Group 1 - The company achieved revenue of 198 million yuan in Q1 2025, recovering to the level of Q1 2023, with a year-on-year growth rate of 44.46% due to last year's low revenue base [1] - The gross profit margin for 2025 is 75.29%, a year-on-year increase of 0.21 percentage points, reflecting the company's improved cost control capabilities [1] - The net profit attributable to shareholders reached 62 million yuan in Q1 2025, a year-on-year increase of 164.23%, with a net profit margin of 31.33%, up 14.2 percentage points year-on-year [1] Group 2 - The company is expected to generate revenues of 1.181 billion yuan, 1.514 billion yuan, and 1.873 billion yuan from 2025 to 2027, with net profits of 430 million yuan, 581 million yuan, and 725 million yuan respectively [2] - The company is positioned as a leader in the domestic analog testing machine market, with significant potential for growth in the SOC testing machine sector due to low domestic production rates [2]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a significant improvement in gross margin and continued to push new products, with a 44.46% year-on-year revenue growth in Q1 2025, driven by sustained market demand for core products [1][2] - The gross margin for Q1 2025 reached 75.29%, reflecting a 0.20 percentage point increase year-on-year and a 9.11 percentage point increase quarter-on-quarter, attributed to changes in product mix and cost structure optimization [2] - The company is expanding its overseas market presence, with new subsidiaries in Japan, Malaysia, and the United States, which are expected to open new revenue growth points [3] Summary by Sections Q1 2025 Performance - Revenue for Q1 2025 was CNY 198 million, a 44.46% increase year-on-year but a 30.44% decrease quarter-on-quarter; net profit attributable to shareholders was CNY 62 million, up 164.23% year-on-year but down 48.74% quarter-on-quarter [1] - The revenue growth was primarily driven by increased market demand for core products, while the quarter-on-quarter decline was due to seasonal factors [1] Gross Margin and R&D Investment - The overall gross margin for Q1 2025 was 75.29%, with a significant quarter-on-quarter increase attributed to a higher proportion of mature products like STS8200 [2] - R&D expense ratio was 25.96%, with a year-on-year increase of 0.54 percentage points and a quarter-on-quarter increase of 7.84 percentage points, reflecting a 47.51% increase in R&D expenses [2] 2025 Outlook - The semiconductor testing equipment market is expected to grow from USD 6.25 billion in 2023 to USD 8 billion in 2025, with the company's core product STS8300 projected to see significant shipment growth [3] - The next-generation product STS8600 is progressing well, currently undergoing client validation, which is anticipated to further boost the company's performance [3] Price Target and Valuation - The target price is set at CNY 166.42, reflecting a premium over the industry average PE of 49.7x, with a projected PE of 53.0x for 2025 [4] - The revised net profit forecasts for 2025, 2026, and 2027 are CNY 425.27 million, CNY 514.49 million, and CNY 595.84 million, respectively [4][6]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 188.64 CNY per share, reflecting an expected return exceeding 15% over the next six months [5][9]. Core Insights - The company reported a revenue of 905 million CNY for 2024, representing a year-on-year increase of 31.05%, and a net profit of 334 million CNY, up 32.69% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 198 million CNY, a significant increase of 44.46% year-on-year, and a net profit of 62 million CNY, which is a remarkable growth of 164.23% year-on-year [1]. - The core product STS8300 has shown outstanding performance with a substantial increase in shipment volume, benefiting from the mild recovery in the semiconductor industry and stable domestic economic conditions [2]. - The company has successfully expanded its global footprint, with significant developments in East Asia, Southeast Asia, and North America, enhancing its localized service capabilities [5][8]. Financial Performance - The company’s gross margin for 2024 was 73.31%, an increase of 0.84 percentage points year-on-year, with a net profit margin of 36.88%, up 0.46 percentage points year-on-year [2]. - R&D expenses increased by 30.60% year-on-year to 172 million CNY in 2024, supporting product upgrades and new product development [4]. - The company forecasts revenues of 1.168 billion CNY, 1.448 billion CNY, and 1.781 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 440 million CNY, 564 million CNY, and 716 million CNY for the same years [9][11]. Product and Market Development - The company has three main product lines: STS8200 for analog and power IC testing, STS8300 for mixed-signal and power management testing, and STS8600 for SoC chip testing, with a global installed base exceeding 7,500 units by the end of 2024 [3]. - The STS8600 testing system has entered the customer validation phase, promising enhanced testing capabilities with higher channel counts and frequencies [4]. - The company is actively pursuing market expansion in emerging markets such as Vietnam and India, further broadening its global business landscape [8].

