Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, which were generally in line with expectations, showing significant revenue growth but a decline in net profit [1] Group 1: Financial Performance - In 2024, the company's revenue reached 1.38 billion, representing a year-on-year increase of 54.9%. However, the non-recurring net profit was -124 million, compared to 32 million in 2023, and the net profit attributable to shareholders was -12 million, down from 140 million in 2023 [1] - For Q1 2025, the company reported revenue of 294 million, a year-on-year growth of 24.9%. The net profit attributable to shareholders was -15 million, compared to 34 million in the same period last year, and the non-recurring net profit was -43 million, down from 8 million year-on-year [1] Group 2: Research and Development - In Q1 2025, the company significantly increased its R&D investment, with expenses reaching 120 million, a year-on-year increase of 64%. The R&D expense ratio was 40.9%, up by 4.8 percentage points from the full year of 2024 [1] - The company’s products include nine series of equipment, covering 66% of the market space for defect detection equipment, and the increased R&D spending is expected to accelerate domestic substitution in a broad market [1] Group 3: Product Development and Market Position - The company has delivered over 300 units of its non-pattern wafer defect detection equipment, covering more than 100 customer production lines. The new generation of equipment has been validated by several leading domestic logic and memory customers [2] - In the logic chip sector, the equipment utilizes deep ultraviolet imaging scanning technology and is capable of mass supply to all major domestic customers. In the memory chip sector, the products can detect surface particle defects, effectively addressing contamination and defect monitoring during manufacturing processes [2] - The company is actively advancing the development of higher sensitivity equipment in the logic chip sector and has made significant progress in developing more advanced models. In the memory chip sector, the products can perform high-precision inspections of the three-dimensional structure of memory chips [2] Group 4: Investment Analysis - The investment analysis suggests a slight downward adjustment in profit forecasts while maintaining a "buy" rating. The company is expected to see revenues of 1.87 billion, 2.38 billion, and 2.86 billion for 2025 to 2027, with year-on-year growth rates of 35.4%, 27.1%, and 20.2% respectively [3] - The net profit attributable to shareholders is projected to be 178 million, 277 million, and 520 million for the same period, with corresponding year-on-year growth rates indicating a return to profitability and significant increases thereafter [3] - The dynamic price-to-earnings ratios are expected to be 148, 95, and 51 times for 2025 to 2027, reflecting the anticipated improvement in product coverage and process levels due to increased R&D investment [3]

Summary of Zhongke Feicai Conference Call Company Overview - **Company**: Zhongke Feicai - **Industry**: High-end semiconductor quality control equipment Key Points and Arguments Revenue Growth and Market Position - In 2024, Zhongke Feicai achieved revenue of approximately 1.38 billion yuan, a year-on-year increase of about 55% [3] - In Q1 2025, revenue reached approximately 294 million yuan, a year-on-year increase of about 25% [3] - Growth attributed to product diversification, expanded customer base, and increased market recognition [3] Research and Development (R&D) Investment - R&D investment accounted for 36.07% of revenue in 2024 and increased to 40.91% in Q1 2025 [2][5] - Significant R&D focus on new product development and upgrading existing products to break foreign monopolies [2] - R&D expenses included over 80 million yuan in share-based payment, contributing to the increase in R&D investment [4][13] Product Development and Order Trends - Average monthly new orders in 2024 were approximately 200 million yuan [2] - Advanced process products accounted for over 70% of total revenue in Q1 2025, significantly boosting gross margins [10] - The company has successfully upgraded various equipment series to meet advanced process requirements, with positive customer feedback [6][11] Gross Margin and Profitability - Gross margin increased to 58% in Q1 2025, driven by a higher proportion of revenue from advanced process equipment [9][10] - Despite a decline in profits due to increased R&D and share-based payment expenses, the company expects to achieve profitability in 2025 as R&D expense growth stabilizes [5][15] Competitive Landscape and Market Dynamics - The domestic measurement equipment industry is becoming increasingly competitive, particularly in the semiconductor sector [14] - Zhongke Feicai has established a strong market position with over 200 long-term customers and more than 1,000 units sold [14] - The company’s competitive advantages include rapid product iteration, a wide range of offerings, and strong customer trust [14] Impact of External Factors - The U.S. Entity List has had no substantial impact on Zhongke Feicai's supply chain or sales, as the company has diversified its supply chain and primarily sells in domestic and East Asian markets [17] - Domestic customers show strong willingness to purchase local equipment, influenced by U.S. sanctions and the growing trust in local products [21] Future Outlook - The company anticipates maintaining a revenue growth rate of around 50% for the full year 2025, despite potential quarterly fluctuations [15] - Orders are expected to continue growing steadily, with positive customer demand and ongoing product validation [15][21] Challenges and Considerations - The domestic measurement equipment industry faces challenges in achieving higher localization rates due to the variety of equipment types and the need for complete sets of measurement devices [22] - Key factors for wafer fabs in selecting equipment vendors include technology maturity, cost-effectiveness, and confidentiality [23][24] Product Innovations and Future Plans - The company is focusing on the development of electron beam-related products and plans to achieve product shipments in 2025 [4][18] - Ongoing efforts to validate and launch new products in the field of optical measurement equipment, including both single-wavelength and multi-spectral devices [20][27] This summary encapsulates the key insights from the conference call, highlighting Zhongke Feicai's growth trajectory, strategic focus on R&D, competitive positioning, and future outlook in the semiconductor quality control equipment industry.

