Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company reported a revenue of 3.501 billion RMB in Q3 2024, representing a year-on-year increase of 45.23%. The net profit attributable to shareholders was 332 million RMB, up 22.58% year-on-year [3]. - In Q3 2024, the company achieved a single-quarter revenue of 1.649 billion RMB, a 54.63% increase year-on-year, with a net profit of 227 million RMB, reflecting an 87.72% year-on-year growth [3]. - The company has a robust order backlog, with non-equipment orders increasing significantly, indicating a shift in product and order structure [4]. Summary by Sections Revenue and Profit Performance - For the first three quarters of 2024, the company achieved a total revenue of 3.501 billion RMB, with a net profit of 332 million RMB, marking significant growth compared to the previous year [3]. - The third quarter alone saw a revenue of 1.649 billion RMB and a net profit of 227 million RMB, showcasing strong quarterly performance [3]. Business Operations - The company has a sufficient order backlog, with non-equipment business contracts increasing by 83% year-on-year, indicating a rapid growth in this segment [4]. - The operating cash flow for Q3 2024 was 240 million RMB, a 107% increase year-on-year, demonstrating improved cash collection efficiency [4]. Capital Expansion and Share Buyback - The company plans to issue convertible bonds to raise up to 1.102 billion RMB for expanding electronic materials production and developing biopharmaceutical equipment [5]. - A share buyback of 1,615,286 shares was completed, representing 0.56% of the total share capital, reflecting the company's confidence in long-term growth [5]. Profit Forecast and Valuation - The company is expected to achieve net profits of 519 million RMB, 746 million RMB, and 1.077 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 29%, 44%, and 44% [6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.83 RMB, 2.63 RMB, and 3.80 RMB, with price-to-earnings (P/E) ratios of 19, 13, and 9 times, respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company reported a revenue of 3.501 billion RMB in Q3 2024, representing a year-on-year increase of 45.23%. The net profit attributable to shareholders was 332 million RMB, up 22.58% year-on-year [3]. - In Q3 2024, the company achieved a single-quarter revenue of 1.649 billion RMB, a 54.63% increase year-on-year, with a net profit of 227 million RMB, reflecting an 87.72% year-on-year growth [3]. - The company has a robust order backlog, with non-equipment orders increasing by 83% year-on-year, indicating a significant shift in product and order structure [4]. - The issuance of convertible bonds aims to raise up to 1.102 billion RMB for expanding electronic materials production and developing biopharmaceutical core equipment [5]. - The company completed a share buyback of 1,615,286 shares, representing 0.56% of total shares, demonstrating confidence in long-term growth [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 3.501 billion RMB, with a net profit of 332 million RMB, marking significant growth compared to the previous year [3]. - The company expects to achieve net profits of 519 million RMB, 746 million RMB, and 1.077 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of 29%, 44%, and 44% [6]. Operational Analysis - The company has optimized its sales layout in domestic and international markets, with non-equipment business development accelerating, now accounting for over 38% of new contracts [4]. - The operating cash flow for Q3 2024 was 240 million RMB, a 107% increase year-on-year, indicating improved collection efficiency [4]. Valuation Metrics - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.83 RMB, 2.63 RMB, and 3.80 RMB, respectively, with price-to-earnings (P/E) ratios of 19, 13, and 9 [6].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,649,089,360.52, representing a year-on-year increase of 54.63%[2] - Net profit attributable to shareholders for the same period was ¥226,709,328.81, an increase of 87.72% compared to the previous year[2] - The net profit excluding non-recurring gains and losses was ¥195,015,617.36, up 55.63% year-on-year[2] - The basic earnings per share for Q3 2024 was ¥0.80, an increase of 81.82% year-on-year[3] - The diluted earnings per share for the same period was also ¥0.80, reflecting an increase of 86.05% compared to the previous year[3] - The net profit for Q3 2024 reached CNY 365,692,011.23, an increase from CNY 289,275,361.24 in Q3 2023, representing a growth of approximately 26.5%[22] - The total operating profit for Q3 2024 was CNY 368,396,665.32, compared to CNY 304,262,933.15 in the same period last year, indicating a year-over-year increase of about 20.9%[22] - The total revenue from sales of goods and services for the first three quarters of 2024 was CNY 2,577,098,727.34, compared to CNY 2,458,248,727.89 in the same period of 2023, reflecting a growth of approximately 4.8%[24] - The company's net profit attributable to shareholders for the first three quarters of 2024 was CNY 1,284,736,632.67, compared to CNY 1,034,022,224.78 in 2023, showing an increase of about 24.2%[20] Research and Development - Research and development expenses totaled ¥95,673,544.89 in Q3 2024, reflecting a 42.19% increase from the same period last year[3] - Research and development expenses for the first three quarters of 2024 amounted to CNY 251,842,036.41, up from CNY 151,291,501.40 in 2023, reflecting a growth of approximately 66.6%[21] - The proportion of R&D expenses to operating revenue was 5.80%, a decrease of 0.51 percentage points year-on-year[3] Assets and Liabilities - The total assets at the end of the reporting period were ¥9,309,799,257.68, a 15.43% increase from the end of the previous year[3] - The company's total assets as of the end of the reporting period were CNY 9,309,799,257.68, compared to CNY 8,065,228,289.12 at the same time last year, marking an increase of about 15.4%[20] - The total liabilities of the company reached CNY 5,824,764,473.32, up from CNY 5,010,697,923.35 in the previous year, which is an increase of approximately 16.2%[20] - The company's total equity attributable to shareholders reached CNY 3,321,487,848.56, compared to CNY 3,001,886,794.49 in the previous year, indicating an increase of about 10.7%[20] Cash Flow - The cash flow from operating activities for the year-to-date period showed a decrease of 58.18%, totaling ¥117,396,446.55[2] - The company's cash flow from operating activities for the first three quarters of 2024 was CNY 117,396,446.55, down from CNY 280,718,174.12 in the previous year[26] - The company reported a net cash inflow from financing activities of CNY 721,575,904.20 in Q3 2024, a significant improvement compared to a net outflow of CNY 317,582,642.44 in Q3 2023[27] - The cash and cash equivalents at the end of Q3 2024 amounted to CNY 853,003,341.19, slightly down from CNY 855,848,660.37 at the end of Q3 2023[27] - The cash and cash equivalents at the end of the reporting period were CNY 1,284,736,632.67, compared to CNY 1,034,022,224.78 in the previous year, indicating a growth of approximately 24.2%[20] - The company reported a significant increase in investment cash inflows, totaling CNY 716,907,411.42 in Q3 2024, compared to CNY 631,746,786.34 in Q3 2023, reflecting a growth of approximately 13.5%[26] Business Operations - Revenue for the first three quarters of 2024 increased by 45% compared to the same period last year[13] - The company’s accounts receivable grew by 25% year-over-year, significantly lower than the revenue growth, indicating improved collection efficiency[13] - New contracts for non-equipment business segments (including components, modules, gases, and advanced materials) increased by 83% year-over-year[13] - The company’s order backlog remains strong, with the IC industry accounting for approximately 50% of its business[13] - The proportion of new contracts from non-equipment business has exceeded 38%, reflecting a significant shift in the company’s product and business structure[13] - The company will no longer disclose detailed information on new contracts to avoid misleading investors regarding performance[13] Shareholder Actions - The company plans to issue convertible bonds with a total fundraising amount not exceeding RMB 1.15 billion, currently under review by the Shanghai Stock Exchange[13] - The company completed a share buyback of 938,229 shares for a total amount of RMB 30.15 million, representing 0.33% of the total share capital[14] - A second share buyback was completed, acquiring 1,615,286 shares for RMB 49.99 million, accounting for 0.56% of the total share capital[14] Foreign Exchange and Other Income - The company experienced a foreign exchange loss of CNY 7,419,339.93 in Q3 2024, compared to a gain of CNY 3,780,653.35 in Q3 2023[27] - The total comprehensive income for Q3 2024 was CNY 365,616,912.32, compared to CNY 290,821,612.17 in Q3 2023, showing an increase of approximately 25.7%[23]

