 等情况，仍可通过原有的交易系统投票平台和互联网投票平台进行投票。 若广大投资者对本次服务有任何意见或建议，可通过邮件、投资者热线等方 式向公司反馈，感谢广大投资者对公司的关注与支持！ 特此公告。 北京华峰测控技术股份有限公司 关于股东大会开设网络投票提示服务的公告 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、准确性和完整性依法承担法律责任。 北京华峰测控技术股份有限公司（以下简称"公司"）于 2025 年 3 月 14 日 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Insights - The company achieved a significant increase in net profit and revenue in Q4 2024, with a year-on-year net profit growth of 121.30% and revenue growth of 65.08% [5][6]. - The company is expanding its high-end production capacity and has introduced new testing systems, which are currently undergoing customer validation [7][8]. - The projected revenue and net profit for 2025-2027 are expected to grow steadily, with revenues of 11.72 billion, 14.59 billion, and 17.75 billion respectively, and net profits of 4.59 billion, 5.87 billion, and 7.38 billion [9][11]. Financial Performance - In 2024, the company reported total revenue of 905 million, a 31.05% increase year-on-year, and a net profit of 334 million, reflecting a 32.69% increase [5][9]. - The gross margin for 2024 was 73.31%, showing a year-on-year increase of 0.84 percentage points, while the net margin was 36.88%, up by 0.45 percentage points [7][11]. - The company’s earnings per share (EPS) for 2024 was 2.47, with projections of 3.39 for 2025 and 4.34 for 2026 [9][11]. Market Performance - The company's stock has outperformed the CSI 300 index significantly over the past year, with a 12-month performance of 54.7% compared to the index's 12.5% [4][6]. - As of March 14, 2025, the stock price was 148.22, with a market capitalization of approximately 20,074.83 million [4][11].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [16]. Core Insights - The semiconductor testing equipment industry is entering a recovery phase in 2024, with significant growth anticipated in 2025, projected to exceed $8 billion, representing a year-on-year increase of over 19% [5]. - The company is actively expanding its global presence, having established sales and service companies in Japan and the U.S., and a manufacturing facility in Malaysia, which is expected to enhance its market share and international competitiveness [8][7]. - The company plans to issue convertible bonds to raise up to 1 billion yuan for the development of self-researched ASIC testing systems and the construction of a high-end SoC testing system manufacturing center, aiming to reduce reliance on external suppliers and meet increasing market demand [10]. Financial Performance Summary - The company's revenue is projected to grow from 691 million yuan in 2023 to 1.828 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 27% [2]. - The net profit attributable to the parent company is expected to increase from 252 million yuan in 2023 to 707 million yuan in 2027, reflecting a CAGR of around 28% [2]. - The gross margin is forecasted to remain stable around 73%, while the net margin is expected to improve from 36.9% in 2024 to 38.7% in 2027 [3][11]. Market Opportunities - The global market for mixed-signal and digital testing machines is estimated at approximately $930 million, with significant room for growth as the company expands its product offerings [6]. - The company is enhancing its product line with the introduction of the 8600 testing machine, which offers more testing channels and higher frequencies, thereby broadening its testing capabilities and supporting long-term growth [6].

证券研究报告·A 股公司简评 专用设备 2024 年度业绩表现亮眼，看好 2025 年 8600 验证进展 ——半导体设备系列报告 核心观点 2024 年公司营收、归母净利润均实现 30%以上增长，2024Q3 以 来前期由于下游封测需求复苏带动的订单改善在收入端持续兑 现，公司核心产品 STS8300 表现亮眼，出货量同比大幅增长。受 益于营收增长，公司盈利能力及费用端均有明显改善，带动业绩 增长。此外，公司积极拓展海外客户、推进海外布局贡献新增量， 马来西亚槟城工厂已完成首台 STS8300 装机；用于 SoC 领域的 新产品 STS8600 有望完成验证、开始获取订单，后续将彰显较强 成长性。 事件 华峰测控发布 2024 年年度报告，2024 年实现营收 9.05 亿元，同 比增长 31.05%；归母净利润 3.34 亿元，同比增长 32.69%；扣非 归母净利润 3.40 亿元，同比增长 34.35%。 Q4 单季度来看，2024Q4 实现营收 2.84 亿元，同比增长 65.08%； 归母净利润 1.21 亿元，同比增长 121.30%；扣非归母净利润 1.17 亿元，同比增长 94.09%。 简 ...

