Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on projected earnings growth [16][17]. Core Insights - The company achieved a revenue of 3.835 billion yuan in 2023, representing a year-on-year growth of 41.78%. The net profit attributable to the parent company was 401.34 million yuan, up 55.10% year-on-year [26][37]. - The company has a strong order backlog, with new contracts signed amounting to 6.6 billion yuan in 2023, a 60% increase year-on-year. As of Q1 2024, the backlog stood at 7.5 billion yuan, a 68% increase year-on-year [26][37]. - The company is positioned in the rapidly growing semiconductor equipment sector, with significant demand for domestic alternatives to foreign suppliers [4][26]. Financial Performance - Revenue projections for 2024, 2025, and 2026 are 5.437 billion yuan, 6.983 billion yuan, and 8.410 billion yuan, respectively, with corresponding net profits of 601 million yuan, 842 million yuan, and 1.093 billion yuan [17][29]. - The company reported a significant increase in its gas and advanced materials business, with a revenue growth of 73% in 2023 [26][29]. - The company's asset-liability ratio is 62.1%, indicating a moderate level of financial leverage [16][29]. Market Position and Strategy - The company is leveraging its core technologies to expand into the semiconductor equipment market, particularly in fluid systems, which are critical components in semiconductor manufacturing [4][26]. - The company has established partnerships with leading domestic semiconductor equipment manufacturers, enhancing its market presence and credibility [4][26]. - The focus on capital expenditure (Capex) and operational expenditure (Opex) is expected to drive sustainable growth, as the company capitalizes on increasing demand from the semiconductor industry [26][37].

正帆科技（688596） [Table_Tag] [投资要点 Table_Summary] ◼ 营收再创历史新高，气体及先进材料业务增长显著：2023 年公司实现营业 收入 38.35 亿元，同比+41.78%；归母净利润 4.01 亿元，同比+55.1%；扣非 归母净利润 3.4 亿元，同比+58.4%。2024Q1 营收 5.89 亿元，同比+43.31%； 归母净利润 0.25 亿元，同比+123.36%；扣非归母净利润 0.16 亿元，同比 +122.29%。CAPEX 方面，2023 年公司电子工艺设备营收 29.00 亿元，同比 增长 52.76%；OPEX 方面，2023 年公司气体和先进材料业务营收 4.20 亿 元，同比增长 73%；生物制药设备营收 2.90 亿元，同比下降 15.68%；公司 控股子公司鸿舸半导体的主要产品 GAS BOX 已经获得了国内头部工艺设 备厂商的广泛认证，2023 年收入同比增长 104%，新签订单同步高速增长。 ◼ 控费降本，盈利能力持续提升：2023 年公司毛利率为 27.11%，同比-0.35pct； 销售净利率为 11.04%，同比+1.38pct；我 ...

