北京德和衡律师事务所 B E I J I N G D H H L A W F I R M 德和衡证见意见（2024）第174号 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于北京华峰测控技术股份有限公司 2024年第二次临时股东大会的 法律意见书 德和衡证见意见（2024）第174号 致：北京华峰测控技术股份有限公司 北京德和衡律师事务所 关于北京华峰测控技术股份有限公司 2024年第二次临时股东大会的 法律意见书 北京德和衡律师事务所（以下简称"本所"）接受北京华峰测控技术股份有限公司（以下 简称"公司"或"贵公司"）的委托，指派本所律师出席贵公司 2024 年第二次临时股东大会。 本所律师依据《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》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股东大会规 则》"）、《北京华峰测控技术股份有限公司章程》（以下简称"《公司章程》"）及相关法 律法规以及规范性文件的规定， ...

本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 证券代码：688200 证券简称：华峰测控 公告编号：2024-043 北京华峰测控技术股份有限公司 2024 年第二次临时股东大会决议公告 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 9 月 12 日 （二） 股东大会召开的地点：北京市海淀区丰豪东路 9 号院 5 号楼 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 50 | | --- | --- | | 普通股股东人数 | 50 | | 2、出席会议的股东所持有的表决权数量 | 72,939,713 | | 普通股股东所持有表决权数量 | 72,939,713 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 53.9242 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 53.9242 | （四） 表决 ...

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：79.88 元/股 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,071 691 835 1,075 1,323 增长率 yoy% 22% -35% 21% 29% 23% 净利润（百万元） 526 252 307 431 551 增长率 yoy% 20% -52% 22% 40% 28% 每股收益（元） 3.89 1.86 2.27 3.18 4.06 每股现金流量 2.91 2.37 1.48 2.54 3.36 净资产收益率 17% 8% 9% 11% 12% P/E 20.6 43.0 35.2 25.1 19.7 P/B 3.4 3.2 3.1 2.8 2.4 备注：每股指标按照最新股本数全面摊薄，股价按 9 月 9 日收盘价进行计算 [Table_Profit] 基本状况 总股本(百万股) 135 流通股本(百万股) 135 市价(元) 79.88 市值(百万元) 10,819 流通市值(百万元) 10,81 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company's revenue for the first half of 2024 (24H1) was 379 million yuan, a year-on-year decrease of 0.63%, while the net profit attributable to the parent company was 112 million yuan, down 30.25% year-on-year. However, in the second quarter of 2024 (24Q2), revenue reached 242 million yuan, an increase of 33.52% year-on-year, and net profit attributable to the parent company was 89 million yuan, up 2.85% year-on-year [3][4] - The company has seen a recovery in order acceptance since the fourth quarter of 2023, leading to an expectation of gradual performance recovery starting from 24Q2. The improved industry conditions are driving faster acceptance of orders, resulting in 24Q2 revenue exceeding market expectations [4] - The gross profit margin in 24Q2 reached 76.28%, the highest quarterly margin in 2023, indicating that the company is overcoming fluctuations in gross margin due to changes in product structure. The net profit margin benefited from economies of scale, reaching 36.76% [4] - Inventory and contract liabilities increased at the end of 24Q2, confirming a healthy order backlog. The company anticipates significant growth in orders compared to 2023, driven by new product launches and overseas expansion [4] - The company successfully showcased its SoC testing machine at the Semicon exhibition, which is designed for high-performance chip testing and has potential for higher-end applications [4] - The new factory in Penang, Malaysia, which commenced operations in June 2024, is expected to enhance collaboration with Southeast Asian clients and support the company's global expansion [4] - The projected net profit attributable to the parent company for 2024 and 2025 is 380 million yuan and 520 million yuan, respectively, corresponding to PE ratios of 30 and 22 times [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" with initial coverage [1][4][8] Core Views - The company has shown a significant improvement in profitability in Q2 2024, with a revenue increase of 33.52% year-on-year and a 77.05% quarter-on-quarter growth [4] - The large-scale SoC testing system is currently in the customer validation phase, indicating progress in product development [4] - The company is actively expanding its overseas sales network, with new operations established in Japan, Malaysia, and the United States [4][6] Financial Performance Summary - For the first half of 2024, the company reported revenue of 379 million yuan, a slight decrease of 0.63% year-on-year, and a net profit of 112 million yuan, down 30.25% year-on-year [3][6] - In Q2 2024, the company achieved a revenue of 242 million yuan, with a net profit of approximately 89 million yuan, reflecting a substantial quarter-on-quarter increase [4] - The gross profit margin for Q2 2024 was 76.28%, showing a 1.19 percentage point increase from the previous quarter [4] Revenue and Profit Forecast - Revenue projections for 2024E-2026E are 868 million yuan, 1.065 billion yuan, and 1.29 billion yuan, representing year-on-year growth rates of 25.69%, 22.64%, and 21.10% respectively [5][6] - Net profit forecasts for the same period are 346 million yuan, 432 million yuan, and 532 million yuan, with growth rates of 37.51%, 24.70%, and 23.31% respectively [5][6] Business Segment Analysis - The main business segment, testing systems, is expected to see revenue growth driven by the recovery of the semiconductor industry and increased demand for equipment upgrades [6][7] - The testing system accessories segment is projected to experience a decline in revenue growth in 2024E, followed by a return to growth in 2025E and 2026E [6][7] Valuation and Market Comparison - The company is assigned a PE valuation of 35x-40x for 2024E, corresponding to a market value range of 12.112 billion yuan to 13.842 billion yuan, and a reasonable share price range of 89.43 yuan to 102.20 yuan [4][8]