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported its 2024 annual results and Q1 2025 results, which were generally in line with expectations. In 2024, the company's revenue reached 1.38 billion, a year-on-year increase of 54.9%. The net profit attributable to the parent company was -0.12 billion, compared to 1.40 billion in 2023. For Q1 2025, revenue was 0.294 billion, a year-on-year increase of 24.9%, with a net profit of -0.15 billion, down from 0.34 billion in the same period last year [6][8] Financial Data and Profit Forecast - The company is expected to achieve total revenue of 1.87 billion in 2025, with a year-on-year growth rate of 35.4%. The net profit attributable to the parent company is projected to be 0.178 billion, marking a return to profitability [7][10] - The gross profit margin is expected to be 49.3% in 2025, with a gradual increase to 51.3% by 2027 [7][10] R&D Investment and Product Development - In Q1 2025, the company significantly increased its R&D investment, reaching 0.12 billion, a 64% year-on-year increase, with an R&D expense ratio of 40.9% [8] - The company has delivered over 300 units of its non-pattern wafer defect detection equipment, covering more than 100 customer production lines, and has validated its new generation of equipment with major domestic clients [8] - The company is actively developing higher sensitivity equipment for logic chips and has made significant progress in the advanced packaging sector, capturing a large market share among domestic leading clients [8] Investment Analysis Opinion - The profit forecast has been slightly adjusted downward due to increased R&D investments, which may pressure short-term profitability. However, the long-term outlook remains positive, with expected revenues of 1.87 billion, 2.38 billion, and 2.86 billion for 2025, 2026, and 2027, respectively [8] - The net profit for 2025 is projected to be 0.178 billion, with significant growth expected in subsequent years, leading to a dynamic P/E ratio of 148 for 2025 [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 290 million yuan in Q1 2025, representing a year-on-year increase of 24.9%, while the net profit attributable to the parent company was -15 million yuan, a decline of 144% year-on-year [5][7] - The gross margin for Q1 2025 was 58.1%, showing significant improvements both year-on-year and quarter-on-quarter [7] - High R&D investment is driving product upgrades, with a successful verification of new products [7] - The company focuses on high-end semiconductor quality control, with continuous upgrades and a growing order scale [7] - Revenue forecasts for 2025-2027 are 2.1 billion yuan, 3 billion yuan, and 4.4 billion yuan, with corresponding net profits of 243 million yuan, 465 million yuan, and 671 million yuan, indicating substantial growth [7][10] Summary by Sections Recent Performance - The company reported a revenue of 290 million yuan in Q1 2025, with a year-on-year growth of 24.9% and a quarter-on-quarter decline of 48.2% [5][7] - The net profit attributable to the parent company was -15 million yuan, with a significant year-on-year decline of 144% [5][7] - The gross margin improved to 58.1%, with increases of 3.7 percentage points year-on-year and 7.5 percentage points quarter-on-quarter [7] Investment Highlights - The company has high R&D expenditures, which are essential for product upgrades and have led to increased share-based payment expenses [7] - The sales, management, R&D, and financial expense ratios for Q1 2025 were 9.9%, 15.1%, 40.9%, and 1.6%, respectively, reflecting significant year-on-year increases [7] - The company maintains a diverse product portfolio with nine series of equipment and three series of software, with a growing order scale and successful new product verifications [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 2.1 billion yuan, 3 billion yuan, and 4.4 billion yuan, with year-on-year growth rates of 49%, 48%, and 43% respectively [7][10] - The net profit forecasts for the same period are 243 million yuan, 465 million yuan, and 671 million yuan, with growth rates of 2209%, 91%, and 44% respectively [7][10] - The current market valuation shows a PE ratio of 108 times for 2025, decreasing to 39 times by 2027 [7][10]

