电子/半导体 公 司 研 究 华峰测控（688200.SH） 2024 年 10 月 29 日 2024Q3 业绩同比高增，AI 应用拉动测试机需求 ——公司信息更新报告 业绩同比高增，市场需求加速提升，维持"买入"评级 2024Q1-3 实现营收 6.21 亿元，同比+19.75%；实现归 +8.14%；扣非净利润 2.23 亿元，同比+15.72%；毛利 ；净利率 34.3%，同比-3.68pcts。其中，2024Q3 营收 ，环比-0.05%；归母净利润 1.01 亿元，同比+181.16%， 0.96 亿元，同比+161.48%，环比+1.12%，主要系市 77.69%，同比+3.87pcts，环比+1.41pcts；归母净利率 41.55%，同比+15.48pcts；环比+4.79pcts。我们维持公司 2024-2026 年盈利预测， 预计 2024/2025/2026 年归母净利润为 3.49/4.44/5.66 亿元，预计 2024/2025/2026 年 EPS 为 2.58/3.28/4.18 元，当前股价对应 PE 为 42.7/33.5/26.3 倍。伴随行业周 期回暖，我们看好公司订 ...

证券代码：688200 证券简称：华峰测控 公告编号：2024-046 北京华峰测控技术股份有限公司 第三届监事会第七次会议决议公告 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。 《关于公司 2024 年第三季度报告的议案》 公司 2024 年第三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。 表决结果：3 票同意，0 票反对，0 票弃权。 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第三季度报告》。 特此公告。 北京华峰测控技术股份有限公司监事会 2024 年 10 月 29 日 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"）第三届监事会第七次 会议于 2024 年 10 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 ...

Revenue and Profit - Revenue for the third quarter reached RMB 242.13 million, a year-on-year increase of 76.42%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 100.60 million, a year-on-year increase of 181.16%[2] - Total revenue for the first three quarters of 2024 reached 621,198,629.10 RMB, compared to 518,732,953.94 RMB in the same period last year[14] - Net profit for the first three quarters of 2024 was 213,093,657.21 RMB, up from 197,056,041.97 RMB in the same period last year[15] - Operating profit for the first three quarters of 2024 was 228,967,339.25 RMB, compared to 210,622,068.94 RMB in the same period last year[15] - Comprehensive income for the first three quarters of 2024 reached RMB 214,115,901.42, compared to RMB 232,041,402.47 in the same period of 2023[16] R&D and Expenses - R&D investment for the third quarter was RMB 43.86 million, accounting for 18.11% of revenue, a decrease of 6.6 percentage points compared to the same period last year[3] - R&D expenses increased to 120,879,307.89 RMB, up from 99,514,945.61 RMB in the same period last year[15] - Sales expenses increased to 102,493,255.72 RMB, up from 84,699,703.49 RMB in the same period last year[15] - Total operating costs for the first three quarters of 2024 were 385,925,600.42 RMB, compared to 339,002,532.24 RMB in the same period last year[14] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 3.68 billion, an increase of 6.06% compared to the end of the previous year[3] - The company's total equity attributable to shareholders of the listed company was RMB 3.44 billion, an increase of 3.12% compared to the end of the previous year[3] - Total assets increased to 3,677,100,960.02 RMB, up from 3,466,864,543.70 RMB in the previous period[12] - Total liabilities increased to 240,614,865.39 RMB, up from 134,370,580.57 RMB in the previous period[13] - Total equity attributable to the parent company increased to 3,436,486,094.63 RMB, up from 3,332,493,963.13 RMB in the previous period[13] - The company's monetary funds as of September 30, 2024, amounted to RMB 1,933,330,396.29[11] - Accounts receivable increased to RMB 445,634,474.39 as of September 30, 2024, compared to RMB 262,778,697.01 at the end of 2023[11] - Inventory increased to RMB 181,626,668.59 as of September 30, 2024, compared to RMB 141,630,115.69 at the end of 2023[11] - Total current assets as of September 30, 2024, amounted to RMB 2,820,042,319.39[11] - Fixed assets as of September 30, 2024, amounted to RMB 398,586,193.78[11] Cash Flow - Operating cash flow for the period from the beginning of the year to the end of the reporting period was RMB 17.51 million, a year-on-year decrease of 91.97%[2] - The decrease in operating cash flow was mainly due to reduced sales collections compared to the same period last year[6] - Net cash flow from operating activities for the first three quarters of 2024 was RMB 17,510,432.85, significantly lower than RMB 217,976,731.16 in the same period of 2023[18] - Net cash flow from investing activities for the first three quarters of 2024 was RMB 94,082,264.80, a significant improvement from a negative RMB 222,128,664.81 in the same period of 2023[18] - Cash and cash equivalents at the end of the third quarter of 2024 were RMB 995,703,996.28, compared to RMB 902,136,405.97 at the end of the same period in 2023[19] - The company received RMB 21,790,355.27 in tax refunds in the first three quarters of 2024, compared to RMB 32,460,286.52 in the same period of 2023[18] - Cash paid for goods and services in the first three quarters of 2024 was RMB 202,824,833.51, an increase from RMB 166,643,928.27 in the same period of 2023[18] - Cash paid to employees in the first three quarters of 2024 was RMB 196,831,176.31, compared to RMB 164,449,912.66 in the same period of 2023[18] - Cash received from sales of goods and services in the first three quarters of 2024 was RMB 481,700,156.23, a decrease from RMB 631,728,838.80 in the same period of 2023[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 7,282[9] - Tianjin Xinhua Investment Holding Co., Ltd. holds 37,236,420 shares, representing 27.49% of the total shares[9] - China Times Vision Technology Co., Ltd. holds 20,085,225 shares, representing 14.83% of the total shares[9] - Shenzhen Xinrui Venture Capital Partnership holds 6,739,150 shares, representing 4.98% of the total shares[9] - Hong Kong Securities Clearing Company Ltd. holds 6,276,328 shares, representing 4.63% of the total shares[9] Earnings and Returns - Basic earnings per share for the third quarter were RMB 0.84, a year-on-year increase of 223.08%[6] - Weighted average return on equity (ROE) for the third quarter was 2.95%, an increase of 1.86 percentage points compared to the same period last year[3] - Basic and diluted earnings per share for the first three quarters of 2024 were RMB 1.43, compared to RMB 1.46 in the same period of 2023[16] Non-Recurring Items - Non-recurring gains and losses for the third quarter amounted to RMB 4.36 million, primarily due to government subsidies and fair value changes in financial assets[5] - The company's other equity instrument investments had a fair value change of RMB 35,089,001.26 in the first three quarters of 2024[16] - Other comprehensive income after tax for the first three quarters of 2024 was 1,022,244.21 RMB, down from 34,985,360.50 RMB in the same period last year[15]

