上海伟测半导体科技股份有限公司 | 股票简称: 伟测科技 | 股票代码: 688372. SH | | --- | --- | | 债券简称: | 债券代码: 118055. SH | 本安证券 PING AN SECURITIES 二〇二五年五月 !"#$ 本报告依据《公司债券发行与交易管理办法》《上海伟测半导体科技股份有 限公司向不特定对象发行可转换公司债券受托管理协议》（以下简称《受托管理 协议》）《上海伟测半导体科技股份有限公司向不特定对象发行可转换公司债券 募集说明书》（以下简称《募集说明书》）等相关规定，以及上海伟测半导体科 技股份有限公司（以下简称公司、伟测科技或发行人）出具的相关说明文件以及 提供的相关资料等，由本次债券受托管理人平安证券股份有限公司（以下简称平 安证券）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为平安证券所作的承诺 或声明。请投资者独立征询专业机构意见，在任何情况下，投资者不能将本报告 作为投资行为依据。 平安证券作为伟测科技向不特定对象发行可转换公司债券（债券简称："伟 测转债"，债券代码： ...

Core Viewpoint - The announcement details the first vesting results and listing of shares under the 2024 Restricted Stock Incentive Plan of Shanghai Weicai Semiconductor Technology Co., Ltd, with a total of 325,018 shares set to be listed on May 28, 2025 [1][9]. Group 1: Incentive Plan Details - The stock type for this listing is equity incentive shares, with a total of 325,018 shares available for circulation [1]. - The registration procedures for the first vesting period of the incentive plan were completed on May 21, 2025, and the company received the securities change registration certificate on May 22, 2025 [1][8]. - The incentive plan was approved by the board and the shareholders, with the first grant date and conditions for granting shares determined by the board [5][6]. Group 2: Vesting and Shareholder Information - A total of 63 individuals are eligible for the vesting, with the shares distributed among directors, senior management, and other key personnel [6][8]. - The total number of shares granted to directors and senior management is 185,000, while 252,583 shares are allocated to other incentive recipients [6][8]. - The total share capital of the company increased from 113,834,777 shares to 114,159,795 shares due to this vesting [8]. Group 3: Financial Contributions and Reporting - The total amount received from the 63 eligible participants for the 325,018 shares was RMB 9,402,770.74, with RMB 325,018 allocated to the new share capital and the remainder to capital reserves [8]. - The verification report from Tianjian Accounting Firm confirmed the compliance of the contributions made by the incentive recipients [8].

Core Viewpoint - The company has adjusted the conversion price of its convertible bonds, "Weicet Convertible Bonds," from 82.15 yuan per share to 82.00 yuan per share, effective from May 28, 2025, due to the completion of the first vesting period of its 2024 restricted stock incentive plan [1][5]. Group 1: Conversion Price Adjustment - The adjustment of the conversion price is based on the issuance of 325,018 shares to 63 incentive recipients, increasing the total share capital from 113,834,777 shares to 114,159,795 shares [1][4]. - The new conversion price formula accounts for stock dividends, capital increases, and cash dividends, ensuring that the conversion price reflects changes in the company's equity structure [2][3]. Group 2: Conversion Period - The conversion period for "Weicet Convertible Bonds" is set from October 15, 2025, to April 8, 2031, and the bonds have not yet entered the conversion period [1][5]. Group 3: Communication and Disclosure - The company will disclose any future adjustments to the conversion price in accordance with relevant regulations and will ensure that the rights of convertible bondholders are protected [3][4]. - Investors seeking more information about "Weicet Convertible Bonds" can refer to the company's previously published prospectus on the Shanghai Stock Exchange website [5].

Core Viewpoint - The company has announced adjustments to its 2024 profit distribution cash dividend total and capital reserve transfer to increase share capital due to changes in total share capital resulting from stock incentive plans [1][2]. Summary by Sections Profit Distribution Plan Overview - The company plans to distribute a cash dividend of 3.40 yuan (including tax) per 10 shares, maintaining the total cash dividend amount at 38,814,330.30 yuan (including tax) after adjustments [1]. - The proportion of cash dividends relative to the net profit attributable to the parent company is set at 30.18% [1]. Adjustment Explanation - Due to the stock incentive plan, the total number of shares increased from 113,834,777 to 114,159,795 shares, resulting in adjustments to the profit distribution and capital reserve transfer [2]. - The adjusted total for the capital reserve transfer remains at 3 shares for every 10 shares held, with the total number of shares to be transferred adjusted to 34,247,938 shares, leading to a new total share capital of 148,407,733 shares [2].

