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 2024 年度向特定对象发行 A 股股票 之 上市保荐书 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） | 一、发行人基本情况 2 | | --- | | 二、发行人本次发行情况 10 | | 三、本次证券发行上市的保荐代表人、项目协办人及其他项目组成员 13 | | 四、保荐人与发行人之间的关联关系 14 | | 五、保荐人承诺事项 15 | | 六、保荐人对本次发行上市的推荐结论 16 | | 七、本次证券发行履行的决策程序 16 | | 八、对发行人证券上市后持续督导工作的具体安排 16 | 深圳中科飞测科技股份有限公司 上市保荐书 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 2024 年度向特定对象发行 A 股股票之上市保荐书 上海证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"）接受深圳中科飞测科 技股份有限公司（以下简称"发行人"、"中科飞测"、"公司"）的委托，担任中 科飞测 2024 年度向特定对象发行 A 股股票的保荐人。 保荐人及其保荐代表人已根据《中华人民共和国公司法》（以下 ...

关于深圳中科飞测科技股份有限公司 向特定对象发行股票申请文件的审核问询函的回复 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 上海证券交易所： 贵所于 2025 年 2 月 13 日出具的《关于深圳中科飞测科技股份有限公司向特 定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕12 号）（以 下简称"审核问询函"）已收悉。 根据贵所的要求，深圳中科飞测科技股份有限公司（以下简称"发行人"、 "公司"或"中科飞测"）与国泰海通证券股份有限公司（以下简称"国泰海通"、 "保荐机构"或"保荐人"）、北京市君合律师事务所（以下简称"君合律师"或 "发行人律师"）、容诚会计师事务所（特殊普通合伙）（以下简称"容诚会计师" 或"发行人会计师"）对审核问询函中所涉及的问题进行了认真核查并发表意见。 现将审核问询函的落实和修改情况逐条书面回复如下，请予以审核。 如无特别说明，本问询函回复报告中的简称或名词释义与《深圳中科飞测科 技股份有限公司 2024 年度向特定对象发行 A 股股票募集说明书（申报稿）》中 的相同。 本问询函回复中的字体代表以下含义： | 审核问询函所列问题 | 黑 ...

现根据上交所进一步的审核意见及公司于 2025 年 4 月 4 日披露的《深圳中 科飞测科技股份有限公司 2024 年年度报告》，公司会同相关中介机构对审核问 询函回复内容进行了补充与修订，并对 2025 年 3 月 22 日披露的《深圳中科飞测 科技股份有限公司向特定对象发行股票证券募集说明书（修订稿）》等相关申请 文件中涉及的财务数据进行了同步更新，更新部分以"楷体（加粗）"字体显示， 具体内容详见公司同日在上交所网站（www.sse.com.cn）披露的《关于深圳中科 飞测科技股份有限公司向特定对象发行股票申请文件的审核问询函的回复（修订 稿）》《深圳中科飞测科技股份有限公司向特定对象发行股票证券募集说明书（修 订稿）》等相关文件。 公司本次向特定对象发行股票事项尚需通过上交所审核，并获得中国证券监 证券代码：688361 证券简称：中科飞测 公告编号：2025-023 深圳中科飞测科技股份有限公司关于向特定对象 发行股票申请文件的审核问询函回复及募集说明书 等申请文件更新的提示性公告 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 ...

股票简称：中科飞测 股票代码：688361 深圳中科飞测科技股份有限公司 2024 年度向特定对象发行 A 股股票 募集说明书 （申报稿） 保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 深圳中科飞测科技股份有限公司 募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、准确、完整。 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明 其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何 与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 深圳中科飞测科技股份有限公司 募集说明 ...

| 3、关于融资规模与效益测算 | 2 | | --- | --- | | 4、关于经营情况 | 27 | | 5、关于存货 | 47 | | 6、关于其他 | 60 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于深圳中科飞测科技股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 容诚专字[2025]518Z0385 号 容诚会计师事务所(特殊普通合伙) 中国·北京 关于深圳中科飞测科技股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 容诚专字[2025]518Z0385 号 上海证券交易所： 贵所于 2025 年 2 月 13 日出具的《关于深圳中科飞测科技股份有限公司向特 定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕12 号） （以下简称"审核问询函"）已收悉。 容诚会计师 ...

