上市保荐书 保荐机构(主承销商) SP HAITONG SECURITIES CO., LTD. (上海市广东路 689 号 ) 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 二〇二四年九月 声 明 本保荐机构及其保荐代表人已根据《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》）等法律法规和中国证 券监督管理委员会（以下简称"中国证监会"）及上海证券交易所的有关规定， 诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具上市保 荐书，并保证所出具文件真实、准确、完整。 如无特殊说明，本上市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。 3-2-1 | 声 明 | | --- | | 月 求 | | 一、发行人基本情况 | | 二、发行人本次发行情况 . | | 三、本次证券发行上市的项目保荐代表人、协办人及项目组其他成员情况 18 | | 四、保荐机构是否存在可能影响公正履行保荐职责情形的说明 …………………………19 | | 五、保荐机构承诺事项 . ...

海通证券股份有限公司关于上海正帆科技股份有限公司 2024 年度持续督导半年度跟踪报告 | 保荐机构名称：海通证券股份有限公司 | 被保荐公司简称：正帆科技 | | --- | --- | | 保荐代表人姓名：张一鸣、谭同举 | 被保荐公司代码：688596 | | 项 目 | 工作内容 | | --- | --- | | 1、建立健全并有效执行持续督导工作制度， | 保荐机构已建立健全并有效执行持续督导工 | | 针对公司的具体情况确定持续督导的内容和 | 作制度，针对公司的具体情况确定持续督导的 | | 重点，督导公司履行有关上市公司规范运作、 | 内容和重点，督导公司履行有关上市公司规范 | | 信守承诺和信息披露等义务，审阅信息披露文 | 运作、信守承诺和信息披露等义务，审阅信息 | | 件及向中国证监会、证券交易所或其他机构提 | 披露文件及向中国证监会、证券交易所或其他 | | 交的其他文件，并按保荐办法要求承担相关持 | 机构提交的其他文件，并按保荐办法要求承担 | | 续督导工作。 | 相关持续督导工作。 | | 2、根据上市规则规定，与公司就持续督导期 | 保荐机构已与上市公司签署了保荐协议 ...

证券研究报告：机械设备 | 公司点评报告 2024 年 9 月 9 日 公司基本情况 总股本/流通股本（亿股）2.87 / 2.87 总市值/流通市值（亿元）72 / 72 52 周内最高/最低价 42.59 / 24.71 资产负债率(%) 62.1% 市盈率 16.93 第一大股东 風帆控股有限公司 股票投资评级 正帆科技(688596) 买入|维持 个股表现 -33% -28% -23% -18% -13% -8% -3% 2% 7% 12% 2023-09 2023-11 2024-02 2024-04 2024-06 2024-09 正帆科技 机械设备 资料来源：聚源，中邮证券研究所 最新收盘价（元） 24.88 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:翟一梦 SAC 登记编号:S1340123040020 Email:zhaiyimeng@cnpsec.com 新签稳健增长 ⚫ 事件 8 月 30 日，公司披露 2024 年半年度报告。 24H1 公司实现营收 18.52 亿元，同比+37.78%；归母净利 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for the next six months [4]. Core Insights - The company achieved record highs in both revenue and profit for the first half of 2024, with revenue reaching 1.852 billion yuan, a year-on-year increase of 37.78%. However, the net profit attributable to the parent company decreased by 29.94% to 105 million yuan. The adjusted net profit, excluding non-recurring items, increased by 53.05% to 114 million yuan [1]. - The company has significantly increased its research and development (R&D) investment by 85.90%, resulting in 299 intellectual property rights, including 38 invention patents and 200 utility model patents. This expansion aims to enhance the application of core technologies across various high-tech industries [1]. - The company plans to issue convertible bonds to raise up to 1.102 billion yuan for several projects, including electronic advanced materials and specialty gases, ensuring that project implementation is not delayed by the refinancing process [1]. - The company completed a successful board and supervisory committee restructuring in May 2024, enhancing governance and investor confidence through a share buyback program [1]. Financial Summary - For the first half of 2024, the company signed new contracts worth 3.94 billion yuan, a 9.7% increase year-on-year, with 50% of these contracts coming from the semiconductor industry [1]. - The company’s backlog of contracts reached 8.2 billion yuan, a 45.6% increase year-on-year, with 52% from the semiconductor sector [1]. - The financial forecast indicates a steady growth trajectory, with projected net profits for 2024, 2025, and 2026 adjusted to 586.13 million yuan, 774 million yuan, and 975.54 million yuan, respectively [3][4]. Key Financial Metrics - The company reported a revenue of 2.704 billion yuan in 2022, with a projected increase to 5.622 billion yuan in 2024, reflecting a growth rate of 46.60% [3]. - The net profit attributable to the parent company is expected to grow from 258.68 million yuan in 2022 to 586.13 million yuan in 2024, with a growth rate of 46.04% [3]. - The company's earnings per share (EPS) is projected to rise from 0.90 yuan in 2022 to 2.04 yuan in 2024 [3]. Market Position - The company has successfully entered the life sciences sector through the acquisition of KonoSai Bio, expanding its product offerings and creating a one-stop solution for biopharmaceuticals [1]. - The company’s advanced materials and industrial gases projects are expected to significantly contribute to revenue, with the Weifang industrial gas project alone projected to generate around 150 million yuan in output value [1]. Conclusion - The company is positioned for robust growth driven by strong order demand, increased R&D investment, and strategic acquisitions, making it an attractive investment opportunity [1][4].