| 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-045 | | --- | --- | --- | | 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 关于调整"伟测转债"转股价格的公告 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： 调整前转股价格：82.15 元/股 调整后转股价格：82.00 元/股 二、转股价格的调整方式 在本次发行之后，当公司发生派送股票股利、转增股本、增发新股（不包括 因本次发行的可转债转股而增加的股本）、配股或派送现金股利等情况使公司股 份发生变化时，将按下述公式进行转股价格的调整（保留小数点后两位，最后一 位四舍五入）： 派送股票股利或转增股本：P1=P0/（1+n）； 转股价格调整实施日期：2025 年 5 月 28 日 "伟测转债"的转股期：2025 年 10 月 15 日至 2031 年 4 月 8 日，目前 尚未进入转股期。 一、转股价格的调整依据 上海伟测半导体科技股份有限公司（以下简称"公司"）于 2 ...

| 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-044 | | --- | --- | --- | | 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 年限制性股票激励股份计划首次授予部分 第一个归属期结果暨股份上市的公告 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 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，公司召开第二届董事会第六次会议，审议通过了上述议案。 （二）2024 年 4 月 17 日，公司召开第二届监事会第六次会议，审议通过 ...

| 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-046 | | --- | --- | --- | | 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 关于调整 2024 年度利润分配现金分红总额 及资本公积转增股本总额的公告 重要内容提示： 在实施权益分派的股权登记日前因股权激励归属，导致公司总股本由 113,834,777 股增加至 114,159,795 股。公司按照维持每股分配比例不变、每股转 增比例不变的原则，对公司 2024 年度利润分配及资本公积转增股本方案中的现 金分红总额、转增股本总额进行相应调整。公司拟维持每 10 股派发现金股利 3.40 元（含税）不变，现金分红总额由 38,703,824.18 元（含税）调整至 38,814,330.30 元（含税）。公司以资本公积金向全体股东每 10 股转增 3 股不变，转增股本的数 量由 34,150,433 股调整至 34,247,938 股（最终转增股数及总股本数以中国证券登 记结算有限公司上海分公司最终登记结果为准）。 一、利润分配方案概述 上海伟测半导体科技股份有限公司（ ...

Group 1 - The overall micro liquidity shows a net outflow of 93 billion yuan, with margin financing turning into a net inflow of 182.44 billion yuan, indicating a recovery in investor sentiment [2][20][21] - The issuance of equity financing remains low, with a total of 40.69 billion yuan raised this period, reflecting a decrease from the previous period [20][22] - The net reduction in industrial capital has narrowed to 59.75 billion yuan, suggesting a shift in large shareholders' behavior [20][22] Group 2 - The commercial banking sector reported a net profit of 656.8 billion yuan in Q1 2025, a year-on-year decrease of 2.32%, with state-owned banks showing improved performance [4][36] - The total assets of commercial banks reached approximately 394 trillion yuan, growing by 7.20% year-on-year, indicating stable asset expansion [4] - The non-performing loan ratio stood at 1.51%, reflecting a slight increase but overall asset quality remains stable [4] Group 3 - The pharmaceutical company "药师帮" achieved a revenue of 17.904 billion yuan in 2024, with a net profit exceeding 30.01 million yuan, marking its first profitable year [5][24] - The platform business has expanded its SKU supply to over 3.9 million, while the number of registered downstream buyers has surpassed 827,000 [24][25] - The company forecasts revenues of 20.693 billion yuan, 24.215 billion yuan, and 28.689 billion yuan for 2025-2027, with net profits projected at 1.56 billion yuan, 3.73 billion yuan, and 6.02 billion yuan respectively [26] Group 4 - "伟测科技" reported a revenue of 1.077 billion yuan in 2024, with a year-on-year growth of 46%, and a net profit of 128 million yuan, reflecting a strong recovery in the semiconductor testing industry [31][32] - The company plans to enhance its testing capacity through the construction of new facilities, aiming to significantly increase its service capabilities [33] - The revenue from wafer testing reached 615 million yuan, growing by 38.91%, while finished chip testing revenue was 367 million yuan, up by 50.07% [33] Group 5 - "华明装备" achieved a total revenue of 2.322 billion yuan in 2024, with a year-on-year increase of 18.41%, and a net profit of 614 million yuan, up by 13.25% [9] - The company has expanded its overseas market presence, with new facilities in Indonesia and Singapore, enhancing its service capabilities in Southeast Asia [9] - The successful operation of its high-voltage products marks a significant milestone in achieving domestic production capabilities [9] Group 6 - Alibaba's revenue for FY25Q4 reached 236.5 billion yuan, with adjusted EBITDA of 41.8 billion yuan, indicating strong performance across its business segments [16][27] - The cloud business generated 30.1 billion yuan in revenue, driven by rapid growth in public cloud services and AI-related products [28][29] - The company expects revenues of 1,035.3 billion yuan, 1,105.7 billion yuan, and 1,179.8 billion yuan for FY2026-2028, with net profits projected at 180.7 billion yuan, 185.9 billion yuan, and 195.7 billion yuan respectively [30]

