Investment Rating - Buy (Maintained) [1] Core Views - The company reported revenue of RMB 464 million in H1 2024, a YoY increase of 26.91%, but net profit attributable to the parent company was -RMB 68 million, turning from profit to loss [4] - Gross margin declined to 46.23% in H1 2024 from 52.62% in 2023, mainly due to changes in accounting standards and product mix [4] - R&D expenses increased by 114.22% YoY to RMB 210 million in H1 2024, putting pressure on short-term profitability [4] - The company is continuously iterating existing products and expanding new product lines, with strong market share growth in key areas [5] - Revenue is expected to grow to RMB 1.363 billion in 2024, RMB 2.021 billion in 2025, and RMB 3.105 billion in 2026, with net profit reaching RMB 162 million, RMB 324 million, and RMB 559 million respectively [5] Financial Performance - Revenue in 2023 was RMB 891 million, a YoY increase of 74.9%, with net profit of RMB 140 million [6] - Gross margin in 2023 was 52.6%, with R&D expenses accounting for 25.6% of revenue [6] - Revenue is forecasted to grow by 53.0% in 2024 and 48.3% in 2025 [6] - Net profit margin is expected to be 11.9% in 2024 and 16.0% in 2025 [7] - ROE is projected to increase from 5.8% in 2023 to 11.4% in 2025 [7] Product Development - The company is advancing its product portfolio in wafer defect detection and metrology equipment, with strong market share growth [5] - New products in bright/dark field nano-pattern defect detection and overlay accuracy metrology are progressing well, with increasing customer orders [5] - The company is expanding its capabilities in advanced packaging technologies, including HBM and 2.5D/3D packaging [5] Valuation - The company's PE ratio is 100x for 2024, 50x for 2025, and 29x for 2026 based on the market cap as of September 2 [5] - PB ratio is expected to decline from 9.88x in 2023 to 5.71x in 2025 [7] - PS ratio is forecasted to decrease from 18.17x in 2023 to 8.01x in 2025 [7] Industry Context - The company operates in the semiconductor equipment sector, focusing on metrology and inspection equipment [1] - Domestic wafer fabs are expanding production, providing growth opportunities for the company's platform-based equipment solutions [5]

编号：2024-005 证券代码：688361 证券简称：中科飞测 深圳中科飞测科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------|-------------------------------------------|------------------------------------------------------------------------| | 投资者关系活动类 \n别 | ☑ \n□ \n□ □ 现场参观 \n☑其他 （电话会议） | 特定对象调研 □分析师会议 \n媒体采访 □业绩说明会 \n新闻发布会 □路演活动 | | 参与单位名称 | 详见附件 | 1《与会单位名单》 | | 时间 | 2024 年 9 月 1 | 日 20 点 00 分 | | 地点 | 中科飞测办公室 | | | 上市公司接待人员 | 陈 鲁 董事长、总经理 古凯男 董事会秘书 | | | 姓名 | 周凡女 财务总监 | | | 投资者关系活动主 | | 一、主要内容介绍 | | 要内容介绍 | | 公司就中科飞测 2024 年半 ...

2024 年 09 月 02 日 中科飞测(688361.SH) 公司快报 研发费用大幅提高，24Q2 净利润短期 承压 事件： 1. 公司发布 2024 半年度报告，2024H1 实现营收 4.63 亿元，同比增 加 26.91%；实现归母净利润-0.68 亿元和扣非归母净利润-1.15 亿元，同比均由盈转亏。 2. 从 Q2 单季度业绩来看，实现营收 2.28 亿元，同比增加 12.07%， 环比减少 3.07%；实现归母净利润和扣非归母净利润-1.02 亿元和 -1.23 亿元，同比及环比均转亏。 研发费用大幅增长，二季度净利润短期承压 2024H1 实现营收 4.63 亿元，同比增加 26.91%；其中检测设备营收 3.07 亿元，占比 66.16%；量测设备收入为 1.50 亿元，占比 32.33%。 2024H1 实现归母净利润-0.68 亿元和扣非净利润为-1.15 亿元，同比 由盈转亏。从 24Q2 单季度来看，公司实现营收 2.28 亿元，同比增加 12.07%，环比减少 3.07%；实现归母净利润和扣非归母净利润-1.02 亿元和-1.23 亿元，同比及环比均转亏。24Q2 亏损较多主要系 ...