证券研究报告 华峰测控 (688200 CH) 展望 2025 年，SEMI 预计 2025 年半导体测试设备市场将从 2023 年的 62.5 亿美元继续增长至 80 亿美元。新品进展与研发投入方面，公司 STS8600 已 经进入了客户验证阶段，进一步完善公司的产品线，拓宽公司产品的可测试 范围。公司于 2025 年 1 月 25 日发布可转债募集预案，拟投项目包括基于 自研 ASIC 芯片测试系统的研发创新项目（7.6 亿元）与高端 SoC 测试系 统制造中心建设项目（2.5 亿元），合计拟募集 10.1 亿元，公司将借此进一 步加强高端 SoC 检测能力以及延伸 ASIC 领域检测布局。我们看好未来在 行业持续回暖，公司新品放量以及持续投入研发的带动下业绩持续增长。 目标价 156.81 元，维持"买入"评级 我们预计国内封测客户及设计客户需求有望继续修复，同时看好公司在海外 市场持续开拓，我们上调 2025/2026归母净利润预测（+3%/4%）至 4.36/5.15 亿元，新增 2027 年预测 5.96 亿元，对应 EPS 为 3.22/3.80/4.40 元。我们 看好公司在测试设备领域的龙头 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 03 月 14 日 [Table_Title] 2024 年报点评：业绩重回快速增长，8600 新 品打开成长空间 [Table_Title2] 华峰测控(688200) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688200 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 164.32/75.5 | | 目标价格： | | 总市值(亿) | 195.10 | | 最新收盘价： | 148.22 | 自由流通市值(亿) | 195.10 | | | | 自由流通股数(百万) | 135.44 | [Table_Summary] 事件概述 3 月 13 日，公司发布 2024 年年报。 ► 国内市场复苏叠加 8300 放量，24 年营收端同比快速增长 2024 年公司实现营收 9.05 亿元，同比+31.05%，其中 Q4 为 2.84 亿元，同比+65.08%，符合先前 预告，公司营收端重回快速增长轨道。分产品来看：1）测试系统：24 年实现 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 905.35 million yuan, a year-on-year increase of 31.05%, and net profit attributable to shareholders of 333.92 million yuan, up 32.69% year-on-year [8] - The 8600 model is currently undergoing client validation and is expected to benefit significantly from the demand for domestic AI chips [8] - The company plans to issue convertible bonds to fund the development of self-researched ASIC chips, which are crucial for overcoming bottlenecks in high-end testing machines [8] - The forecast for net profit attributable to shareholders is 4.6 billion yuan for 2025, 5.4 billion yuan for 2026, and 6.0 billion yuan for 2027, with corresponding dynamic P/E ratios of 43, 36, and 32 [8] Financial Summary - In 2024, the company achieved a gross margin of 73.31%, with a net profit margin of 36.88% [8] - The fourth quarter of 2024 saw a significant increase in revenue to 284 million yuan, a year-on-year growth of 65.08% [8] - The company's total assets are projected to grow from 3.8 billion yuan in 2024 to 5.5 billion yuan by 2027 [9] - The earnings per share (EPS) are expected to rise from 2.47 yuan in 2025 to 4.46 yuan in 2027 [9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 905.35 million yuan, a year-on-year increase of 31.05%, and net profit attributable to shareholders of 333.92 million yuan, up 32.69% year-on-year [8] - The 8600 model is currently undergoing client validation and is expected to benefit significantly from the demand for domestic AI chips [8] - The issuance of convertible bonds aims to raise up to 1 billion yuan, with 759 million yuan allocated for self-developed ASIC chips, which are crucial for overcoming bottlenecks in high-end testing machines [8] - The company maintains its profit forecasts for 2025 and 2026 at 4.6 billion yuan and 5.4 billion yuan respectively, with an expected net profit of 6.0 billion yuan in 2027, corresponding to dynamic P/E ratios of 43, 36, and 32 times [8] Financial Summary - In 2024, the company achieved a gross margin of 73.31%, a slight increase of 0.84 percentage points year-on-year, while the net profit margin was 36.88%, up 0.45 percentage points year-on-year [8] - The fourth quarter of 2024 saw a significant revenue increase of 65.08% year-on-year, with net profit soaring by 121.30% year-on-year [8] - The company's total assets are projected to grow from 3.8 billion yuan in 2024 to 5.5 billion yuan by 2027, with total liabilities remaining low at around 238 million yuan in 2024 [9]

证券研究报告·公司点评报告·半导体 2024 年报点评：业绩符合预期，看好高端测 试机 8600 放量 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 690.86 | 905.35 | 1,163.24 | 1,337.95 | 1,494.42 | | 同比（%） | (35.47) | 31.05 | 28.49 | 15.02 | 11.70 | | 归母净利润（百万元） | 251.65 | 333.92 | 458.89 | 538.52 | 604.22 | | 同比（%） | (52.18) | 32.69 | 37.43 | 17.35 | 12.20 | | EPS-最新摊薄（元/股） | 1.86 | 2.47 | 3.39 | 3.98 | 4.46 | | P/E（现价&最新摊薄） | 77.53 | 58.43 | 42.52 | 36.23 | 32.29 | [Table_Tag] ...