Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q3 performance is impressive, with a net profit turning positive compared to the same period last year, achieving a revenue of 2.535 billion yuan, a year-on-year increase of 109.72%, and a net profit of 357 million yuan, a year-on-year increase of 26,858.78% [2] - The gross margin for Q1-Q3 2024 is 56.1%, with a significant reduction in expense ratios, leading to improved net profit margins [2] - The company continues to expand its business lines, with a focus on semiconductor testing equipment, and has made strategic acquisitions to enhance its competitive edge [3] Financial Performance Summary - Total revenue for 2022 was 2.577 billion yuan, with a forecast of 3.028 billion yuan for 2024, reflecting a year-on-year growth of 70.61% [1][9] - The net profit for 2022 was 461.19 million yuan, with an expected increase to 527.45 million yuan in 2024, indicating a significant year-on-year growth of 1,067.98% [1][9] - The latest diluted EPS is projected to be 0.84 yuan per share in 2024, up from 0.07 yuan in 2023 [1][9] Business Expansion and Growth Potential - The company is positioned as a platform enterprise in semiconductor testing equipment, with ongoing internal and external growth opportunities [3] - The acquisition of Changyi Technology has allowed the company to cover various types of sorting machines, enhancing its core competitiveness [3] - The company has developed a new generation of probe stations and is expected to contribute to performance growth in 2024 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue increase of 109.72% year-on-year for the first three quarters of 2024, reaching 2.535 billion yuan, with a net profit of 357 million yuan, reflecting a staggering growth of 26,858.78% [2] - The demand for testing machines is recovering, driving rapid growth in the company's performance, with major clients including leading integrated circuit companies [2] - The company emphasizes the importance of domestic component localization, achieving a gross margin of 57.73% in Q3, which is higher than previous quarters, indicating improved profitability [2] - High R&D investment is maintained, with 673 million yuan spent in the first three quarters, accounting for 26.53% of revenue, supporting long-term development and innovation [2] - Revenue projections for 2024-2026 are estimated at 3.254 billion, 4.150 billion, and 5.002 billion yuan, with corresponding net profits of 498 million, 793 million, and 1.038 billion yuan, leading to PE ratios of 56.13, 35.26, and 26.93 respectively [2] Financial Summary - Revenue for 2022 was 2.576 billion yuan, with a growth rate of 70.49%, while 2023 saw a decline to 1.775 billion yuan, with a projected recovery in 2024 to 3.254 billion yuan [4] - The net profit for 2022 was 461 million yuan, with a significant drop in 2023 to 45 million yuan, expected to rebound to 498 million yuan in 2024 [4] - The gross margin for 2022 was 56.7%, with a slight increase to 57.1% in 2023, and a projected gross margin of 55.2% in 2024 [4] - R&D expenses were 645 million yuan in 2022, increasing to 715 million yuan in 2023, with further increases projected in the coming years [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing revenue growth driven by market recovery, although profit margins are under pressure due to ongoing R&D investments and increased financial costs [1] - The semiconductor market is recovering, with significant growth expected in the testing machine market, supported by the company's strategic focus on major clients [1] - The company has made strategic acquisitions to enhance its product offerings and market position, particularly in high-end intelligent manufacturing [1] Financial Performance Summary - Revenue (in million CNY): - 2022A: 2,577 - 2023A: 1,775 - 2024E: 3,300 - 2025E: 4,000 - 2026E: 5,000 - Year-over-year growth rates: - 2022A: 70% - 2023A: -31% - 2024E: 86% - 2025E: 21% - 2026E: 25% [1][2] - Net profit (in million CNY): - 2022A: 461 - 2023A: 45 - 2024E: 550 - 2025E: 750 - 2026E: 940 - Year-over-year growth rates: - 2022A: 111% - 2023A: -90% - 2024E: 1,119% - 2025E: 36% - 2026E: 25% [1][2] - Earnings per share (in CNY): - 2022A: 0.74 - 2023A: 0.07 - 2024E: 0.88 - 2025E: 1.20 - 2026E: 1.50 [1][2] Market and Strategic Insights - The semiconductor market is projected to grow significantly, with global semiconductor sales expected to reach $390.46 billion in 2024, a year-over-year increase of 20.62% [1] - The company is focusing on major clients to drive growth, with its products already recognized by leading integrated circuit manufacturers [1] - The company is expanding its production capacity and product offerings through strategic acquisitions, enhancing its competitive position in the market [1]

