国泰海通证券股份有限公司关于上海正帆科技股份有限公司 以简易程序向特定对象发行股票并上市 之保荐总结报告书 | 保荐机构名称： | 国泰海通证券股份有限公司 | | --- | --- | | 保荐机构编号： | Z29131000 | 经中国证券监督管理委员会《关于同意上海正帆科技股份有限公司向特定对象 发行股票注册的批复》（证监许可[2022]2349 号）批复，上海正帆科技股份有限公 司（以下简称"上市公司"、"公司"或"发行人"）以简易程序向特定对象发行 股票 9,437,854 股，每股面值人民币 1 元，每股发行价格人民币 19.39 元，募集资金 总额为人民币 182,999,989.06 元，扣除发行费用后，实际募集资金净额为人民币 178,725,108.14 元。本次发行证券已于 2022 年 10 月 28 日在上海证券交易所科创板 上市。原国泰君安证券股份有限公司作为公司本次以简易程序向特定对象发行股票 的保荐机构，根据中国证监会《证券发行上市保荐业务管理办法》等相关规定，其 需履行公司本次以简易程序向特定对象发行股票并上市后的持续督导工作，持续督 导期至 2024 年 12 月 31 ...

国泰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 年度持续督导年度跟踪报告 1 | 项 目 | 工作内容 | | --- | --- | | 守承诺和信息披露等义务，审阅信息披露文件 | 运作、信守承诺和信息披露等义务，审阅信息 | | 及向中国证监会、证券交易所或其他机构提交 | 披露文件及向中国证监会、证券交易所或其他 | | 的其他文件，并按保荐办法要求承担相关持续 | 机构提交的其他文件，并按保荐办法要求承担 | | 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间 | 保荐机构已与上市公司签署了保荐协议，协议 | | 的权利义务签订持续督导协议。 | 明确了双方在持续督导期间的权利和义务。 | | 3、协助和督促上市公司建立相应的内部制度、 | 保荐机构已协助和督促上市公司建立相应的 | | | 内部制度、决策程序及内控机制，以符合法律 | | 决策程序及内控机制，以符合法律法规和上市 | 法规和上市规则的要求，并确保上市公司及其 | | 规则的要求，并确保上市公司及其控股股东、 | 控股股东、实际控制人、董事、监事和高级管 | | 实际控制人、 ...

| 证券代码：688596 | 证券简称：正帆科技 | 公告编号：2025-037 | | --- | --- | --- | | 转债代码：118053 | 转债简称：正帆转债 | | 上海正帆科技股份有限公司 关于召开2024年度暨2025年第一季度业绩说明会的 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： 会议召开时间：2025 年 5 月 15 日（星期四）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 2025 年 5 月 15 日 前 访 问 网 址 https://eseb.cn/1o4HsyotZtK 或扫描下方小程序码进行会前提问，公司将 通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题 进行回答。 年第一季度报告。为便于广大投资者更加全面深入地了解公司 2024 年度和 2025 年第一季度的经营成果、财务状况，公司定于 2025 年 5 月 15 日（星 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined. In terms of size style, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter of 2025Q1 turned significantly positive from negative. In terms of major sectors, the growth rates of net profit attributable to the parent of the consumer and growth sectors led in 2025Q1, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. In terms of industries, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth [3][19][21]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [3][33]. - Some convertible bonds are recommended for investment. In the cyclical sector, it is recommended to overweight convertible bonds such as Guocheng, Huayou, and Guangda. In the consumer sector, it is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, as well as Zhongchongzhuan 2, Xinruzhuan, and Baolong. In the growth sector, it is recommended to overweight convertible bonds such as Weice, Haopeng, Guoli, and Weil [3][7][13]. Summary by Relevant Catalogs 1. 2025Q1 Performance Growth Convertible Bond Recommendations - Among the existing 472 convertible bonds, 372 achieved profitability in the single quarter of 2025Q1. After excluding those with a balance of less than 300 million yuan and a remaining term of less than 1 year, 109 convertible bonds remain. Some convertible bonds are recommended for investment based on factors such as the sustainability of the company's high performance growth and the current price and conversion premium rate of the convertible bonds [6]. - **Cyclical Sector**: It is recommended to overweight convertible bonds with mineral resource advantages such as Guocheng and Huayou, Guangda with a positive business trend, Dongcai, Dinglong, Anji, and Zhengfan that benefit from the domestic substitution of semiconductor materials, Keli and Bo 23 that benefit from the accelerated development of the robot and AI industries, and Polai that benefits from the recovery of consumer demand and domestic substitution [7]. - **Consumer Sector**: It is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, including Muyuan, Juxing, Wenshi, Xiwangzhuan 2, and Hefeng. Also recommended are Zhongchongzhuan 2, the leading pet food company, Xinruzhuan, the leading regional dairy company, and Baolong, an automobile parts manufacturer [13]. - **Growth Sector**: It is recommended to overweight Weice, the leading domestic third-party integrated circuit testing service provider, Haopeng, a consumer battery manufacturer, Guoli, an electronic vacuum device manufacturer, and Weil, the global CIS leader [15]. 