Investment Rating - The report maintains an "Accumulate" rating 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%. The net profit attributable to the parent company was -52 million yuan, with a non-recurring net profit of -125 million yuan, indicating a shift from profit to loss year-on-year. In Q3 alone, revenue reached 349 million yuan, up 56.79% year-on-year and 52.70% quarter-on-quarter. The net profit attributable to the parent company was 16 million yuan, down 51.39% year-on-year, while the non-recurring net profit was -10 million yuan, indicating a loss year-on-year [2][3]. Financial Performance - Q3 gross margin improved both year-on-year and quarter-on-quarter, with a gross margin of 49.64% in Q3, up 2.06 percentage points year-on-year and 11.78 percentage points quarter-on-quarter. The net profit margin for Q3 was 4.63%, down 10.30 percentage points year-on-year but up 49.42 percentage points quarter-on-quarter. The decline in net profit margin year-on-year is primarily due to high R&D expenditures for new product iterations and upgrades [3]. - Inventory and contract liabilities continue 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, and contract liabilities were 698 million yuan, up 33% year-on-year [3]. Product Development - The company is expanding its product lines and making progress in advanced process R&D. Key developments include: 1. Non-graphical wafer inspection equipment covering 2Xnm and above process nodes, with 1Xnm equipment under development. 2. Graphical defect detection equipment widely used in logic, storage, and advanced packaging fields, with significant market share among leading domestic clients. 3. 3D morphology measurement equipment supporting 2Xnm and above processes, with steady order growth. 4. Thin film thickness measurement equipment covering major integrated circuit clients, with continuous order growth and increasing market share. 5. Critical dimension measurement equipment with successful batch sales for 90nm and above process nodes, and 2Xnm equipment validated by leading domestic clients [4]. Earnings Forecast and Valuation - The report projects the company's net profit attributable to the parent company for 2024-2026 to be 440 million yuan, 2.64 billion yuan, and 4.19 billion yuan respectively. The current market capitalization corresponds to dynamic P/E ratios of 498, 83, and 52 times for the respective years. Given the company's high growth potential in the semiconductor measurement equipment sector, the "Accumulate" rating is maintained [5].

证券代码：688361 证券简称：中科飞测 公告编号：2024-041 深圳中科飞测科技股份有限公司 第二届监事会第七次会议决议公告 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"）第二届监事会第七次 会议于 2024 年 10 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 10 月 25 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<2024 年第三季度报告>的议案》 监事会认为：公司 2024 年第三季度报告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指引第 1 号——规范运作》等相关法律法规和规范性文件及《深圳中科飞测科技股 ...