Investment Rating - The investment rating for the company is "Hold" with a downward adjustment [6] Core Views - The company has turned a profit year-on-year, showing signs of scale effects gradually emerging [1] - Revenue for the first three quarters of 2024 reached 2.535 billion yuan, a year-on-year increase of 109.72%, while net profit attributable to the parent company was 357 million yuan, a significant year-on-year increase of 26,858.78% [2] - The company has established a solid foundation for increasing its market share in the integrated circuit testing equipment sector, with products recognized by leading semiconductor manufacturers [3][4] Financial Data Summary - **Revenue (Million Yuan)**: - 2022: 2,576.53 - 2023: 1,775.05 - 2024E: 3,195.10 - 2025E: 4,103.41 - 2026E: 5,099.13 - **Growth Rate (%)**: - 2022: 70.49 - 2023: (31.11) - 2024E: 80.00 - 2025E: 28.43 - 2026E: 24.27 [1][8] - **Net Profit Attributable to Parent Company (Million Yuan)**: - 2022: 461.08 - 2023: 45.16 - 2024E: 511.65 - 2025E: 752.07 - 2026E: 1,048.75 - **Growth Rate (%)**: - 2022: 111.28 - 2023: (90.21) - 2024E: 1,032.98 - 2025E: 46.99 - 2026E: 39.45 [1][8] - **EBITDA (Million Yuan)**: - 2022: 1,152.31 - 2023: 732.93 - 2024E: 677.31 - 2025E: 939.96 - 2026E: 1,247.33 [1][8] Market Position and Client Base - The company has a rich client resource and is steadily increasing its market share in the integrated circuit industry, benefiting from national support and increased investment in R&D [5] - The company’s products have been adopted by several top-tier semiconductor manufacturers, enhancing its market presence [3][4]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant revenue growth of 109.7% year-on-year for the first three quarters of 2024, reaching 2.535 billion yuan, with Q3 revenue at 1.007 billion yuan, up 125.5% year-on-year, driven by accelerated orders from major clients for SOC testing machines and increased production of storage testing machines [2][3] - The net profit attributable to the parent company for the first three quarters of 2024 was 357 million yuan, a staggering increase of 26,859% year-on-year, with a net profit margin of 14.91%, reflecting a substantial improvement in profitability due to economies of scale [2][3] - The semiconductor industry is expected to recover, benefiting traditional product demand, with significant growth anticipated in SOC and storage testing machines, which are expected to contribute to the company's performance in 2024 and beyond [3] Summary by Sections Revenue Performance - The company achieved a revenue of 2.535 billion yuan in the first three quarters of 2024, with Q3 revenue at 1.007 billion yuan, marking a year-on-year increase of 125.5% [2] - Inventory as of Q3 2024 stood at 2.371 billion yuan, up 20.33% year-on-year, indicating strong order backlog and proactive raw material procurement [2] Profitability - The net profit for Q3 2024 was 143 million yuan, an increase of 844% year-on-year, with a gross margin of 57.73%, reflecting strong operational efficiency [3] - The company’s net profit margin and non-recurring net profit margin for the first three quarters of 2024 were 14.91% and 13.59%, respectively, both showing significant year-on-year improvements [2] Future Outlook - The company maintains revenue forecasts of 3.471 billion yuan, 4.680 billion yuan, and 5.977 billion yuan for 2024, 2025, and 2026, respectively, with expected year-on-year growth rates of 96%, 35%, and 28% [4] - The net profit forecasts for the same periods are adjusted to 529 million yuan, 858 million yuan, and 1.223 billion yuan, reflecting a strong growth trajectory despite slight downward adjustments due to share-based payment expenses [4]

华泰联合证券有限责任公司 关于杭州长川科技股份有限公司 二、公司前次使用部分闲置募集资金临时补充流动资金及其归还情况 公司于 2023 年 10 月 25 日发布了《关于使用部分闲置募集资金临时补充流 动资金的公告》（公告编号：2023-059）。该事项经第三届董事会第二十次会议、 第三届监事会第十七次会议审议通过，同意公司使用暂时闲置的不超过 15,000 万元募集资金临时性补充日常经营所需的流动资金，期限自董事会审议通过次日 1 起不超过 12 个月。根据上述决议，2023 年 10 月 25 日，募集资金账户转账 15,000 万元至一般户。截至 2024 年 10 月 22 日，公司已将上述用于临时补充流动资金 的募集资金全部归还至募集资金专用账户。 使用部分闲置募集资金临时补充流动资金的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券""保荐机构"）作为杭 州长川科技股份有限公司（以下简称"长川科技""公司""上市公司"或"发行人"） 2021 年度向特定对象发行股票的保荐机构，根据《证券发行上市保荐业务管理 办法》《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》 《 ...

