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- ← ...

Core Viewpoint - Zhengfan Technology (688596) has made significant progress in acquiring Hanjing Semiconductor, which is expected to enhance its OPEX business development through the purchase of 62.23% equity for a total of 1.12 billion yuan [2][4]. Group 1: Acquisition Details - The acquisition involves signing a share transfer agreement with five shareholders of Hanjing Semiconductor, with a total transaction amount of 1.12 billion yuan [2]. - Hanjing Semiconductor is a leading domestic supplier of quartz products and the first domestic producer of silicon carbide consumables, supplying major semiconductor equipment manufacturers [2][3]. - The acquisition is projected to create goodwill of approximately 550 million to 700 million yuan on Zhengfan Technology's consolidated balance sheet, primarily related to high-purity quartz materials and silicon carbide ceramic materials [3]. Group 2: Financial Performance - Hanjing Semiconductor's revenue for the first quarter of 2025 is projected to be 88.22 million yuan, with a net profit of 23.20 million yuan, reflecting a year-on-year decline of 9.33% in revenue and 28.76% in net profit for 2024 [3]. - As of the end of the first quarter, Hanjing Semiconductor's total assets amounted to 979 million yuan, with a net asset value of 257 million yuan [3]. Group 3: Strategic Implications - The acquisition aligns with Zhengfan Technology's strategic goals, enhancing its operational capabilities and competitive edge in the semiconductor industry [4]. - Following the acquisition, Hanjing Semiconductor will become a subsidiary of Zhengfan Technology, contributing to the company's overall profitability and stability [4]. - Zhengfan Technology has been actively optimizing its industrial layout, including previous acquisitions to expand its scale [4]. Group 4: Market Position - As of August 13, Zhengfan Technology's stock price was 36.66 yuan per share, with a total market capitalization of 10.7 billion yuan [5].