产品质量管理 负责任的采购 研发管理与创新 精益管理和质量控制 客户服务和满意度 市场和宣传 道德与合规 | 目录 | | | --- | --- | | 关于本报告 | 01 | | 董事长致辞 | 03 | | 关于华峰测控 | 05 | | 附录 | 69 | | 员工 | 13 | | --- | --- | | 健康与安全保障 | 14 | | 员工培训体系 | 15 | | 员工薪酬与激励 | 17 | | 员工福利体系 | 17 | | 员工活动组织 | 19 | | 包容与多元化管理 | 20 | | 员工职能分类 | 21 | | 员工雇佣与校企合作 | 21 | | 以企业担当赋能教育 | 22 | | 员工满意度调查 | 22 | | 人才梯队发展战略 | 23 | | 员工绩效考核与评估 | 23 | | 员工流失 | 24 | | 最佳雇主荣誉 | 25 | | 员工沟通 | 25 | 环境 环境管理 迈向绿色工厂 绿色倡议 清洁技术 产品与供应链 关于本报告 报告范围 报告组织范围：本报告涵盖北京华峰测控技术股份有限公司及其所属公司（以下简称"华峰测控""华 峰""公司"或"我们" ...

Appendix | Employee | 13 | | --- | --- | | Health and Safety | 14 | | Employee Training System | 15 | | Employee Compensation and Incentives | 17 | | Employee Welfare System | 17 | | Employee Activities | 19 | | Inclusion and Diversity Management | 20 | | Classification of Employee Functions | 21 | | Employee Recruitment and University -Enterprise Cooperation | 21 | | Empower Education through Corporate Responsibility | 22 | | Employee Satisfaction Survey | 22 | | Development Strategy of Talent Echelon | 23 ...

