Financial Performance - The company's operating revenue for 2024 was ¥520,300,510.27, a decrease of 0.35% compared to ¥522,114,408.08 in 2023 [18]. - The net profit attributable to shareholders for 2024 was ¥68,090,947.27, down 16.02% from ¥81,075,481.46 in 2023 [18]. - The net cash flow from operating activities was -¥36,394,140.32, a significant decline of 370.26% compared to -¥7,739,176.94 in 2023 [18]. - The total assets at the end of 2024 increased by 30.57% to ¥1,112,176,244.01 from ¥851,798,884.48 at the end of 2023 [18]. - The net assets attributable to shareholders rose by 62.92% to ¥737,508,621.62 at the end of 2024, compared to ¥452,690,668.38 at the end of 2023 [18]. - The basic earnings per share for 2024 was ¥0.76, a decrease of 29.63% from ¥1.08 in 2023 [18]. - The weighted average return on equity for 2024 was 10.96%, down from 19.67% in 2023, reflecting an 8.71% decline [18]. - The total revenue for the reporting period was approximately ¥520.3 million, a slight decrease of 0.35% compared to ¥522.1 million in the previous year [68]. - Revenue from vacuum coating equipment for consumer electronics decreased by 9.62% to ¥135.4 million, while revenue from other consumer goods increased by 58.59% to ¥115.4 million [68]. - The company maintained a gross margin of 31.74% for direct sales, with a slight decrease of 2.36% compared to the previous year [71]. Dividend Distribution - The company plans to distribute a cash dividend of 2 RMB per 10 shares to all shareholders, based on a total of 100,000,000 shares [4]. - The company plans to distribute a cash dividend of RMB 2.5 per 10 shares, totaling RMB 25,000,000, based on a total share capital of 100,000,000 shares [176]. - The cash dividend distribution represents 100% of the total distributable profit of RMB 289,051,733.35 [180]. - The company has no plans for stock dividends or capital reserve transfers in the current reporting period [182]. Research and Development - The company is investing in new product development, with a budget allocation of 50 million RMB for R&D in the upcoming year [13]. - The company invested 5.85% of its sales revenue in R&D during the reporting period, indicating a strong commitment to technological innovation [62]. - The company has expanded its research team, increasing the number of R&D personnel to 51, which is a 2.00% increase from 50 in 2023 [86]. - The company has completed the development of high-temperature oxidation furnace equipment for silicon carbide wafers, achieving a heating temperature of ≥1500℃ with a temperature stability of ≤±1℃ [81]. - The company has developed a multi-wafer high-temperature oxidation furnace capable of accommodating ≥50 wafers, significantly enhancing product performance and reducing processing costs [81]. - The company has made technological breakthroughs in the development of industrial-grade chemical vapor deposition equipment, which will accelerate the domestic industrialization process and break foreign monopolies [81]. - The company has completed the development of ALD equipment for optical device applications, aimed at reducing customer production costs [81]. - The company is focusing on high-end micro-device manufacturing equipment, with a complete equipment manufacturing system already in place [81]. - The company is conducting research on the thermal and flow field design processes to enhance automation levels and yield rates in its equipment [81]. - The company has established a strong collaboration between industry, academia, and research to drive innovation and meet market demands [81]. Market and Competitive Landscape - The company is focusing on market expansion, targeting a 15% increase in market share over the next fiscal year [13]. - The company anticipates a revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion strategies [13]. - The global vacuum coating equipment market is projected to reach $27 billion in 2024, with a compound annual growth rate exceeding 6.7% from 2024 to 2032 [30]. - The Asia-Pacific region holds a market share of 45% to 50% in the vacuum coating equipment market, driven by rapid economic growth and surging demand for consumer electronics [30]. - The demand for vacuum coating equipment is rapidly growing in China, driven by the expansion of the electronic information and semiconductor industries [34]. - The company faces risks related to the discontinuity of sales orders from single customers, which may