机械设备 ——新签订单持续高增，加码发展 Opex 业务 报告原因：有业绩公布需要点评 一年内股价与大盘对比走势： 《正帆科技（688596）点评：新签订单连 续 四 季 高 增 ， 募 资 加 码 电 子 特 气 》 2023/10/26 《正帆科技（688596）点评：22Q4、23Q1 新签订单连续创新高》 2023/04/24 2023 年新签订单高增约 60%，1Q24 合同负债 25.4 亿元。据公司公告，2022 年新签订 单 41.34 亿元，同比+52.50%，年末合同负债 11.11 亿元；2023 年新签合同是 66 个亿， 同比增长约 60%，2023 年末合同负债金额 23.33 亿元，1Q24 合同负债环比继续增长。 正帆科技气体业务 2023 年营收 4.2 亿。近 2 年，正帆科技从电子特气走向大宗气体，是 国内为数不多能稳定量产电子级砷烷、磷烷的企业之一。公司拟发行 11.5 亿可转债投向铜 陵特气、丽水特气以及正帆百泰医药基地项目。 | --- | --- | --- | --- | --- | --- | |-------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [19][21][28]. Core Views - The company achieved a revenue of 3.835 billion RMB in 2023, representing a year-on-year growth of 41.78%, and a net profit attributable to shareholders of 401 million RMB, up 55.10% year-on-year [4]. - In Q1 2024, the company reported a revenue of 589 million RMB, a year-on-year increase of 43.31%, and a net profit of 24.9 million RMB, which is a 123.36% increase year-on-year [4]. - The company is focusing on technological innovation and has increased its R&D expenditure, with a R&D expense ratio of 9.07% in Q1 2024 [5]. - The gross margin for the company in Q1 2024 was 27.41%, an increase of 0.3 percentage points compared to the same period last year [5]. - The company is expected to see its Opex business exceed 20% of total revenue for the first time in 2024, continuing to grow in the future [5]. - The semiconductor industry expansion has led to a significant increase in new contracts, with 1Q24 new contracts amounting to 1.8 billion RMB, of which 46% came from the semiconductor sector [5]. - The company has a strong order backlog of 7.5 billion RMB as of Q1 2024, a 68% increase year-on-year, with the semiconductor sector accounting for 53% of this backlog [5]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 3.835 billion RMB and a net profit of 401 million RMB, with growth rates of 41.78% and 55.10% respectively [4]. - The projected revenues for 2024, 2025, and 2026 are 5.084 billion RMB, 6.612 billion RMB, and 7.995 billion RMB, with corresponding growth rates of 32.58%, 30.06%, and 20.92% [7]. - The net profit for the same years is projected to be 548 million RMB, 732 million RMB, and 961 million RMB, with growth rates of 36.65%, 33.53%, and 31.18% respectively [7]. Operational Strategy - The company is actively integrating industrial resources and expanding into new fields such as renewable energy and research [5]. - The gas and advanced materials business gross margin improved to 19.21% in 2023, with expectations for further enhancement as production scales up [5]. - The company is committed to a CAPEX-driven strategy to expand its OPEX business, which is anticipated to grow significantly in the coming years [5]. Market Position - The company has a robust contract liability scale of 2.537 billion RMB in Q1 2024, reflecting a year-on-year growth of 78.09% [5]. - The company’s P/E ratio is projected to decrease from 27.27 in 2023 to 20.17 in 2024, indicating a favorable valuation trend [7].

证券代码：688596 证券简称：正帆科技 上海正帆科技股份有限公司投资者关系活动记录表 编号：2024-002 特定对象调研 分析师会议 投资者关系 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 活动类别 □现场参观 □其他 （请文字说明其他活动内容） 广发基金 东方红资管 东方基金 汇安基金 银华基金 华夏基金 博时基金 中信保城 国泰基金 海富通 淳厚基金 长盛基金 中欧基金 百年人寿 金信基金 永安财险 合远基金 信达澳亚 恒越基金 农银汇理 长城基金 景顺长城 华宝基金 华安基金 交银施罗德 参与单位名 嘉合基金 嘉实基金 大家资产 华安财保 易方达 称及人员姓 德邦基金 光大资管 泰康基金 万家基金 平安基金 名 钦沐资产 金鹰基金 中信建投 长江证券 中信证券 天风证券 华福证券 德邦证券 中邮证券 财通证券 华安证券 东吴证券 申万宏源 方正证券 广发证券 浙商证券 中泰证券 华泰证券 国投证券 华西证券 国金证券 光大证券 民生证券 兴业证券 海通证券 ...

