Investment Rating - The investment rating for the company is "Buy" and is maintained [1][6]. Core Views - The company is a leading independent third-party testing enterprise in China, focusing on high-end chip testing. Since its establishment in 2016, it has developed a business model centered on independent integrated circuit testing services, expanding into wafer testing and finished chip testing. The company benefits from increased testing demand due to market recovery and new customer production, leading to improved capacity utilization and a significant increase in high-end product testing revenue, with projected revenue of 1.077 billion yuan and a net profit of 128 million yuan in 2024 [4][15]. - The high-end chip and advanced packaging processes are expected to increase the proportion of testing costs, with the Chinese mainland's chip testing service market projected to reach 100 billion yuan by 2030. The integrated circuit testing market in China was valued at 38.3 billion yuan in 2023, with a year-on-year growth of 6% [4][32]. - The growth of Taiwanese leader King Yuan Electronics validates the independent third-party testing service model, indicating significant market potential in mainland China for domestic enterprises to catch up [4][32]. Summary by Sections Business Overview - The company has established itself as a leader in independent third-party testing services, focusing on high-performance chips, advanced architectures, and high-reliability chips. It has continuously improved its testing capacity and service offerings, particularly in high-end chip testing [4][10][26]. Financial Forecast and Metrics - The company is projected to achieve revenues of 1.406 billion yuan in 2025, 1.833 billion yuan in 2026, and 2.309 billion yuan in 2027, with corresponding net profits of 195 million yuan, 311 million yuan, and 449 million yuan. The current stock price corresponds to a P/E ratio of 45 for 2025, 28 for 2026, and 20 for 2027, maintaining a "Buy" rating [5][6]. Market Potential - The independent third-party testing service model is gaining traction in the semiconductor industry, with significant growth opportunities as domestic companies increase their market share. The company is well-positioned to capitalize on this trend, especially in high-end chip testing [4][32]. Customer Base - The company has built a diverse customer base, including major chip design, manufacturing, and packaging firms. The shift of high-end testing orders to domestic suppliers has accelerated the localization process in the semiconductor industry [26][28]. Capital Expansion - The company plans to raise 1.175 billion yuan through convertible bonds to expand its testing capacity in Wuxi and Nanjing, focusing on high-end chip testing. Approximately 90% of the revenue from these projects is expected to come from high-end chip testing services [30][31].

Market Overview - The three major A-share indices opened slightly lower on May 9, with the Shanghai Composite Index down 0.3% to 3342 points, the ChiNext Index down 0.87% to 2011.77 points, and the STAR Market 50 Index down 1.96% to 1006.32 points [3][4] - A total of 1212 stocks rose while 4061 stocks fell across the exchanges, with a total trading volume of 11.92 billion yuan, a decrease of 1.014 billion yuan from the previous trading day [4][5] Sector Performance - Bank stocks continued to rise, with several banks reaching new highs, including China Construction Bank and Jiangsu Bank, both gaining over 2% [6] - The semiconductor sector faced significant declines, with companies like Huahong Semiconductor and Espressif Systems dropping over 7% [6] - The textile and apparel sector showed strong performance, with multiple stocks hitting the daily limit or rising over 10% [6] - The real estate sector performed poorly, with several companies declining over 3% [7] Market Sentiment and Outlook - Analysts expect the market to maintain a steady upward trend in the short term, supported by structural monetary policy and anticipated fiscal measures aimed at boosting domestic demand [8][9] - The market is likely to experience a structural rally driven by both policy and earnings, with a focus on sectors with high earnings certainty and clear policy catalysts [9] - The military and defense sector is expected to benefit from ongoing geopolitical tensions, with growth potential in military trade and increased competitiveness of Chinese military products [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][6]. Core Views - The company is a leading independent third-party testing enterprise in China, focusing on high-end chip testing. Since its establishment in 2016, it has developed a business model centered on independent integrated circuit testing services, expanding into wafer testing and finished chip testing. The company benefits from increased testing demand due to market recovery and new customers entering mass production, leading to improved capacity utilization and a significant increase in high-end product testing revenue, with projected revenue of 1.077 billion yuan and a net profit of 128 million yuan in 2024 [4][16]. - The high-end chip and advanced packaging processes are increasing the proportion of testing costs, with the Chinese mainland's chip testing service market expected to reach 100 billion yuan by 2030. The integrated circuit testing cost is estimated to account for 6%-8% of design revenue, with the market size for integrated circuit testing in China projected to be 38.3 billion yuan in 2023, growing by 6% year-on-year [4][33]. - The growth of Taiwanese leader King Yuan Electronics validates the independent third-party testing service model, which aligns with industry division trends. The independent third-party testing service model has proven effective in Taiwan and presents significant growth opportunities for domestic companies in the vast mainland market [4][33]. Summary by Sections Business Overview - The company has established itself as a leader in independent third-party testing services, focusing on high-end chip testing. It has expanded its service offerings to include wafer testing and finished chip testing, benefiting from increased demand and improved capacity utilization [4][10]. Financial Projections - Revenue projections for 2024-2027 are as follows: 1.077 billion yuan in 2024, 1.406 billion yuan in 2025, 1.833 billion yuan in 2026, and 2.309 billion yuan in 2027, with corresponding net profits of 128 million yuan, 195 million yuan, 311 million yuan, and 449 million yuan respectively. The projected P/E ratios for 2025-2027 are 45, 28, and 20 times [5][6]. Market Potential - The independent third-party testing service model is gaining traction in the semiconductor industry, with significant growth potential in the Chinese market. The company is well-positioned to capture market share as domestic chip design companies increasingly seek local testing solutions [4][33]. Customer Base - The company has built a diverse customer base, including major chip design, manufacturing, and packaging firms. The shift towards domestic testing services has accelerated due to geopolitical factors, enhancing the company's market position [27][29].

