Investment Rating - The investment rating for the company is "Buy" and is maintained [18]. Core Views - The company's revenue for 2023 was 691 million yuan, a year-on-year decrease of 35.47%, with a net profit attributable to the parent company of 252 million yuan, down 52.18% year-on-year [2][24]. - The semiconductor industry's low demand has significantly impacted the company's performance, particularly affecting traditional product orders [2][3]. - The company is focusing on new product development, with an increase in the proportion of new products and ongoing communication with clients regarding the SoC testing machine platform [3][4]. - The company is accelerating its overseas expansion, with nearly 13% of revenue coming from international markets in 2023, which is expected to increase in 2024 [3][4]. - A potential industry recovery is anticipated, with projections for net profits of 347 million, 432 million, and 603 million yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 39, 32, and 23 times [4][24]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 691 million yuan, a decrease of 35.47% year-on-year, and a net profit of 252 million yuan, down 52.18% year-on-year [2][24]. - The fourth quarter of 2023 saw a revenue of 172 million yuan, a year-on-year decline of 41.14%, with a net profit of 55 million yuan, down 62.28% year-on-year [2]. - The first quarter of 2024 reported a revenue of 137 million yuan, a decrease of 31.61% year-on-year, with a net profit of 23 million yuan, down 68.62% year-on-year [2]. Product Development and Market Strategy - The company has increased its R&D investment, with a gross margin exceeding 75% in Q4 2023 and Q1 2024, indicating recovery from previous product structure changes [18]. - The company is actively developing new products, including the SoC testing machine 8600, and has begun validation work with clients in the computing chip design sector [3][4]. - The company has established a global installed base for its 8300 product and is building an ecosystem around it, with the second generation of digital boards already in place [3]. Overseas Expansion - The company has made significant strides in expanding its international market presence, establishing subsidiaries and offices in multiple countries, including Malaysia, the USA, Japan, and South Korea [3]. - The overseas revenue contribution is expected to grow, with the company’s products already entering international markets [3][4]. Future Outlook - The company anticipates a recovery in industry demand, with expectations for improved order conditions in 2024 compared to 2023 [19]. - Projections for future net profits indicate a positive growth trajectory, with expected profits of 347 million yuan in 2024, 432 million yuan in 2025, and 603 million yuan in 2026 [4][24].

北京华峰测控技术股份有限公司 2023年年度股东大会 会议材料 二零二四年五月 华峰测控2023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。 华峰测控2023年年度股东大会 四、股东（或股东代表）依法享有发言权、咨询权和表决权 ...

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个别及连带责任。 重要内容提示： 会议召开时间：2024 年 5 月 15 日（星期三）15:00-17:00 证券代码：688200 证券简称：华峰测控 公告编号：2024-015 北京华峰测控技术股份有限公司 关于参加 2023 年度科创板半导体设备专场 业绩说明会暨 2024 年第一季度业绩说明会的公告 会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 5 月 14 日（星期二）16:00 前通过邮件、电话等形式 将需要了解和关注的问题提前提供给公司。公司将在文字互动环节对投资者普遍 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 2024 年 4 月 26 日发布公司 2023 年年度报告及 2024 年第一季度报告，为便于广大投资者更全面 深入地了解公司 2023 年度和 2024 年第一季度的经营成果、财 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [17][22]. Core Views - The semiconductor industry is experiencing a downturn, leading to a 35% year-over-year decline in revenue and a 52% drop in net profit for the company in 2023. However, there are signs of recovery in the industrial, communication, and consumer electronics markets since the second half of 2023, with a gradual increase in orders [19][24]. - The company is expanding its product offerings, particularly with the new 8600 digital testing machine, which is expected to significantly enhance its market position in the SoC, RF chip, and MCU testing markets, with potential market space expansion exceeding four times [2][26]. Financial Summary - The company's revenue for 2023 was 691 million yuan, down 35% year-over-year, with a net profit of 252 million yuan, a decrease of 52%. The gross margin was 72.5%, down 4.4 percentage points [24]. - For 2024, the company forecasts revenue of 835 million yuan and a net profit of 400 million yuan, with expected growth rates of 21% and 59% respectively [18][26]. - The company’s cash flow from operating activities is projected to be 270 million yuan in 2024, with earnings per share expected to rise to 2.95 yuan [18][24]. Market Position - The company holds approximately 24% of the global mixed-signal and digital testing machine market, indicating significant room for growth [2]. - The STS8200 testing system is a leader in the domestic market for analog and power semiconductor testing, while the STS8300 system is gaining recognition in power management and mixed-signal IC testing [25].