Investment Rating - The report maintains a rating of "Add" for the company [1] Core Views - The company's performance in Q2 is under pressure, with a continued push for domestic substitution of semiconductor measurement equipment. In H1 2024, the company achieved revenue of 464 million yuan, a year-on-year increase of 26.91%, with testing equipment revenue at 307 million yuan (66% of total) and measurement equipment revenue at 150 million yuan (32% of total). The net profit attributable to the parent company was -68 million yuan, indicating a shift from profit to loss [2][7][9] - The gross margin has declined mainly due to changes in accounting standards, while the R&D expense ratio has significantly increased. The gross margin for H1 2024 was 46.23%, down 5.02 percentage points year-on-year. The R&D expenses reached 207 million yuan, a year-on-year increase of 114% [9][10] - Inventory and contract liabilities have increased year-on-year, indicating sufficient orders on hand. As of the end of Q2 2024, inventory stood at 1.37 billion yuan, up 37% year-on-year, and contract liabilities were 628 million yuan, up 12% year-on-year [10][12] - The company is expanding its product line and making progress in R&D for more advanced processes. Key developments include various measurement and detection equipment for semiconductor manufacturing, with successful R&D progress reported for devices supporting 2Xnm and above process nodes [12][13] Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 464 million yuan, a 26.91% increase year-on-year. The net profit attributable to the parent company was -68 million yuan, with a significant loss in Q2 attributed to increased R&D and share-based payment expenses [2][7][9] Profitability Metrics - The gross margin for H1 2024 was 46.23%, down 5.02 percentage points year-on-year. The R&D expense ratio increased significantly, reflecting the company's focus on product development and technological upgrades [9][10] Order and Inventory Status - As of Q2 2024, the company had inventory of 1.37 billion yuan, a 37% increase year-on-year, and contract liabilities of 628 million yuan, indicating a healthy order backlog [10][12] Product Development and Market Position - The company is enhancing its product offerings and has made significant progress in R&D for advanced semiconductor measurement equipment, with successful developments for various process nodes [12][13] Earnings Forecast and Valuation - The report maintains profit forecasts for 2024-2026 at 210 million, 300 million, and 430 million yuan respectively, with corresponding dynamic P/E ratios of 84, 57, and 41 times [13]

Investment Rating - The investment rating for the company is "Buy" [3] - The target price is set at 81.31 CNY, down from the previous forecast of 84.20 CNY [3] Core Insights - The company's Q2 performance was below expectations due to delivery and product structure issues, with H1 revenue at 464 million CNY, a year-on-year increase of 26.91% [9] - The company is increasing its R&D investment significantly, with R&D expenses rising by 114.22% to 207 million CNY in H1 2024, as it aims to expand its product line and capture market opportunities [9] - The company is making steady progress in its product layout, with key products in mass production and ongoing development in advanced packaging fields [9] Financial Summary - Revenue for 2024 is projected to be 1.301 billion CNY, a 46.0% increase from 2023, with net profit expected to be 150 million CNY, reflecting a 7.1% increase [9] - The company's net profit margin for H1 2024 was -14.66%, a decrease of 27.23 percentage points year-on-year, primarily due to increased operational costs [9] - The company’s total market capitalization is 17.376 billion CNY, with a current share price of 54.30 CNY [4] Product Development - The company is advancing in the development of key products, including defect detection for non-patterned wafers and thickness measurement for metals and dielectrics [9] - The company is also working on electron beam critical dimension measurement equipment to complete its product line in the electron beam sector, which represents 8.1% of the value of measurement equipment [9] Market Position - The company has a market share that is steadily increasing in its mass-produced models, with ongoing advancements in more sophisticated processes [9] - The company’s stock has shown a 10% increase over the past month and a 2% increase over the past three months, outperforming the index [7]

