Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company is a leading domestic semiconductor testing equipment brand, with a clear performance inflection point observed. The core technology and main product development have progressed through several stages, culminating in the recent launch of the STS8600 testing system for SoC testing [7][17][27]. - The semiconductor industry is experiencing a recovery in demand, with significant growth expected in the domestic market. The global semiconductor equipment market is projected to reach $117.1 billion in 2024, with China's market growing to $49.5 billion [7][8]. - The company has substantial growth potential compared to its peers, with a focus on transitioning from analog to SoC testing. The competitive landscape is dominated by two major players, Teradyne and Advantest, which together hold over 80% of the market share [7][8]. Financial Data and Profit Forecast - The company’s total revenue is expected to reach 1,146 million yuan in 2025, with a year-on-year growth rate of 26.6%. The net profit attributable to the parent company is projected to be 455 million yuan, reflecting a growth rate of 36.3% [6][8]. - The company’s earnings per share (EPS) is forecasted to be 3.36 yuan in 2025, with a price-to-earnings (P/E) ratio of 41 [6][8]. - The report highlights that the company’s current market valuation is below the average P/E ratio of comparable companies, indicating potential for growth [8]. Market Position and Competitive Landscape - The company has established a strong market presence with over 8,000 units of testing equipment installed globally. The product line includes the STS8200 and STS8300 series, with the STS8600 system currently undergoing customer validation [7][27]. - The report emphasizes the importance of testing equipment in the semiconductor production process, which is critical for ensuring quality and performance [42][45]. - The global market for semiconductor testing machines is expected to grow significantly, with the SoC testing machine segment projected to account for over 60% of the market by 2027 [68]. Research and Development - The company has significantly increased its R&D investment, reaching a historical high of 1.72 billion yuan in 2024, with a focus on enhancing product capabilities and expanding its patent portfolio [39][40]. - The R&D personnel count has grown to 379, representing nearly 49% of the total workforce, indicating a strong commitment to innovation [39][40]. Conclusion - The report concludes that the company is well-positioned for growth in the semiconductor testing equipment market, supported by a robust product pipeline and favorable industry trends. The maintained "Buy" rating reflects confidence in the company's future performance and market potential [8].

Core Viewpoint - Beijing Huafeng Measurement and Control Technology Co., Ltd. is in the process of issuing convertible bonds to unspecified objects, with legal opinions and updates provided by Beijing DHH Law Firm regarding the issuance process and compliance with relevant regulations [1][2]. Group 1: Issuance Approval and Authorization - The company has received approval from its board of directors and shareholders for the issuance of convertible bonds, confirming that the procedures followed are in accordance with legal and regulatory requirements [3][8]. - The total number of convertible bonds to be issued has been revised from a maximum of 10,000,000 to 7,494,751 [4]. - The total amount of funds to be raised through the issuance has been adjusted from a maximum of RMB 100,000 million to RMB 74,947.51 million [6][7]. Group 2: Financial and Investment Updates - The company’s net profit attributable to shareholders for the last three years was reported as RMB 505.497 million, RMB 251.652 million, and RMB 333.914 million, respectively [9]. - The company’s financial investments as of March 31, 2025, amounted to RMB 21.860 million, with future planned investments of RMB 3.500 million, totaling 6.98% of the net assets attributable to shareholders [14][15]. Group 3: Changes in Investment Projects - The company has revised its investment projects, retaining only the "R&D Innovation Project based on self-developed ASIC chip testing systems" and removing the "High-end SoC Testing System Manufacturing Center Construction Project" from the funding allocation [16].

证券代码：688200 证券简称：华峰测控 公告编号：2025-037 北京华峰测控技术股份有限公司 本次可转债拟发行数量为不超过10,000,000张（含本数）。 本次修订后： 本次可转债拟发行数量为不超过7,494,751张（含本数）。 本次修订前： 关于调整向不特定对象发行可转换公司债券方案的公告 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、准确性和完整性承担法律责任。 北京华峰测控技术股份有限公司（以下简称"公司"）于2025年1月24日召开 第三届董事会第八次会议、第三届监事会第八次会议，并于2025年2月28日召开 债券方案的议案》《关于提请股东大会授权董事会或其授权人士全权办理公司本 次向不特定对象发行可转换公司债券相关事宜的议案》，公司本次发行的股东大 会授权董事会或其授权人士全权办理公司本次向不特定对象发行可转换公司债券 相关事宜。详见公司在上海证券交易所网站（www.sse.com.cn）披露的相关公告。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券 发行注册管理办法》等有关法律、法规和规范性文件的规定及公司股 ...