[Table_Title] 评级：买入（维持） 市场价格：112.00 元/股 华峰测控：业绩受行业景气拖累，数字测试机打开成长空间 执业证书编号：S0740521120002 执业证书编号：S0740521120001 执业证书编号：S0740522120002 [Table_Industry] [Table_Profit] 基本状况 总股本(百万股) 135 流通股本(百万股) 135 市价(元) 112.00 市值(百万元) 15,161 流通市值(百万元) 15,161 分析师：王芳 分析师：杨旭 分析师：游凡 投资要点 【2023】 ◼ 景气低迷公司业绩承压，24Q1 订单稳步回升 ◼ 新能源需求拉动 8200 成长，8300 进入放量期 ◼ 8600 打开数字测试机广阔空间 ◼ 投资建议 [Table_QuotePic] 股价与行业-市场走势对比 -80% -60% -40% -20% 0% 20% 2023-052023-062023-072023-082023-092023-102023-112023-122024-012024-022024-032024-04 华峰测控 沪深300 请务必阅 ...

证 券 研 究 报 告 上 市 公 司 证券的投资评级： 以报告日后的 6 个月内，证券相对于市场基准指数的涨跌幅为标准，定义如下： 买入（Buy） 增持（Outperform） 中性 (Neutral) 减持 (Underperform) ：相对强于市场表现 20％以上； ：相对强于市场表现 5％～20％； ：相对市场表现在－5％～＋5％之间波动； ：相对弱于市场表现 5％以下。 行业的投资评级： 以报告日后的 6 个月内，行业相对于市场基准指数的涨跌幅为标准，定义如下： 看好（Overweight） 中性 (Neutral) 看淡 (Underweight) ：行业超越整体市场表现； ：行业与整体市场表现基本持平； ：行业弱于整体市场表现。 我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相对评级体系，表示投资的相对比重建议；投 资者买入或者卖出证券的决定取决于个人的实际情况，比如当前的持仓结构以及其他需要考虑的因素。投资者应阅读整篇报告，以 获取比较完整的观点与信息，不应仅仅依靠投资评级来推断结论。申银万国使用自己的行业分类体系，如果您对我们的行业分类有 兴趣，可以向我们的销售 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [20][22]. Core Views - The company's Q1 2024 performance is under pressure, but an industry recovery is anticipated to drive a rebound in orders [5][10]. - The gross margin has improved year-on-year, reflecting a positive trend despite short-term challenges [22][23]. - The company is expanding its testing product lines, which will facilitate the penetration of domestic equipment into the market [6][10]. Financial Summary - For Q1 2024, the company reported revenue of 137 million, a year-on-year decrease of 31.61% and a quarter-on-quarter decrease of 20.51%. The net profit attributable to the parent company was 23 million, down 68.62% year-on-year and 57.07% quarter-on-quarter [22][23]. - The gross margin for Q1 2024 was 75.09%, an increase of 5.41 percentage points year-on-year [22][23]. - The company has adjusted its profit forecasts for 2024-2025, now expecting net profits of 349 million and 444 million respectively, with EPS projected at 2.58 and 3.28 [22][24]. Market Position and Strategy - The company has expanded its testing machine products from traditional analog to SoC, mixed-signal, and power testing, showing significant advantages in performance and reliability [23]. - As of the end of 2023, the company has installed over 6,000 self-developed testing devices globally, indicating strong market presence [23]. - The company aims to stabilize its existing product base while developing new products to meet the recovering domestic market demand [23].