证券代码：688200 证券简称：华峰测控 公告编号：2025-026 表决结果：3 票同意，0 票反对，0 票弃权。 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： 《关于公司 2025 年第一季度报告的议案》 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"）第三届监事会第十次 会议于 2025 年 4 月 28 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。 公司 2025 年第一季度报告的编制和审议程序符合法律、行政法规和公司内 部管理制度的相关规定，报告内容真实、准确、完整地反映了公司的经营成果和 财务状况，不存在任何虚假记载、误导性陈述或者重大遗漏。 北京华峰测控技术股份有限公司 第三届监事会第十次会议决议公告 2025 年 4 月 30 日 具体内容详 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥197,651,861.61, representing a 44.46% increase compared to ¥136,823,208.53 in the same period last year[5] - Net profit attributable to shareholders was ¥61,931,236.61, a significant increase of 164.23% from ¥23,438,331.42 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥50,842,098.63, up 59.73% from ¥31,829,980.34 in the previous year[6] - Basic and diluted earnings per share were both ¥0.46, reflecting a 170.59% increase compared to ¥0.17 in the same period last year[6] - The total comprehensive income for Q1 2025 was CNY 61.99 million, compared to CNY 23.23 million in Q1 2024, reflecting an increase of approximately 166.9%[19] Cash Flow and Investments - The net cash flow from operating activities was ¥22,077,510.27, a remarkable increase of 374.99% from a negative cash flow of -¥8,028,380.20 in the previous year[6] - Investment activities resulted in a net cash outflow of CNY 123.62 million in Q1 2025, compared to a net inflow of CNY 37.38 million in Q1 2024[24] - The company received CNY 255.72 million in cash from sales and services in Q1 2025, compared to CNY 126.48 million in Q1 2024, representing an increase of about 102.2%[23] Research and Development - Total R&D investment amounted to ¥51,313,554.34, which is a 47.51% increase from ¥34,785,458.24 year-on-year, accounting for 25.96% of operating revenue[6] - The company continues to focus on increasing R&D personnel and salaries, contributing to the growth in R&D investment[9] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,873,633,957.75, a 1.72% increase from ¥3,808,080,455.23 at the end of the previous year[6] - Current assets as of March 31, 2025, totaled RMB 2,990,721,220.61, slightly up from RMB 2,934,292,569.32 as of December 31, 2024[13] - Total liabilities as of March 31, 2025, were RMB 238,034,201.42, a slight increase from RMB 237,799,660.03[15] - Non-current assets totaled RMB 882,912,737.14, up from RMB 873,787,885.91, indicating a growth of 1.4%[14] Shareholder Information - Shareholders' equity attributable to the parent company was ¥3,635,599,756.33, up 1.83% from ¥3,570,280,795.20 at the end of the previous year[6] - Shareholders' equity increased to RMB 3,635,599,756.33 from RMB 3,570,280,795.20, reflecting a growth of 1.8%[15] - The company reported no significant changes in the top 10 shareholders or their participation in margin trading[11] Operational Status - There are no other important reminders regarding the company's operational status during the reporting period[12] - The company adjusted its financial statements for Q1 2024, increasing operating costs by CNY 1.75 million and decreasing sales expenses by the same amount due to new accounting standards[20]

华峰测控公告，2025年第一季度营收为1.98亿元，同比增长44.46%；净利润为6193.12万元，同比增长 164.23%。 ...

Core Viewpoint - The semiconductor equipment sector in China's Sci-Tech Innovation Board is experiencing significant growth, driven by domestic companies enhancing their core component localization rates and responding to international competition and technology blockades [1][2]. Group 1: Industry Overview - Over 110 semiconductor companies have been listed on the Sci-Tech Innovation Board, accounting for 60% of the total semiconductor companies in A-shares, creating a complete and collaborative innovation ecosystem [1]. - The semiconductor equipment sector is positioned at the upstream of the semiconductor industry chain, with its technology directly influencing chip manufacturing capabilities and yield rates [1]. Group 2: Company Performance - Huafeng Measurement and Control achieved a revenue of 905 million yuan in 2024, marking a year-on-year increase of 31.05%, with a net profit of 334 million yuan, up 32.69% [2]. - The company’s core product, STS8300, saw a significant increase in shipment volume, while the STS8600 model for SoC chip testing has entered the customer validation phase [2]. - Nake Equipment also reported growth in both revenue and net profit for 2024, with current orders exceeding 170 million yuan, indicating a positive market outlook for semiconductor packaging equipment in 2025 [2]. - Deep Science and Technology achieved a revenue of 179 million yuan in the first quarter, a year-on-year increase of 108.13%, and turned a profit compared to the previous year [2].

股票简称：华峰测控 股票代码：688200 北京华峰测控技术股份有限公司 Beijing Huafeng Test&Control Technology Co.,Ltd. （北京市海淀区丰豪东路 9 号院 5 号楼 1 至 5 层 101、102、103） 向不特定对象发行可转换公司债券 募集说明书 （申报稿） 保荐人（主承销商） 北京华峰测控技术股份有限公司 向不特定对象发行可转换公司债券募集说明书（申报稿） 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资料不存 在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担相应的 法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务会计资 料真实、准确、完整。 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属 虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行人自 行负责。投资者自主判 ...