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].

Investment Ratings - The report maintains a "Buy" rating for several companies including Zijin Mining, Weichuang Electric, Ideal Auto, and Honghua Wisdom Energy [22][24][26][36] Core Insights - The macroeconomic environment shows signs of recovery, with consumer demand beginning to stabilize, particularly in the real estate and automotive sectors [2][4] - The report highlights a positive outlook for the consumer sector driven by government initiatives aimed at boosting consumption, including the "Consumption Promotion Special Action Plan" [17] - The technology sector, particularly companies like NVIDIA, is expected to benefit from upcoming product launches and advancements in chip technology [28] Summary by Sections Macro Overview - The report indicates that the U.S. economic growth expectations are being downgraded, while Germany's fiscal expansion plans are gaining traction [2] - Consumer demand is showing marginal improvement compared to the previous year, with signs of recovery in housing transactions and automotive sales [2][4] Sector Analysis - The consumer sector is expected to see a shift from "repair growth" to "endogenous expansion," with a focus on service consumption and quality improvement [17] - The report emphasizes the potential for structural investment opportunities in sectors such as AI-driven consumption and the aging population market [17][18] Company-Specific Insights - Zijin Mining is projected to maintain strong growth with a forecasted CAGR of 14% for net profit from 2025 to 2028 [22] - Weichuang Electric is recognized for its leadership in industrial control and is expected to expand into new markets, maintaining a "Buy" rating [22] - Ideal Auto's revenue is expected to grow significantly, with new models set to launch in 2025 [24] - Honghua Wisdom Energy reported a substantial increase in core profits, with a projected dividend yield exceeding 6% [29] Market Trends - The A-share market is anticipated to continue its upward trend, supported by a favorable macro environment and active market sentiment [7] - The report notes that the technology sector remains a key focus for investment, with expectations of strong performance in the coming quarters [5][6]

Investment Rating - The report maintains a "Buy" rating for companies in the automotive and real estate sectors, indicating a positive outlook for investment opportunities in these industries [8][11][12]. Core Insights - The automotive industry is undergoing significant changes, with a shift towards three distinct business models: Robotaxi operations, high-end manufacturing, and personalized brands. This evolution necessitates a reevaluation of traditional investment frameworks [4][7]. - The real estate sector is expected to experience a peak in debt restructuring in 2025, with companies possessing quality commercial assets likely to recover more swiftly through diversified strategies and asset management capabilities [8]. - The macroeconomic environment shows mixed signals, with U.S. economic data indicating resilience despite concerns over fiscal tightening under the Trump administration, which has impacted market sentiment negatively [1][19]. Summary by Sections Automotive Industry - The automotive sector is predicted to face a major framework adjustment, moving away from the traditional new car cycle focus. The next 5-10 years will be characterized by a "mobility revolution," particularly optimistic about the commercial viability of Robotaxi services [4]. - Companies will likely differentiate into three categories: Robotaxi operators, high-end manufacturers, and personalized brands, each requiring distinct valuation frameworks [7]. Real Estate Sector - The report suggests that 2025 may witness a peak in debt restructuring among real estate firms, with those having strong asset portfolios and diversified operations poised for recovery [8]. - Companies with quality holding properties and mature asset management capabilities are expected to lead the recovery process, leveraging REITs to restart financing channels [8]. Macroeconomic Overview - Recent U.S. economic data has been mixed, with non-farm employment figures slightly below expectations, yet not alarming enough to trigger recession fears. The market remains sensitive to fiscal policy changes under the current administration [1][19]. - The divergence in fiscal narratives between the U.S. and Europe is notable, with the U.S. leaning towards fiscal tightening while Europe is moving towards fiscal expansion, impacting market dynamics [1][19]. Fixed Income and Debt Instruments - The report discusses the issuance of convertible bonds by Yonggui Electric, highlighting its strategic focus on intelligent connectors and industry upgrades. The expected listing price for the convertible bond is projected between 127.77 and 142.08 yuan [3][27]. - The bond's protective features and moderate dilution impact are noted, with a recommendation for active subscription due to its favorable risk-return profile [27][28].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in net profit over the next few years [12]. Core Insights - The company achieved over 30% growth in both revenue and net profit in 2024, driven by a recovery in downstream testing demand and improved orders since Q3 2024 [1][3]. - The core product STS8300 saw a substantial increase in shipment volume, contributing to revenue growth [1][3]. - The company is actively expanding its overseas customer base, with the first STS8300 unit installed in Malaysia, and a new product STS8600 expected to complete validation and start receiving orders [1][11]. Revenue and Profitability - In 2024, the company reported revenue of 905.35 million yuan, a year-on-year increase of 31.05%, and a net profit of 333.91 million yuan, up 32.69% [2][8]. - The gross margin for 2024 was 73.31%, reflecting a 0.84 percentage point increase from the previous year [4][8]. - The company’s net profit margin improved to 36.88%, a 0.46 percentage point increase year-on-year [8]. Market Outlook - The semiconductor testing equipment market is expected to continue growing, with projections indicating a market size exceeding 8 billion USD in 2025 [9]. - The company has a strong order backlog, with contract liabilities reaching 56.25 million yuan, a 103.27% increase year-on-year, indicating robust future performance [9]. Product Development and Global Expansion - The new SoC testing system STS8600 is currently undergoing client validation, with expectations for significant progress in 2025 [10]. - The company has made strides in global expansion, with new subsidiaries established in Japan and the U.S., and a factory in Malaysia operational [11].

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]