深圳中科飞测科技股份有限公司 关于使用部分募集资金向全资子公司提供借款以实 施募投项目的公告 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 证券代码：688361 证券简称：中科飞测 公告编号：2024-029 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 A 股 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。 上述募集资金净额已由天职国际会计师事务所（特殊普通合伙）审验并出具 "天职业字[2023]32719 号"《验资报告》予以确认。为规范公司募集资金管理 和使用、保护投资者权益，公司设立了募集资金专项账户，并与保荐人、存放募 集资金的商业银行签署了《募集资金专户存储三方监管协议》。募集资金到账后， 已全部存放于经公司董事会批准开设的募集资金 ...

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 使用部分募集资金向全资子公司提供借款以实施募投项目 的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"、"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》（以下简称"《监管指引第 1 号》"）《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》（以下简称"《监 管指引第 2 号》"）等有关规定，对中科飞测拟使用部分募集资金向全资子公司 提供借款以实施募投项目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 A 股 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 ...

Investment Rating - The report gives a "Strong Buy" rating for the company, marking the first coverage [1][2] Core Views - The company is a leading domestic semiconductor process control equipment manufacturer, breaking the monopoly of international players in the quality control equipment market [1] - The company has achieved significant breakthroughs in new products, with its equipment performance comparable to international competitors [1] - The company's revenue and net profit have shown strong growth, with 2023 revenue reaching 8 9 billion yuan, a 75% YoY increase, and net profit reaching 1 4 billion yuan, a 1072% YoY increase [1] - The company has a robust R&D pipeline, with multiple new products making progress and expanding its product line [1] Financial Performance - In 2023, the company achieved revenue of 8 91 billion yuan, a 74 95% YoY increase, and net profit of 1 4 billion yuan, a 1072 38% YoY increase [31] - For Q1 2024, the company achieved revenue of 2 36 billion yuan, a 45 6% YoY increase, and net profit of 0 34 billion yuan, a 9 16% YoY increase [31] - The company's revenue from inspection equipment in 2023 was 6 54 billion yuan, a 69 87% YoY increase, while revenue from metrology equipment was 2 22 billion yuan, an 88 14% YoY increase [32] - The company's gross margin for inspection equipment in 2023 was 57 17%, and for metrology equipment, it was 38 79% [33] Industry Overview - The global process control equipment market was valued at approximately 12 7 billion USD in 2023, with metrology demand around 1 8 billion USD and inspection demand around 7 billion USD [1] - The process control market accounts for about 12 3% of the total semiconductor equipment market, with continuous demand for upgrades as process nodes shrink and 3D stacking advances [1] - The global semiconductor inspection and metrology equipment market was valued at 12 8 3 billion USD in 2023, with a CAGR of 13 2% from 2016 to 2023 [69] Product and Technology - The company has developed nine core technologies, including optical inspection, big data algorithms, and automation control software, achieving breakthroughs in sensitivity, repeatability, and throughput [1] - As of 2023, the company has delivered nearly 300 inspection equipment units and 200 metrology equipment units, covering over 100 and 50 customer production lines, respectively [1] - The company's products include inspection equipment (e g , defect detection) and metrology equipment (e g , 3D profile measurement, film thickness measurement) [26][27] - The company has 482 patents, including 111 invention patents, 348 utility model patents, and 5 design patents, along with 18 software copyrights [36] Market Position and Competition - The global process control market is dominated by international players like KLA, which holds over 50% market share in China's metrology and inspection market [1] - The company has successfully entered the supply chains of major domestic semiconductor manufacturers, including SMIC, Yangtze Memory, and Silan Microelectronics [23] - The company's inspection and metrology equipment performance is comparable to international competitors, with ongoing R&D efforts to expand its product line [1] Future Outlook - The company is expected to achieve revenue of 13 3 billion yuan in 2024, 19 1 billion yuan in 2025, and 26 1 billion yuan in 2026, with net profit of 2 2 billion yuan, 3 4 billion yuan, and 5 2 billion yuan, respectively [1] - The company's PEG ratio for 2024, 2025, and 2026 is projected to be 1 37X, 0 87X, and 0 63X, respectively, indicating strong growth potential [1]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1]. Core Views - The company has demonstrated sustained high growth in overall performance, with significant increases in revenue and net profit. The revenue for 2023 reached 891 million yuan, a year-on-year increase of 74.95%, while the net profit surged to 140 million yuan, reflecting a year-on-year growth of 1072.38% [1][2]. - The company is well-positioned to capitalize on the HBM (High Bandwidth Memory) testing and measurement equipment market, which is expected to open long-term growth opportunities due to innovations in integrated circuit manufacturing processes [6][2]. - The company has a robust order backlog, indicating a strong foundation for continued revenue growth in 2024 and beyond [6]. Financial Performance Summary - **Revenue Growth**: The company reported a revenue of 891 million yuan in 2023, with a growth rate of 74.9% year-on-year. Projections for 2024 estimate revenue to reach 1.333 billion yuan, representing a growth rate of 49.7% [1][9]. - **Net Profit**: The net profit for 2023 was 140 million yuan, with a projected increase to 210 million yuan in 2024, reflecting a growth rate of 50% [1][9]. - **Profitability Ratios**: The gross margin for 2023 was 52.62%, an increase of 3.95 percentage points year-on-year, while the net profit margin reached 15.75%, up by 13.44 percentage points [2][9]. - **Earnings Per Share (EPS)**: The EPS for 2023 was 0.44 yuan, with projections of 0.66 yuan for 2024, indicating a strong upward trend [1][9]. Market Position and Strategy - The company offers a comprehensive range of nine series of equipment and three series of software products, providing customers with effective yield management solutions. This strategic combination enhances the company's market competitiveness and customer resource advantages [2][6]. - The company has successfully developed and delivered products that meet the needs of major domestic clients, with a focus on high-margin products and a growing market share in the semiconductor testing and measurement sector [2][6]. Future Outlook - The company is expected to maintain steady growth in 2024, supported by a rich order book and an expanding product portfolio that meets the evolving demands of the semiconductor industry [6][2]. - The report projects net profits for 2024, 2025, and 2026 to be 210 million yuan, 310 million yuan, and 430 million yuan, respectively, indicating a strong growth trajectory [6][1].

