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] ...

北京华峰测控技术股份有限公司 2024年度独立董事述职报告（夏克金） 本人夏克金作为北京华峰测控技术股份有限公司（以下简称"华峰测控"、 "公司"）的独立董事，本人严格按照《公司法》《证券法》《上海证券交易 所科创板股票上市规则》《上市公司独立董事管理办法》等法律法规，勤勉、 尽责、独立的履行独立董事的职责，及时关注公司经营发展情况，积极出席相 关会议，认真审议董事会各项议案，并对重大事项发表独立意见，有效维护公 司全体股东特别是中小股东的合法权益。现将2024年度履行职责情况报告如下： 一、独立董事的基本情况 （一）独立董事个人情况 夏克金，男，1963年出生，中国国籍，清华大学博士，SEMI国际半导体设 备与材料行业协会中国技术委员会委员，1990年12月至1992年3月，任北京四通 集团公司研究开发部项目经理；1992年4月至2000年11月，任香港迪艾电脑(北 京)公司ATE部部门经理；2000年12月至2005年3月，任泰瑞达(上海)有限公司 (Teradyne)技术应用经理； 2005年4月至2006月9月，任安捷伦科技公司 (Agilent)服务支持经理；2006年10月至2011年7月，任惠瑞 ...

北京华峰测控技术股份有限公司 2024年度独立董事述职报告（叶陈刚） 本人作为北京华峰测控技术股份有限公司（以下简称"华峰测控"、"公 司"）的独立董事，在2024年度任职期间内严格按照《中华人民共和国公司法》 （以下简称《公司法》）《中华人民共和国证券法》《上市公司独立董事管理 办法》《上海证券交易所科创板股票上市规则》等法律法规、部门规章、规范 性文件及《北京华峰测控技术股份有限公司章程》（以下简称《公司章程》） 《北京华峰测控技术股份有限公司独立董事议事规则》的有关规定，诚实、勤 勉、独立地履行独立董事职责，积极出席相关会议，认真审议董事会各项议案， 切实维护公司和全体股东的合法权益，促进公司规范运作，充分发挥独立董事 的作用。2024年度述职报告如下： 一、独立董事的基本情况 （一）独立董事个人情况 叶陈刚，男，1962年出生，中国国籍，中共党员，无境外居留权，博士研 究生，会计学教授，博士生导师，博士后合作导师。曾任中南财经大学湖北分 校副教授，湖北长江会计师事务所所长与主任会计师，武汉大学管理学院副教 授，中国地质大学管理学院教授，国家会计学院高级访问学者，中国会计学会 理事，中国总会计师协会理事 ...

第三届监事会第九次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 北京华峰测控技术股份有限公司（以下简称"公司"）第三届监事会第九次 会议于 2025 年 3 月 12 日在公司会议室以现场和通讯方式召开。本次会议应到监 事 3 名，实到监事 3 名。会议由监事会主席赵运坤主持。本次会议的召集和召开 符合《公司法》等法律、法规、部门规章以及《公司章程》的有关规定，作出的 决议合法、有效。 二、监事会会议审议情况 经与会监事认真审议，审议通过了以下议案： 1.《关于公司 2024 年年度报告及其摘要的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 证券代码：688200 证券简称：华峰测控 公告编号：2025-019 北京华峰测控技术股份有限公司 本议案需提交公司 2024 年年度股东大会审议。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的北 京华峰测控技术股份有限公司 2024 年年度报告》和《北京华峰测控技术股份有 限公司 2024 年年度报 ...

