Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's performance in Q3 met expectations, with accelerated deliveries and steady progress in new product development. The company is focusing on high R&D investments to support its product lineup, particularly in the electron beam critical dimension measurement equipment, which will enhance its capabilities in the electron beam sector [2][3]. Financial Summary - Revenue for Q1-Q3 2024 reached 0.812 billion, representing a year-on-year increase of 38.21%. The net profit attributable to the parent company was -0.052 billion, while the net profit excluding non-recurring items was -0.125 billion. The poor profit performance is attributed to increased R&D investments aimed at positioning for new products [3][4]. - For Q3 2024, revenue was 0.349 billion, up 56.79% year-on-year, with a net profit of 0.016 billion. The gross margin for Q3 was 49.64%, an increase of 2.06 percentage points year-on-year and 11.77 percentage points quarter-on-quarter [3][4]. - The company has adjusted its revenue forecasts for 2024-2026 to 1.350 billion, 2.012 billion, and 3.004 billion respectively, up from previous estimates of 1.301 billion, 1.934 billion, and 2.845 billion. EPS estimates for the same period have been revised down to 0.31, 0.83, and 2.05 yuan respectively [3][4]. Product Development - The company is advancing its product lineup, including: 1. Mass-produced products such as non-graphic wafer defect detection, which is gaining market share. 2. Ongoing development in advanced packaging fields like HBM and 2.5/3D. 3. Steady progress in the development of advanced models for film thickness measurement and overlay accuracy measurement [3]. - The company is also validating products with domestic customers, with small batch shipments for bright field and dark field products [3]. Market Positioning - The company is positioned to cover both optical and electron beam measurement sectors, which opens up significant growth potential. The electron beam critical dimension measurement equipment accounts for 8.1% of the value of measurement equipment, indicating a strategic move to enhance its product offerings [3]. Valuation - The target price has been raised to 94.32 yuan from the previous 81.31 yuan, based on a 15x PS for 2025, reflecting the company's growth potential and low domestic replacement rate in the measurement segment [3][5].

Investment Rating - The report maintains a "Buy" rating for the company, reflecting a positive outlook on its future performance [6] Core Views - The company's gross margin has significantly rebounded, with a single-quarter revenue growth rate of nearly 60% [2] - New orders continue to grow, and the verification of new equipment is progressing smoothly, indicating potential for future expansion [5] - The company's R&D investment remains high, with a slight decline in R&D expense ratio, supporting long-term growth [5] - The domestic market for inspection and measurement equipment has significant potential for localization, with urgent demand for self-sufficiency [6] Financial Performance - In Q3 2024, the company reported revenue of 349 million yuan, a year-on-year increase of 56.8%, and a quarter-on-quarter increase of 52.7% [4] - The gross margin in Q3 2024 was 49.6%, an increase of 11.7 percentage points compared to Q2 2024, leading to a positive net profit of 16.13 million yuan [5] - For the first nine months of 2024, the company's revenue was 812 million yuan, a year-on-year increase of 38.2%, with a gross margin of 47.69% [4] - The company's R&D expenses for the first nine months of 2024 reached 335 million yuan, a year-on-year increase of 131.8%, with an R&D expense ratio of 41.2% [5] Market and Industry Analysis - The domestic inspection and measurement equipment industry has significant potential for localization, with urgent demand for self-sufficiency due to the importance of these devices in the semiconductor supply chain [6] - The company is expected to maintain a rapid increase in market share and expand its product portfolio through continuous technological breakthroughs [6] Financial Projections - The report forecasts the company's net profit for 2024-2026 to be 143 million yuan, 210 million yuan, and 332 million yuan, respectively, with year-on-year growth rates of 1.9%, 46.6%, and 58.5% [6] - The company's revenue is expected to grow to 1.37 billion yuan in 2024, 1.86 billion yuan in 2025, and 2.37 billion yuan in 2026, with year-on-year growth rates of 53.7%, 35.7%, and 27.3%, respectively [7] - The gross margin is projected to be 46.4% in 2024, 47.2% in 2025, and 48.1% in 2026 [7]

证券研究报告·公司点评报告·半导体 中科飞测（688361） 2024 年三季报点评：Q3 业绩环比修复，研发 投入维持高位 2024 年 10 月 31 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） | 509.24 | 890.90 | 1,293.07 | 1,985.41 | 2,951.53 | | 同比（ % ） | 41.24 | 74.95 | 45.14 | 53.54 | 48.66 | | 归母净利润（百万元） | 11.97 | 140.35 | 44.08 | 263.74 | 418.90 | | 同比（ % ） | (77.59) | 1,072.38 | (68.59) | 498.38 | 58.83 | ...