杭州长川科技股份有限公司 第四届董事会第四次会议决议的公告 本公司及全体董事会成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 杭州长川科技股份有限公司第四届董事会第四次会议于 2024 年 10 月 23 日 在公司会议室召开。会议通知已于 2024 年 10 月 16 日以电邮、传真等形式向全 体董事发出。会议采取通讯方式进行表决。本次会议应参加表决董事 9 人，实际 参加表决董事 9 人。本次会议由董事长赵轶先生召集并主持，公司高管和监事列 席了会议。本次会议的召集、召开符合《中华人民共和国公司法》、《杭州长川科 技股份有限公司章程》的有关规定。 二、董事会会议审议情况 证券代码：300604 证券简称：长川科技 公告编号：2024-061 经与会董事审议并表决，通过了如下议案： 1、审议通过《关于使用2021年向特定对象发行股票部分闲置募集资金临时 补充流动资金的议案》 一、募集资金基本情况 经中国证券监督管理委员会《关于同意杭州长川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〔2021〕516 号）批复，长川科技向特定对象 发行人民 ...

华泰联合证券有限责任公司（以下简称"华泰联合证券"或"独立财务顾问"） 作为杭州长川科技股份有限公司（以下简称"长川科技"或"公司"）发行股份 购买资产并募集配套资金事项的独立财务顾问，根据《上市公司重大资产重组管 理办法》《上市公司并购重组财务顾问业务管理办法》《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公 司规范运作》《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》等法律法规的规定，对长川科技拟使用部分闲置募集资金临时补充流动 资金的事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意杭州长川科技股份有限公司向杭州天 堂硅谷杭实股权投资合伙企业（有限合伙）等发行股份购买资产并募集配套资金 注册的批复》（证监许可〔2022〕3235 号），长川科技向特定对象发行股票 8,415,450 股，发行价为每股人民币 32.88 元，共计募集资金 276,699,996.00 元，扣除相关 发行费用后，募集资金净额为人民币 266,449,725.65 元。上述募集资金已由主承 销商华泰联合证券汇入 ...

本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、 误导性陈述或重大遗漏。 特别提示： 1、本次使用闲置募集资金临时补充流动资金的金额：7,400.00 万元 证券代码：300604 证券简称：长川科技 公告编号：2024-066 杭州长川科技股份有限公司 关于使用部分闲置募集资金临时补充流动资金的公告 2、使用期限：最长不超过 12 个月 公司于 2024 年 10 月 23 日召开第四届董事会第四次会议、第四届监事会第 四次会议，分别审议通过了《关于使用 2023 年向特定对象发行股票募集配套资 金部分闲置募集资金临时补充流动资金的议案》，同意公司使用不超过 7,400.00 万元募集资金临时补充流动资金，仅用于主营业务相关的生产经营，使用期限不 超过 12 个月。具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意杭州长川科技股份有限公司向杭州天 堂硅谷杭实股权投资合伙企业（有限合伙）等发行股份购买资产并募集配套资金 注册的批复》（证监许可〔2022〕3235 号），长川科技向特定对象发行股票 8,415,450 股，发行价为每股人民币 32.88 元，共计募集资金 ...

065 证券代码：300604 证券简称：长川科技 公告编号：2024- 杭州长川科技股份有限公司 关于归还募集资金及继续使用部分闲置募集资金 临时补充流动资金的公告 3、使用期限：最长不超过 12 个月 公司于 2024 年 10 月 23 日召开第四届董事会第四次会议、第四届监事会第 四次会议，分别审议通过了《关于使用 2021 年向特定对象发行股票部分闲置募 集资金临时补充流动资金的议案》，同意公司使用不超过 3,800.00 万元募集资金 临时补充流动资金，仅用于主营业务相关的生产经营，使用期限不超过 12 个月。 具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意杭州长川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〔2021〕516 号）批复，长川科技向特定对象 发行人民币普通股（A 股）8,126,775 股，发行价格 45.75 元/股，募集资金总额为 371,799,956.25 元，扣除相关发行费用后，募集资金净额为人民币 362,458,380.84 元。上述募集资金已于 2021 年 8 月 2 日全部到账，天健会计师事务所（特殊普 1 通合伙）对前述 ...