Core Insights - Zhongke Feimeasure plans to invest over 1 billion yuan to establish a second headquarters in Zhangjiang, Pudong, covering over 130,000 square meters for R&D and industrialization [1][6] - Since its establishment in 2014, Zhongke Feimeasure has focused on high-end semiconductor quality control, achieving international advanced levels in several key technologies and covering nearly 70% of the domestic semiconductor quality control equipment market [3][5] Company Developments - Zhongke Feimeasure has launched a series of quality control devices and intelligent software products that fill domestic gaps, serving over 300 clients in various semiconductor manufacturing sectors [3][5] - The company aims to deepen its focus on high-end semiconductor quality control and advance the R&D and industrialization of its nine major series of equipment to enhance market share [6] Industry Context - Pudong is recognized as one of the most competitive regions in China's integrated circuit industry, with a projected sales scale of 294.79 billion yuan in 2024, reflecting a year-on-year growth of 19.65% [7] - The region's integrated circuit industry covers various fields, including mobile smart terminals, artificial intelligence, automotive electronics, and the Internet of Things, with an average annual growth rate of nearly 20% over the past five years [7]

Core Points - The announcement details the listing and circulation of strategic placement restricted shares for Shenzhen Zhongke Feice Technology Co., Ltd, with a total of 2,542,372 shares set to be released on May 19, 2025 [1][2][3] Group 1: Listing Details - The type of shares being listed is the first public offering strategic placement shares, with a lock-up period of 24 months [1][2] - The total number of shares listed for circulation is 2,542,372, which represents 0.7945% of the company's total share capital [2][4] - The shares will be released for circulation on May 19, 2025 [1][3] Group 2: Share Capital Structure - After the initial public offering, the total share capital of the company is 320,000,000 shares, with 260,071,959 shares subject to restrictions, accounting for 81.27% of the total [1] - The unrestricted shares total 59,928,041, making up 18.73% of the total share capital [1] Group 3: Compliance and Commitments - The sole shareholder of the restricted shares, Guotai Junan Zhenyu Investment Co., Ltd, has committed to a lock-up period of 24 months from the date of the company's public listing [2][3] - All commitments related to the restricted shares have been strictly adhered to, ensuring no impact on the upcoming circulation [2][3] Group 4: Verification by Intermediaries - The sponsor, Guotai Haitong Securities Co., Ltd, has verified that the listing and circulation of the restricted shares comply with relevant laws and regulations [3] - The sponsor has no objections regarding the listing of the strategic placement restricted shares [3]

证券代码：688361 证券简称：中科飞测 公告编号：2025-032 深圳中科飞测科技股份有限公司 首次公开发行战略配售限售股上市流通公告 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： 本次股票上市类型为首发战略配售股份（限售期 24 月）；股票认购方式 为网下，上市股数为2,542,372股。本公司确认，上市流通数量等于该限售期的全 部战略配售股份数量。 一、 本次上市流通的限售股类型 根据中国证券监督管理委员会于 2023 年 2 月 21 日出具的《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 文），深圳中科飞测科技股份有限公司（以下简称"公司"或"中科飞测"）首 次向社会公众公开发行人民币普通股 80,000,000 股，并于 2023 年 5 月 19 日在上 海证券交易所科创板挂牌上市。公司首次公开发行后总股本为 320,000,000 股，其 中有限售条件流通股合计 260,071,959 股，占公司总股本的 81.27%，无限售条件流 ...

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 首次公开发行战略配售限售股上市流通的核查意见 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》《科创板上市公司持续监管办法（试行）》以及 《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》等法律法 规和规范性文件的要求，对中科飞测首次公开发行战略配售限售股上市流通事项 进行了核查，具体情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2023 年 2 月 21 日出具的《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 文），深圳中科飞测科技股份有限公司（以下简称"公司"或"中科飞测"）首次 向社会公众公开发行人民币普通股 80,000,000 股，并于 2023 年 5 月 19 日在上海 证券交易所科创板挂牌上市。公司首次公开发行后总股本为 320,000,000 股 ...