证券研究报告·公司点评报告·半导体 中科飞测（688361） 2024 年三季报点评：Q3 业绩环比修复，研发 投入维持高位 2024 年 10 月 31 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） | 509.24 | 890.90 | 1,293.07 | 1,985.41 | 2,951.53 | | 同比（ % ） | 41.24 | 74.95 | 45.14 | 53.54 | 48.66 | | 归母净利润（百万元） | 11.97 | 140.35 | 44.08 | 263.74 | 418.90 | | 同比（ % ） | (77.59) | 1,072.38 | (68.59) | 498.38 | 58.83 | ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥348,607,179.93, representing a year-on-year increase of 56.79% and a quarter-on-quarter increase of 52.70%[3]. - The net profit attributable to shareholders for Q3 2024 was ¥16,129,229.37, a decrease of 51.39% year-on-year but an increase of 115.77% quarter-on-quarter[3]. - Total operating revenue for the first three quarters of 2024 reached ¥812,429,412.28, a significant increase of 38.1% compared to ¥587,815,988.49 in the same period of 2023[15]. - The company reported a net loss of ¥52,454,293.01 for the first three quarters of 2024, contrasting with a profit of ¥79,082,621.34 in the same period of 2023[15]. - The net profit for the first three quarters of 2024 was -51,885,433.35 RMB, compared to a net profit of 79,122,653.17 RMB in the same period of 2023, representing a significant decline[16]. - The total comprehensive income for the first three quarters of 2024 was -52,209,636.55 RMB, compared to 79,193,163.78 RMB in the same period of 2023[16]. - The basic and diluted earnings per share for the first three quarters of 2024 were both -0.16 RMB, down from 0.29 RMB in the same period of 2023[16]. Research and Development - Research and development (R&D) expenses totaled ¥127,972,831.58 in Q3 2024, marking a significant increase of 167.36% year-on-year[3]. - R&D expenses accounted for 36.71% of operating revenue in Q3 2024, an increase of 15.18 percentage points compared to the same period last year[3]. - Research and development expenses surged to ¥335,115,095.66 in the first three quarters of 2024, compared to ¥144,561,274.39 in 2023, marking an increase of 132.5%[15]. Assets and Liabilities - The total assets of the company at the end of Q3 2024 were ¥3,939,097,956.50, reflecting a year-on-year increase of 14.91%[3]. - Total assets increased to ¥3,939,097,956.50 as of the end of Q3 2024, compared to ¥3,428,017,518.02 at the end of Q3 2023, representing a growth of 14.9%[14]. - Non-current liabilities totaled ¥301,827,124.75 in Q3 2024, up from ¥163,744,425.26 in Q3 2023, indicating an increase of 84.5%[14]. - The total liabilities of the company reached ¥1,566,122,800.41 in Q3 2024, compared to ¥1,017,060,959.39 in Q3 2023, an increase of 54.0%[14]. - The company's equity attributable to shareholders decreased to ¥2,372,975,156.09 in Q3 2024 from ¥2,410,956,558.63 in Q3 2023, a decline of 1.6%[14]. - Deferred income increased significantly to ¥118,629,877.87 in Q3 2024, compared to ¥52,965,192.92 in Q3 2023, representing a growth of 123.0%[14]. Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥197,846,175.03, a decline of 1,276.26% year-on-year[2]. - Cash inflows from operating activities for the first three quarters of 2024 totaled 1,172,405,276.94 RMB, compared to 819,833,508.48 RMB in the same period of 2023[18]. - Cash outflows from operating activities for the first three quarters of 2024 were 1,370,251,451.97 RMB, compared to 803,013,641.04 RMB in the same period of 2023[18]. - The net cash flow from operating activities for the first three quarters of 2024 was -197,846,175.03 RMB, compared to 16,819,867.44 RMB in the same period of 2023[18]. - Cash inflows from investing activities for the first three quarters of 2024 were 2,274,937,428.42 RMB, compared to 337,612,103.51 RMB in the same period of 2023[19]. - Cash outflows from investing activities for the first three quarters of 2024 totaled 1,895,009,976.95 RMB, compared to 1,444,628,705.22 RMB in the same period of 2023[19]. - The net cash flow from investing activities for the first three quarters of 2024 was 379,927,451.47 RMB, compared to -1,107,016,601.71 RMB in the same period of 2023[19]. - The net cash flow from financing activities for the first three quarters of 2024 was -107,579,090.06 RMB, compared to 1,552,609,584.14 RMB in the same period of 2023[19]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 10,132[8]. - The largest shareholder, Suzhou Yiliu Mingguang Technology Co., Ltd., holds 37,800,963 shares, accounting for 11.81% of the total shares[8]. - The total number of shares held by the top ten unrestricted shareholders was 99,000,000 shares, with the largest being Guotou (Shanghai) Venture Capital Management Co., Ltd. at 36,465,943 shares[11]. - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[12]. Operational Focus - The company continues to focus on high-end semiconductor quality control, with ongoing progress in new equipment validation and a growing order scale[4]. - The company is focusing on expanding its market presence and developing new technologies, although specific details were not disclosed in the report[10]. - There are no significant reminders or additional important information regarding the company's operational status during the reporting period[12]. Stock Incentive Plan - The company has implemented a restricted stock incentive plan for 2024 to stabilize its core talent team, which has led to increased share-based payment expenses[6].