impact operational performance if new customers are not acquired [116]. - The company faces market competition risks due to the presence of major foreign competitors in the vacuum coating equipment market, which dominate the high-end market segment [121]. - Domestic manufacturers are at a disadvantage in terms of market share and technological capabilities compared to foreign companies, which may impact the company's competitiveness in the vacuum coating equipment sector [122]. Corporate Governance - The company is committed to enhancing its corporate governance practices, ensuring compliance with regulatory requirements [13]. - The company has established a complete and independent business system, ensuring operational independence from controlling shareholders and actual controllers [135]. - The company maintains a fully independent financial accounting system, complying with the Accounting Law of the People's Republic of China and relevant accounting standards [137]. - The board approved the 2023 annual financial report during the ninth meeting held on March 16, 2024 [164]. - The board held a total of 6 meetings during the reporting period, with all directors attending in person [165]. - The audit committee conducted 6 meetings and approved the 2023 annual financial report and the 2024 Q1 review report [168]. - The company has not reported any penalties from regulatory authorities for its directors, supervisors, and senior management in the past three years [157]. - The company has disclosed its remuneration scheme on the CNINFO website for transparency [159]. Employee Management - The total number of employees at the end of the reporting period is 470, with 437 from the parent company and 33 from major subsidiaries [173]. - The employee composition includes 280 production personnel, 49 sales personnel, 83 technical personnel, 9 financial personnel, and 49 administrative personnel [173]. - The company has implemented a comprehensive employee compensation structure that includes salary, performance bonuses, subsidies, overtime pay, and other benefits [174]. - The company conducts 2-3 new employee training sessions and 2-3 management training sessions annually, along with various professional and skills training [175]. - Employee training programs are implemented to enhance business skills and modern management levels, creating a multi-tiered talent structure [198]. Environmental Responsibility - The company has implemented measures to control environmental risks, ensuring minimal pollutant emissions and compliance with environmental laws [191]. - The company has established a comprehensive waste management system, including recycling and proper disposal of solid waste [194]. - The company has achieved zero external discharge of cooling water through a closed-loop system [192]. - The company has not faced any administrative penalties related to environmental issues during the reporting period [191]. Financial Management - The company has committed a total investment of 23,500 million, with 16,204.46 million utilized by the end of the reporting period, achieving a utilization rate of 68.83% [110]. - The company plans to use 200.00 million of the raised funds to permanently supplement working capital, approved during the shareholder meeting on June 28, 2024 [111]. - As of December 31, 2024, the balance of the raised funds in the account is 77,932,595.55, which is held in a dedicated account [111]. - The company has a significant inventory value of 333,407.8 million, accounting for 37.60% of current assets, which may exert pressure on liquidity if not managed effectively [118]. - The company has reported a significant increase in cash outflows due to dividends, loan repayments, and issuance costs [91]. - The net profit showed a significant difference from the operating cash flow due to increases in accounts receivable, inventory, and contract liabilities [93].

证券代码：301392 证券简称：汇成真空 公告编号：2025-002 广东汇成真空科技股份有限公司 关于股票交易异常波动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，无虚假记 载、误导性陈述或重大遗漏。 一、股票交易异常波动情况介绍 广东汇成真空科技股份有限公司（以下简称"公司"）股票于2025年4月14 日、2025年4月15日、2025年4月16日连续三个交易日收盘价格涨幅偏离值累计 超过30%，根据深圳证券交易所相关规定，属于股票交易异常波动的情况。 公司提醒投资者注意投资风险，公司股价短期波动幅度较大，敬请广大投资 者注意二级市场交易风险，理性决策，审慎投资。 二、公司关注并核实的情况说明 针对公司股票交易异常波动的问题，公司董事会对公司实际控制人就相关事 项进行了核查，现就有关情况说明如下： 1、公司未发现前期披露的信息存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、公司目前的经营情况及内外部经营环境未发生重大变化。 三、是否存在应披露而未披露信息的说明 本公司董事会确认，公司目前没有任何根据《深圳证券 ...