华峰测控2024年第二次临时股东大会 北京华峰测控技术股份有限公司 2024年第二次临时股东大会 会议材料 二零二四年九月 华峰测控2024年第二次临时股东大会 股东大会须知 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、咨询权和表决权等各项权益。如 股东（或股东代表）欲在本次股东大会上发言，可在签到时先向大会会务组登记。 会上主持人将统筹安排股东（或股东代表）发言。股东（或股东代表）的发言主 题应与本次会议议题相关；超出议题范围，欲了解公司其他情况的，可会后向公 司董事会秘书咨询。 五、为提高股东大会议事效率，在就股东的问题回答结束后，即进行现场表 ...

证券代码：688200 证券简称：华峰测 控 北京华峰测控技术股份有限公司 投资者关系活动记录表 | £特定对象调研 | □分析师会议 | | | | | --- | --- | --- | --- | --- | | □媒体采访 | 业绩交流会 | 投资者 | R | | | 关系 | □新闻发布会 | □路演活动 | | | | 活动类别 | £现场参观 | □一对一沟通 | | | | 电话会议 | R | | | | | 参与单位 | 150+家投资机构及相关人员（详见附件 | 1《与会人员清单》） | | | | 及人员 | | | | | | 时间 | 年 | 月 | 2024 | 8 | | 董事长 | 孙镪 | | | | | 接待人员 | 总经理 | 蔡琳 | | | | 副总经理 | 徐捷爽 | | | | | 投资者关系活动主要内容 | | | | | | 一、公司情况概述 | | | | | | 公司就行业概况、2024 | 年上半年的经营情况及未来发展方向等投资要点 | | | | | 做了介绍。 | | | | | | 二、互动问答部分 | | | | | 答：公司目前的在手订单良 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][6]. Core Insights - The company has shown signs of a performance turnaround with a recovery in downstream demand, as evidenced by a 33.52% year-on-year revenue growth in Q2 2024 [4][5]. - The semiconductor market is experiencing a rebound, with global sales reaching $149.9 billion in Q2 2024, a year-on-year increase of 18.3% [5]. - The company is expanding its overseas market presence, with new operations launched in Japan, Malaysia, and the United States [6]. Financial Summary - For the first half of 2024, the company reported revenue of 379 million yuan, a slight decline of 0.63% year-on-year, while net profit decreased by 30.25% to 112 million yuan [4][8]. - The gross margin improved to 75.85%, up by 5.28 percentage points year-on-year, while the net margin decreased to 29.68%, down by 12.59 percentage points [5]. - The company forecasts net profits of 324 million yuan, 402 million yuan, and 519 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 35X, 28X, and 22X [6][8].

446 下 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|----------------|-------------------------------|--------------------------|----------------------| | 2024 年 08 月 27 日 \n华峰测控（ 688200.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | 24Q2 业绩环比显著提升，以期 STS8600 验证&海 | 投资评级 | | 电子 \| 买入 -A( | 半导体设备Ⅲ 维持) | | 外市场拓展 | 股价 | (2024-08-27) | | 82.50 元 | | 投资要点 | 交易数据 | 总市值（百万元） | | 11,173.75 | | 行业逐 ...

F原证券 电子/半导体 公 司 研 究 华峰测控（688200.SH） 2024 年 08 月 27 日 2024Q2 业绩企稳回升，积极推进测试机全球化布局 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） luotong@kysec.cn 证书编号：S0790522070002 刘天文（分析师） liutianwen@kysec.cn 证书编号：S0790523110001 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 | --- | --- | |-------------------------|--------------| | 日期 | 2024/8/27 | | 当前股价 ( 元 ) | 82.50 | | 一年最高最低 ( 元 ) | 146.59/66.28 | | 总市值 ( 亿元 ) | 111.74 | | 流通市值 ( 亿元 ) | 111.74 | | 总股本 ( 亿股 ) | 1.35 | | 流通股本 ( 亿股 ) | 1.35 | | 近 3 个月换手率 (%) | 49.2 | 股价走势图 -64% -48% -32% -16% 0% 16% 202 ...