证券代码：688361 证券简称：中科飞测 公告编号：2024-007 深圳中科飞测科技股份有限公司 第二届董事会第二次会议决议公告 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。 一、董事会会议召开情况 深圳中科飞测科技股份有限公司（以下简称"公司"）第二届董事会第二次 会议于 2024 年 3 月 15 日以通讯表决方式在公司会议室召开，会议通知于 2024 年 3 月 12 日以电子邮件的方式送达至各位董事。本次会议应到董事 9 人，实到 董事 9 人。会议由陈鲁先生主持，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》（以下简称"《公司章程》"） 等相关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 经各位董事认真审议，会议形成了如下决议： （一）审议通过《关于公司<2024 年限制性股票激励计划（草案）>及其摘 要的议案》 为了进一步建立、健全公司长效激励机制，吸引和留住优秀人才，充分调动 公司核心团队的积极性，有效地将股东利益、公司利益和核心团队个人利益结合 在 ...

首次授予部分激励对象名单 2024 年限制性股票激励计划 | | | | | 授予限制性 | 获授数量占 授予限制性 | 获授数量占 本激励计划 | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 姓名 | 国籍 | 职务 | 股票数量(万 | 股票总数的 | 公告日股本 | | | | | | 股) | 比例 | 总额的比例 | | 一、董事、高级管理人员、核心技术人员 | | | | | | | | 1 | 陈鲁 | 中国 | 董事长、总经理 | 100 | 12.50% | 0.31% | | 2 | 哈承姝 | 中国 | 战略副总裁、董 | 50 | 6.25% | 0.16% | | | | 香港 | 事 | | | | | 3 | 周凡女 | 中国 | 财务总监、董事 | 50 | 6.25% | 0.16% | | 4 | 古凯男 | 中国 | 董事会秘书、董 | 15 | 1.88% | 0.05% | | | | | 事 | | | | | 5 | 黄有为 | 中国 | 核心技术人员 | 15 | 1.88% | 0.05% | | 6 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's profitability has significantly improved, with a revenue increase of 75% year-on-year to 890 million yuan in 2023, and a net profit surge of 1113% to 140 million yuan [2]. - The rapid growth in revenue is attributed to enhanced market competitiveness of the company's products and the increasing demand for domestic semiconductor testing and measurement equipment [2]. - The company is expected to continue benefiting from the ongoing development of multiple R&D projects, leading to a gradual decrease in overall expense ratios and improved profitability [2]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 300 million yuan, a year-on-year increase of 20.6% and a quarter-on-quarter growth of 36.3% [2]. - The net profit for Q4 2023 was 63 million yuan, reflecting an 85.9% year-on-year increase and a 90.9% quarter-on-quarter increase [2]. - The company reported a turnaround in its net profit excluding non-recurring items, reaching 16 million yuan, a year-on-year increase of 686.6% [2]. Market Opportunity - The domestic semiconductor testing and measurement equipment market is rapidly expanding, with a significant push for domestic alternatives [2]. - The global measurement and testing equipment market was valued at 7.65 billion USD in 2020, with China accounting for 27.4% of this market [2]. Product Development - The company has a strong advantage in non-graphical wafer defect detection equipment, with two key products, SPRUCE-600 and SPRUCE-800, in mass production [2]. - Several measurement devices are in intensive R&D and validation stages, with key size measurement equipment for 2Xnm process nodes making good progress [2]. Earnings Forecast and Valuation - The net profit forecasts for 2023 to 2025 have been adjusted to 142 million, 241 million, and 369 million yuan respectively, reflecting increases of 3.6%, 2.6%, and 2.5% from previous estimates [3]. - The current stock price corresponds to an EPS of 0.45, 0.75, and 1.15 yuan for 2023, 2024, and 2025, with P/E ratios of 139, 82, and 54 respectively [3].