Group 1 - The semiconductor sector experienced a decline at the beginning of trading, with notable drops in stock prices [1] - Hua Hong Semiconductor saw a decrease of over 10% [1] - Lexin Technology fell by more than 5% [1] - SMIC (Semiconductor Manufacturing International Corporation) dropped over 3% [1] - Other companies such as Weicai Technology and Chipone also faced declines [1]

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 二、董事会会议审议情况 1、审议通过《关于作废 2024 年限制性股票激励计划部分已授予尚未归属 的限制性股票的议案》 | 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-035 | | --- | --- | --- | | 转债代码：118055 | 转债简称：伟测转债 | | 上海伟测半导体科技股份有限公司 第二届董事会第十七次会议决议公告 上海伟测半导体科技股份有限公司（以下简称"公司"）第二届董事会第十 七次会议于 2025 年 5 月 8 日以现场及通讯相结合的方式召开。本次会议通知已 于 2025 年 5 月 5 日以电子邮件的方式发出。本次会议由公司董事长骈文胜先生 主持，本次会议应出席董事 8 名，实际出席董事 8 名。本次会议的召集、召开方 式符合有关法律、法规和《公司章程》的规定。 公司本次部分已授予但尚未归属的限制性股票的作废失效符合《上市公司股 权激励管理办法》等法律、法规和规范性文件以及公司《2024 ...

关于作废 2024 年限制性股票激励计划 部分已授予尚未归属的限制性股票的公告 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。 上海伟测半导体科技股份有限公司（以下简称"公司"）于 2025 年 5 月 8 日召开第二届董事会第十七次会议与第二届监事会第十七次会议，审议通过了 《关于作废 2024 年限制性股票激励计划部分已授予尚未归属的限制性股票的议 案》。现将 2024 年限制性股票激励计划（以下简称"本激励计划"）首次授予 部分相关事项说明如下： 一、本激励计划已履行的决策程序和信息披露情况 （一）2024 年 4 月 17 日，公司召开第二届董事会薪酬与考核委员会第二次 会议，审议通过了《关于<公司 2024 年限制性股票激励计划（草案）>及其摘要 的议案》《关于<公司 2024 年限制性股票激励计划实施考核管理办法>的议案》 《关于提请股东大会授权董事会办理 2024 年限制性股票激励计划相关事宜的议 案》，董事会薪酬与考核委员会对本激励计划相关事项发表了同意的意见，并同 意将上述议案提交公司董事会审议。 同日， ...