Core Viewpoint - The company has shown significant revenue growth in 2024, but net profit has decreased, indicating challenges in profitability despite strong sales performance [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.38 billion yuan, a year-on-year increase of 54.94%, while the net profit attributable to shareholders was -12 million yuan, a decrease of 108.21% [1]. - For Q1 2025, the company reported revenue of 294 million yuan, a year-on-year increase of 24.89%, with a net profit of -15 million yuan, down 143.69% [1]. Business Operations - The company’s revenue from testing and measurement equipment reached 985 million yuan and 361 million yuan respectively in 2024, with growth rates of +50.47% and +62.85% [2]. - The gross margins for these segments were 52.52% and 37.53%, reflecting increases of 0.28 percentage points and 3.68 percentage points year-on-year [2]. - As of Q1 2025, the company had contract liabilities of approximately 602 million yuan and inventory of about 2.035 billion yuan, indicating a strong order backlog [2]. Product Development - The company has expanded its product offerings to cover nine major product series, with seven types of equipment already in mass production, capturing 38.7% of the global market [3]. - New products, including advanced defect detection equipment, have been shipped to leading domestic clients for process validation and application development, representing 27.9% of the global market [3]. - The company achieved the milestone of producing its 1,000th integrated circuit quality control device in December 2024, with applications in multiple domestic production lines [3]. Strategic Initiatives - The company plans to raise up to 2.5 billion yuan through a private placement to fund high-end semiconductor quality control equipment R&D and upgrade its headquarters and R&D center [4]. - The high-end semiconductor equipment R&D project is expected to generate annual revenue of 835 million yuan upon reaching full production [4]. - The company is positioned to benefit from the ongoing trend of domestic substitution and increasing demand for advanced process measurement equipment [4]. Future Outlook - The company anticipates net profits of 155 million yuan, 390 million yuan, and 668 million yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 161x, 64x, and 37x [4].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9] Core Views - The company has a robust order backlog and an increasing proportion of advanced process products [6] - In 2024, the company achieved revenue of 1.38 billion yuan, a year-on-year increase of 54.94%, while the net profit attributable to shareholders was -12 million yuan, a year-on-year decrease of 108.21% [2][6] - For Q1 2025, the company reported revenue of 294 million yuan, a year-on-year increase of 24.89%, with a net profit attributable to shareholders of -15 million yuan, a year-on-year decrease of 143.69% [2][6] Summary by Sections Revenue and Profitability - In 2024, the company's testing and measurement equipment generated revenues of 985 million yuan and 361 million yuan, with year-on-year growth rates of 50.47% and 62.85% respectively [12] - The overall R&D expenses increased to 498 million yuan in 2024, a year-on-year increase of 118.17%, impacting profit performance [12] Product Development - The company has enriched its product types, covering nine major product series, with seven types of equipment already in mass production, accounting for 38.7% of the global market size [12] - The company has also launched two types of advanced defect detection equipment, which have been shipped to several leading domestic clients for process validation and application development, representing 27.9% of the global market size [12] Financing and Future Growth - The company plans to raise up to 2.5 billion yuan through a private placement to enhance R&D and upgrade its headquarters and R&D center [12] - The high-end semiconductor equipment R&D project is expected to generate annual revenue of 835 million yuan upon reaching full production [12] Market Position - The company is positioned as a leading domestic enterprise in measurement and detection, benefiting from the ongoing trend of domestic substitution and the increasing demand for advanced process measurement equipment [12] - The company anticipates achieving net profits of 155 million yuan, 390 million yuan, and 668 million yuan from 2025 to 2027, with corresponding P/E ratios of 161x, 64x, and 37x [12]

Group 1 - Over 3900 listed companies reported profits in Q1, indicating a strong start to the year, with major banks like ICBC, CCB, ABC, and BOC each exceeding 50 billion yuan in net profit [1] - BYD achieved revenue of 170.36 billion yuan in Q1, a year-on-year increase of 36.35%, with net profit reaching 9.155 billion yuan, up 100.38%, driven by strong growth in the new energy vehicle sector [1] - Sunshine Power reported revenue of 19.036 billion yuan, a 50.92% increase year-on-year, and net profit of 3.826 billion yuan, up 82.52%, with significant growth in inverter and energy storage segments [2] Group 2 - Cambrian Technology reported revenue of 1.111 billion yuan, a staggering increase of 4230.22% year-on-year, and net profit of 355 million yuan, marking a turnaround from losses [2] - Limin Co. turned a profit with net profit rising from a loss of 8.4917 million yuan to 108 million yuan, benefiting from price increases and higher sales in the domestic pesticide sector [2] - Companies like Jintan and Haopeng Technology are optimistic about 2025, focusing on high-margin markets and value customers, with expectations of steady profit growth through cost reduction and technological upgrades [3][4] Group 3 - Jintan plans to increase its old renovation business from 15% to 50% in 2024, while expanding overseas operations in regions like Southeast Asia and the Middle East [3] - GCL-Poly Energy aims to increase the share of energy service revenue to over 50% in the next five years, focusing on building a collaborative ecosystem around energy services [4] - Companies are generally confident about maintaining over 20% growth in revenue and profit by 2025, despite facing external uncertainties [3]