2. All A: Technology and Domestic Demand Lead, Midstream Cycle Warms Up - **Overall A-share Performance**: In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined [19]. - **Size Style Performance**: In 2025Q1, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter turned significantly positive from negative, while the year-on-year growth rate of net profit attributable to the parent of SSE 50 slightly turned negative from positive [20]. - **Sector Performance**: In 2025Q1, the growth rates of net profit attributable to the parent of the consumer and growth sectors led, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. The revenue growth rate of the growth sector led among all sectors [21][23]. - **Industry Performance**: In 2025Q1, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth. In terms of ROE and other aspects, the ROE levels of most downstream cyclical and consumer sectors declined, the gross profit margins of the optional consumer sector generally declined, and the net profit margins of the midstream cyclical sector generally recovered. The top 30 sub-industries in terms of single-quarter profit growth rate in 2025Q1 were mainly concentrated in the electronics, computer, and media industries [25][28][32]. 3. Convertible Bonds: Narrowing Negative Profit Growth, Declining Revenue Growth Rate - As of May 5, 2025, the existing 472 convertible bonds covered 27 out of 30 CITIC first-level industries, and 92% of the underlying stocks of the convertible bonds had a market value of less than 3 billion yuan. In terms of size style, the issuers of convertible bonds were generally closer to small and medium-cap stocks [33]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [33].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown steady performance improvement, with significant growth in non-equipment business segments. In 2024, the company achieved revenue of 5.469 billion yuan, a year-on-year increase of 42.63%. The high-end electronic process equipment revenue was 3.449 billion yuan, up 39.44% year-on-year, accounting for 63.06% of total revenue [8] - The company is expected to continue benefiting from the growth potential of its OPEX business, particularly in areas such as GasBox and MRO [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 3.835 billion yuan, 2024A: 5.469 billion yuan, 2025E: 6.622 billion yuan, 2026E: 7.939 billion yuan, and 2027E: 9.599 billion yuan, with year-on-year growth rates of 41.78%, 42.63%, 21.08%, 19.89%, and 20.90% respectively [1] - The net profit attributable to the parent company is projected to be 401.34 million yuan in 2023A, 527.75 million yuan in 2024A, 727.12 million yuan in 2025E, 958.29 million yuan in 2026E, and 1.27463 billion yuan in 2027E, with year-on-year growth rates of 55.10%, 31.50%, 37.78%, 31.79%, and 33.01% respectively [1] - The company's earnings per share (EPS) are forecasted to be 1.37 yuan in 2023A, 1.81 yuan in 2024A, 2.49 yuan in 2025E, 3.28 yuan in 2026E, and 4.36 yuan in 2027E [1] Business Segment Performance - The company has seen significant growth in its non-equipment business, with a year-on-year increase of 58.5% in the same-caliber non-equipment business [8] - The MRO business has grown rapidly, with the company establishing 14 service points in China to provide faster response and better service [8] - The company has made breakthroughs in semiconductor precursors, completing the construction of a manufacturing base for over 20 types of precursor products [8] Valuation Metrics - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 15/12/9 times for the years 2025-2027, respectively [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of approximately 5.47 billion yuan for 2024, representing a year-on-year growth of about 42.6%. The net profit attributable to shareholders was approximately 530 million yuan, a year-on-year increase of about 31.5%. The gross profit margin was approximately 26.0%, a decrease of about 1.1 percentage points [5] - In Q1 2025, the company achieved a revenue of approximately 680 million yuan, a year-on-year growth of about 14.9%, but a quarter-on-quarter decline of about 65.6%. The net profit attributable