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5]. Core Views - The humanoid robot sector is rapidly advancing, with Tesla's humanoid robot aiming for mass production of 5,000 units by 2025. Domestic companies like Yushutech and ZhiYuan Robotics are also innovating quickly, focusing on key components such as reducers and sensors [3][4]. - AI infrastructure is experiencing growth driven by demand for data centers, benefiting companies involved in cooling systems [4]. - The low-altitude economy is progressing with infrastructure initiatives, aiming to create a unified air traffic management network [4]. Industry Dynamics - Humanoid Robots: Recent demonstrations include the release of a dexterous hand technology by Xingdong Era and a boxing video by Yushutech [1][18]. - Smart Welding: The application of pipeline welding robots by China National Petroleum has achieved scale [20]. - Low-altitude Economy: New companies and initiatives are being established to support the development of low-altitude economic infrastructure [21][26]. Company Dynamics - Yushutech and Chang'an Automobile signed a strategic cooperation agreement to collaborate on robotics technology [31]. - ZhiYuan Robotics participated in a roundtable discussion on economic trends [22]. - A joint venture was established between Junpu Intelligent and ZhiYuan Robotics to focus on humanoid robots [29]. Event Outlook - A humanoid robot half-marathon is scheduled to take place in Beijing on April 19, 2025, featuring humanoid robots competing alongside human participants [37]. Key Company Profit Forecasts and Investment Ratings - Companies such as Lide Harmony, Mingzhi Electric, and Huichuan Technology are rated as "Outperform" with various earnings per share (EPS) forecasts for 2023 and 2024 [9].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [2]. Core Insights - The company specializes in vacuum coating equipment and has expanded its product applications over the years, serving various industries including consumer electronics, automotive, and optical components [4]. - The company has established itself as a supplier for major clients such as Foxconn and Apple, contributing to its revenue growth and market presence [4]. - The domestic market for vacuum coating equipment is expected to grow significantly, with a projected compound annual growth rate (CAGR) of 7.0% from 2018 to 2025 [5]. - The company reported a revenue of 431 million yuan in the first three quarters of 2024, reflecting a year-on-year increase of 10.99%, and a net profit of 64 million yuan, up 22.31% year-on-year [4]. Financial Performance - The company is projected to achieve revenues of 571 million yuan, 715 million yuan, and 896 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 76 million yuan, 120 million yuan, and 180 million yuan [8][10]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated to be 126, 79, and 53 respectively, indicating a potential for growth in earnings [8][10]. - The company's revenue growth rates are expected to be 9.31% in 2024, 25.34% in 2025, and 25.25% in 2026 [10].

Group 1 - The article highlights the active sectors including consumer electronics, Apple, optical communication, AI smartphones, Nvidia, semiconductors, robotics, lithium batteries, and photovoltaics [2] - Apple-related stocks surged significantly following the U.S. government's decision to exempt tariffs on electronic products such as smartphones, computers, and chips, leading to substantial gains for companies like Chaoyang Technology and Songshan Electronics [4] - The sports sector also saw a rise, with multiple stocks hitting the limit-up, driven by new financial support policies for the sports industry issued by several Chinese regulatory bodies [6][8] Group 2 - The report indicates that the A-share market is expected to gradually shake off short-term disturbances, with sectors benefiting from domestic demand and consumption policies being worth attention, including home appliances, food and beverage, and retail [10] - Goldman Sachs maintains a positive outlook on A-shares compared to Hong Kong stocks, emphasizing the attractiveness of consumer and high-tech sectors due to relatively low valuation levels in the Chinese market [11]

证券代码：301392 证券简称：汇成真空 公告编号：2025-001 1、案件所处的诉讼阶段：再审审查阶段。 2、上市公司所处的当事人地位：再审被申请人。 3、涉案的金额：本案申请人起诉金额、一审案件受理费、二审案件受理 费等共计 2641.96 万元。 4、对上市公司损益产生的影响：公司前期已经按照相关会计准则进行处 理，本次诉讼结果不会对公司本期利润或期后利润产生重大影响，最终影响 金额以公司年度审计结果为准。 近日，广东汇成真空科技股份有限公司（以下简称"公司"）收到江西省 高级人民法院出具的（2024）赣民申 4077 号《民事裁定书》，现将相关诉讼 进展情况公告如下： 一、本次诉讼的基本情况 2023 年 8 月 22 日，公司收到江西省赣州经济技术开发区人民法院寄出的 《开庭传票》和《应诉通知书》等材料，赣州市宝明显示科技有限公司作为原告 向公司提起买卖合同纠纷诉讼。2023 年 12 月，江西省赣州经济技术开发区人民 法院出具了《民事判决书》（案号：（2023）赣 0791 民初 4607 号），对该案做出 一审判决，判决驳回原告赣州市宝明显示科技有限公司的全部诉讼请求，案 件受理费由原告赣州 ...