证券代码：688596 证券简称：正帆科技 公告编号：2024-062 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公 司申请办理限制行权相关事宜。 特此公告。 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。 根据《上市公司股权激励管理办法》《上海正帆科技股份有限公司 2021 年 股票期权激励计划（草案）》《上海正帆科技股份有限公司 2021 年第二期股票 期权激励计划（草案）》及中国证券登记结算有限责任公司上海分公司关于股 票期权自主行权的相关规定，结合上海正帆科技股份有限公司（以下简称"公 司"）2024 年第三季度报告的发布计划，现对公司 2021 年、2021 年第二期股 票期权激励计划的限制行权时间公告如下： 一、公司 2021 年股票期权激励计划首次授予的第三个等待期已于 2024 年 3 月 2 日届满，实际可行权期间为 2024 年 5 月 24 日至 2025 年 3 月 1 日；预留 授予的第二个等待期已于 2024 年 2 月 25 日届满，实际可行权期间为 2024 年 5 月 ...

证券研究报告|公司点评报告 [Table_Date] 2024 年 10 月 15 日 [Table_Title] 2024 年三季报业绩预告：Q3 业绩超市场预 期，OPEX 持续兑现成长逻辑 | --- | --- | --- | --- | |------------------------------|------------|-------------------------|-------------| | [Table_DataInfo] 评级： 增持 | | 股票代码： | 688596 | | 上次评级： 增持 | | 52 周最高价 / 最低价： | 42.59/23.72 | | 目标价格： | 总市值(亿) | | 93.56 | | 最新收盘价： | 32.48 | 自由流通市值(亿 ) | 93.56 | | | | 自由流通股数 (百万) | 288.06 | [Table_Summary] 事件概述 正帆科技发布 2024 年三季报业绩预告。 ► 订单确收节奏加快，Q3 营收端好于市场预期 2024Q1-3 公司预计实现营收 33.80-36.10 亿元，同比+40.20%-+ ...