to shareholders was approximately 30 million yuan, a year-on-year increase of about 38.2%, but a quarter-on-quarter decline of about 82.5% [5] - The company's revenue growth in 2024 was attributed to enhanced market competitiveness, increased market share of existing products and services, rapid growth in OPEX-related business, and expansion into new markets such as renewable energy and new materials [5] - The non-equipment business segment has become a significant driver of the company's sustained growth, with its revenue share reaching 31.0% in 2024 and further increasing to 43% in Q1 2025 [6] - The company is actively expanding into emerging markets in advanced manufacturing, particularly in renewable energy and new materials, with a market share growth to 11.5% in these sectors [6] Financial Summary - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be approximately 716 million, 986 million, and 1.32 billion yuan, respectively, with a downward adjustment compared to previous forecasts [7] - The projected P/E ratios for 2025, 2026, and 2027 are 15.16, 11.01, and 8.25 times, respectively, maintaining the "Accumulate" rating [8] - Key financial indicators for 2024 include a revenue of 5.47 billion yuan, a net profit of 528 million yuan, and a gross margin of 26.0% [10]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has shown steady performance improvement, with significant growth in non-equipment business segments. In 2024, the company achieved revenue of 5.469 billion yuan, a year-on-year increase of 42.63%. The high-end electronic process equipment revenue was 3.449 billion yuan, up 39.44% year-on-year, accounting for 63.06% of total revenue [8] - The company’s net profit attributable to shareholders reached 527.75 million yuan in 2024, reflecting a year-on-year growth of 31.50% [8] - The report highlights the growth potential of the OPEX business, particularly in the areas of process media supply systems, GasBox, and MRO services [8] Financial Summary - Revenue projections for the company are as follows: 2023A: 3.835 billion yuan, 2024A: 5.469 billion yuan, 2025E: 6.622 billion yuan, 2026E: 7.939 billion yuan, and 2027E: 9.599 billion yuan, with respective year-on-year growth rates of 41.78%, 42.63%, 21.08%, 19.89%, and 20.90% [1] - The net profit attributable to shareholders is projected to be 401.34 million yuan in 2023A, 527.75 million yuan in 2024A, 727.12 million yuan in 2025E, 958.29 million yuan in 2026E, and 1.27463 billion yuan in 2027E, with year-on-year growth rates of 55.10%, 31.50%, 37.78%, 31.79%, and 33.01% respectively [1] - The report indicates that the company’s gross margin for 2024 is expected to be 26.02%, slightly down by 1.09 percentage points year-on-year [8] Business Growth Potential - The company is positioned as a leader in the domestic process media supply systems market, capable of competing with international suppliers. It serves major clients in the semiconductor industry [8] - The GasBox product line has gained traction, with the company supplying to leading semiconductor equipment manufacturers in China [8] - The MRO business is rapidly expanding, with 14 service points established to enhance customer service [8]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company, Zhengfan Technology, is a leading provider of ultra-pure process media supply systems for the semiconductor industry, leveraging unique advantages in micro-pollution control, fluid technology, and process safety [4][7]. - The company's growth strategy focuses on providing a one-stop comprehensive service that integrates key systems, core materials, and professional services, targeting well-known clients such as Texas Instruments, SMIC, and BOE [7][21]. - The company is expected to achieve revenue of 5.5 billion yuan in 2024, representing a year-on-year growth of 43%, with a net profit of 530 million yuan, up 32% year-on-year [7][10]. Summary by Sections CAPEX: Deepening Media Supply Systems - The company serves the semiconductor FABs with high-purity gas and wet chemical supply systems, which are essential for the production processes [8]. - Core products include