Core Insights - The company reported a significant increase in revenue for 2024, achieving 1.38 billion yuan, a year-on-year growth of 54.94%, but faced a net loss of 12 million yuan, a decline of 108.21% compared to the previous year [1] - In Q1 2025, the company generated revenue of 294 million yuan, up 24.89% year-on-year, but also reported a net loss of 15 million yuan, a decrease of 143.69% [1] - The decline in profitability is attributed to increased R&D expenses and stock incentive costs, with total R&D expenses for 2024 reaching 498 million yuan, a year-on-year increase of 118.17% [1] Financial Performance - The overall gross margin for 2024 was 48.9%, down 3.72 percentage points year-on-year [1] - The net profit margin stood at -0.83%, reflecting a year-on-year decline of 16.59 percentage points [1] - The expense ratios for sales, management, and R&D were 7.66%, 11.78%, and 36.07%, showing a decrease of 3.72 percentage points, an increase of 1.85 percentage points, and an increase of 10.45 percentage points respectively [1] Product Delivery and Market Position - The company has delivered over 300 units of non-graphical wafer defect detection equipment, covering more than 100 customer production lines by the end of 2024 [2] - The graphical wafer defect detection equipment has also seen widespread application, with over 300 units delivered to over 50 customer production lines [2] - The 3D AOI equipment, used in advanced packaging fields, has been validated by leading domestic customers, contributing to a steady increase in orders [3] - The company has delivered approximately 200 units of 3D morphology measurement equipment, covering nearly 50 customer production lines, with a significant market share in wafer-level advanced packaging [3] Future Projections - Revenue projections for 2025-2027 are estimated at 2.071 billion yuan, 3.023 billion yuan, and 4.202 billion yuan respectively, with net profits expected to be 249 million yuan, 453 million yuan, and 636 million yuan [4] - A price-to-sales (PS) valuation method suggests a target price of 97.06 yuan per share for 2025, reflecting the company's high growth potential in the semiconductor measurement equipment sector [4]

证券代码：688361 证券简称：中科飞测 公告编号：2025-029 深圳中科飞测科技股份有限公司 第二届监事会第十三次会议决议公告 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"）第二届监事会第十 三次会议于 2025 年 4 月 25 日以通讯方式在公司会议室召开，会议通知于 2025 年 4 月 22 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 2025 年第一季度报告的议案》 公司监事会认为：《公司 2025 年第一季度报告》的编制和审核程序符合相 关法律法规的各项规定，上述报告真实、准确、完整地反映了公司 2025 年第一 季度的财务状况、经营成果和现金流量。监事会及全体监事保证《公司 2025 ...

国泰海通证券股份有限公司 关于深圳中科飞测科技股份有限公司使用部分闲置募集资 金及自有资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）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持续督导机构，根据《上市公司监管指引第 2 号——上市 公司募集资金管理和使用的监管要求》《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》等有关规定，对中科飞测拟使用部分闲置募集资金 （含超募资金）及自有资金进行现金管理的事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会核发的《关于同意深圳中科飞测科技股份有限 公司首次公开发行股票注册的批复》（证监许可[2023]367 号），公司于 2023 年 5 月 19 日首次公开发行人民币普通股（A 股）股票 80,000,000 股，发行价格为人 民币 23.60 元/股，募集资金总额为人民币 188,800.00 万元，扣除各项不含税发行 费用人民币 18,961.34 万元后，实际募集资金净额为人民币 169,838.66 万元。 （ ...