证券代码：688200 证券简称：华峰测控 公告编号：2024-045 北京华峰测控技术股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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：2024 年 10 月 29 日(星期二) 下午 16:00-17:00 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 投资者可于 2024 年 10 月 22 日(星期二) 至 10 月 28 日(星期一)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"）将于 2024 年 10 月 29 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公 ...

Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its growth prospects and market position [2][4] Core Views - The company is a leading domestic semiconductor testing equipment supplier, with a strong focus on R&D and overseas market expansion [1] - Overseas sales network expansion is progressing smoothly, with new subsidiaries and factories established in Japan, Malaysia, and the US [1] - The company is expected to benefit from the localization trend in the semiconductor industry, driving future performance growth [2] Financial Performance and Projections - Revenue is projected to grow from 1,071 million RMB in 2022 to 1,535 million RMB in 2026, with a CAGR of 30% [3] - Net profit is forecasted to increase from 526 million RMB in 2022 to 605 million RMB in 2026, with a CAGR of 31.89% [3] - EPS is expected to rise from 5.78 RMB in 2022 to 4.47 RMB in 2026 [3] - ROE (diluted) is projected to improve from 16.77% in 2022 to 13.96% in 2026 [3] Overseas Expansion - The company has established a full-scale sales and service subsidiary in Japan, a factory in Malaysia, and a subsidiary in Silicon Valley, USA [1] - The first test machine produced in the Malaysia factory was successfully installed at Unisem's facility in Malaysia [1] Talent Development - The company has 693 employees as of Q2 2024, with 330 R&D personnel, accounting for 47.62% of the total workforce [1] - R&D personnel increased by 22.22% compared to the same period in 2023 [1] - The company emphasizes talent cultivation through campus recruitment, social recruitment, and enhanced university-industry collaboration [1] Valuation Metrics - The company's PE ratio is projected to decrease from 41x in 2024 to 23x in 2026 [2] - PB ratio is expected to decline from 4.0x in 2024 to 3.3x in 2026 [3] - EV/EBITDA is forecasted to drop from 30.7x in 2024 to 18.7x in 2026 [7] Profitability and Efficiency - Gross margin is expected to remain stable around 73-75% from 2024 to 2026 [7] - EBITDA margin is projected to improve from 45.5% in 2024 to 44.8% in 2026 [7] - ROA is forecasted to increase from 8.9% in 2024 to 12.3% in 2026 [7] Market Position - The company is a domestic leader in semiconductor testing equipment, with products covering analog, mixed-signal, discrete devices, and power modules [1] - It has achieved import substitution in analog and mixed-signal semiconductor testing systems and expanded into GaN, SiC, and IGBT testing [1]

证券代码：688200 证券简称：华峰测控 公告编号：2024-044 北京华峰测控技术股份有限公司 2024 年半年度 权益分派实施公告 二、 分配方案 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （北京华峰测控技术股份有限公司回购专用证券账户除外）。 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/10/10 | 2024/10/11 | 2024/10/11 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经北京华峰测控技术股份有限公司（以下简称"公司"）2024 年 9 月 12 日的 2024 年第二次临时股东大会审议通过。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所上 市公司自律监管指引第 7 号— ...

北京德和衡律师事务所 德和衡证律意见（2024）第511号 致：北京华峰测控技术股份有限公司 关于 北京华峰测控技术股份有限公司 差异化分红事项之 专项法律意见书 德和衡证律意见（2024）第511号 中国北京市朝阳区建国门外大街 2 号银泰中心 C 座 12 层 Tel：010-85407666 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 差异化分红事项之专项法律意见书 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，根据《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》）、《上海证券交 易所上市公司自律监管指引第 7 号——回购股份》（以下简称《回购股份指引》）等法 律、法规及规范性文件以及《北京华峰测控技术股份有限公司章程》（以下简称《公司 章程》）就公司 2024 年半年度利润分配所涉及的差异化事项（以下简称"本次差异化 分红"）出具本法律意见书。 本所在出具本法律意见书之前已得到公司的保证，即公司提供给本所律师的所有文 件及相 ...

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 ...