正班科技2023年年度报告和2024年一季度财报已经向上交所提交我们在第一时间向各位投资人进行汇报交流首先由公司副总兼财务负责人郑宏亮先生为大家介绍两份财报中主要的业绩内容有请郑总各位投资的朋友大家好 下面我给大家汇报一下23年的和24年一季度的经营结果我们2023年如大家屏幕上所看到的销售收入我们获得38.34亿比2022年同比增长42%这主要得益于我们所服务的市场获得比较大的一些增长 毛利率水平的话是2023年27.1相比于2022年我们略有下降基本上处在一个比较我们觉得是可控的水平略有下降的主要原因是因为我们的尤其是光复行业的市场竞争比较激烈毛利略有下降就是整体的毛利率下降了0.35个点 同时我们也为响应客户对光复尤其是光复行业客户对降等增效的一些需求我们自身也积极拓展自己做模块化设计同时也向供应链做了一些改进我们同时也既满足了客户对我们的要求也满足了我们毛利率基本上能够稳定住的这么一个状况下一个是我们的规模净利润23年我们获得规模净利润4.01个亿 比2022年同比增长55%,同样的扣费规模净利润,我们获得将近3.4个亿的扣费规模净利润,相比于2022年同比增长了58%,我们政方一直以来还是非常注重我 ...

Financial Performance - The company achieved a record performance in 2023, with main business revenue exceeding 3.83 billion RMB, a year-on-year increase of over 40%[3] - The net profit attributable to shareholders reached over 400 million RMB, reflecting a year-on-year growth of 55%[3] - The operating cash flow turned positive, exceeding 100 million RMB, indicating improved financial health[3] - The compound annual growth rate (CAGR) of the net profit excluding non-recurring items has reached 55% over the past seven years since 2016[3] - The company's operating revenue for 2023 reached approximately RMB 3.83 billion, representing a year-on-year increase of 41.78%[25] - Net profit attributable to shareholders for 2023 was approximately RMB 401.34 million, up 55.10% compared to the previous year[25] - Basic earnings per share for 2023 was RMB 1.47, reflecting a growth of 45.54% year-on-year[26] - The net profit after deducting non-recurring gains and losses was approximately RMB 339.50 million, a year-on-year increase of 58.40%[25] - The company reported a significant improvement in cash flow, with a net cash flow from operating activities of RMB 115.54 million, compared to a negative RMB 162.33 million in the previous year[25] Business Strategy and Expansion - The company plans to focus on expanding its Opex business, expecting its growth rate to significantly exceed that of the Capex business in 2024[4] - The company is advancing its convertible bond issuance plan to support business development strategies, with continued capital investment in electronic specialty gases and advanced materials[4] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[15] - The company plans to enter the European market in 2024, with an initial investment of RMB 100 million[15] - The company is actively expanding its service operations (OPEX) business alongside its fixed asset investment (CAPEX) business[155] - The company aims to achieve stable revenue growth and increase market share by focusing on high-end manufacturing sectors such as semiconductor and biomedicine[156] Research and Development - Research and development investment increased by 18%, totaling RMB 150 million, focusing on next-generation semiconductor technologies[15] - The company's R&D investment for 2023 was CNY 250 million, a year-on-year increase of 67.45%, accounting for 6.55% of total revenue[42] - The company has developed six core technologies related to electronic specialty gases and chemicals, enhancing its comprehensive service capabilities[91] - The company emphasizes its core competencies in fluid systems and new materials, enhancing its R&D capabilities through organizational and methodological innovations[107] - The company has established a unique business positioning by providing a "three-in-one" service model that integrates equipment, materials, and services for the semiconductor industry[108] Market Trends and Industry Insights - The global semiconductor industry is expected to see a 15% increase in equipment spending in 2024, driven by demand for advanced applications like AI and high-performance computing[68] - The biopharmaceutical market in China is expected to exceed 2 trillion yuan in 2024, driven by increased affordability, patient growth, and expanded insurance coverage[73] - The semiconductor lighting market