证券代码：688361 证券简称：中科飞测 公告编号：2024-042 深圳中科飞测科技股份有限公司 关于注销部分募集资金专户的公告 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、准确性和完整性依法承担法律责任。 深圳中科飞测科技股份有限公司（以下简称"公司"）首次公开发行股票募 集资金按照相关法律、法规和规范性文件的规定在银行开立了募集资金专户。为 方便公司资金账户管理，减少管理成本，公司拟注销部分募集资金专户，现将具 体情况公告如下： 三、本次注销的募集资金专户情况 截至本公告披露日，公司部分募集资金专户余额较少，为方便公司资金账户 管理，减少管理成本，公司于 2024 年 10 月 30 日召开董事会审议并通过《关于 注销部分募集资金专项账户的议案》，同意注销上述募集资金专户。募集资金专 户注销前存在银行结息等少量余额的，公司将转入其他未注销的募集资金专户进 行存放及管理。募集资金专户注销后公司与该募集资金专户开户银行、保荐机构 签订的募集资金监管协议相应终止。 | | | 2 一、募集资金的基本情况 中国证券监督管理委员会于 2023 年 2 月 ...

证券代码：688361 证券简称：中科飞测 公告编号：2024-041 深圳中科飞测科技股份有限公司 第二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。 一、 监事会会议召开情况 深圳中科飞测科技股份有限公司（以下简称"公司"）第二届监事会第七次 会议于 2024 年 10 月 30 日以通讯表决方式在公司会议室召开，会议通知于 2024 年 10 月 25 日以电子邮件方式送达至全体监事。本次会议应到监事 3 人，实到监 事 3 人，会议由监事会主席陈彬女士召集并主持。会议的召集和召开程序符合 《中华人民共和国公司法》和《深圳中科飞测科技股份有限公司章程》等相关规 定，会议形成的决议合法、有效。 二、 监事会会议审议情况 （一）审议通过《关于公司<2024 年第三季度报告>的议案》 监事会认为：公司 2024 年第三季度报告的编制和审议程序符合《上海证券 交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关法律法规和规范性文件及《深圳中科飞测科技股 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a first-time coverage [6] Core Views - The company is a leading domestic player in semiconductor metrology and inspection equipment, positioned as a pioneer in import substitution [6] - Its product portfolio is rapidly expanding, with significant progress in domestic substitution [6] - The company achieved revenue of 891 million yuan in 2023, a 75% YoY increase, and net profit of 140 million yuan, a 1,072% YoY increase [6] Company Overview - Founded in 2014 under the incubation of the Chinese Academy of Sciences' Institute of Microelectronics, the company offers nine series of products, including nano-pattern wafer inspection, patternless wafer inspection, critical dimension measurement, and 3D topography measurement equipment, covering nodes below 28nm [2][6] - Major clients include SMIC, Yangtze Memory, Silan Microelectronics, JCET, Huatian Technology, and Tongfu Microelectronics [2][6] - The company went public on the STAR Market on May 19, 2023 [13] Industry Development - Semiconductor metrology and inspection equipment is critical for ensuring high chip yield, with a global market size of approximately 12.8 billion USD in 2023, accounting for 12% of the global semiconductor equipment market [7] - The market is dominated by overseas companies, with the top five players holding over 86% market share, led by KLA with a 56% share [7] - Domestic substitution is urgent, as the localization rate in China is less than 10%, lagging behind other sectors like etching, deposition, and cleaning [7] Business Progress - The company has successfully launched new products and upgraded existing ones to more advanced process nodes [8] - Key products, such as patternless wafer inspection and critical dimension measurement equipment, have achieved mass sales and are breaking into more advanced nodes [8] - New products, including bright-field and dark-field nano-pattern wafer inspection equipment, have started shipping, with OCD equipment showing promising results in client validation [8] - R&D investment reached 228 million yuan in 2023, accounting for 26% of revenue, with 465 R&D personnel, representing 44.4% of the total workforce [8] Financial Performance - Revenue in 2023 was 891 million yuan, a 75% YoY increase, with a gross margin of 52.6%, up 3.9 percentage points YoY [19] - Net profit in 2023 was 140 million yuan, a significant increase from the previous year [6] - The company expects net profit to grow to 146 million yuan in 2024, 268 million yuan in 2025, and 451 million yuan in 2026, with PE ratios of 160x, 87x, and 52x, respectively [9] Product Portfolio - The company's product line includes six categories of mass-produced equipment, such as patternless wafer inspection, patterned wafer inspection, 3D topography measurement, and overlay accuracy measurement [17] - Three additional products are in the industrialization verification