证券代码：688596 证券简称：正帆科技 公告编号：2024-058 上海正帆科技股份有限公司 关于召开2024年半年度业绩说明会的公告 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、说明会类型 上海正帆科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日在 上海证券交易所网站（www.sse.com.cn）发布了 2024 年半年度报告。为便于广大 投资者更加全面深入地了解公司 2024 年半年度的经营成果、财务状况，公司定 于 2024 年 9 月 13 日（星期五）15:00-16:00 在"价值在线"（www.ir-online.cn） 会议召开地点：价值在线（www.ir-online.cn） 董事长：YU DONG LEI（俞东雷）先生 独立董事：余显财先生 会议召开时间：2024 年 9 月 13 日（星期五）15:00-16:00 会议召开方式：网络互动方式 会议召开地点：价值在线（www.ir-online.cn） 会 议 问 题 征 集 ： 投 资 者 可 于 ...

[Table_Main] 证券研究报告 | 公司点评 正帆科技(688596.SH) 2024 年 09 月 03 日 买入（维持） 所属行业：机械设备/专用设备 当前价格(元)：26.03 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 陈瑜熙 资格编号：S0120524010003 邮箱：chenyx5＠tebon.com.cn 市场表现 -43% -34% -26% -17% -9% 0% 9% 17% 26% 2023-09 2024-01 2024-05 正帆科技 沪深300 | --- | --- | --- | --- | |--------------------------------|-------|--------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -6.96 | -20.37 | -22.32 | | 相对涨幅 (%) | -3.43 | -14.42 | -13.53 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《正帆科技(6885 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.89 yuan [1][5] Core Views - The company's Q2 2024 performance showed significant growth, with revenue reaching 1.852 billion yuan, a year-on-year increase of 37.8%, and net profit attributable to shareholders of 105 million yuan, a year-on-year decrease of 30% [2][9] - The company's R&D investment increased, leading to a slight decline in profitability, with a gross margin of 26.9% in the first half of 2024, down 1.47 percentage points year-on-year [2][11] - The company's inventory and contract liabilities increased significantly, with contract liabilities reaching 2.61 billion yuan, a year-on-year increase of 41%, and inventory reaching 3.91 billion yuan, a year-on-year increase of 33% [2][14] - The company's process media supply system business continues to expand, with strong growth potential in GasBox and MRO businesses [3][18] - The company's forward-looking profit forecast for 2024-2026 estimates net profit attributable to shareholders at 570 million, 780 million, and 1.024 billion yuan, respectively, with corresponding P/E ratios of 13, 10, and 7 times [3][19] Financial Performance - The company's revenue in Q2 2024 was 1.264 billion yuan, a year-on-year increase of 35%, and a quarter-on-quarter increase of 114.6% [2][9] - The company's net profit attributable to shareholders in Q2 2024 was 80 million yuan, a year-on-year decrease of 42%, and a quarter-on-quarter increase of 221.4% [2][9] - The company's gross margin in Q2 2024 was 26.7%, down 0.4 percentage points year-on-year and 0.73 percentage points quarter-on-quarter [2][11] - The company's net profit margin in Q2 2024 was 7.08%, down 9.2 percentage points year-on-year and up 1.13 percentage points quarter-on-quarter [2][11] Business Segments - The company's process media supply system business is in a leading position domestically, serving major clients in the semiconductor industry such as SMIC, Yangtze Memory, and ChangXin [3][18] - The company's GasBox products are being supplied in bulk to leading domestic semiconductor and photovoltaic equipment manufacturers [3][18] - The company's MRO business has the potential to maintain a high gross margin, with the company now capable of providing comprehensive MRO services [3][18] - The company's precursor manufacturing base in Tongling is expected to start production in Q3 2024, covering over 20 precursor products across four categories [3][18] Market Data - The company's closing price was 26.89 yuan, with a one-year low/high of 24.26/42.59 yuan [5] - The company's P/B ratio was 2.47, with a circulating A-share market value of 7.73 billion yuan and a total market value of 7.73 billion yuan [5] - The company's net asset per share was 10.87 yuan, with a total share capital of 287.49 million shares and a circulating A-share capital of 287.49 million shares [6]