Financial Performance - The company achieved operating revenue of CNY 294,158,044.69, representing a year-on-year increase of 24.89%[4] - The net profit attributable to shareholders was CNY -14,960,459.19, a decrease of 143.69% compared to the same period last year[4] - The basic earnings per share were CNY -0.05, down 145.45% from CNY 0.11 in the same period last year[4] - The company reported a gross profit margin decline, with gross profit for Q1 2025 at ¥170,835,795.12, down from ¥123,124,664.91 in Q1 2024, reflecting challenges in cost management[19] - In Q1 2025, the company reported a net profit of -14,960,459.19 RMB, a significant decrease compared to a net profit of 34,240,129.57 RMB in Q1 2024, representing a decline of approximately 143.6%[20] - The company recorded a total comprehensive income of -7,469,660.47 RMB in Q1 2025, down from 34,133,859.26 RMB in Q1 2024, a decline of approximately 121.9%[21] Research and Development - Research and development expenses totaled CNY 120,354,159.82, an increase of 64.00% year-on-year, accounting for 40.91% of operating revenue[5] - The company plans to continue increasing R&D investment to break the monopoly of foreign companies in the domestic market[6] - Research and development expenses rose to 120,354,159.82 RMB in Q1 2025, up from 73,385,874.08 RMB in Q1 2024, an increase of about 64.0%[20] Assets and Liabilities - The total assets of the company increased by 7.27% to CNY 4,514,020,237.88 compared to the end of the previous year[5] - Current assets totaled ¥3,261,910,739.82 as of March 31, 2025, compared to ¥3,047,446,136.88 at the end of 2024, indicating a growth of approximately 7%[16] - Non-current assets increased to ¥1,252,109,498.06 as of March 31, 2025, from ¥1,160,511,277.03 at the end of 2024, representing a growth of about 7.9%[16] - Total liabilities reached ¥2,056,364,079.81 as of March 31, 2025, compared to ¥1,770,346,768.59 at the end of 2024, representing an increase of about 16.2%[17] - Current liabilities rose to ¥1,556,689,626.08 as of March 31, 2025, from ¥1,403,074,582.74 at the end of 2024, reflecting an increase of about 10.9%[16] - Long-term borrowings increased significantly to ¥249,064,000.00 as of March 31, 2025, compared to ¥130,864,000.00 at the end of 2024, indicating a growth of approximately 90%[16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 11,086[11] - The largest shareholder, Suzhou Yiliu Mingguang Technology Co., Ltd., holds 37,800,963 shares, accounting for 11.81% of total shares[11] - The second-largest shareholder, Guotou (Shanghai) Investment Management Co., Ltd., holds 30,259,767 shares, representing 9.46%[11] - The company has a total of 8,337,799 shares held by Guangdong Hongtu Investment Management Co., Ltd., accounting for 2.61%[12] - The top ten shareholders collectively hold significant stakes, with the largest three shareholders alone accounting for over 26% of total shares[11] Cash Flow and Expenses - The net cash flow from operating activities was CNY -48,745,457.34, reflecting increased expenditures due to business scale growth[4][6] - Cash and cash equivalents at the end of Q1 2025 were 433,390,183.42 RMB, down from 603,551,708.99 RMB at the end of Q1 2024, a decrease of about 28.2%[23] - The company incurred financial expenses of 4,817,492.83 RMB in Q1 2025, compared to -2,932,306.38 RMB in Q1 2024, indicating a shift from income to expense in financial activities[20] - The company's investment activities resulted in a net cash outflow of -285,559,984.38 RMB in Q1 2025, contrasting with a net inflow of 270,587,671.62 RMB in Q1 2024, highlighting a significant change in investment strategy[23] Operational Strategy - The company is focusing on high-end semiconductor quality control, with ongoing progress in new product validation and upgrades[6] - The company is implementing a stock incentive plan to stabilize its core talent team, leading to increased share-based payment expenses[6] - The company is actively involved in various investment partnerships, indicating a strategy focused on collaborative growth and capital management[13] Audit and Compliance - The financial statements for the quarter have not been audited, indicating a potential area for investor scrutiny[14] - There are no applicable reminders for investors regarding the company's operational situation during the reporting period[14] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[13]

Financial Performance - The company reported a basic earnings per share of -0.0500 yuan for Q1 2025, a decrease of 145.45% compared to 0.1100 yuan in Q1 2024 [1] - Net profit for Q1 2025 was -0.15 billion yuan, down 144.12% from 0.34 billion yuan in Q1 2024 [1] - Operating revenue increased by 24.58% to 2.94 billion yuan in Q1 2025, compared to 2.36 billion yuan in Q1 2024 [1] - The return on equity (ROE) was -0.61% in Q1 2025, a significant decline from 1.41% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 10,731.62 million shares, accounting for 43.94% of the circulating shares, with a decrease of 617.16 million shares compared to the previous period [2] - The largest shareholder, Guotou (Shanghai) Venture Capital Management Co., Ltd., holds 3,025.98 million shares, representing 12.39% of total shares, with a reduction of 395.12 million shares [3] - China Life Insurance Company holds 527.63 million shares, which is 2.16% of total shares, with an increase of 67.24 million shares [3] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [4]

证券代码：688361 证券简称：中科飞测 公告编号：2025-031 深圳中科飞测科技股份有限公司 关于 2025 年第一季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。 一、 计提减值准备的情况概述 | 项目 | 2025 | 年 1-3 | 月计提金额 | 备注 | | --- | --- | --- | --- | --- | | 信用减值损失 | | | 963,058.55 | 应收账款及其他应收款坏账损失、应 收款项融资减值损失 | | 资产减值损失 | | | -15,904,263.82 | 存货跌价损失、合同资产减值损失 | | 合计 | | | -14,941,205.27 | | 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、其他应收款及应收款项融资进行 了减值测试。经测试，本次需冲减信用减值损失金额共计963,058.55元。 （二） 资产减值损失 公司以预期信用损失为基础，对合同资产进行了减值测试。对存货资产，在 资产负债 ...