Group 1: Company Overview - The company has a total of 488 employees as of the end of 2023, including 37 in management and administration, 132 in research and development, 263 in production, 46 in sales, and 10 in finance [2] - The company is continuously recruiting R&D talent to enhance its research capabilities [2] Group 2: Product Structure and Profitability - The company's vacuum coating equipment is categorized into four application areas: consumer electronics, other consumer goods, industrial products, and research institutions [4] - The overall gross margin for the first half of 2024 is 36%, with specific margins for each category: consumer electronics at 38%, other consumer goods at 28%, industrial products at 34%, and research institutions at 46% [4] Group 3: Shareholder and Market Strategies - Some original shareholders' shares will be unlocked on June 5, 2024, but no communication regarding a reduction plan has been made with the company [4] - The company is focusing on sectors such as consumer electronics, precision optics, semiconductors, and new energy, with progress in niche areas like optical equipment for consumer electronics and lithium battery coating equipment [4] Group 4: Future Business Development - The company's coating equipment can be applied in the robotics industry, particularly in optical components and wear-resistant coatings [4] - The company plans to actively expand into related application areas based on market demand [4] Group 5: Risk and Disclosure - The record indicates that any forward-looking statements regarding external environment assessments, company development strategies, or future plans do not constitute a substantive commitment to investors [4] - The activity does not involve any undisclosed significant information [4]

| | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | | 国金证券：周焕博、邓超瑜 | | 参与单位名称及人员姓名 | 博时基金：金晟哲、何坤 | | 时间 | 2025年03月07日 10:00-12:00 | | 地点 | 广东汇成真空科技股份有限公司 C 栋会议室 | | | 董事、总经理 李志荣先生 | | 上市公司接待人员姓名 | 董事会秘书、副总经理 肖献伟先生 | | | 监事、证券事务代表 刘珊女士 公司在遵守信息披露相关规定的前提下与投资者进行交流，交 | | | 流内容不涉及未披露的重大信息。具体交流内容如下： 第一部分：公司情况介绍 | | | 第二部分：交流环节 | | 投资者关系活动主要内容 | Q1.公司收入构成是怎样的？ | | 介绍 | 答：公司的销售收入主要包括销售真空镀膜设备、相关配件及耗 | | | 材、技术服务等，2024 上半年公司收入结构中真空镀膜设备收入占 | | | 比为 73% ...