Core Viewpoint - The company has announced adjustments to its 2021 restricted stock incentive plan, including the cancellation of certain restricted stocks due to the departure of an incentive object and the adjustment of the grant price based on profit distribution plans [1][2][8]. Summary by Sections 1. Decision Process and Disclosure - The company held meetings to review and approve the 2021 restricted stock incentive plan, ensuring compliance with legal and regulatory requirements, and independent directors provided opinions on the plan's benefits [2][4][5]. 2. Adjustments and Results - The company adjusted the grant price of the restricted stocks from 67.63 yuan to 66.65 yuan per share due to profit distribution, which included a cash dividend of 2.3 yuan per 10 shares for the first half of 2024 and 7.50 yuan per 10 shares for the entire year [6][7][8]. 3. Cancellation of Restricted Stocks - A total of 18,136 shares of restricted stock were canceled due to one incentive object leaving the company and another object voluntarily waiving their rights to the stocks [8][9]. 4. Impact on Company - The adjustments to the grant price and the cancellation of restricted stocks are not expected to materially affect the company's financial status or operational results, nor will they impact the stability of the core team or the continuation of the equity incentive plan [8][9]. 5. Supervisory Board Opinion - The supervisory board confirmed that the adjustments and cancellations comply with relevant laws and regulations, and they do not harm the interests of the company or its shareholders [9].

Core Viewpoint - The company, Beijing Huafeng Measurement and Control Technology Co., Ltd., has announced modifications to its Articles of Association, specifically regarding its 2021 restricted stock incentive plan and the increase in total share capital following the vesting of restricted stocks [1][2]. Group 1 - The company’s total share capital will increase from 135,439,427 shares to 135,533,225 shares due to the vesting of the fourth tranche of the restricted stock incentive plan [1][2]. - The board of directors has been authorized to handle the registration of the capital change related to the stock incentive plan, eliminating the need for further shareholder meeting approval for this amendment [1]. - The modified Articles of Association will be disclosed on the Shanghai Stock Exchange website [2].

Core Points - The supervisory board of Beijing Huafeng Measurement and Control Technology Co., Ltd. has reviewed the list of 23 incentive objects for the third vesting period of the 2021 restricted stock incentive plan [1] - The supervisory board confirmed that the 23 incentive objects meet the qualifications stipulated by relevant laws and regulations, as well as the company's articles of association [1][2] - The total number of restricted shares to be vested for these 23 individuals is 28,087 shares, which complies with applicable legal and regulatory conditions [2] Summary by Sections - **Incentive Plan Review** - The supervisory board conducted a review of the third vesting period for the 2021 restricted stock incentive plan [1] - The review was based on the Company Law, Securities Law, and other relevant regulations [1] - **Eligibility of Incentive Objects** - The 23 individuals selected as incentive objects are legally qualified and meet the conditions set forth in the incentive plan draft [1] - Their eligibility is confirmed to be valid and effective [1] - **Vesting Details** - The number of shares to be vested corresponds to 28,087 shares for the eligible incentive objects [2] - The actions taken do not harm the interests of the company or its shareholders [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 198 million yuan for Q1 2025, representing a year-on-year increase of 44.46%, and a net profit attributable to shareholders of 62 million yuan, which is a year-on-year increase of 164.23% [2][6] - The company has seen a significant recovery in orders during 2024, leading to high growth in Q1 2025 performance. The gross margin reached 75.29% and the net margin was 31.33%, indicating the company has overcome fluctuations in profitability due to changes in product structure [11] - The company’s inventory and contract liabilities have increased significantly, reaching a one-year high, confirming a robust order backlog. It is expected that revenue and profit will continue to maintain a good level as new products are launched [11] - The SoC testing machine STS 8600 has been successfully validated and is expected to be delivered for client verification in 2025. The first order for STS 8600 was won from Tsinghua University, priced at 4.47 million yuan [11] - The company plans to issue convertible bonds to raise 1 billion yuan for the development of SoC testing machines and self-developed ASIC chips, which will enhance testing performance and meet the demands of higher-end chips [11] - The semiconductor industry is expected to maintain a high level of prosperity in 2025, with the company’s net profit projected to be 450 million yuan and 550 million yuan for 2025 and 2026, corresponding to PE ratios of 43 and 36 times [11] Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 198 million yuan, a 44.46% increase year-on-year, and a net profit of 62 million yuan, a 164.23% increase year-on-year [2][6] Order and Inventory Status - The company has experienced a significant increase in orders, with inventory and contract liabilities reaching new highs, indicating a strong order backlog and expected revenue growth [11] Product Development - The SoC testing machine STS 8600 has been successfully validated, with the first order secured from Tsinghua University, and further deliveries expected in 2025 [11] Future Outlook - The company plans to raise funds through convertible bonds to enhance its product development capabilities, with a positive outlook for the semiconductor industry in 2025 [11]