Core Viewpoint - The company reported a revenue increase of 24.9% year-on-year for Q1 2025, but faced a significant decline in net profit, indicating challenges despite revenue growth [1][2]. Financial Performance - In Q1 2025, the company achieved a revenue of 290 million yuan, a year-on-year increase of 24.9%, but a quarter-on-quarter decrease of 48.2% - The net profit attributable to the parent company was -15 million yuan, a year-on-year decline of 144% - The non-recurring net profit was -43 million yuan [1][2] - The gross margin for Q1 2025 was 58.1%, with year-on-year increases of 3.7 percentage points and 7.5 percentage points compared to the previous quarter - The net profit margin was -5.1%, with the decline attributed to increased R&D and share-based payment expenses [2] Expense Analysis - The expense ratios for sales, management, R&D, and finance in Q1 2025 were 9.9%, 15.1%, 40.9%, and 1.6%, respectively, showing year-on-year increases of 2.5, 4.9, 9.8, and 2.9 percentage points - The increase in expense ratios was primarily due to the implementation of the 2024 Restricted Stock Incentive Plan, which significantly raised share-based payment expenses - Inventory at the end of Q1 2025 was 2.04 billion yuan, reflecting a 16.5% increase from the end of 2024, indicating potential for future performance growth [4] Product Development and Market Position - The company focuses on high-end semiconductor quality control, with ongoing product upgrades and iterations - In Q1 2025, the company maintained its product layout of nine series of equipment and three series of software, with a growing order scale and successful progress in new product validation - The continuous upgrade of products is expected to enhance the company's operational scale and profitability in the future [3][4] Revenue and Profit Forecast - The company forecasts revenues of 2.1 billion yuan, 3 billion yuan, and 4.4 billion yuan for 2025-2027, with year-on-year growth rates of 49%, 48%, and 43% - Expected net profits for the same period are 243 million yuan, 465 million yuan, and 671 million yuan, with year-on-year growth rates of 2209%, 91%, and 44% - The corresponding price-to-earnings ratios for the current market capitalization are projected to be 108x, 57x, and 39x [5]

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]

Group 1: Key Insights on Gujinggong Liquor (古井贡酒) - The company reported 2024 revenue of 23.58 billion, a year-on-year increase of 16.4%, and a net profit of 5.52 billion, up 20.2% year-on-year [12][16] - For Q1 2025, revenue reached 9.15 billion, growing 10.4% year-on-year, with net profit at 2.33 billion, a 12.8% increase [12][16] - The company maintains a buy rating with projected net profits for 2025-2027 at 5.92 billion, 6.29 billion, and 6.63 billion respectively, reflecting growth rates of 7.3%, 6.3%, and 5.3% [16] Group 2: Key Insights on Chongqing Bank (重庆银行) - In Q1 2025, Chongqing Bank achieved revenue of 3.6 billion, a 5.3% year-on-year increase, and a net profit of 1.6 billion, also up 5.3% [15][20] - The bank's non-performing loan ratio decreased to 1.21%, with a provision coverage ratio rising to 248% [15][20] - The bank's loan growth accelerated, with a 16.4% year-on-year increase, driven by a more than 30% growth in corporate loans [20] Group 3: Industry Insights on Real Estate - The recent political bureau meeting emphasized the importance of stabilizing the real estate market, highlighting the need for high-quality housing supply [22][26] - The meeting also called for optimizing the policies for acquiring existing housing stock, indicating a proactive approach to address market challenges [26] - The real estate sector is viewed as crucial for economic stability, with ongoing support expected to enhance market conditions [22][26]