[Table_Page] 公告点评|半导体 证券研究报告 [中Table_科Title] 飞测-U（688361.SH） [公Tab司le_I评nves级t] 买入 当前价格 62.85元 23Q4 业绩高速增长，量测检测设备国产替代空间广阔 合理价值 94.88元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-02-28 ⚫ 客户订单量持续增长，23Q4业绩高速增长。公司发布23年业绩快报。 相[Ta对ble市_Pi场cQu表ote现] 23年，公司营收8.91亿元，YoY+74.95%，主要系：得益于公司在关 键核心技术、产业化推进和迭代升级各系列产品的过程中取得的重要 26% 成果，公司产品种类日趋丰富，市场竞争力持续增强，市场地位进一步 15% 巩固；国内半导体检测与量测设备市场呈现高速发展，下游客户设备国 3% 产化需求迫切，公司凭借较强的技术创新能力、优异的产品品质以及出 02/23 04/23 06/23 08/23 10/23 12/23 02/24 -8% 色的售后服务等积极因素，品牌认可度不断提升，客户群体覆盖度进一 -19% 步扩大，客户订单量持 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 91.7 CNY, compared to the current price of 62.85 CNY [2][3]. Core Insights - The company achieved significant revenue growth of 74.95% year-on-year, reaching 891 million CNY in 2023, while net profit surged by 1090.26% to 142 million CNY [2][3]. - The strong performance is attributed to the rapid development of the domestic semiconductor measurement equipment market and the ongoing trend of domestic substitution, allowing the company to expand its product range and customer base [3]. - The company's net profit margin reached 15.99%, an increase of 13.69 percentage points year-on-year, indicating improved profitability alongside high R&D investment [3]. - Future growth is expected as downstream wafer manufacturers enter a new expansion cycle and the company launches new products [3]. Financial Summary - Total revenue for 2023 is projected at 891 million CNY, with a year-on-year growth rate of 75.0% for 2024 and 48.2% for 2025 [4]. - The net profit for 2023 is estimated at 142 million CNY, with an impressive growth rate of 1,113.0% year-on-year, and is expected to reach 213 million CNY in 2024 [4]. - Earnings per share (EPS) is forecasted to be 0.45 CNY in 2023, increasing to 0.67 CNY in 2024 and 0.99 CNY in 2025 [4]. - The company's market valuation metrics indicate a price-to-earnings (P/E) ratio of 141 for 2024 and a price-to-book (P/B) ratio of 8.3 [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 114.30 CNY, maintaining the previous rating of "Buy" [1][3]. Core Insights - The company's performance met expectations, with significant improvement in profitability. In 2023, the company achieved a revenue of 8.91 billion CNY, a year-on-year increase of 74.95%, and a net profit attributable to shareholders of 1.42 billion CNY, representing a year-on-year growth of 1209% [1][3]. - The company is expected to experience rapid growth in product volume, driven by domestic substitution and continuous improvement in product layout [1][3]. - The semiconductor equipment sales are projected to reach 124 billion USD by 2025, indicating a potential industry cycle reversal [1][3]. Financial Summary - Revenue for 2023 is forecasted at 8.91 billion CNY, up from 8.82 billion CNY previously estimated. The EPS for 2023 is adjusted to 0.45 CNY from 0.46 CNY, while the EPS for 2025 is projected at 0.68/1.02 CNY [1][3]. - The company reported a significant increase in operating profit, with EBIT rising to 156 million CNY in 2023, a 1209% increase compared to the previous year [1][3]. - The net profit margin is expected to improve, with a projected net profit margin of 17.5% for 2023 [1][3]. Market Position - The company is positioned as a leader in high-end semiconductor quality control equipment, focusing on independent research and innovation [1][3]. - The market for optical measurement equipment is expanding, with the company having developed eight key products that address a market space of 62.6% [1][3]. Valuation Metrics - The company’s P/E ratio is projected to decrease from 348.95 in 2021 to 130.85 in 2023, indicating an improvement in valuation as earnings grow [1][3]. - The net asset return rate is expected to rise from 2.1% in 2022 to 5.9% in 2023, reflecting enhanced profitability [1][3].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for future performance [1]. Core Insights - The company is expected to achieve significant revenue growth in 2023, with projected revenues between 850 million to 900 million yuan, representing a year-on-year increase of 66.92% to 76.74%. The net profit attributable to shareholders is forecasted to be between 115 million to 165 million yuan, reflecting a substantial year-on-year growth of 860.66% to 1278.34% [1][3]. - The company has a well-rounded product matrix and is making progress in developing equipment for the 1Xnm process node, which is expected to drive future growth [1][3]. - The semiconductor testing and measurement equipment market is experiencing rapid growth, with increasing domestic demand for localized equipment [3][4]. Summary by Sections Financial Performance - The company anticipates a revenue of 8.78 billion yuan in 2023, with growth rates of 72.3%, 44.3%, and 34.3% projected for 2023, 2024, and 2025 respectively. The net profit is expected to reach 1.40 billion yuan in 2023, with an astonishing growth rate of 1090.4% [4][5]. - The gross margin is projected to improve from 50.05% in 2023 to 52.61% by 2025, indicating enhanced profitability [5][6]. Product Development - The company focuses on two main categories of integrated circuit equipment: testing and measurement. It has developed a range of products that are already in use in domestic 28nm and above process lines [1][3]. - The company is advancing its research and development for 1Xnm process node equipment, which is crucial for maintaining competitiveness in the semiconductor industry [1][3]. Market Context - The global market for testing and measurement equipment was approximately 12.32 billion USD in 2022, with a year-on-year growth of 45.80%. The Chinese market accounted for about 3.11 billion USD, representing 25.24% of the global market [3][4]. - There is significant potential for domestic companies to increase their market share in semiconductor testing and measurement equipment, as the current localization rate is low [3][4]. Valuation Metrics - The report provides a comparison of the company's valuation metrics with peers, indicating a P/E ratio of 123.36 for 2023, which is higher than the average of comparable companies [8][9]. - The projected earnings per share (EPS) for 2023 is 0.44 yuan, with expectations of growth to 0.92 yuan by 2025 [8][9].

