RSM 容诚 非经常性损益鉴证报告 容诚会计师事务所(特殊普通合伙) 中国 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 您可 目 录 | 序号 | 内 | 容 | 页码 | | --- | --- | --- | --- | | 1 | 非经常性损益鉴证报告 | | | | 2 | 非经常性损益明细表 | | | 关于深圳中科飞测科技股份有限公司 深圳中科飞测科技股份有限公司 容诚专字[2024]518Z1014 号 非经常性损益的鉴证报告 容诚专字[2024]518Z1014 号 深圳中科飞测科技股份有限公司全体股东: 我们鉴证了后附的深圳中科飞测科技股份有限公司(以下简称中科飞测公司) 管理层编制的 2024年 1-9 月、2023 度、2022 年度和 2021 年度的非经常性损益明 细表。 一、对报告使用者和使用目的的限定 本报告仅供中科飞测公司为申请向特定对象发行股票之目的使用,不得用作 任何其他目的。我们同意将本报告作为中科飞测公司申请向特定对象发行股票所 必备的文件,随其他申报材料一起上报。 二、管理层的责任 按照中国证券监 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment [2]. Core Insights - The company, Zhongke Feicai (688361), is a leading domestic manufacturer of measurement and testing equipment, benefiting significantly from the ongoing domestic substitution trend in the semiconductor industry [1][5]. - The company has a strong research and development foundation, with significant contributions from the Institute of Microelectronics of the Chinese Academy of Sciences, which enhances its technological capabilities [1][26]. - The market for measurement and testing equipment is expected to grow rapidly, driven by the increasing demand for improved yield rates in semiconductor manufacturing [1][5]. Summary by Sections 1. Company Overview - Zhongke Feicai was established in late 2014 with participation from the Institute of Microelectronics of the Chinese Academy of Sciences, focusing on high-end semiconductor quality control [1][16]. - The company offers a wide range of products, including nine series of testing and measurement equipment, with significant market penetration among major domestic semiconductor manufacturers [1][18][21]. 2. Market Dynamics - The domestic wafer fabrication industry is expanding, with a substantial increase in advanced process capacity expected by 2025, supported by rising domestic equipment orders [1][44]. - The measurement and testing equipment market is projected to reach approximately $13 billion in 2023, with a compound annual growth rate driven by the increasing complexity of semiconductor processes [1][5]. 3. Financial Projections - Revenue forecasts for Zhongke Feicai are estimated at 1.28 billion yuan, 1.97 billion yuan, and 2.96 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 35.47 million yuan, 270.46 million yuan, and 476.84 million yuan [5][6]. - The company is expected to maintain a high growth trajectory, with significant revenue increases anticipated due to the ongoing domestic substitution trend and the expansion of its product offerings [5][39]. 4. Competitive Position - Zhongke Feicai holds a competitive edge in the domestic market, with a 30% market coverage for its mass-produced equipment and a 67% coverage for its verification products [1][5]. - The company is well-positioned to capitalize on the urgent need for domestic alternatives in the measurement and testing equipment sector, particularly in high-difficulty segments [1][5].

证券代码：688361 证券简称：中科飞测 公告编号：2024-045 深圳中科飞测科技股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 1、 国投（上海）科技成果转化创业投资基金企业（有限合伙）（以下简称"国 投创业基金"）持有公司股份数量为 36,465,943 股，占本公司总股本的 11.40%。 2、 深圳市创新投资集团有限公司（以下简称"深创投"）持有公司 9,789,934 股，占公司总股本的 3.06%；深圳市人才创新创业一号股权投资基金（有限合伙） （以下简称"人才基金"）持有公司股份数量为 9,215,221 股，占公司总股本的 2.88%。深创投和人才基金关于公司构成一致行动关系，合计持有公司股份 19,005,155 股，占公司总股本的 5.94%。 上述股份全部为公司首次公开发行前股份，并已于 2024 年 5 月 20 日起上市 流通。 减持计划的主要内容 1、因资金安排需要，国投创业基金计划以集中竞价交易和大宗交易的方式 减持其持有的 ...

证券代码：688361 证券简称：中科飞测 公告编号：2024-044 深圳中科飞测科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 会议召开时间：2024 年 11 月 22 日（星期五）下午 15:00-16:00 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 11 月 15 日（星期五）至 11 月 21 日（星期四）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。 深圳中科飞测科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状 ...