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 2024年度向特定对象发行A股股票 之 发行保荐书 保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 | 目 | 录 1 | | --- | --- | | 第一节 | 本次证券发行基本情况 3 | | | 一、本次证券发行保荐代表人的基本情况 3 | | | 二、本次证券发行的项目协办人及其他项目组成员 3 | | | 三、发行人基本情况 3 | | | 四、保荐人和发行人关联关系的核查 7 | | | 五、保荐人内部审核程序和内核意见 8 | | 第二节 | 保荐人承诺事项 10 | | | 一、保荐人对本次发行保荐的一般承诺 10 | | | 二、保荐人对本次发行保荐的逐项承诺 10 | | 第三节 | 对本次证券发行的推荐意见 11 | | | 一、保荐人对本次发行的推荐结论 11 | | | 二、本次证券发行履行的决策程序 11 | | | 三、本次证券发行符合相关规定 12 | | | 四、本次发行中直接或间接有偿聘请其他第三方的相关情况 16 | | | 五、发行人存在的主要风险 18 | | | 六、发行人的发展前景 ...

Core Insights - Zhongke Feimeasure reported significant revenue growth in 2024, reaching 1.38 billion yuan, a year-on-year increase of 54.94%, driven by the domestic semiconductor trend and a remarkable 87.39% growth in Q4 [1] - Despite the revenue increase, the company faced its first loss since going public, with a net loss of 11.52 million yuan, raising market concerns [2] Revenue and Profit Analysis - The substantial revenue growth was primarily attributed to increased orders from the semiconductor localization trend [1] - The net loss was influenced by two main factors: a significant increase in R&D investment, which reached 498 million yuan, a 118% year-on-year growth, and stock-based compensation expenses of 83.21 million yuan for core employees [2][3] Balance Sheet Overview - Total assets grew from 3.428 billion yuan to 4.208 billion yuan, indicating substantial expansion [4] - Total liabilities surged to 1.77 billion yuan, a 74.06% increase, with the debt-to-asset ratio rising to 42.07% [4] - Inventory reached 1.747 billion yuan, a 57.08% increase, exceeding current revenue, indicating potential market demand uncertainty [4] Cash Flow Situation - The operating cash flow net amount was -313 million yuan, significantly down from the previous year due to increased raw material procurement and R&D expenses [4] - Investment cash flow saw a cash inflow of 552 million yuan from redeeming financial products, but financing cash flow turned negative at -24.59 million yuan due to reduced external financing and debt repayments [4] Overall Assessment - Zhongke Feimeasure exhibited a "high revenue growth + high investment" characteristic in 2024, but short-term profitability was hindered by R&D and stock incentive costs [5] - The company faces challenges related to operating cash flow and inventory pressure, while being at a critical juncture for technological breakthroughs and market validation [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns [6]. Core Views - The company achieved a revenue of 1.38 billion yuan in 2024, representing a year-on-year growth of 55%, but reported a net loss attributable to shareholders of 0.1 billion yuan, marking a shift from profit to loss [1][2]. - The revenue growth is driven by advancements in core technologies, an expanding product range, and increasing domestic substitution demand, leading to a growing customer base and order volume [2][3]. - The company has significantly increased its R&D investment to 500 million yuan in 2024, a 118% increase year-on-year, which has temporarily pressured profit margins [2][3]. - The company’s product revenue is expected to continue to grow rapidly, with a forecasted net profit of 2.47 billion yuan in 2025, 3.64 billion yuan in 2026, and 5.74 billion yuan in 2027 [3][5]. Summary by Sections Revenue and Profitability - In 2024, the company reported a revenue of 1.38 billion yuan, with a quarterly revenue of 570 million yuan in Q4, showing an 87% year-on-year increase [1][2]. - The gross margin for testing equipment was 52.5%, while for measurement equipment it was 37.5%, indicating a slight improvement in profitability [2]. R&D and Product Development - The company is focused on rapid product iteration and has developed a diverse product portfolio to meet the needs of various integrated circuit clients, including those in advanced packaging and semiconductor materials [3]. - Seven out of nine product series have entered mass production, with increasing market share among leading domestic clients [3]. Financial Forecasts - The company’s financial projections indicate a continued increase in revenue, with expected revenues of 2.03 billion yuan in 2025 and 2.8 billion yuan in 2026 [5][10]. - The report anticipates a gradual recovery in net profit margins, with a projected return on equity (ROE) of 9.21% in 2025 and 11.93% in 2026 [12]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to decrease from 184 in 2023 to 45 by 2027, reflecting an expected improvement in profitability [12][13]. - The price-to-book (P/B) ratio is expected to decline from 10.7 in 2023 to 7.1 in 2027, indicating a more favorable valuation as earnings improve [12][13].

Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 1.38 billion yuan, a year-on-year increase of 54.94%. The revenue from testing equipment was 985 million yuan, up 50.5% year-on-year, accounting for 71.3% of total revenue [7] - The company is experiencing a transition in profitability, with a net profit attributable to shareholders of -11.53 million yuan in 2024, primarily due to increased R&D investments and the payment of the 2024 stock incentive plan [7] - The company maintains a high level of R&D investment, with R&D expenses reaching 498 million yuan in 2024, a year-on-year increase of 118.2% [7] - The company has a strong order backlog, with inventory growing by 57.1% year-on-year to 1.747 billion yuan and contract liabilities increasing by 42.9% year-on-year to 629 million yuan [7] - The company is advancing its product lines in semiconductor measurement equipment, with successful validation of advanced process measurement equipment and a growing customer base [7] Financial Summary - Total revenue forecast for 2024 is 1.38 billion yuan, with a projected growth rate of 54.94% [8] - The net profit attributable to shareholders is expected to be -11.53 million yuan in 2024, with a significant recovery projected in subsequent years [8] - The company’s dynamic P/E ratios for 2025, 2026, and 2027 are projected to be 122.76, 73.39, and 52.12 respectively, reflecting the company's growth potential in the semiconductor measurement equipment sector [7][8]

Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 1.38 billion yuan, a year-on-year increase of 54.94%. The revenue from testing equipment was 985 million yuan, up 50.5% year-on-year, accounting for 71.3% of total revenue [7] - The company is experiencing a transition in profitability, with a net profit of -11.53 million yuan in 2024, primarily due to increased R&D investments and the payment of a share incentive plan [7] - The company maintains a high level of R&D investment, with R&D expenses reaching 498 million yuan in 2024, a year-on-year increase of 118.2% [7] - The company has a strong order backlog, with inventory increasing by 57.1% year-on-year to 1.747 billion yuan and contract liabilities rising by 42.9% to 629 million yuan [7] - The company is making progress in the development of advanced process measurement equipment, with successful validations from major domestic clients [7] Financial Summary - Total revenue forecast for 2024 is 1.38 billion yuan, with a projected growth rate of 54.94% [8] - The net profit forecast for 2025 is adjusted to 217 million yuan, down from the previous estimate of 260 million yuan [7] - The projected net profit for 2026 is 364 million yuan, and for 2027, it is 512 million yuan [7] - The current market capitalization corresponds to dynamic P/E ratios of 123 for 2025, 73 for 2026, and 52 for 2027 [7] - The company’s gross margin for 2024 is 48.90%, with a projected increase in subsequent years [8]