证券代码：688361 证券简称：中科飞测 公告编号：2024-042 深圳中科飞测科技股份有限公司 关于注销部分募集资金专户的公告 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。 深圳中科飞测科技股份有限公司（以下简称"公司"）首次公开发行股票募 集资金按照相关法律、法规和规范性文件的规定在银行开立了募集资金专户。为 方便公司资金账户管理，减少管理成本，公司拟注销部分募集资金专户，现将具 体情况公告如下： 三、本次注销的募集资金专户情况 截至本公告披露日，公司部分募集资金专户余额较少，为方便公司资金账户 管理，减少管理成本，公司于 2024 年 10 月 30 日召开董事会审议并通过《关于 注销部分募集资金专项账户的议案》，同意注销上述募集资金专户。募集资金专 户注销前存在银行结息等少量余额的，公司将转入其他未注销的募集资金专户进 行存放及管理。募集资金专户注销后公司与该募集资金专户开户银行、保荐机构 签订的募集资金监管协议相应终止。 | | | 2 一、募集资金的基本情况 中国证券监督管理委员会于 2023 年 2 月 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥348,607,179.93, representing a year-on-year increase of 56.79% and a quarter-on-quarter increase of 52.70%[3]. - The net profit attributable to shareholders for Q3 2024 was ¥16,129,229.37, a decrease of 51.39% year-on-year but an increase of 115.77% quarter-on-quarter[3]. - Total operating revenue for the first three quarters of 2024 reached ¥812,429,412.28, a significant increase of 38.1% compared to ¥587,815,988.49 in the same period of 2023[15]. - The company reported a net loss of ¥52,454,293.01 for the first three quarters of 2024, contrasting with a profit of ¥79,082,621.34 in the same period of 2023[15]. - The net profit for the first three quarters of 2024 was -51,885,433.35 RMB, compared to a net profit of 79,122,653.17 RMB in the same period of 2023, representing a significant decline[16]. - The total comprehensive income for the first three quarters of 2024 was -52,209,636.55 RMB, compared to 79,193,163.78 RMB in the same period of 2023[16]. - The basic and diluted earnings per share for the first three quarters of 2024 were both -0.16 RMB, down from 0.29 RMB in the same period of 2023[16]. Research and Development - Research and development (R&D) expenses totaled ¥127,972,831.58 in Q3 2024, marking a significant increase of 167.36% year-on-year[3]. - R&D expenses accounted for 36.71% of operating revenue in Q3 2024, an increase of 15.18 percentage points compared to the same period last year[3]. - Research and development expenses surged to ¥335,115,095.66 in the first three quarters of 2024, compared to ¥144,561,274.39 in 2023, marking an increase of 132.5%[15]. Assets and Liabilities - The total assets of the company at the end of Q3 2024 were ¥3,939,097,956.50, reflecting a year-on-year increase of 14.91%[3]. - Total assets increased to ¥3,939,097,956.50 as of the end of Q3 2024, compared to ¥3,428,017,518.02 at the end of Q3 2023, representing a growth of 14.9%[14]. - Non-current liabilities totaled ¥301,827,124.75 in Q3 2024, up from ¥163,744,425.26 in Q3 2023, indicating an increase of 84.5%[14]. - The total liabilities of the company reached ¥1,566,122,800.41 in Q3 2024, compared to ¥1,017,060,959.39 in Q3 2023, an increase of 54.0%[14]. - The company's equity attributable to shareholders decreased to ¥2,372,975,156.09 in Q3 2024 from ¥2,410,956,558.63 in Q3 2023, a decline of 1.6%[14]. - Deferred income increased significantly to ¥118,629,877.87 in Q3 2024, compared to ¥52,965,192.92 in Q3 2023, representing a growth of 123.0%[14]. Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥197,846,175.03, a decline of 1,276.26% year-on-year[2]. - Cash inflows from operating activities for the first three quarters of 2024 totaled 1,172,405,276.94 RMB, compared to 819,833,508.48 RMB in the same period of 2023[18]. - Cash outflows from operating activities for the first three quarters of 2024 were 1,370,251,451.97 RMB, compared to 803,013,641.04 RMB in the same period of 2023[18]. - The net cash flow from operating activities for the first three quarters of 2024 was -197,846,175.03 RMB, compared to 16,819,867.44 RMB in the same period of 2023[18]. - Cash inflows from investing activities for the first three quarters of 2024 were 2,274,937,428.42 RMB, compared to 337,612,103.51 RMB in the same period of 2023[19]. - Cash outflows from investing activities for the first three quarters of 2024 totaled 1,895,009,976.95 RMB, compared to 1,444,628,705.22 RMB in the same period of 2023[19]. - The net cash flow from investing activities for the first three quarters of 2024 was 379,927,451.47 RMB, compared to -1,107,016,601.71 RMB in the same period of 2023[19]. - The net cash flow from financing activities for the first three quarters of 2024 was -107,579,090.06 RMB, compared to 1,552,609,584.14 RMB in the same period of 2023[19]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 10,132[8]. - The largest shareholder, Suzhou Yiliu Mingguang Technology Co., Ltd., holds 37,800,963 shares, accounting for 11.81% of the total shares[8]. - The total number of shares held by the top ten unrestricted shareholders was 99,000,000 shares, with the largest being Guotou (Shanghai) Venture Capital Management Co., Ltd. at 36,465,943 shares[11]. - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[12]. Operational Focus - The company continues to focus on high-end semiconductor quality control, with ongoing progress in new equipment validation and a growing order scale[4]. - The company is focusing on expanding its market presence and developing new technologies, although specific details were not disclosed in the report[10]. - There are no significant reminders or additional important information regarding the company's operational status during the reporting period[12]. Stock Incentive Plan - The company has implemented a restricted stock incentive plan for 2024 to stabilize its core talent team, which has led to increased share-based payment expenses[6].

