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 2023 年度持续督导跟踪报告 中国国际金融股份有限公司（以下简称"中金公司"或"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》和《上海 证券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定对北京华峰 测控技术股份有限公司（以下简称"华峰测控"或"公司"）进行持续督导，并出具 本持续督导跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并 | 保荐机构已建立健全并有效执行 | | 1 | 针对具体的持续督导工作制定相应的工作计 | 了持续督导制度，并制定了相应的 | | | 划 | 工作计划 | | | 根据中国证监会相关规定，在持续督导工作 | 保荐机构已与华峰测控签订承销 | | 2 | 开始前，与上市公司或相关当事人签署持续 | 及保荐协议，该协议明确了双方在 | | | 督导协议，明确双方在持续督导期间的权利 | 持续督导期间的权利和义务，并报 | | | 义务，并报上海证券交 ...

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 首次公开发行股票并在科创板上市之持续督导保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《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）核准并经上 海证券交易所同意，公司获准向社会公开发行人民币普通股 15,296,297 股（以下简称 "首次公开发行"），募集资金总额为 164,297.53 万元。 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）担任华峰测 控首次公开发行股票并在科创板上市的保荐机构，根据《上海证券交易所科创板股票上 市规则》的相关规定，中金公司的持续督导期间为 2020 年 2 月 18 日至 2023 年 12 月 31 日。截至 2023 年 12 月 31 日，前述持续督导期限已届满。 截至 2023 年 12 月 31 日，公司首次公开发行的募集资金尚未使用完毕，中金公司将 对其募集资金使用情况继续履行持续督导义务。 中金公司根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律 监管指引第 11 号——持续督导》《上海证券交易 ...

Investment Rating - The report maintains an "Accumulate-A" investment rating with a target price of 145.2 CNY for the next six months [3][29]. Core Views - The company reported a revenue of 691 million CNY for 2023, a year-on-year decrease of 35.47%, with a net profit attributable to the parent company of 252 million CNY, down 52.18% year-on-year [1][28]. - The introduction of the STS8600 model is expected to open new growth opportunities in the SoC testing field, moving beyond traditional analog and power chip testing systems [2][28]. Financial Performance Summary - For Q4 2023, the company achieved a revenue of 172 million CNY, a year-on-year decrease of 41.14%, but a quarter-on-quarter increase of 25.42% [1]. - In Q1 2024, the company reported a revenue of 137 million CNY, down 31.61% year-on-year and 20.51% quarter-on-quarter [1]. - The gross margin for 2023 was 72.47%, down 4.41 percentage points year-on-year, while the net margin was 36.43%, down 12.73 percentage points year-on-year [28]. Future Projections - Revenue projections for 2024 to 2026 are estimated at 829 million CNY, 1.036 billion CNY, and 1.295 billion CNY, respectively, with net profits of 328 million CNY, 414 million CNY, and 550 million CNY [3][17].

资本公积 1,800.09 1,800.76 1,800.76 1,800.76 1,800.76 营业收入 负债和股东权益总计 3,371.36 3,466.86 3,852.49 4,052.02 4,677.44 毛利率 本报告署名分析师在此声明：我们具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，本报告所表述的 所有观点均准确地反映了我们对标的证券和发行人的个人看法。我们所得报酬的任何部分不曾与，不与，也将不会与本报告中 的具体投资建议或观点有直接或间接联系。 在法律许可的情况下，天风证券可能会持有本报告中提及公司所发行的证券并进行交易，也可能为这些公司提供或争取提供投 资银行、财务顾问和金融产品等各种金融服务。因此，投资者应当考虑到天风证券及/或其相关人员可能存在影响本报告观点客 观性的潜在利益冲突，投资者请勿将本报告视为投资或其他决定的唯一参考依据。 请务必阅读正文之后的信息披露和免责申明 3 业绩概况： 1）实现营收 1.37 亿元，同比-31.61%；实现归母净利润 0.23 亿元，同比 -68.62%；实现扣非归母净利润 0.32 亿元，同比-55.2%。 2）毛利率 75 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 112.00 CNY per share [1]. Core Views - The company's performance is under pressure due to industry downturns, but there are signs of order recovery in Q1 2024 [3][16]. - Demand from the new energy sector is expected to drive growth for the STS8200 model, while the STS8300 is entering a phase of increased production [3][16]. - The introduction of the STS8600 digital testing machine opens up significant growth opportunities in the market [3][17]. - The company is positioned as a leader in the domestic testing machine market, with new products likely to capture opportunities in the SoC market, indicating a broad long-term growth potential [17]. Summary by Sections Financial Overview - Total shares outstanding: 135 million - Market capitalization: 15,161 million CNY - Revenue for 2023 is projected at 691 million CNY, a decrease of 35% year-on-year, with a net profit of 252 million CNY, down 52% [3][14]. - The gross margin for 2023 is reported at 72.47%, a decline of 4.4 percentage points [15]. Profit Forecast - Revenue projections for 2024 and 2025 are 835 million CNY and 1,075 million CNY, respectively, with expected growth rates of 21% and 29% [14]. - Net profit is forecasted to recover to 400 million CNY in 2024 and 500 million CNY in 2025, with growth rates of 59% and 25% [14]. - Earnings per share (EPS) are expected to rise from 1.86 CNY in 2023 to 2.95 CNY in 2024 and 3.69 CNY in 2025 [14]. Market Position - The global market for mixed-signal testing machines is valued at 630 million USD, with the company holding approximately 24% market share [17]. - The company is expanding its product line with the STS8600, which has a testing capacity of 1,024 analog channels and 5,120 digital channels, significantly increasing its market potential [17].

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 ...