is projected to grow to $13.003 billion in 2024, with Micro LED technology entering commercial stages[74] - The domestic semiconductor equipment industry is experiencing a shift towards local alternatives due to increased pressure from U.S. sanctions, necessitating rapid technological advancements by local companies[85] Corporate Governance and Management - The company has established specialized committees under the board, including an audit committee and a compensation and assessment committee[186] - The company continues to implement equity incentive plans to align the interests of management with those of shareholders[170] - The company has a diverse board with members having extensive experience in various industries, including technology and finance[171] - The company is focused on maintaining a stable management structure with no significant changes in shareholding among key executives during the reporting period[169] Sustainability and Social Responsibility - The management team emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 20% over the next five years[175] - The company is committed to strict safety management across production, storage, purification, testing, and transportation of its core materials, ensuring compliance and quality[56] - The company is committed to safety and health in production, implementing effective operational management systems to enhance life and process safety management levels[161] Financial Risks and Challenges - The company faces supply chain risks due to reliance on foreign suppliers for core components, which could impact production if shortages or price increases occur[113] - Increased competition in the domestic market poses a risk to the company's market position and profitability if it cannot maintain technological advantages[114] - Future tax policy changes could adversely affect the company's financial performance, particularly regarding high-tech enterprise tax incentives[115] - The company is exposed to macroeconomic risks, including potential impacts from ongoing international trade tensions, particularly between China and the U.S.[117]

Financial Performance - In Q1 2024, the total revenue reached CNY 645,883,815.86, an increase from CNY 528,527,703.63 in Q1 2023, representing a growth of approximately 22.2%[3] - The company reported a basic and diluted earnings per share of CNY 0.09, up from CNY 0.04 in Q1 2023, reflecting a 125% increase[3] - The company's operating revenue for Q1 2024 reached ¥588.73 million, representing a 43.31% increase year-over-year[12] - Net profit attributable to shareholders was ¥24.90 million, a significant increase of 123.36% compared to the same period last year[12] - The net profit excluding non-recurring gains and losses was ¥16.34 million, reflecting a 122.29% increase year-over-year[12] - Net profit for Q1 2024 was ¥35.01 million, compared to ¥14.96 million in Q1 2023, representing a 134.0% increase[42] - Profit before tax for Q1 2024 was ¥32.08 million, up from ¥14.10 million in Q1 2023, marking a 127.6% increase[42] - The net profit attributable to shareholders of the parent company was ¥24.90 million, compared to ¥11.15 million in the same quarter last year, reflecting a 123.5% growth[42] Cash Flow and Financial Position - The net cash flow from operating activities was CNY -210,745,939.20, compared to CNY -129,857,764.49 in the same period last year, indicating a decline in cash flow[4] - The net cash increase for the period was CNY 18,612,987.62, contrasting with a decrease of CNY -296,367,704.79 in the same quarter last year[6] - The cash flow from financing activities generated a net amount of CNY 333,997,196.43, compared to a net outflow of CNY -84,268,269.57 in Q1 2023[6] - The company reported a net cash flow from operating activities of -¥210.75 million, indicating a significant increase