Investment Rating - The report assigns an "Outperform" rating to the company [3]. Core Insights - The company, Zhongke Feice, is a leading domestic provider of high-end semiconductor quality control equipment, with a product matrix that is gradually improving. The revenue for the first half of 2024 increased by 26.91% year-on-year, driven by a focus on product upgrades and category expansion [1][4]. - The company has a stable increase in contract liabilities, amounting to 628 million yuan as of the second quarter of 2024, indicating a solid order backlog [1][17]. - The semiconductor detection and measurement equipment market in mainland China reached a scale of 4.36 billion USD in 2023, with a compound annual growth rate of 26.61% from 2019 to 2023 [1][17]. Summary by Sections Financial Performance - In 1H24, the company achieved a revenue of 460 million yuan, reflecting a year-on-year growth of 26.91%. The second quarter revenue was 228 million yuan, with a year-on-year increase of 12.07% [1][12]. - The net profit attributable to the parent company for 2024-2026 is projected to be 106 million, 280 million, and 432 million yuan, respectively, with corresponding price-to-earnings ratios of 148, 56, and 36 times [1][22]. Product Development - The company's R&D investment in 1H24 was 207 million yuan, a significant increase of 114.22% year-on-year, focusing on product upgrades and new product development [1][10]. - The product matrix includes various detection and measurement devices, with significant market shares in several categories, such as 19.5% for bright field nano-pattern wafer defect detection equipment and 10.3% for non-pattern wafer defect detection equipment [1][8]. Market Position - The company has established a comprehensive customer base, covering major players in the semiconductor industry, including logic, memory, and power semiconductor manufacturers [1][7]. - The report highlights the company's leading advantage in technology and customer expansion, particularly in the context of domestic semiconductor equipment localization [1][4]. Future Outlook - The company expects to see continued growth in revenue, with projections of 1.36 billion, 1.89 billion, and 2.54 billion yuan for 2024, 2025, and 2026, respectively, indicating a strong growth trajectory [22][24]. - The anticipated gross margin for the detection equipment is expected to stabilize at around 52.62% to 54.22% over the next three years, reflecting improvements in product mix and technology [20][21].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][16]. Core Insights - The company focuses on high-end semiconductor quality control, providing comprehensive yield management solutions through its nine series of equipment and three series of software products [3][6]. - The company has a strong order backlog, with significant growth in domestic semiconductor equipment demand driven by capacity expansion and increasing localization rates [3][15]. - The company achieved revenue of 464 million yuan in the first half of 2024, representing a year-on-year growth of 26.91%, although it reported a net loss of 68.01 million yuan due to R&D and share-based payment expenses [3][5]. Summary by Sections Company Overview - The company is a leading domestic provider of high-end semiconductor quality control equipment, focusing on the R&D, production, and sales of detection and measurement equipment [6]. - It has established a broad customer base across various semiconductor sectors, including logic, memory, and advanced packaging [6][15]. Market Potential - The domestic semiconductor equipment market is expected to grow significantly, with a projected 12% increase in wafer capacity in mainland China in 2023 [3][10]. - The global semiconductor equipment market remains dominated by a few international players, highlighting the importance of domestic alternatives due to supply chain tensions [3][15]. Financial Performance - The company forecasts revenues of 1.303 billion yuan, 1.867 billion yuan, and 2.751 billion yuan for 2024E, 2025E, and 2026E respectively, with corresponding net profits of 109 million yuan, 276 million yuan, and 467 million yuan [4][12]. - The revenue from detection equipment is expected to grow significantly, with projections of 914 million yuan, 1.294 billion yuan, and 1.910 billion yuan for 2024E, 2025E, and 2026E respectively [13][12]. Product Development - The company has made substantial progress in developing its detection and measurement equipment, with several products already in mass production and others in the validation phase with key clients [8][10]. - The detection equipment segment has seen a revenue increase of 70.15% year-on-year, while the measurement equipment segment grew by 88.56% [10][12]. Valuation - The company is valued using a PS (Price-to-Sales) method, with a target market value range of 19.539 billion to 20.842 billion yuan, translating to a reasonable share price range of 61.06 to 65.13 yuan [4][16].

深圳中科飞测科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 证券代码：688361 证券简称：中科飞测 公告编号：2024-040 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 9 月 26 日(星期四)下午 13:00-14:00 会议召开时间：2024 年 9 月 26 日(星期四)下午 13:00-14:00 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 9 月 19 日(星期四)至 9 月 25 日(星期三)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。 重要内容提示： 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。 深圳中科飞测科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日 ...

国泰君安证券股份有限公司 关于深圳中科飞测科技股份有限公司 2024 年半年度持续督导跟踪报告 国泰君安证券股份有限公司（以下简称"国泰君安"）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》《上海证券交易所上市公司持续督导工作指引》等相关规 定，作为公司持续督导工作的保荐人，负责中科飞测上市后的持续督导工作，并 出具本持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具 | 保荐机构已根据持续督导工作 | | | 体的持续督导工作制定相应的工作计划 | 进度制定相应工作计划 | | | 根据中国证监会相关规定，在持续督导工作开始前， | 保荐机构已与中科飞测签署协 | | 2 | 与上市公司或相关当事人签署持续督导协议，明确 双方在持续督导期间的权利义务，并报上海证券交 | 议，明确了双方在持续督导期间 | | | | 的权利义务 | | | 易所备案 | | | ...

中科飞测(688361.SH)/电子 证券研究报告/公司点评 2024 年 9 月 11 日 | --- | |---------------------------------------------------| | | | [Table_Title] 评级：买入（维持） [Table_Industry] | 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 320 | | 流通股本 ( 百万股 ) | 244 | | 市价 ( 元 ) | 49.30 | | 市值 ( 百万元 ) | 15,776 | | 流通市值 ( 百万元 ) ...

证券研究报告 非金融公司|公司点评|中科飞测（688361） 2024 年半年报点评： 收入稳步增长，研发大幅增加 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月08日 证券研究报告 |报告要点 公司发布 2024 年半年度业绩公告，上半年公司实现营业收入 4.64 亿元，同比+26.91%；归母 净利润-0.68 亿元，同比-248.05%；基本每股收益-0.21 元/股。 |分析师及联系人 熊军 王海 SAC：S0590522040001 SAC：S0590524070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月08日 中科飞测(688361) 2024 年半年报点评： 收入稳步增长，研发大幅增加 | --- | --- | |----------------------------|--------------------------| | | | | 行 业： 投资评级： | 电子/半导体 增持（首次） | | 当前价格： | 47.49 元 | | 基本数据 | | | 总股本/流通股本 (百万股) ...