Revenue Projections - For the first three quarters of 2024, the company expects revenue to be between 3,380 million and 3,610 million RMB, representing a year-on-year growth of 40% to 50%[2]. Profit Projections - The projected net profit attributable to the parent company for the same period is estimated to be between 325 million and 339 million RMB, reflecting a year-on-year increase of 20% to 25%[2]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between 300 million and 320 million RMB, indicating a year-on-year growth of 50% to 60%[2]. Cash Flow - The net cash flow from operating activities during the reporting period is projected to be between 110 million and 125 million RMB, showing good collection performance[2]. - The net cash flow from operating activities has significantly improved compared to the first half of 2024, primarily due to increased sales revenue and effective inventory control[4]. Factors Influencing Performance - The significant increase in sales revenue and profit is attributed to the growth in market demand, enhanced competitiveness, and improved operational efficiency[4]. Forecast Disclaimer - The company emphasizes that the above forecasts are preliminary estimates and the actual financial data will be disclosed in the official Q3 2024 report[5].

证券代码：688596 证券简称：正帆科技 公告编号：2024-060 上海正帆科技股份有限公司 关于 2021 年度股票期权激励计划于 2024 年第三季度 自主行权结果暨股份变动公告 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： 本次行权数量： 上海正帆科技股份有限公司（ 以下简称"公司"）2021 年股票期权激 励计划首次授予的第三个行权期可行权数量为 6,130,200 股，行权期为 2024 年 5 月 24 日至 2025 年 3 月 1 日（行权日须为交易日）。2024 年第三季度， 累计行权并完成股份登记数量为 971,611 股，占本次可行权总量的 15.85%。 截至 2024 年 9 月 30 日，累计行权并完成登记数量为 3,526,297 股，占本次 可行权总量的 57.52%。 2021 年股票期权激励计划预留授予的第二个行权期可行权数量为 435,000 股，行权期为 2024 年 5 月 24 日至 2025 年 2 月 24 日（行权日须为 交易日）。2024 年第三季度 ...

epyTtropeR_elbaT|tsriF_elbTabl e_FirstaT 华福证券 公 司 报 告 公 司 财 报 点 评 正帆科技（688596.SH） 在手订单充足，业务加速扩张 副投资要点： 标题 ➢ 正帆科技2024年半年报显示，24H1公司实现营业收入18.52亿元，同比增长 37.78%；实现归母净利润1.05亿元，同比减少29.94%。2024年第二季度公司实 现营业收入12.64亿元，同比增长35.34%，环比增长114.63%；实现归母净利润 0.80亿元，同比减少42.27%，环比增加221.41%。公司营收快速增长，主要系公 司下游行业市场需求增长、公司竞争力不断增强，且在手订单充沛所致。业绩端 同比下滑主要系研发费用同比高增，以及24H1公允价值变动收益-2600万元。 ➢ 研发投入不断加码，扩大核心技术能力。24H1研发费用1.56亿元，同比增长 85.9%，研发费用率达到8.43%。截至报告期末，公司研发人员数量达到544人， 且公司已获得知识产权数量合计299项，其中发明专利38项，实用新型专利200 项。随着公司沿着底层核心技术不断延伸拓展，公司业务版图和下游覆盖面持续 ...

海通证券股份有限公司 关于上海正帆科技股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐机构（主承销商） （上海市广东路 689 号） 二〇二四年九月 声 明 本保荐机构及保荐代表人根据《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》）、《证券发行上市保荐业 务管理办法》（以下简称《保荐管理办法》）、《上市公司证券发行注册管理办法》 （以下简称《注册管理办法》）、《上海证券交易所科创板股票上市规则》（以下简 称《上市规则》）等有关法律、行政法规和中国证券监督管理委员会（以下简称 中国证监会）、上海证券交易所的规定，诚实守信，勤勉尽责，严格按照依法制 订的业务规则、行业执业规范和道德准则出具本发行保荐书，并保证所出具文件 的真实性、准确性和完整性。 如无特殊说明，本发行保荐书中的简称或名词释义与《上海正帆科技股份有 限公司向不特定对象发行可转换公司债券之募集说明书》一致。 3-1-1 | 声 | 明 1 | | --- | --- | | 目 | 录 2 | | 第一节 | 本次证券发行基本情况 3 | | | 一、本次证券发行保荐机构名称 3 | ...

股票简称：正帆科技 股票代码：688596 上海正帆科技股份有限公司 Shanghai Gentech Co., Ltd. （上海市闵行区春永路55号2幢） 向不特定对象发行可转换公司债券 募集说明书 保荐人（主承销商） （上海市广东路 689 号） 二〇二四年九月 上海正帆科技股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 上海正帆科技股份有限公司 向不特定对象发行可转换公司债券募集说明书 重大事项提示 公司特别提示投资者对下列重大事项给予充分关注，并仔细阅读本募集说明 书中有关风险因素的章节： 一、不符合科创板股票投资者适当性要求的投资 ...