证券代码：688361 证券简称：中科飞测 公告编号：2024-036 深圳中科飞测科技股份有限公司 第二届监事会第六次会议决议公告 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"）第二届监事会第六次 会议于 2024 年 8 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 8 月 20 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 与会监事对本次会议议案进行了审议，并表决通过了以下事项： （一）审议通过《关于公司<2024 年半年度报告>全文及其摘要的议案》 监事会认为：公司 2024 年半年度报告全文及其摘要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 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 500 million RMB, representing a growth of 25% year-over-year[2]. - The company's operating revenue for the first half of 2024 was RMB 463,822,232.35, representing a 26.91% increase compared to the same period last year[18]. - The net profit attributable to shareholders of the listed company was a loss of RMB 68,014,662.72, a decrease of 248.05% compared to the same period last year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of RMB 115,134,002.59, reflecting a significant decline of 4,992.21% year-on-year[18]. - The net cash flow from operating activities was a negative RMB 94,995,376.80, compared to a positive RMB 51,874,855.18 in the same period last year, indicating a decline of 283.12%[18]. - The net profit attributable to shareholders was -6,801.47 million yuan, a decrease of 11,395.38 million yuan year-on-year, primarily due to increased R&D expenses[58]. - Basic and diluted earnings per share were both -0.21 yuan, representing a decline of 216.67% compared to the same period last year[21]. Revenue Guidance and Projections - The company has set a revenue guidance for the second half of 2024, projecting an increase of 20% to reach approximately 600 million RMB[2]. - New product launches are expected to contribute an additional 100 million RMB in revenue, with a focus on advanced semiconductor technologies[2]. Market Expansion and Strategy - The company is actively pursuing market expansion strategies, targeting new regions in Southeast Asia, which could potentially increase market share by 10%[2]. - The company plans to expand its market presence through strategic partnerships and potential acquisitions in the semiconductor industry[13]. - The company is focused on breaking the monopoly of foreign enterprises in the domestic market by enhancing its product offerings and technological capabilities[58]. Research and Development - Research and development investments have increased by 30%, totaling 150 million RMB, aimed at enhancing product innovation and technology advancements[2]. - The company is investing in research and development for new products, particularly in the area of High Bandwidth Memory (HBM) technology[13]. - R&D investment reached 20,714.23 million yuan, an increase of 114.22% year-on-year, reflecting the company's commitment to innovation and product development[58]. - The proportion of R&D investment to operating income was 44.66%, an increase of 18.20 percentage points compared to the previous year[20]. - The company applied for 43 new patents during the reporting period, with a total of 1,024 patents filed to date[42]. - The company has developed several key products, including a yield management system and an automatic defect classification system for semiconductors[39]. Operational Efficiency and Manufacturing - The company aims to improve its operational efficiency and increase throughput in its manufacturing processes to meet growing market demand[13]. - The company is optimizing its supply chain to ensure stable production operations, focusing on domestic component substitution and risk assessment[71]. Financial Stability and Risks - The company has maintained a strong cash position, with cash reserves amounting to 200 million RMB, providing flexibility for future investments[2]. - The company has no significant risks impacting operations, ensuring a stable business environment for growth[4]. - The accounts receivable at the end of the reporting period amounted to 226.9 million yuan, posing a risk of collection difficulties if economic conditions worsen[79]. Shareholder Commitments and Governance - The company has committed to a lock-up period of 36 months following its initial public offering (IPO) for major shareholders, including Suzhou Yiliu Ming and actual controllers Chen Lu and Ha Chengshu[116]. - The company has established a clear timeline for the fulfillment of these commitments, enhancing transparency for investors[118]. - The company has committed to not transferring or entrusting the management of its pre-IPO shares for 36 months post-IPO, with specific conditions for exemptions[124]. - The company will ensure compliance with all applicable laws and regulations regarding shareholder obligations and responsibilities[137]. Environmental Compliance - The company did not report any environmental penalties during the reporting period, indicating compliance with environmental regulations[113]. - The company is not classified as a major polluter and has implemented measures to manage waste and emissions in accordance with national standards[113]. Investment and Capital Utilization - The total investment during the reporting period was ¥10,830,500.00, a significant increase of 98.36% compared to ¥5,460,000.00 in the same period last year[99]. - The cumulative investment of raised funds as of the reporting period is 986,988,972.68 CNY, representing 58.11% of the total raised funds[196]. - The company has allocated 259,983,915.29 CNY for supplementary working capital, exceeding the planned investment with a cumulative investment of 555,895,659.54 CNY, achieving 101.07% of the planned investment[198].

