Investment Rating - The report maintains a "Buy" rating for AccoTest and a "Hold" rating for SG Micro and Maxscend [4][8][56]. Core Insights - The latest import tariff regulations on US semiconductors are expected to create a supply shortage, price hikes, and import substitution, particularly benefiting domestic analog and RF markets [8][10]. - The localization trend in the semiconductor industry is anticipated to accelerate due to China-US tensions, enhancing the bargaining power of domestic companies [11][22]. - The report highlights that analog (over 20%) and RF (approximately 50%) segments will benefit significantly from higher tariffs on US suppliers, while memory and advanced logic categories are less affected [3][10]. Summary by Sections Company Ratings and Estimates - AccoTest is projected to have a target price of RMB 182.50, reflecting an 18% upside from its current price [5][56]. - SG Micro's target price is adjusted to RMB 100.60, indicating a 10% downside from its current price, maintaining a Hold rating due to tariff tensions [4][34]. - Maxscend's target price is revised to RMB 79.70, also maintaining a Hold rating, with a 4% downside from the current price [41][45]. Market Dynamics - The report indicates that the localization ratio for analog ICs was 24% in 2024, with expectations for further increases due to tariff impacts [11][22]. - Domestic suppliers are expected to gain market share in the RF segment, particularly in mid- to high-tier smartphone models, as tariffs incentivize localization [15][16]. - The report notes that while discrete and power semiconductors have achieved high localization rates, further upside in these areas is limited compared to analog and RF segments [22][24]. Financial Projections - SG Micro's revenue estimates for 2025 are increased by 2% to RMB 4,101 million, with net profit estimates raised by 7% to RMB 706 million [30][31]. - Maxscend's revenue estimates for 2025 are lowered by 2% to RMB 5,340 million, with net profit estimates reduced by 18% to RMB 551 million [41][44]. - AccoTest's revenue is projected to reach RMB 1,186 million in 2025, with a net profit of RMB 471 million [57].

证券代码：688200 证券简称:华峰测控 公告编号：2025-023 北京华峰测控技术股份有限公司 关于参加 2024 年度科创板半导体设备行业 集体业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 4 月 28 日（星期一）15:00-17:00 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 总经理：蔡琳 副总经理：徐捷爽 投资者可于 2025 年 4 月 21 日（星期一）至 4 月 25 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@accotest.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 北京华峰测控技术股份有限公司（以下简称"公司"）已于 2025 年 3 月 14 日发布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its market position and growth potential [5][8]. Core Views - The company is recognized as a leading domestic and globally known supplier of semiconductor testing equipment, focusing on analog and mixed-signal testing devices, and has successfully broken the monopoly of foreign manufacturers [7][10]. - The company is expected to see significant revenue and profit growth in 2024, driven by the recovery of the semiconductor industry and increased demand from markets such as AI, new energy vehicles, consumer electronics, and IoT [21][42]. - The introduction of the STS8600 testing system is anticipated to create a second growth curve for the company, enhancing its product offerings in the SoC testing segment [10][44]. Summary by Sections Company Overview - The company has over 30 years of experience in the semiconductor testing equipment industry and has established itself as a leader in the domestic market [14]. - It has a clear shareholding structure with experienced management, which is crucial for its strategic direction and operational efficiency [14]. Financial Performance - In 2024, the company achieved a revenue of 905 million yuan, a year-on-year increase of 31.05%, and a net profit of 334 million yuan, up 32.69% from the previous year [21][23]. - The testing system business generated 815 million yuan in revenue, reflecting a growth of 37.52%, and accounted for 90.02% of total revenue [23][25]. Market Outlook - The global semiconductor equipment sales are projected to reach a new high of 117.1 billion USD in 2024, with testing equipment sales expected to grow significantly due to rising demand from AI and high-bandwidth memory [33][39]. - The domestic market for semiconductor testing machines is anticipated to grow at a compound annual growth rate (CAGR) of 11.4% from 2023 to 2027, indicating a robust demand for local manufacturers [40][42]. Growth Drivers - The company is focusing on expanding its product matrix in the analog, mixed-signal, and SoC testing equipment sectors, which are expected to drive future growth [16][44]. - The STS8300 testing system has gained significant market recognition, contributing to the company's increasing market share in the analog testing segment, projected to reach 36% in 2024 [43][44]. Profitability Forecast - The company forecasts net profits of 430 million yuan, 564 million yuan, and 721 million yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 28.76%, 31.14%, and 27.87% [5][52]. - The price-to-earnings (P/E) ratios for the upcoming years are projected to be 46.77, 35.67, and 27.89, indicating a favorable valuation compared to peers [5][52].

