中证智能财讯正帆科技（688596）1月30日晚间披露2025年度业绩预告，预计2025年实现营业收入48亿元至51亿元，同比下降7%-12%；归母净利润1.1亿元 至1.5亿元，同比下降72%-79%；扣非净利润预计6500万元-9500万元，同比下降81%-87%。以1月30日收盘价计算，正帆科技目前市盈率（TTM）约为65.14 倍-88.83倍，市净率（LF）约2.71倍，市销率（TTM）约1.97倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 140 @ 20 100 80 60 46.49 46-04 40 44.28 38x71 28:35 28:4 20 0 2020-12-37 2021-12-37 2-06-30 2022-12-37 2n- -O- 公司 -○- 行业均值 100 ହ 90 85-24 84o71 81-98 80 70 70.55 62-83 60 50 40 478 30 20 10 0 2021-12-37 1 2020-12-37 ' 4-06-30 5-12-37 2-06-30 022-12-37 2n- ← ...

Group 1 - The core viewpoint of the news is that Zhengfan Technology's stock has experienced fluctuations, with a recent decline of 2.01% and a total market value of 9.753 billion yuan [1] - As of January 12, the stock price is reported at 33.16 yuan per share, with a trading volume of 324 million yuan and a turnover rate of 3.29% [1] - The company has seen a year-to-date stock price increase of 4.84%, a slight increase of 0.67% over the last five trading days, and a significant increase of 14.34% over the last 20 days, while it has decreased by 22.69% over the last 60 days [1] Group 2 - Zhengfan Technology's main business includes the design, production, installation, and supporting services of gas chemical supply systems, production and sales of high-purity specialty gases, and cleanroom supporting system design and construction [1] - The revenue composition of the company is as follows: electronic process equipment 63.06%, core components 12.82%, gases and advanced materials 9.92%, MRO business 8.24%, biopharmaceutical equipment 5.91%, and other businesses 0.05% [1] - As of September 30, the company had 16,100 shareholders, an increase of 57.38% from the previous period, while the average circulating shares per person decreased by 36.38% [2] Group 3 - For the period from January to September 2025, Zhengfan Technology reported operating revenue of 3.292 billion yuan, a year-on-year decrease of 5.98%, and a net profit attributable to shareholders of 71.3026 million yuan, a significant year-on-year decrease of 78.50% [2] - The company has distributed a total of 222 million yuan in dividends since its A-share listing, with 163 million yuan distributed in the last three years [3] - As of September 30, 2025, the fourth largest circulating shareholder is the Dongfang Artificial Intelligence Theme Mixed A fund, holding 9.2138 million shares, an increase of 65,700 shares from the previous period [3]

Core Viewpoint - Zhengfan Technology is a leading enterprise in the domestic gas chemical supply and cleanroom supporting system sector, with a full industry chain service capability [1] Group 1: Business Performance - In Q3 2025, Zhengfan Technology reported revenue of 3.292 billion yuan, ranking 8th in the industry out of 89 companies, significantly above the industry average of 1.21 billion yuan and median of 596 million yuan, but far behind the top two competitors, Keda Manufacturing at 12.605 billion yuan and Haomai Technology at 8.076 billion yuan [2] - The main business composition includes electronic process equipment at 3.449 billion yuan, accounting for 63.06%, and core components at 701 million yuan, accounting for 12.82% [2] - The net profit for the same period was 70.8926 million yuan, ranking 31st in the industry, with the top two competitors reporting net profits of 1.832 billion yuan and 1.789 billion yuan respectively [2] Group 2: Financial Ratios - As of Q3 2025, Zhengfan Technology's debt-to-asset ratio was 67.85%, higher than the previous year's 62.57% and the industry average of 42.80%, indicating significant debt pressure [3] - The gross profit margin for Q3 2025 was 21.51%, down from 27.17% in the previous year and below the industry average of 28.52%, suggesting a need for improvement in profitability [3] Group 3: Shareholder Information - As of June 30, 2025, the number of A-share shareholders decreased by 7.70% to 10,200, while the average number of circulating A-shares held per shareholder increased by 8.51% to 28,600 [5] - The top ten circulating shareholders include notable entities such as Dongfang Artificial Intelligence Theme Mixed A, which increased its holdings by 657,000 shares [5] Group 4: Business Highlights and Future Outlook - In H1 2025, the company achieved revenue of 2.017 billion yuan, a year-on-year increase of 8.88%, while net profit was 94 million yuan, a decrease of 10.20% [6] - Key business highlights include an increase in OPEX business revenue share to 37.3% and a rise in semiconductor business revenue share to 57% [6] - The company completed the acquisition of a 62.23% stake in Liaoning Hanjing Semiconductor Materials Co., expanding its core component business [6] - Revenue projections for 2025-2027 are 6.98 billion yuan, 8.71 billion yuan, and 10.96 billion yuan, with net profits of 660 million yuan, 880 million yuan, and 1.16 billion yuan respectively [5][6]