Group 1 - The company Huafeng Measurement and Control (688200.SH) announced a preliminary pricing of 121.42 yuan per share for its inquiry transfer [1] - A total of 17 institutional investors participated in the bidding, with a combined effective subscription of 4.68 million shares [1] - The total number of shares to be transferred is 3,927,700, with 15 institutional investors identified as the preliminary transferees [1] Group 2 - The inquiry transfer does not involve any change in the company's control and will not affect its governance structure or ongoing operations [1]

Company and Industry Summary Company: Jindawei Key Financial Performance - In Q1 2025, Jindawei reported revenue of 152 million, a year-on-year increase of 83%, with semiconductor business contributing 111 million, although gross margin declined to 27% [2][3] - For 2024, display business revenue was 553 million, a 2% decrease year-on-year, with a gross margin of 33%. Growth in 2025 is expected from 8.6 generation line testing equipment, with revenue anticipated to remain flat and gross margin improving to approximately 45% [2][5] Semiconductor Business Insights - Jindawei's semiconductor business achieved significant growth in 2024, with revenue reaching 249 million, a twofold increase, primarily driven by demand from Changxin and Peidun. The gross margin for this segment was 32.38%, up by 5.54 percentage points due to scale delivery [3] - The company expects to secure at least 1.3 billion in orders for 2025, with 60% from the semiconductor sector, translating to approximately 800 million in new orders, of which testing machine orders account for 20-30%, around 250 million [3][7] Market Potential and Growth Projections - The semiconductor industry's long-term market potential is estimated based on an annual expansion of 50,000 wafers, corresponding to a 2.5 billion market for testing equipment and probe cards. Jindawei's market share assumptions are 40% for aging equipment and probe cards, and 30% for CP and FT testing machines [4][9] - Peak revenue for the semiconductor business is projected to reach 1.6 billion, with a net margin of 30%, resulting in profits of approximately 333 to 355 million. The conservative long-term market valuation for the company could exceed 12 billion, indicating substantial growth potential [4][9] Display Business Outlook - The display business is expected to maintain revenue levels in 2025, with gross margin projected to improve to 45% as the share of 8.6 generation line revenue increases [5][7] Product Development and Market Position - Jindawei continues to enhance its market share in probe cards and aging testing equipment. The company secured bulk orders for general testing machines and has begun validation of FT testing machines at customer sites [6] - Ongoing developments include high-speed FT testing machines and upgraded CP testing instruments, with new products like SoC testing machines and NAND Flash testing systems in the pipeline, positioning the company as a potential leader in the testing machine sector [6] Stock Price Catalysts - Key factors that may catalyze the company's stock price include the impact of HBM-related tenders and listings from Changxin Technology, as well as the progress of new product validations [10]

Group 1 - The company achieved revenue of 198 million yuan in Q1 2025, recovering to the level of Q1 2023, with a year-on-year growth rate of 44.46% due to last year's low revenue base [1] - The gross profit margin for 2025 is 75.29%, a year-on-year increase of 0.21 percentage points, reflecting the company's improved cost control capabilities [1] - The net profit attributable to shareholders reached 62 million yuan in Q1 2025, a year-on-year increase of 164.23%, with a net profit margin of 31.33%, up 14.2 percentage points year-on-year [1] Group 2 - The company is expected to generate revenues of 1.181 billion yuan, 1.514 billion yuan, and 1.873 billion yuan from 2025 to 2027, with net profits of 430 million yuan, 581 million yuan, and 725 million yuan respectively [2] - The company is positioned as a leader in the domestic analog testing machine market, with significant potential for growth in the SOC testing machine sector due to low domestic production rates [2]