开源证券指出，商务部于2025年1月宣布将针对国内产业的诉求依法启动调查，或打破美企"低价换份 额"策略，推动国内消费、汽车及工业等终端需求加速转向本土。叠加国内关税反制政策落地，国产化 进程有望进一步提升。模拟芯片是以成熟制程的产品为主，国内供应链相对成熟。同时，国内模拟芯片 市场目前由国际大厂主导，国产化速度相对缓慢。随着中国开始对成熟制程芯片展开反倾销调查，我国 模拟芯片国产化进程有望加速。 科创芯片ETF（588200）跟踪科创芯片指数，该指数从科创板上市公司中选取业务涉及半导体材料和设 备、芯片设计、芯片制造、芯片封装和测试相关的证券作为指数样本。此外，科创芯片ETF（588200） 还配备了场外联接基金（A类：017469；C类：017470）。 消息面上，据央视新闻，由中国移动承建的全国首个"四算合一"算力网络调度平台日前正式投入使 用。"四算合一"是指将通用算力、智能算力、超级算力和量子算力四种计算能力融合的算力体系。据了 解，该算力调度平台可以支持每天上亿次的算力调用，能调度全国1/6的算力规模，算网一体化效率提 升20%。平台自有智算中心的芯片国产化率超过90%，兼容8种国产AI芯片，对保 ...

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry [1] Core Viewpoints - The increase in import tariffs on semiconductor equipment from the US is beneficial for the domestic replacement of both mature and advanced process equipment, supporting the trend of self-sufficiency [5][6] - The import value of semiconductor equipment from the US in 2024 is estimated to be approximately 33.7 billion yuan, accounting for about 20% of total imports [6][8] - The newly imposed 34% tariff on US imports is expected to increase the cost of imported equipment by over 50%, giving a significant price advantage to domestic equipment [5][6] - The report highlights that the major imported equipment from the US includes ion implantation and metrology equipment, with the largest import value for metrology equipment at approximately 12.25 billion yuan [7][8] - Major US equipment manufacturers have production bases in Singapore and Malaysia, which affects the reported import values [11] Summary by Sections Section 1: Impact of Tariffs - The increase in tariffs is expected to accelerate the domestic production of semiconductor equipment, particularly benefiting the mature process segment due to its price sensitivity [5][6] Section 2: Equipment Import Breakdown - In 2024, the largest import value from the US is for metrology equipment at 12.25 billion yuan, followed by ion implantation equipment at approximately 10.15 billion yuan [7][8] Section 3: Revenue from US Equipment Manufacturers - The combined revenue of four major US equipment manufacturers in China is estimated at around 120 billion yuan, indicating a significant market presence [11][15] Section 4: Investment Recommendations - The report recommends focusing on front-end and back-end semiconductor equipment manufacturers, highlighting specific companies such as North Huachuang and Zhongwei Company for front-end platform equipment, and others for various segments [18]