independent devices that perform essential functions such as delivery, distribution, and mixing, meeting clients' needs for purity, process, and safety control [8][46]. - The company is expanding into biopharmaceutical equipment, providing critical systems for clean production [8][24]. OPEX: Expanding Key Materials and Services - The company has built a strong domestic and international customer base in various sectors, including semiconductor, optical fiber communication, and biomedicine [9]. - It is actively developing electronic gases and chemicals, with a focus on MRO (Maintenance, Repair, and Operations) services, which are expected to grow as the semiconductor industry expands [9][24]. - In 2023, the electronic gas and MRO business generated approximately 640 million yuan, accounting for about 17% of total revenue [9]. Financial Performance: Sustained High Growth - The company has maintained a high growth rate since its listing, with a compound annual growth rate (CAGR) of 49.02% from 2020 to 2024 [32]. - In 2024, the company achieved a gross profit margin of 27.1%, with the semiconductor and photovoltaic sectors contributing significantly to revenue [37][43]. - The company has a robust order backlog of 8.2 billion yuan, with 52% coming from the semiconductor sector [44]. Profit Forecast: New Business Development - The company is projected to achieve revenues of 6.99 billion yuan, 8.78 billion yuan, and 10.85 billion yuan from 2025 to 2027, with corresponding net profits of 700 million yuan, 930 million yuan, and 1.15 billion yuan [10].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has achieved rapid revenue growth, with a 42.63% year-on-year increase in 2024, reaching 5.469 billion yuan, driven by an increase in market share and the expansion of OPEX business [3] - The company’s net profit for 2024 was 528 million yuan, a 31.50% increase year-on-year, with a notable rise in non-recurring net profit [4] - The OPEX business has become a significant growth driver, supported by strategic investments in core components, gas materials, and maintenance services [6][7] - Revenue forecasts for 2025 and 2026 have been adjusted to 7.317 billion yuan and 9.671 billion yuan, respectively, with corresponding net profit estimates of 749 million yuan and 1.075 billion yuan [8] Revenue Growth - In 2024, the company’s revenue was 5.469 billion yuan, with significant contributions from the integrated circuit sector, which accounted for 50.8% of total revenue [3] - The OPEX business revenue share increased to 31.0% in 2024, with a further rise to 43% in Q1 2025, indicating a strong growth trajectory [3][5] Profitability - The company’s gross margin for 2024 was 26.02%, with a slight decrease from the previous year, while the net profit margin remained stable [4] - In Q1 2025, the gross margin was 26.40%, reflecting a minor decline, but the net profit showed a significant increase of 38.23% year-on-year [5] Strategic Business Development - The company is focusing on enhancing its competitive edge in CAPEX while expanding its OPEX business, which includes core components and gas materials [6] - The OPEX business is supported by a robust supply chain and strategic partnerships with leading semiconductor equipment manufacturers [7] Financial Projections - The company’s revenue projections for 2025 and 2026 are set at 7.317 billion yuan and 9.671 billion yuan, with net profits expected to reach 749 million yuan and 1.075 billion yuan, respectively [8][10] - The estimated EPS for 2025 and 2026 is projected to be 2.56 yuan and 3.68 yuan, respectively, indicating strong earnings growth [8][10]

4月28日，正帆科技发布2024年年报，董事长俞东雷在年报中发表致辞提到，"正帆科技是中国科技发展 大潮中的"卖镐人"和"卖水人"，这样的业务定位将会得到长期坚持。 年报显示，正帆科技2024年主营业务收入达到55亿人民币，同比增长43%；扣非归母净利润4.9亿人民 币，同比增长44%；归母净利润5.3亿人民币，同比增长32%。经营性现金流达到4亿元，同比增长 245%，半导体产业收入占比增长到50%，非设备类(OPEX)业务首次突破30%。 坚持同游扩张：提供更多的产品，深耕核心竞争力，覆盖更多的赛道 中美在半导体领域的持续角逐，带动国内半导体市场快速发展，站在时代机遇面前，正帆科技将如何把 握？ 俞董给出的答案是，顺应下游市场工艺链条长，供应链要求高的特点，积极通过技术研发、收购兼并或 合作生产等形式，进行同游扩张，向客户群体提供更全面的产品和服务（比如scrubber/chiller/二手设备 翻新/工艺机台维保服务等)。在复杂地缘政治的外部环境下，始终坚持同游行业扩张的发展战略，坚持 为客户做好服务，把服务赛道做长、做宽。 坚持同源技术行业外溢效应：积极开拓新兴市场，强化企业发展的可持续性 全球市场环 ...