证券代码：688596 证券简称：正帆科技 公告编号：2024-056 上海正帆科技股份有限公司 2024 年半年度募集资金存放与实际使用情况的专项报告 根据《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》《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》和《上 海证券交易所科创板股票上市规则》等有关规定，上海正帆科技股份有限公司（以 下简称"公司"或"正帆科技"）董事会对 2024 年半年度募集资金存放与实际使 用情况的专项报告说明如下： 一、募集资金基本情况 （一）2020 年首次公开发行 A 股股票募集资金情况 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。 截至 2024 年 6 月 30 日，公司使用募集资金及期末余额情况如下： 单位：人民币元 | 项目 | | | | | | 金额 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 募集资金净额 | | | | | | 910,722,926.13 | | | ...

Financial Performance - The company reported a revenue of 500 million RMB for the first half of 2024, representing a 20% increase compared to the same period last year[10]. - The company has set a revenue guidance of 1.2 billion RMB for the full year 2024, which reflects a projected growth of 25% year-over-year[10]. - The company's operating revenue for the first half of 2024 was CNY 1,852,329,471.27, representing a 37.78% increase compared to CNY 1,344,441,147.75 in the same period last year[14]. - The net profit attributable to shareholders decreased by 29.94% to CNY 104,944,006.07, primarily due to fluctuations in the secondary market affecting the fair value of equity investments[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 53.05% to CNY 114,063,784.25, reflecting improved operational efficiency[16]. - The total comprehensive income for the period was CNY 124,637,147.46, down from CNY 168,640,643.95 in the previous year[166]. - The company reported a net profit of -408.15 million RMB for its subsidiary 正帆华东, indicating a loss in the water purification and treatment equipment sector[74]. - The company achieved a net profit attributable to shareholders of RMB 104.94 million, with basic earnings per share of RMB 0.38[151]. User Growth and Market Expansion - User data indicates a growth in active users by 15%, reaching a total of 1.2 million users by the end of June 2024[10]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[10]. - The company signed new contracts worth CNY 3.94 billion in the first half of 2024, with a year-on-year growth of 11.4% in the semiconductor sector, accounting for 50% of the total[19]. - The company plans to focus on market expansion and new product development in the upcoming quarters, aiming to enhance its competitive position[164]. - The company is exploring potential mergers and acquisitions to enhance its market position and technological capabilities[179]. Research and Development - Research and development expenses increased by 18%, totaling 80 million RMB, focusing on advanced semiconductor technologies[10]. - The total R&D investment for the first half of 2024 reached ¥156,168,491.52, representing an 85.90% increase compared to ¥84,007,726.42 in the same period last year[39]. - The company's R&D expenditure as a percentage of operating revenue increased by 2.18 percentage points compared to the previous year[15]. - The company has developed six core technologies, including micro-pollution control technology and fluid system design, enhancing its capabilities in semiconductor and biopharmaceutical sectors[34]. - The company has increased its R&D personnel to 544, a 37.03% increase compared to the same period last year[51]. Operational Efficiency and Cost Management - The company has implemented new strategies to enhance operational efficiency, aiming for a 15% reduction in production costs by the end of 2024[10]. - Operating