证券代码：688361 证券简称：中科飞测 公告编号：2024-038 深圳中科飞测科技股份有限公司 关于 2024 年半年度计提资产减值准备的公告 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。 二、 计提减值准备事项的具体说明 （一） 信用减值损失 公司以预期信用损失为基础，对应收账款、其他应收款进行了减值测试。经 测试，本次需计提信用减值损失金额共计3,534,843.48元。 一、 计提减值准备的情况概述 深圳中科飞测科技股份有限公司（以下简称"公司"）根据《企业会计准则 第 8 号——资产减值》《企业会计准则第 22 号——金融工具确认和计量》（以下 合称"《企业会计准则》"）和相关会计政策的规定，结合公司的实际情况，为 客观、公允地反映公司截至 2024 年 6 月 30 日的财务状况和 2024 年 1-6 月的经 营成果，公司对截至 2024 年 6 月 30 日合并范围内存在减值迹象的资产进行了减 值测试并计提了相应的减值准备，2024 年 1-6 月公司确认的计提信用减值损失 及资产减值损失共计人民币 ...

深圳中科飞测科技股份有限公司 作为国内高端半导体质量控制设备行业领军企业，为了加快打破国外企业在 国内市场的垄断局面，2024 年上半年，公司进一步加大新产品及现有产品向更 前沿工艺的迭代升级等方面的研发投入，研发投入 2.07 亿元，同比增长 114.22%。 2024 年上半年，公司在重点开展明场纳米图形晶圆缺陷检测设备、暗场纳 米图形晶圆缺陷检测设备及光学关键尺寸量测设备等相关产品的研发，稳步推进 各系列设备产业化进程。截至 2024 年 6 月末，公司明场纳米图形晶圆缺陷检测 设备、暗场纳米图形晶圆缺陷检测设备及光学关键尺寸量测设备均已成功出货至 国内头部客户产线上进行工艺开发与应用验证工作，目前进展顺利。 2、持续优化供应链体系，保障生产经营安全稳定 2024 年度"提质增效重回报"专项行动方案的 半年度评估报告 为践行以"投资者为本"的上市公司发展理念，维护公司全体股东利益，基 于对公司未来发展前景的信心及价值的认可，深圳中科飞测科技股份有限公司 （以下简称"公司"）于 2024 年 4 月 25 日发布了 2024 年度"提质增效重回报"行 动方案，以进一步提升公司经营效率，强化市场竞争力，保障 ...

证券代码：688361 证券简称：中科飞测 公告编号：2024-039 深圳中科飞测科技股份有限公司 关于会计政策变更的公告 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。 重要内容提示： 本次会计政策变更为深圳中科飞测科技股份有限公司（以下简称"公司"） 根据中华人民共和国财政部（以下简称"财政部"）发布的《企业会计准则应用 指南汇编2024》而进行的相应变更，无需提交公司董事会、监事会和股东大会审 议。 本次变更不会对公司的财务状况、经营成果和现金流量产生重大影响，不 存在损害公司及股东利益的情形。 （三）变更前后采用的会计政策 一、会计政策变更情况概述 （一）变更原因 财政部于 2024 年 3 月发布《企业会计准则应用指南汇编 2024》，规定保证 类质保费用应计入营业成本。据《企业会计准则应用指南汇编 2024》的规定， 公司需对原采用的相关会计政策进行相应调整。 （二）变更的日期 公司自 2024 年 1 月 1 日起执行上述会计准则，对相关的会计政策进行变更。 及其他相关规定。 本次会计政策变更前，公司执行财 ...