证券代码：688361 证券简称：中科飞测 公告编号：2024-003 深圳中科飞测科技股份有限公司 第二届监事会第一次会议决议公告 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《深 圳中科飞测科技股份有限公司关于董事会、监事会换届完成及聘任高级管理人员 的公告》（公告编号：2024-004）。 特此公告。 深圳中科飞测科技股份有限公司监事会 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"）第二届监事会第一次会 议于 2024 年 1 月 4 日以通讯表决方式在公司会议室召开，经全体监事同意豁免 本次会议的通知时限。本次会议应到监事 3 人，实到监事 3 人，会议由全体监事 推举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》（以下简称"《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 经与会监事充分讨论，会议形成一致决议如下： （一）审议通过《关于选举公司第二届监事会主席的议案》 鉴于公司第二届监事会成员已经 2024 年第一次临时股东大会以及职工代表 大 ...

证券代码：688361 证券简称：中科飞测 公告编号：2024-004 深圳中科飞测科技股份有限公司 关于董事会、监事会换届完成 及聘任高级管理人员的公告 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"）于2024年1月3日召开职 工代表大会，选举产生了第二届监事会职工代表监事；于2024年1月4日召开2024 年第一次临时股东大会，会议选举产生了第二届董事会董事、第二届监事会非职 工代表监事，完成了董事会、监事会的换届选举。2024年1月4日，公司召开了第 二届董事会第一次会议、第二届监事会第一次会议，会议选举产生董事长、董事 会各专门委员会委员、监事会主席，并聘任新一届高级管理人员，现就换届选举 的具体情况公告如下： （三）董事会各专门委员会委员选举情况 公司于 2024 年 1 月 4 日召开第二届董事会第一次会议，审议通过《关于选 举公司第二届董事会各专门委员会委员的议案》。全体董事一致同意选举产生第 二届董事会各专门委员会委员，具体如下： 1、审计委员会：王新路先生 ...

深圳中科飞测科技股份有限公司 关于选举第二届监事会职工代表监事的公告 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。 深圳中科飞测科技股份有限公司（以下简称"公司"）第一届监事会任期已 届满，根据《中华人民共和国公司法》（以下简称"《公司法》"）《深圳中科飞 测科技股份有限公司章程》（以下简称"《公司章程》"）《深圳中科飞测科技股 份有限公司监事会议事规则》等相关规定，公司于 2024 年 1 月 3 日召开职工代 表大会选举第二届监事会职工代表监事。会议的召开及表决程序符合职工代表大 会决策的有关规定，会议经民主讨论、表决，全体职工代表一致审议通过了《关 于选举深圳中科飞测科技股份有限公司第二届监事会职工代表监事的议案》，同 意选举陈彬为公司第二届监事会职工代表监事，其个人简历详见附件。 公司第二届监事会由三名监事组成，其中两名非职工代表监事由股东 大会选举产生。本次职工代表大会选举产生的职工代表监事，将与公司 2024 年第一次临时股东大会选举产生的非职工代表监事共同组成公司第 二届监事会。第二届监事会监事自公司 20 ...