2024 年 11 月 8 日 《关于深圳中科飞测科技股份有限公司股票交易异常波动 的询证函》的回函 致：深圳中科飞测科技股份有限公司 贵公司《关于深圳中科飞测科技股份有限公司股票交易异常波动的询证函》 已收悉，现就公司询证事项回复如下： 1、截至目前，作为贵公司控股股东，不存在正在筹划并购重组、股份发行、 债务重组、业务重组、资产剥离和资产注入等重大事项，亦不存在其他应披露 而未披露的重大信息。 2、本公司在贵公司本次股票异常波动期间，不存在买卖贵公司股票的情况。 （本页以下无正文） （本页无正文，为控股股东《<关于深圳中科飞测科技股份有限公司股票交 易异常波动的询证函>的回函》之签署页） 控股股东：苏州翌流明光电科技有限公司 《关于深圳中科飞测科技股份有限公司股票交易异常波动 的询证函》的回函 《关于深圳中科飞测科技股份有限公司股票交易异常波动 的询证函》的回函 致：深圳中科飞测科技股份有限公司 贵公司《关于深圳中科飞测科技股份有限公司股票交易异常波动的询证函》 已收悉，现就公司询证事项回复如下： 1、截至目前，作为贵公司实际控制人，不存在正在筹划并购重组、股份发 行、债务重组、业务重组、资产剥离和资产注 ...

证券代码：688361 证券简称：中科飞测 公告编号：2024-043 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： 深圳中科飞测科技股份有限公司（以下简称"公司"）股票交易连续 3 个 交易日（2024 年 11 月 6 日、11 月 7 日、11 月 8 日）收盘价格涨幅偏离值累计 达到 30%，根据《上海证券交易所交易规则（2023 年修订）》、《上海证券交易所 科创板股票异常交易实时监控细则》的有关规定，属于股票交易异常波动的情形。 经公司自查并向公司控股股东、实际控制人核实，截至本公告披露日， 除在指定媒体上已公开披露的信息外，不存在应披露而未披露的重大事项。 公司股价短期波动幅度较大，敬请广大投资者注意投资风险，理性决策， 审慎投资。 一、股票交易异常波动的具体情况 公司股票交易于 2024 年 11 月 6 日、2024 年 11 月 7 日、2024 年 11 月 8 日 连续三个交易日内收盘价格涨幅偏离值累计达到 30%，根据《上海证券交易所交 易规则（2023 年修订）》《上海证券交易 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 91.0 CNY, compared to the current price of 67.72 CNY [1]. Core Insights - The company achieved a record high revenue of 3.49 billion CNY in Q3 2024, reflecting a year-on-year increase of 56.79% and a quarter-on-quarter increase of 52.70%. The gross margin improved to 49.64%, up 2.06 percentage points year-on-year and 11.77 percentage points quarter-on-quarter [1]. - The company is experiencing high growth in revenue and orders, supported by an optimized product structure and increased domestic demand for semiconductor detection equipment. The backlog of contracts increased to 6.98 billion CNY, providing a solid foundation for future growth [1]. - The semiconductor equipment market is expected to continue its high growth trajectory due to industry recovery and innovations in end-user applications such as AI and electric vehicles. Domestic manufacturers are likely to gain market share due to advantages in customization and supply stability [1]. - The company has maintained high levels of R&D investment, successfully developing nine series of equipment and three series of software products, with significant application in leading domestic clients [1]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 812 million CNY, a year-on-year increase of 38.21%. The gross margin was 47.69%, down 2.17 percentage points year-on-year. The net profit attributable to the parent company was -52 million CNY [2]. - The projected revenues for 2024-2026 have been revised upwards to 1.32 billion CNY, 1.96 billion CNY, and 2.61 billion CNY, respectively. The net profit forecast for 2024 has been adjusted to 39 million CNY, with projections of 283 million CNY and 492 million CNY for 2025 and 2026, respectively [2][5].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's performance in Q3 met expectations, with accelerated deliveries and steady progress in new product development. The company is focusing on high R&D investments to support its product lineup, particularly in the electron beam critical dimension measurement equipment, which will enhance its capabilities in the electron beam sector [2][3]. Financial Summary - Revenue for Q1-Q3 2024 reached 0.812 billion, representing a year-on-year increase of 38.21%. The net profit attributable to the parent company was -0.052 billion, while the net profit excluding non-recurring items was -0.125 billion. The poor profit performance is attributed to increased R&D investments aimed at positioning for new products [3][4]. - For Q3 2024, revenue was 0.349 billion, up 56.79% year-on-year, with a net profit of 0.016 billion. The gross margin for Q3 was 49.64%, an increase of 2.06 percentage points year-on-year and 11.77 percentage points quarter-on-quarter [3][4]. - The company has adjusted its revenue forecasts for 2024-2026 to 1.350 billion, 2.012 billion, and 3.004 billion respectively, up from previous estimates of 1.301 billion, 1.934 billion, and 2.845 billion. EPS estimates for the same period have been revised down to 0.31, 0.83, and 2.05 yuan respectively [3][4]. Product Development - The company is advancing its product lineup, including: 1. Mass-produced products such as non-graphic wafer defect detection, which is gaining market share. 2. Ongoing development in advanced packaging fields like HBM and 2.5/3D. 3. Steady progress in the development of advanced models for film thickness measurement and overlay accuracy measurement [3]. - The company is also validating products with domestic customers, with small batch shipments for bright field and dark field products [3]. Market Positioning - The company is positioned to cover both optical and electron beam measurement sectors, which opens up significant growth potential. The electron beam critical dimension measurement equipment accounts for 8.1% of the value of measurement equipment, indicating a strategic move to enhance its product offerings [3]. Valuation - The target price has been raised to 94.32 yuan from the previous 81.31 yuan, based on a 15x PS for 2025, reflecting the company's growth potential and low domestic replacement rate in the measurement segment [3][5].