in contract backlog and inventory payments compared to the previous year[13] Research and Development - Research and development expenses totaled CNY 53,405,265.79, accounting for 9.07% of operating revenue, which is an increase of 0.73 percentage points year-over-year[9] - R&D investment totaled ¥55.95 million, primarily due to increased material consumption and employee compensation in technology expansion and new product development[13] - Research and development expenses increased to ¥53.41 million, a 56.2% rise from ¥34.25 million in the previous year[41] Assets and Liabilities - Total assets increased to CNY 8,664,847,478.06, up 7.43% from CNY 8,065,228,289.12 at the end of the previous year[9] - Total current assets increased to ¥6,892,157,130.40 from ¥6,424,881,965.46, representing a growth of approximately 7.3% year-over-year[33] - Total liabilities increased to ¥5,519,210,493.61 from ¥5,010,697,923.35, reflecting a growth of approximately 10.1%[39] - Total equity attributable to shareholders reached ¥3,067,094,188.67, up from ¥3,001,886,794.49, marking an increase of about 2.2%[36] - The company’s total equity increased to ¥3,145,636,984.45 from ¥3,054,530,365.77, representing a growth of approximately 3.0%[36] Inventory and Receivables - Inventory rose to ¥3,875,479,718.89, up from ¥3,376,622,490.98, indicating an increase of about 14.8%[38] - Accounts receivable decreased to ¥1,423,728,622.38 from ¥1,536,343,053.84, showing a decline of about 7.4%[33] Contracts and Backlog - The company signed new contracts worth ¥1.8 billion in Q1 2024, a 22% increase year-over-year, with 46% coming from the semiconductor industry[24] - The total contract backlog reached ¥7.5 billion, a 68% increase year-over-year, with 53% from the semiconductor sector[24] Other Financial Metrics - Other income for Q1 2024 was reported at ¥22.18 million, significantly higher than ¥3.55 million in Q1 2023[41] - The company recorded a foreign exchange loss of ¥3.63 million in Q1 2024, compared to a gain of ¥75,123.29 in the previous year[42] - Tax expenses for Q1 2024 were ¥2.93 million, compared to ¥856,376.33 in Q1 2023, indicating a substantial increase in tax obligations[42] - The company experienced a credit impairment loss of ¥4.50 million in Q1 2024, compared to a loss of ¥1.21 million in the same period last year[42] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 7,907[30] - The company’s cash and cash equivalents amounted to ¥621,027,615.24, compared to ¥605,556,875.87, reflecting a slight increase of about 2.4%[33] Financing Activities - The company has received approval from the Shanghai Stock Exchange for its convertible bond issuance application, which is currently under review[24] - Short-term borrowings rose significantly to ¥434,526,003.77 from ¥255,522,991.36, an increase of approximately 69.9%[39]

上海证券交易所文件 上证科审（再融资）〔2024〕33 号 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申请文件的 审核问询函 上海正帆科技股份有限公司、海通证券股份有限公司： 根据《证券法》《上市公司证券发行注册管理办法》《上 海证券交易所上市公司证券发行上市审核规则》等有关法律、 法规及本所有关规定等，本所审核机构对上海正帆科技股份 有限公司（以下简称发行人或公司）向不特定对象发行可转 换公司债券申请文件进行了审核，并形成了首轮问询问题。 1.关于本次募投项目 根据申报材料，1）发行人本次计划募集资金不超过 115,000.00 万元（含本数），用于实施铜陵正帆电子材料有 限公司特气建设项目（二期）——年产 890 吨电子先进材料 及 30 万立方电子级混合气体项目、正帆科技（丽水）有限 1 ─────────────── 公司特种气体生产项目、正帆百泰（苏州）科技有限公司新 建生物医药核心装备及材料研发生产基地项目、补充流动资 金及偿还银行贷款；2）正帆百泰（苏州）科技有限公司新 建生物医药核心装备及材料研发生产基地项目无需取得环 评、节能审查批复。 请发行人说明：（1）本次募投项目产品 ...

上海正帆科技股份有限公司 关于 2021 年第二期股票期权激励计划 2024 年第一季 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： 证券代码：688596 证券简称：正帆科技 公告编号：2024-012 公司 2021 年第二期股票期权激励计划的第二个行权期可行权数量为 3,042,600 股，行权期为 2023 年 12 月 22 日至 2024 年 12 月 2 日（行权日须 为交易日）。2024 年第一季度，累计行权并完成股份登记数量为 1,646,800 股，占本次可行权总量的 54.12%；截至 2024 年 3 月 31 日，累计行权并完成 登记数量为 2,218,400 股，占本次可行权总量的 72.91%。 本次行权股票上市流通时间： 公司本次行权采用自主行权模式，激励对象行权所得股票于行权日（T 日）后的第一个交易日（T+1 日）到达股票账户，并于第二个交易日（T+2 日）上市交易。 一、本次股票期权行权的决策程序及信息披露 1、本激励计划 ...