stage, including bright-field and dark-field nano-pattern wafer inspection equipment [17] - The company is also developing wafer flatness measurement and multi-mode high-precision 3D wafer topography measurement equipment [17] R&D and Innovation - The company has a strong R&D team, with 465 R&D personnel accounting for 44.4% of the total workforce [8] - It holds 558 patents, including 135 invention patents [8] - The company's R&D expenses in 2023 were 228 million yuan, representing 25.6% of revenue [21] Market Position and Competition - The company is one of the leading domestic players in the semiconductor metrology and inspection equipment market, alongside Jingce Electronics [7] - The domestic market is highly fragmented, with most companies covering only three to four sub-segments [59] - The company's product matrix is relatively comprehensive, positioning it well for future growth in the domestic substitution trend [59]

证券研究报告 | 2024年09月20日 中科飞测（688361.SH） 优于大市 1H24 收入同比增长 27%，产品矩阵逐步完善 1H24 公司营收同比增长 26.91%。公司是国内半导体量测设备领先企业，主 要产品为高端半导体质量控制设备，包括检测设备和量测设备，为半导体客 户提供设备、智能软件和相关服务的全流程良率管理解决方案。2Q24 公司实 现营收 2.28 亿元（YoY+12.07%，QoQ -3.07%），受研发费用与股份支付费 用增加影响公司业绩短期承压，扣非归母净利润-0.44 亿元；2Q24 毛利率 37.87%(YoY-10.19pct，QoQ -16.47pct)，短期毛利率变动原因：(1)会计政 策调整部分质保费用从销售费用调整至成本中，(2)1H24 收入中毛利相对较 低的先进封装与偏成熟制程占比较多；考虑目前公司应用在前沿工艺的在手 订单占比较高，未来毛利率随设备验收推进有望逐步回归正常水平。 目前公司合同负债 6.28 亿元，产品矩阵逐步完善。截至 2Q24 公司合同负债 6.28 亿元，在手订单稳定增加。根据 VLSI 数据统计，2023 年中国大陆半导 体检测与量测设备市 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][16]. Core Insights - The company focuses on high-end semiconductor quality control, providing comprehensive yield management solutions through its nine series of equipment and three series of software products [3][6]. - The company has a strong order backlog, with significant growth in domestic semiconductor equipment demand driven by capacity expansion and increasing localization rates [3][15]. - The company achieved revenue of 464 million yuan in the first half of 2024, representing a year-on-year growth of 26.91%, although it reported a net loss of 68.01 million yuan due to R&D and share-based payment expenses [3][5]. Summary by Sections Company Overview - The company is a leading domestic provider of high-end semiconductor quality control equipment, focusing on the R&D, production, and sales of detection and measurement equipment [6]. - It has established a broad customer base across various semiconductor sectors, including logic, memory, and advanced packaging [6][15]. Market Potential - The domestic semiconductor equipment market is expected to grow significantly, with a projected 12% increase in wafer capacity in mainland China in 2023 [3][10]. - The global semiconductor equipment market remains dominated by a few international players, highlighting the importance of domestic alternatives due to supply chain tensions [3][15]. Financial Performance - The company forecasts revenues of 1.303 billion yuan, 1.867 billion yuan, and 2.751 billion yuan for 2024E, 2025E, and 2026E respectively, with corresponding net profits of 109 million yuan, 276 million yuan, and 467 million yuan [4][12]. - The revenue from detection equipment is expected to grow significantly, with projections of 914 million yuan, 1.294 billion yuan, and 1.910 billion yuan for 2024E, 2025E, and 2026E respectively [13][12]. Product Development - The company has made substantial progress in developing its detection and measurement equipment, with several products already in mass production and others in the validation phase with key clients [8][10]. - The detection equipment segment has seen a revenue increase of 70.15% year-on-year, while the measurement equipment segment grew by 88.56% [10][12]. Valuation - The company is valued using a PS (Price-to-Sales) method, with a target market value range of 19.539 billion to 20.842 billion yuan, translating to a reasonable share price range of 61.06 to 65.13 yuan [4][16].