Investment Rating - The report maintains a "Buy" rating for the company, reflecting a positive outlook on its future performance [6] Core Views - The company's gross margin has significantly rebounded, with a single-quarter revenue growth rate of nearly 60% [2] - New orders continue to grow, and the verification of new equipment is progressing smoothly, indicating potential for future expansion [5] - The company's R&D investment remains high, with a slight decline in R&D expense ratio, supporting long-term growth [5] - The domestic market for inspection and measurement equipment has significant potential for localization, with urgent demand for self-sufficiency [6] Financial Performance - In Q3 2024, the company reported revenue of 349 million yuan, a year-on-year increase of 56.8%, and a quarter-on-quarter increase of 52.7% [4] - The gross margin in Q3 2024 was 49.6%, an increase of 11.7 percentage points compared to Q2 2024, leading to a positive net profit of 16.13 million yuan [5] - For the first nine months of 2024, the company's revenue was 812 million yuan, a year-on-year increase of 38.2%, with a gross margin of 47.69% [4] - The company's R&D expenses for the first nine months of 2024 reached 335 million yuan, a year-on-year increase of 131.8%, with an R&D expense ratio of 41.2% [5] Market and Industry Analysis - The domestic inspection and measurement equipment industry has significant potential for localization, with urgent demand for self-sufficiency due to the importance of these devices in the semiconductor supply chain [6] - The company is expected to maintain a rapid increase in market share and expand its product portfolio through continuous technological breakthroughs [6] Financial Projections - The report forecasts the company's net profit for 2024-2026 to be 143 million yuan, 210 million yuan, and 332 million yuan, respectively, with year-on-year growth rates of 1.9%, 46.6%, and 58.5% [6] - The company's revenue is expected to grow to 1.37 billion yuan in 2024, 1.86 billion yuan in 2025, and 2.37 billion yuan in 2026, with year-on-year growth rates of 53.7%, 35.7%, and 27.3%, respectively [7] - The gross margin is projected to be 46.4% in 2024, 47.2% in 2025, and 48.1% in 2026 [7]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - Q3 revenue shows significant growth, with a quarter-on-quarter recovery in profits. The company achieved a revenue of 812 million yuan in the first three quarters of 2024, representing a year-on-year increase of 38.21%. In Q3 alone, revenue reached 349 million yuan, up 56.79% year-on-year and 52.70% quarter-on-quarter. However, the net profit attributable to the parent company was -52 million yuan, indicating a shift from profit to loss year-on-year [2] - The gross margin improved both year-on-year and quarter-on-quarter, with Q3 gross margin at 49.64%, up 2.06 percentage points year-on-year and 11.78 percentage points quarter-on-quarter. R&D expenses remained high, reaching 128 million yuan in Q3, a year-on-year increase of 167% [3] - Inventory and contract liabilities continued to grow year-on-year, indicating a robust order backlog. As of the end of Q3 2024, inventory stood at 1.555 billion yuan, up 46% year-on-year, while contract liabilities were 698 million yuan, up 33% year-on-year [3] - The company is expanding its product lines and making progress in advanced process R&D, with various equipment types covering 2Xnm and above process nodes. The company has a strong market share in the domestic advanced packaging sector and is seeing steady growth in orders for its measurement equipment [4] Financial Forecasts and Valuation - The company is expected to significantly increase its R&D investment in 2024, with projected net profits attributable to the parent company of 440 million yuan in 2024, 2.64 billion yuan in 2025, and 4.19 billion yuan in 2026. The current market capitalization corresponds to dynamic P/E ratios of 498, 83, and 52 times for the respective years [5]