Company and Industry Summary Company Overview - **Company Name**: 汇成真空 (Hui Cheng Vacuum) - **Founded**: August 2006 - **Headquarters**: Dongguan, Guangdong - **IPO**: Scheduled for June 2024 on the Sci-Tech Innovation Board - **Main Products**: Vacuum coating equipment and related services, characterized by customization and technical complexity [5][6] Financial Performance - **Revenue Growth**: Average annual revenue growth from 2018 to 2023 was 9.8%, with a growth rate of 11% in the first three quarters of 2024, driven by a recovery in consumer electronics demand and new customer acquisition [3][8] - **Profit Margins**: Gross margin increased from 29% in 2018 to 33% in 2023, while net margin rose from 7% to 15.5%, attributed to a decrease in expense ratios despite rising R&D costs [3][8] - **Customer Diversification**: Dependency on major clients like Apple reduced from over 50% in 2021 to 23% in 2023, enhancing revenue diversity and risk resilience [3][8] Market Position and Growth Drivers - **Industry Segments**: The company operates in four main areas: consumer electronics, industrial products, scientific instruments, and research institutions [7] - **Industrial Products Growth**: Sales from the industrial products segment accounted for over 40% of total revenue in 2023, expected to be the fastest-growing segment due to high value and low competition in the new energy sector [3][9] - **Sales Model**: The company employs a direct sales model, allowing for customized sales and better control over production based on customer demand [11] Industry Trends - **Consumer Electronics Recovery**: A rebound in smartphone shipments is anticipated starting from late 2023, with a broader recovery in the consumer electronics market expected in 2024 [12] - **High-End Equipment Demand**: The demand for high-end vacuum coating equipment is projected to grow significantly due to increased domestic needs and restrictions on overseas exports [13] Competitive Advantages - **Technological Expertise**: The company has mastered three mainstream technologies: evaporation coating, magnetron sputtering, and ion plating, which present high technical barriers [14] - **Strategic Partnerships**: Collaborations with major clients in the consumer electronics sector, including OPPO and vivo, and expansion into industrial applications such as aerospace and semiconductor sectors [14] Future Outlook - **Revenue Projections**: Expected revenue growth rates for the next three years are 12%, 30%, and 50%, primarily driven by the industrial products segment [15] - **Profit Growth**: Anticipated net profit growth rates for 2024 to 2026 are 39% and 53%, respectively, supported by favorable revenue structure changes and effective cost control [15] - **Valuation**: Projected PE ratios are approximately 50x by the end of 2025 and 35x by the end of 2026, indicating strong potential for rapid earnings release in the coming years [15]

Investment Rating - The report assigns an "Outperform" rating to the company, with a reasonable valuation range of 74.0 to 81.0 CNY per share, corresponding to a PE ratio of 60-65x for 2025 [4][53]. Core Insights - The company is a leading supplier of vacuum coating equipment, benefiting from the urgent demand for domestic high-end equipment. The global physical vapor deposition (PVD) equipment market is projected to grow from 19.35 billion USD in 2020 to 25.93 billion USD by 2026, with a CAGR of approximately 8.9% [2][3]. - The company has achieved a revenue and net profit CAGR of 9.81% and 28.44% respectively from 2018 to 2023, with a significant increase in revenue and profit in the first three quarters of 2024 due to recovering downstream demand [1][24]. - The company has established strong relationships with major clients such as Apple and Foxconn, and has recently signed a 370 million CNY order for composite copper foil equipment [3][21]. Summary by Sections Company Overview - The company, established in August 2006 and listed on the ChiNext board in June 2024, specializes in vacuum coating equipment and related process services, serving various industries including consumer electronics, aerospace, and semiconductors [1][13]. Financial Performance - The company's revenue was 5.22 billion CNY in 2023, with a slight decline of 8.58% due to weak demand in the consumer electronics market. However, revenue in the first three quarters of 2024 reached 431 million CNY, a year-on-year increase of 10.99% [24][23]. - The net profit for 2023 was 81 million CNY, with a projected net profit of 89 million CNY for 2024, reflecting a growth trend [24][43]. IPO and Fundraising - The company raised approximately 305 million CNY through its IPO, with funds allocated for expanding production capacity and enhancing research and development capabilities [28][29]. Profit Forecast - The forecast for net profit from 2024 to 2026 is 89 million CNY, 124 million CNY, and 189 million CNY respectively, indicating a growth rate of 10.1%, 38.9%, and 52.7% [40][53]. Valuation and Investment Recommendations - The report suggests that the company is well-positioned to capitalize on the urgent demand for domestic high-end vacuum coating equipment, with a reasonable valuation range of 74.0 to 81.0 CNY per share based on projected earnings [4][53].