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry [1] Core Viewpoints - The increase in import tariffs on semiconductor equipment from the US is beneficial for the domestic replacement of both mature and advanced process equipment, supporting the trend of self-sufficiency [5][6] - The import value of semiconductor equipment from the US in 2024 is estimated to be approximately 33.7 billion yuan, accounting for about 20% of total imports [6][8] - The newly imposed 34% tariff on US imports is expected to increase the cost of imported key equipment by over 50%, giving a significant price advantage to domestic equipment [5][6] - The report highlights that the major imported equipment from the US includes ion implantation and metrology equipment, with the largest import value for metrology equipment at approximately 12.25 billion yuan [7][8] - Major US equipment manufacturers have production bases in Singapore and Malaysia, which affects the reported import values [11] Summary by Sections Section 1: Impact of Tariffs - The increase in tariffs is expected to accelerate the domestic replacement of semiconductor equipment, particularly benefiting mature process chips due to their price sensitivity [5][6] Section 2: Equipment Import Breakdown - In 2024, the largest import value from the US is for metrology equipment at 12.25 billion yuan, followed by ion implantation equipment at approximately 10.15 billion yuan [7][8] Section 3: Revenue from US Equipment Manufacturers - The combined revenue of four major US equipment manufacturers in China is estimated at around 120 billion yuan, indicating a significant presence in the market [11][12] Section 4: Investment Recommendations - The report recommends focusing on front-end and back-end semiconductor equipment and component manufacturers, highlighting specific companies such as North Huachuang and Zhongwei Company [18]

Group 1 - The annual general meeting of Beijing Huafeng Measurement and Control Technology Co., Ltd. was held on April 3, 2025, with no rejected proposals [2][3][7] - All current directors and supervisors attended the meeting, with 6 directors and 3 supervisors present [3][4] - The meeting approved several key proposals, including the 2024 annual report, the board of directors' work report, the supervisors' work report, the financial settlement for 2024, the budget for 2025, and the profit distribution plan for 2024 [5][6] Group 2 - The meeting's legal compliance was confirmed by Beijing Deheheng Law Firm, ensuring that all procedures and voting results adhered to relevant laws and regulations [6]

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also highlighting the importance of overseas factory layouts to mitigate tariff risks [3][4]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report notes that major engineering machinery companies have limited exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies such as SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report indicates that domestic forklift exports to the U.S. will face a 79% tariff, but the impact is manageable due to low exposure and pre-stocked inventory [3]. - It highlights the potential for growth in the domestic market driven by policies supporting electric vehicle adoption and logistics industry upgrades [3]. Semiconductor Equipment - The report suggests that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, such as North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the automation industry [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their strategic positions to capitalize on current market conditions [1][16].

Group 1 - The legal opinion letter confirms the legality and validity of the convening and holding procedures of the 2024 annual general meeting of Beijing Huafeng Measurement and Control Technology Co., Ltd. [2][9] - The meeting was convened by the company's board of directors based on a resolution from the ninth meeting of the third board, with the notice published on March 14, 2025 [3][4] - A total of 36 shareholders attended the meeting, representing a significant number of shares [4] Group 2 - The voting process combined on-site and online voting, adhering to relevant laws and regulations [5][8] - The voting results showed that 73,824,276 shares (99.9820%) were in favor of the proposals, with only 5,956 shares (0.0080%) against and 7,278 shares (0.0100%) abstaining [5][6][7] - The legal opinion concludes that the voting procedures and results are in compliance with the applicable laws and regulations [9]

Meeting Overview - The shareholders' meeting of Beijing Huafeng Measurement and Control Technology Co., Ltd. was held on April 3, 2025 [1] - The meeting took place at 95 Hao Yuan, Fenghao East Road, Haidian District, Beijing [1] - A total of 36 ordinary shareholders attended, holding 73,837,510 voting rights, which accounts for 54.5879% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved [1] - The voting results showed that 99.9820% of ordinary shareholders voted in favor of the proposals, with only 0.0080% against and 0.0100% abstaining [2] - The voting breakdown indicated that 70,633,053 votes (95.6601%) were in favor, while 3,197,179 votes (4.3300%) were against, and 7,278 votes (0.0099%) abstained [2] Legal Compliance - The meeting's convening and voting procedures complied with the Company Law, Securities Law, and relevant regulations [3] - The results of the voting were deemed legal and valid [3]