Investment Rating - The investment rating for Huafeng Test (688200 SH) is **Buy-A (Maintained)** [3] Core Views - **Order Recovery in H2 2023**: The company's orders gradually recovered in the second half of 2023, driven by the development of AI and other innovative technologies, which boosted the industrial, communication, and consumer electronics markets [3] - **STS 8600 Expansion**: The launch of the STS 8600, a new generation of testing equipment for large-scale SoC chips, has broadened the company's product line and testing capabilities, providing strong support for long-term growth [3] - **Industry Recovery**: The semiconductor industry is expected to recover in 2024, with the global testing equipment market projected to rebound. The domestic push for mature process capacity expansion also presents opportunities for domestic testing equipment manufacturers [3] - **Market Share and Competition**: Huafeng Test and Changchuan Technology have increased their market share in the domestic semiconductor testing equipment market to 8% and 5% respectively in 2021. The company is well-positioned to benefit from the growing demand for high-end SoC and memory testing equipment [3] Financial Data and Valuation - **Revenue and Profit Decline in 2023**: The company reported a revenue of 691 million yuan in 2023, a decrease of 35 47% YoY, and a net profit of 252 million yuan, down 52 18% YoY [3] - **Future Projections**: Revenue is expected to grow to 754 million yuan in 2024, 903 million yuan in 2025, and 1 059 billion yuan in 2026, with net profit projected to reach 252 million yuan, 354 million yuan, and 448 million yuan respectively [16][17] - **Valuation Metrics**: The company's P/E ratio is expected to be 54 0x in 2024, 38 4x in 2025, and 30 4x in 2026, with a P/B ratio of 3 8x, 3 6x, and 3 3x respectively [17] Industry and Market Analysis - **Global Testing Equipment Market**: The global testing equipment market was valued at 6 32 billion USD in 2023, accounting for 6 3% of the total semiconductor equipment market. The market is expected to recover in 2024 as industry conditions improve [3] - **Domestic Market Growth**: China's mature process capacity is expected to increase from 31% of the global total in 2023 to 39% by 2027, driven by domestic expansion and advanced packaging technologies. This growth is expected to benefit domestic testing equipment manufacturers [3] - **Competitive Landscape**: In the global testing equipment market, Advantest holds a 58% market share, with 59% in the SoC testing segment and 56% in the memory testing segment. Huafeng Test is focusing on increasing its market share in high-end SoC and memory testing equipment [3] Product and Technology - **STS 8600**: The STS 8600 is designed to compete with Advantest's V93000, offering advanced features such as a new software architecture, distributed multi-station parallel control system, and water-cooling system. It is expected to enhance the company's capabilities in high-end SoC testing [25] - **Future Demand**: The development of mobile processors, high-performance computing (HPC), and AI integrated circuits is expected to drive demand for advanced testing solutions, including those offered by Huafeng Test [25]

证券研究报告·公司点评报告·半导体 华峰测控（688200） 2023 年报&2024 年一季报点评：业绩短期承 压，看好后续封测需求回暖 2024 年 04 月 28 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|---------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1,070.56 | 690.86 | 906.65 | 1,163.24 | 1,338.38 | | 同比（ % ） | 21.89 | (35.47) | 31.24 | 28.30 | 15.06 | | 归母净利润（百万元） | 526.29 | 251.65 | 344.96 | 458.49 | 538.59 | | 同比（ % ） | 19.95 | (52.18) | 37.08 | 32.91 | 17.47 ...

证券代码：688200 证券简称：华峰测控 公告编号：2024-014 北京华峰测控技术股份有限公司 第三届监事会第二次会议决议公告 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"）第三届监事会第二次 会议于 2024 年 4 月 25 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 2023 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。 本议案需提交公司 2023 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 2023 年年度报告》和《北京华峰测控技术股份有 限公司 2023 年年度报告 ...