Group 1: Company Overview - The company is Shenzhen Zhongke Feice Technology Co., Ltd., with stock code 688361 and abbreviation 中科飞测 [1] - The meeting took place on May 20, 2024, with key attendees including Chairman Chen Lu and CFO Zhou Fan [2] Group 2: Product Development and AI Integration - The company focuses on software product development, particularly in AI applications for enhancing yield in high-end semiconductor manufacturing [2] - AI and big data technologies are utilized for quality control data in semiconductors, aiming to maximize yield management [2] - The yield management system software employs statistical analysis and AI to help clients identify and resolve production line anomalies [2] Group 3: Order Delivery and Acceptance Cycle - The order delivery and acceptance cycle is influenced by equipment type, maturity, and customer urgency, with initial equipment acceptance cycles being longer [2] - As equipment matures, the delivery and acceptance cycles generally shorten [2] Group 4: Revenue and Order Composition - In 2023, revenue from testing equipment and measurement equipment accounted for approximately 70% and 30% respectively, with order composition mirroring revenue distribution [3]

1 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 督导上市公司及其董事、监事、高级管理人员遵守 | 2023 年度，保荐人督导中科飞测 及其董事、监事、高级管理人员 | | | 法律、法规、部门规章和上海证券交易所发布的业 | 遵守法律、法规、部门规章和上 | | 6 | 务规则及其他规范性文件，并切实履行其所做出的 | 海证券交易所发布的业务规则 | | | 各项承诺 | 及其他规范性文件，切实履行其 | | | | 所做出的各项承诺 | | | 督导上市公司建立健全并有效执行公司治理制度， | 保荐人督促中科飞测依照相关 | | 7 | 包括但不限于股东大会、董事会、监事会议事规则 | 规定健全完善公司治理制度 | | | 以及董事、监事和高级管理人员的行为规范等 | | | | 督导上市公司建立健全并有效执行内控制度，包括 | 保荐人对中科飞测内控制度的 | | | 但不限于财务管理制度、会计核算制度和内部审计 | | | | | 设计、实施和有效性进行了核 | | 8 | 制度，以及募集资金使用、关联交易、对外担保、 | 查，督导上市公司建立健全并有 | ...

Group 1: Order and Revenue Insights - The company has seen a significant increase in new orders compared to 2023, with expectations for Q2 2024 to be similar to Q1 [1] - The growth in new orders is attributed to a comprehensive product layout and the ability to sell multiple product series to customers with bulk equipment purchasing needs [1] - The company holds a strong market share in advanced packaging, particularly in the 3D packaging and HBM sectors, with a majority of the domestic advanced packaging capacity [2] Group 2: Revenue Composition - Revenue from front-end processes accounts for approximately 80%, while advanced packaging contributes around 15% [2] - The company's diverse customer base includes clients from logic, memory, power, MEMS chips, compound semiconductors, advanced packaging, and wafer processing equipment [2] Group 3: R&D Investment Trends - The company has consistently increased its R&D investment, focusing on upgrading existing equipment and developing key products such as defect detection and measurement devices [2] - R&D expenses have shown a growth trend, although the R&D expense ratio has fluctuated based on annual circumstances [2]

证券研究报告| 公司动态报告 [Table2_0 D2a4t e年] 05月15日 [营Table收_Title]端 持续高速增长，扣非盈利水平有 所改善 [中Tab科le_T飞itle2测] (688361) 评级及分析师信息 [事Ta件ble概_S述um mary] [评Ta级bl：e_ Rank] 增持 上次评级： 首次覆盖 公司发布2023 年报和2024 年一季报。 目标价格： ► 半导体量检测设备快速放量，23 年业绩实现高速增长 最新收盘价： 50.67 1）收入端：2023 年实现营收8.91 亿元，同比+74.95%，分 [股Ta票bl代e_码Ba：se data] 688361 产品看：检测设备实现收入 6.54 亿元，同比+70.15%；量测设备 52 周最高价/最低价： 92.49/46.12 实现收入2.22 亿元，同比+88.56%。2）利润端：2023 年归母净 总市值(亿) 162.14 利润为 1.40 亿元，同比+1072%，扣非后归母净利润为 0.32 亿 自由流通市值(亿) 123.71 元，实现扭亏。2023 年公司销售净利率、扣非归母净利率分别为 15.75%和3. ...

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 一、公司首次公开发行股票和股本情况 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 流通股合计 59,928,041 股，占公司总股本的 18.73%。 本次上市流通的限售股为公司首次公开发行部分战略配售限售股以及部分 限售股，限售股股东数量为 26 名，限售期为自公司股票上市之日起 12 个月，该 部分限售股股东对应的限售股份数量为 179,703,482 股，占公司总股本的 56.1573%，将于 2024 年 5 月 20 日解除限售并上市流通。其中，战略配售限售股 股份数量为 ...