| 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-038 | | --- | --- | --- | | 转债代码：118055 | 转债简称：伟测转债 | | 上海伟测半导体科技股份有限公司 关于 2024 年限制性股票激励计划首次授予部分 第一个归属期符合归属条件的公告 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： 一、2024 年限制性股票激励计划批准及实施情况 （一）2024 年限制性股票激励计划方案及履行的程序 1、2024 年限制性股票激励计划主要内容 （1）股权激励方式：第二类限制性股票。 （2）首次授予数量：公司 2024 年限制性股票激励计划（以下简称"本激励 计划"）首次授予限制性股票 88.50 万股，约占本激励计划草案公告日公司股本 总额的 0.78%。 （3）授予价格（调整后）：28.93 元/股，即满足授予条件和归属条件后， 激励对象可以 28.93 元/股的价格购买公司向激励对象增发的公司 A 股普通股股 票。 （4）授予人数：首次授予情况为 202 ...

上海市锦天城律师事务所 关于上海伟测半导体科技股份有限公司 2024 年限制性股票激励计划首次授予部分第一个归属期符 合归属条件并作废部分已授予尚未归属的限制性股票的 法律意见书 锦 天 域 律师事务 所 ALLBRIGHT LAW OFFICES 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话: 021-20511000 传真: 021-20511 邮编：200120 上海市锦天城律师事务所 法律意见书 关于上海伟测学导体科技股份有限公司 2024 年限制性股票激励计划首次授予部分第一个归属期符合 归属条件并作废部分已授予尚未归属的限制性股票的 法律意见书 致:上海伟测半导体科技股份有限公司 上海市锦天城律师事务所(以下简称"本所")接受上海伟测半导体科技股 份有限公司（以下简称"公司"或"伟测科技"）的委托，担任公司"2024 年 限制性股票激励计划"(以下简称"激励计划")的法律顾问,根据《中华人民共 和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以下简称"《证 券法》")、《上市公司股权激励管理办法》(以下简称"《管理办法》")等有关法律 法规的规定,按 ...

| 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-040 | | --- | --- | --- | | 转债代码：118055 | 转债简称：伟测转债 | | 上海伟测半导体科技股份有限公司 关于 2025 年度向全资子公司提供财务资助的公告 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。 重要提示： 上海伟测半导体科技股份有限公司（以下简称或"公司"）（含子公司） 2025 年拟向全资子公司提供合计不超过人民币 27 亿元财务资助。有效期自股东 大会决议通过之日起 1 年内有效，其中： 1、向无锡伟测半导体科技有限公司（以下简称"无锡伟测"）提供不超过 13 亿元的财务资助额度； 2、向南京伟测半导体科技有限公司（以下简称"南京伟测"）提供不超过 13 亿元的财务资助额度； 3、向深圳伟测半导体科技有限公司（以下简称"深圳伟测"）提供不超过 0.6 亿元的财务资助额度； 4、向天津伟测半导体科技有限公司（以下简称"天津伟测"）提供不超过 0.4 亿元的财务资助额度。 具体资助金额可根据各子公司 ...

重要提示： 投资种类：安全性高且兼顾流动性的理财产品，包括但不限于银行理财 产品、券商理财产品、信托理财产品等。 上海伟测半导体科技股份有限公司（以下简称"公司"）（含合并报表范 围内的子公司，下同）拟使用不超过人民币 20 亿元（自董事会审议通过之日起 连续 12 个月内的最高时点余额）闲置自有资金进行委托理财，使用期限自本次 董事会审议通过之日起 12 个月内有效，在上述额度和期限范围内，资金可循环 滚动使用。 | 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-039 | | --- | --- | --- | | 转债代码：118055 | 转债简称：伟测转债 | | 上海伟测半导体科技股份有限公司 关于使用闲置自有资金进行委托理财的公告 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。 已履行的审议程序：公司于 2025 年 5 月 8 日召开第二届董事会第十七 次会议和第二届监事会第十七次会议，审议通过了《关于使用闲置自有资金进行 委托理财的议案》，本议案无需提交公司股东大会审议。 特别风 ...