costs increased by 40.03% to ¥1,353,881,159.11, primarily due to the growth in sales revenue[63]. - The gross profit margin for the first half of 2024 was approximately 8.2%, down from the previous year's margin, reflecting increased costs[164]. - The company aims to enhance its operational management system through IoT technology, optimizing resource management and improving efficiency[48]. Financial Position and Investments - The total assets at the end of the reporting period were CNY 9,153,853,815.91, a 13.50% increase from CNY 8,065,228,289.12 at the end of the previous year[14]. - The company's monetary funds increased to ¥883,596,060.75, a growth of 45.91% compared to the previous period[66]. - The total amount of raised funds is 1,189,569,443.55 yuan, with a net amount after deducting issuance costs of 1,089,448,034.27 yuan[139]. - The total liabilities of the company were CNY 5,903,941,431.07, compared to CNY 5,010,697,923.35, which is an increase of around 17.7%[160]. - The company reported a significant increase in special reserves, totaling CNY 6.88 million, indicating a strategic focus on future investments[189]. Risks and Challenges - The management highlighted potential risks including supply chain disruptions and regulatory changes in the semiconductor industry[10]. - The company faces risks related to market competition, particularly in the context of domestic substitution and complex customer demands[61]. - The company is exposed to risks from core raw material procurement, as a significant portion of its components are imported[61]. Environmental and Social Responsibility - The company invested 3.0952 million yuan in environmental protection during the reporting period[82]. - The company has established a strict monitoring system for pollution control facilities, ensuring compliance with environmental standards[82]. - The company is actively pursuing social responsibility initiatives, including employment opportunities for marginalized groups[86]. - The company implemented carbon reduction measures through clean energy substitution, energy consumption optimization, and smart control, focusing on energy saving and green office practices[85]. Shareholder and Governance Matters - The company held its annual general meeting on May 24, 2024, where all proposals were approved, indicating strong shareholder support[76]. - The controlling shareholder and actual controller have committed to not transferring or entrusting the management of shares held prior to the IPO for 36 months from the date of listing, with a commitment period until August 19, 2025[87]. - The company has established a stock option incentive plan, which is valid during the plan's duration, with commitments made on February 9, 2021, and November 9, 2021[89]. - The company guarantees that there will be no fraudulent issuance of shares during the IPO process[96].

海通证券股份有限公司 关于上海正帆科技股份有限公司 投资半导体检测量测设备业务暨关联交易的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为上海 正帆科技股份有限公司（以下简称"正帆科技"或"公司"）持续督导保荐机构，根 据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》 《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》《上海证券 交易所上市公司自律监管指引第11号——持续督导》等有关规定，对公司投资半 导体检测量测设备业务暨关联交易的事项进行了核查，具体情况如下： 一、关联交易概述 半导体质量控制设备是保证芯片良率的关键工艺设备。根据检测类型不同分 为检测设备和量测设备两大类，市场规模大、国产化率低，是半导体制造工艺设 备中极为重要的关键设备之一。 文德昌潍半导体（上海）有限公司（以下简称"文德昌潍"）系国内专注于 硅基与碳化硅良率控管的精密光学检测量测设备供应商，其团队曾长期服务于相 关领域全球头部的国际供应商，对国际先进的检测量测设备的开发、制造、销售 拥有超过 25 年的专业经验，具备深厚的行业专长和技术能力。正帆科技作为泛 半导体产业制程关键系 ...