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].

深圳中科飞测科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 证券代码：688361 证券简称：中科飞测 公告编号：2024-040 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 9 月 26 日(星期四)下午 13:00-14:00 会议召开时间：2024 年 9 月 26 日(星期四)下午 13:00-14:00 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 9 月 19 日(星期四)至 9 月 25 日(星期三)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@skyverse.cn 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。 重要内容提示： 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"）已于 2024 年 8 月 31 日 ...

国泰君安证券股份有限公司 关于深圳中科飞测科技股份有限公司 2024 年半年度持续督导跟踪报告 国泰君安证券股份有限公司（以下简称"国泰君安"）作为深圳中科飞测科 技股份有限公司（以下简称"中科飞测"或"公司"）首次公开发行股票并在科 创板上市的保荐人，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》《上海证券交易所上市公司持续督导工作指引》等相关规 定，作为公司持续督导工作的保荐人，负责中科飞测上市后的持续督导工作，并 出具本持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具 | 保荐机构已根据持续督导工作 | | | 体的持续督导工作制定相应的工作计划 | 进度制定相应工作计划 | | | 根据中国证监会相关规定，在持续督导工作开始前， | 保荐机构已与中科飞测签署协 | | 2 | 与上市公司或相关当事人签署持续督导协议，明确 双方在持续督导期间的权利义务，并报上海证券交 | 议，明确了双方在持续督导期间 | | | | 的权利义务 | | | 易所备案 | | | ...

中科飞测(688361.SH)/电子 证券研究报告/公司点评 2024 年 9 月 11 日 | --- | |---------------------------------------------------| | | | [Table_Title] 评级：买入（维持） [Table_Industry] | 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 320 | | 流通股本 ( 百万股 ) | 244 | | 市价 ( 元 ) | 49.30 | | 市值 ( 百万元 ) | 15,776 | | 流通市值 ( 百万元 ) ...

证券研究报告 非金融公司|公司点评|中科飞测（688361） 2024 年半年报点评： 收入稳步增长，研发大幅增加 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月08日 证券研究报告 |报告要点 公司发布 2024 年半年度业绩公告，上半年公司实现营业收入 4.64 亿元，同比+26.91%；归母 净利润-0.68 亿元，同比-248.05%；基本每股收益-0.21 元/股。 |分析师及联系人 熊军 王海 SAC：S0590522040001 SAC：S0590524070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月08日 中科飞测(688361) 2024 年半年报点评： 收入稳步增长，研发大幅增加 | --- | --- | |----------------------------|--------------------------| | | | | 行 业： 投资评级： | 电子/半导体 增持（首次） | | 当前价格： | 47.49 元 | | 基本数据 | | | 总股本/流通股本 (百万股) ...

证 券 研 究 报 告 中科飞测（688361）2024 年半年报点评 强推（维持） 收入稳健增长，产品平台化布局进展顺利 目标价：76.5 元 当前价：48.91 元 事项： ❖ 公司发布 2024 年半年度报告： ❖ 1）2024H1：公司实现营业收入 4.64 亿元，同比+26.91%；毛利率 46.23%，同 比-5.02pct；归母/扣非后归母净利润-0.68/-1.15 亿元； ❖ 2）2024Q2：公司实现营业收入 2.28 亿元，同比/环比+12.07%/-3.07%；毛利率 37.87%，同比/环比-10.19/-16.47pct；归母/扣非后归母净利润为-1.02/-1.23 亿元。 评论： ❖ 24H1 收入稳健增长，在手订单充沛有望助力公司业绩重回高增轨道。半导体 量检测设备国产化加速，公司不断迭代产品性能、拓宽产品矩阵，收入保持稳 健增长。分产品看，2024H1 公司实现检测设备收入 3.07 亿元，毛利率 50.62%； 量测设备收入 1.50 亿元，毛利率 36.33%。盈利能力方面，2024H1 公司毛利率 波动部分受到会计准则的影响（原列示于销售费用中的质保费调整至营业成 本 ...

| --- | --- | --- | |-----------------------|------------------------------------------|-------| | | | | | 研究所： 证券分析师： | 姚健 S0350522030001 yaoj@ghzq.com.cn | | | 证券分析师： | 杜先康 S0350523080003 duxk01@ghzq.com.cn | | 2024 年 09 月 03 日 公司研究 评级：买入(首次覆盖) [Table_Title] 业绩短期承压，研发投入持续加大 ——中科飞测（688361）2024 年半年报点评 最近一年走势 相对沪深 300 表现 2024/09/03 表现 1M 3M 12M 中科飞测 -7.2% -5.9% -40.1% 沪深 300 -3.3% -8.8% -13.7% 2024H1 业绩短期承压。受研发投入大幅增长及股份支付费用增加等 综合因素影响，2024H1 公司业绩短期承压。分业务方面，2024H1 公司检测设备实现营业收入 3.07 亿元，量测设备实现营业收入 1.50 亿元，服务及其他业 ...

电子 证 券 研 究 报 告 2024 年 09 月 03 日 中科飞测 (688361) ——新签订单持续增长，加码研发投入提升覆盖度 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 50.55 | | 一年内最高/最低（元） | 89.38/46.12 | | 市净率 | 6.9 | | 息率（分红/股价） | 0.28 | | 流通 A 股市值（百万元） | 12,342 | | 上证指数 / 深证成指 | 2,811.04/8,172.21 | | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 7.27 | | | | | 资产负债率 % | 38.89 | | 总股本/流通 A 股（百万） | 320/244 | ...