Financial Performance - The company's operating revenue for 2024 reached ¥905.35 million, representing a 31.05% increase compared to ¥690.86 million in 2023[21]. - Net profit attributable to shareholders for 2024 was ¥333.91 million, a 32.69% increase from ¥251.65 million in 2023[21]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥340.05 million, a 34.35% increase from ¥253.11 million in 2023[21]. - The company's total assets as of the end of 2024 were ¥3.81 billion, a 9.84% increase from ¥3.47 billion in 2023[21]. - The weighted average return on equity rose to 9.69% in 2024, an increase of 1.89 percentage points from 7.80% in 2023[22]. - Basic earnings per share for 2024 increased to ¥2.47, up 32.80% from ¥1.86 in 2023[22]. - The net cash flow from operating activities decreased by 41.49% to ¥188.10 million from ¥321.49 million in 2023[21]. - Operating costs increased to ¥241,641,573.91, up 21.42% compared to the previous year, primarily due to revenue growth[73]. Research and Development - Research and development expenses accounted for 19.04% of operating revenue in 2024, slightly down from 19.10% in 2023[22]. - The company invested ¥172,368,197.98 in R&D, a 30.60% increase compared to the previous year, accounting for 19.04% of total revenue[34]. - The company has applied for a total of 397 intellectual property rights, with 249 already authorized[34]. - The company has applied for 54 invention patents during the reporting period, with a total of 397 intellectual property rights accumulated[55]. - The company has a strong emphasis on quality management, particularly in R&D quality management, led by the quality department manager since 2017[131]. - The company has expanded its R&D capabilities by focusing on critical and future technology reserves, including impedance measurement and advanced testing techniques[131]. Market and Competitive Position - The global semiconductor sales reached a historical high of $621 billion in 2024, with a year-on-year growth of 19%[30]. - The Chinese semiconductor market is projected to reach $186.5 billion in 2024, with a year-on-year growth of 20.1%[30]. - The semiconductor testing equipment market is expected to grow by 7.4%, reaching $6.7 billion in 2024[31]. - The company has established itself as a leading domestic supplier in the semiconductor testing equipment sector, breaking the monopoly of foreign manufacturers in the analog and mixed-signal testing fields[49]. - The company is actively expanding into international markets and new application testing fields, which poses risks if progress is not achieved[68]. Corporate Governance and Shareholder Relations - The company has established a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and management team, complying with relevant laws and regulations[122]. - The company held three shareholder meetings in 2024, all of which passed resolutions without any dissenting votes[122]. - The company has not reported any significant issues regarding independence from its controlling shareholders[122]. - The company emphasizes investor relations management, having established multiple internal regulations to ensure accurate and timely information disclosure[199]. - The designated website for information disclosure is the Shanghai Stock Exchange, ensuring fair access to information for all shareholders[199]. Dividend Policy - The company plans to distribute a cash dividend of 7.50 RMB per 10 shares, totaling approximately 101.45 million RMB, which represents 30.38% of the net profit attributable to shareholders for 2024[7]. - The company has a cash dividend policy that mandates a minimum distribution of 10% of the distributable profit in profitable years, with higher percentages based on the company's development stage and capital expenditure plans[152]. - The board of directors has approved the 2024 profit distribution plan, which is subject to shareholder approval at the annual general meeting[153]. - The company’s cash dividend for the most recent accounting year was 132,558,060.46 RMB, accounting for 39.70% of the net profit attributable to shareholders[156]. Employee and Talent Management - The total number of employees reached 780, with 379 in R&D, accounting for 48.59%, a year-on-year increase of 39.85%[37]. - The company focuses on talent acquisition and development, with a strategic emphasis on building a high-quality, professional workforce to support long-term growth[37]. - The company has established a remuneration management system for core technical personnel, with annual evaluations and adjustments based on positions and levels[135]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 20.36 million RMB[135]. Environmental and Social Responsibility - The company is committed to ESG principles, aiming to enhance corporate governance and promote environmental protection[174]. - The company has invested in green production technologies to minimize environmental impact and improve production efficiency[180]. - The company reported a carbon dioxide emission of 1,491.83 tons for the year 2024, marking its first comprehensive assessment of its emissions[179]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[178]. Strategic Initiatives - The company aims to enhance its market share by increasing investment in technology innovation and R&D, focusing on new applications and products[109]. - The company is constructing a second production line in Malaysia to enhance production efficiency and capacity, responding to local resource and market demands[113]. - The company has implemented a comprehensive quality control system and has received certifications for quality, environment, and occupational health and safety[115]. - The company is committed to sustainable supply chain development, evaluating suppliers based on product quality, delivery timeliness, pricing, and social responsibility[113].

WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://www.bpw.cn】" 进行 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（bttp://www.bg com.cn】" 北京华峰测控技术股份有限公司 内控审计报告 大信审字[2025]第 3-00110 号 大信会计师事务所（特殊普通合伙） 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是企业董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 各1号 WUYIGE Certified Public Accountants.LLl Room 2206 22/F. Xuevuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing.China.10008 ...

北京华峰测控技术股份有限公司 审 计 报 告 大信审字[2025]第 3-00109 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫" 此码用于证明该审计报告是否由具有执业许可的会计师事务所出。 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（htm:/// 报告编码:京25lkg http:// 8 1 皇 WIJYIGE Certified Public Accountants | LP Room 2206 22/F.Xuevuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 申话 Telephone: +86 (10) 82330558 佳直 Fax· +86 (10) 82327668 www.daxincna.com.cn 审计报告 大信审字[2025]第 3-00109 号 北京华峰测控技术股份有限公司全体股东: 一、审计意见 我们审计了北京华峰测控技术股份有限公司（以下简称"贵公司"）的财务报 ...

中国国际金融股份有限公司 关于北京华峰测控技术股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为北京华峰测控技术股份 有限公司（以下简称"华峰测控"或"公司"）首次公开发行股票并在科创板上市的保 荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规 则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求》等有关规定，就华峰测控 使用部分闲置募集资金进行现金管理事项进行了核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2020 年 1 月 14 日出具的《关于同意北京华峰测控 技术股份有限公司首次公开发行股票注册的批复》（证监许可[2020]93 号），公司获准向 社会公开发行人民币普通股 15,296,297 股，每股发行价格为人民币 107.41 元，公司共 募集资金总额为人民币 164,297.53 万元，扣除总发行费用人民币 13,071.67 万元（不含 税）后，募集资金净额为人民币 151,225.86 万 ...

北京华峰测控技术股份有限公司 2024 年度内部控制评价报告 北京华峰测控技术股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司代码：688200 公司简称：华峰测控 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况的 ...