Investment Rating - The investment rating for the company is upgraded to "Buy" [6][5]. Core Viewpoints - The company achieved a revenue of 1.077 billion yuan in 2024, representing a year-on-year growth of 46%, and a net profit of 128 million yuan, up 8.67% year-on-year. In Q1 2025, the company reported a revenue of 285 million yuan, a 55% increase year-on-year, and turned a profit with a net profit of 26 million yuan [1][2]. - The growth in revenue is attributed to improved industry conditions, optimized product structure, new customer mass production, and increased capacity utilization. Despite the net profit growth being lower than revenue growth due to rising costs, the company demonstrated solid cost control and profitability [2][4]. - The company is focusing on high-performance chip testing, including CPU, GPU, AI, and advanced packaging chips, with a revenue of 615 million yuan from wafer testing, up 38.91%, and 367 million yuan from finished chip testing, up 50.07% [3]. - The company plans to raise 1.175 billion yuan through convertible bonds to enhance its testing capabilities and increase revenue from high-end services [3]. - The customer base has expanded significantly, with over 200 clients established, leading to substantial growth in production and sales of wafer and finished chip testing [4]. Financial Data Summary - The company forecasts revenues of 1.369 billion yuan for 2025, 1.743 billion yuan for 2026, and 2.308 billion yuan for 2027, with respective growth rates of 27.14%, 27.34%, and 32.36% [5][11]. - The projected net profit for 2025 is 196 million yuan, increasing to 280 million yuan in 2026 and 387 million yuan in 2027, with growth rates of 52.78%, 42.90%, and 38.16% respectively [5][11]. - The company's EBITDA is expected to reach 618 million yuan in 2025, 690 million yuan in 2026, and 771 million yuan in 2027 [5][11]. - The company maintains a healthy financial position with a debt-to-asset ratio of 48.67% and a net asset value per share of 23.33 yuan [7][11].

Investment Rating - The investment rating for the company is upgraded to "Buy" based on the recovery in the semiconductor industry and changes in revenue structure [6][5]. Core Viewpoints - The company achieved a revenue of 1.077 billion yuan in 2024, representing a year-on-year growth of 46%, and a net profit of 128 million yuan, up 8.67% year-on-year. In Q1 2025, the company reported a revenue of 285 million yuan, a 55% increase year-on-year, and turned a profit with a net profit of 26 million yuan [1][2]. - The growth in revenue is attributed to improved industry conditions, optimized product structure, new customer mass production, and increased capacity utilization. Despite the net profit growth being lower than revenue growth, the company demonstrated solid cost control and profitability [2][4]. - The company is focusing on high-performance chip testing, including CPU, GPU, AI, and advanced packaging chips, with a significant increase in revenue from wafer testing (6.15 billion yuan, up 38.91%) and finished chip testing (3.67 billion yuan, up 50.07%) [3][4]. - The company plans to raise 1.175 billion yuan through convertible bonds to enhance its testing capabilities and increase revenue from high-end services [3]. Financial Data Summary - The company’s projected revenues for 2025 and 2026 are 1.369 billion yuan and 1.743 billion yuan, respectively, with expected net profits of 196 million yuan and 280 million yuan [5][11]. - The EBITDA for 2025 is estimated at 618 million yuan, with a projected growth rate of 27.14% [5][11]. - The company’s earnings per share (EPS) is expected to reach 1.72 yuan in 2025, with a price-to-earnings (P/E) ratio of 40.18 [5][11].