11月18日，中科飞测涨5%，截至发稿，报131.25元/股，成交3.50亿元，换手率1.10%，总市值459.59亿 元。 博时科创100ETF（588030）基金经理为唐屹兵。 截至发稿，唐屹兵累计任职时间3年121天，现任基金资产总规模111.87亿元，任职期间最佳基金回报 75.45%， 任职期间最差基金回报-41.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，深圳中科飞测科技股份有限公司位于广东省深圳市龙华区观澜街道观光路银星科技园1301 号，成立日期2014年12月31日，上市日期2023年5月19日，公司主营业务涉及检测和量测两大类集成电 路专用设备的研发、生产和销售。主营业务收入构成为：检测设备60.72%，量测设备36.40%，服务及 其他2.88%。 从基金十大重仓股角度 数据显示，博时基金旗下1只基金重仓中科飞测。博时科创100ETF（588030）三季度减持28.49万股， 持有股数130.21万股，占基 ...

Summary of Zhongke Feicai Conference Call Company Overview - Zhongke Feicai is a leading domestic supplier of semiconductor measurement equipment, with a delivery volume exceeding 1,000 units by the end of 2024, covering 66.6% of the front-end quality control testing market. However, the localization rate is only 16.4%, indicating significant room for improvement [2][3][19]. Core Insights and Arguments - **Technological Advantage**: The company has a technological edge in the 28-14 nm nodes and advanced packaging, having shipped some 28 nm measurement products and validated them in scenarios like HBM. Key products include defect detection equipment, measurement devices, and intelligent software systems [2][4][5]. - **R&D Strength**: The R&D team is robust, with core members from the Institute of Microelectronics of the Chinese Academy of Sciences. The team has expanded, enhancing defect detection and critical dimension measurement capabilities through various software systems [2][6]. - **Revenue Growth**: In the first three quarters of 2025, revenue reached 1.2 billion yuan, a year-on-year increase of 47.92%. However, the company reported a net loss due to high R&D expenses, maintaining a gross margin of around 50% [2][19]. - **Order and Inventory Trends**: The company’s order coverage amount is significantly higher than in previous years, with inventory levels gradually increasing. In the first three quarters of 2024, the company shipped 176 units for front-end testing and produced 245 units, indicating a rapid growth phase [2][20]. Industry Context - **Market Position**: Zhongke Feicai is a leading player in the domestic front-end measurement equipment market, serving major logic and memory wafer fabs, including SMIC and Changjiang Storage. The localization rate in the front-end measurement segment has increased by 5.2 percentage points from 2023 to 2025 [3][16]. - **Global Market Growth**: The global semiconductor equipment market is expected to reach $121 billion by 2025, with the front-end defect detection equipment market projected to reach $14.37 billion by 2026, providing ample market space for domestic manufacturers like Zhongke Feicai [4][13]. - **Competitive Landscape**: KLA is the dominant player in the global front-end measurement and detection equipment market, holding over 60% market share. Other competitors include Hitachi High-Technologies and Applied Materials [15]. Additional Important Insights - **Future Projections**: The company anticipates medium-speed growth from 2025 to 2027, benefiting from product volume increases and revenue scale enhancements. R&D expenses are expected to decrease as the company scales, potentially improving profitability [4][19][24]. - **Client Concentration**: The top five clients account for approximately 40% of the company’s revenue, indicating a moderate level of client concentration risk [22]. - **Investment Plans**: The company is planning expansion projects, including a capital increase in 2025 for high-end semiconductor quality testing and R&D center construction, which are crucial for long-term growth [22]. Conclusion - Zhongke Feicai is well-positioned in the semiconductor measurement equipment market, with significant growth potential driven by technological advancements, increasing localization rates, and a favorable market environment. The company’s focus on R&D and expansion will be key to its future success [25].

Group 1 - Zhongke Feimeasure's stock increased by 5.59%, reaching 132.83 CNY per share, with a trading volume of 500 million CNY and a turnover rate of 1.58%, resulting in a total market capitalization of 46.512 billion CNY [1] - The company, established on December 31, 2014, and listed on May 19, 2023, is located in Longhua District, Shenzhen, Guangdong Province, focusing on the research, production, and sales of integrated circuit equipment for testing and measurement [1] - The main business revenue composition includes testing equipment at 60.72%, measurement equipment at 36.40%, and services and others at 2.88% [1] Group 2 - Dongcai Fund has one fund heavily invested in Zhongke Feimeasure, specifically the Dongcai Times Preferred Mixed Initiation A (017857), which held 6,500 shares, accounting for 3.98% of the fund's net value, ranking as the seventh largest holding [2] - The fund was established on February 24, 2023, with a latest scale of 14.2786 million CNY, achieving a year-to-date return of 30.71%, ranking 3018 out of 8140 in its category [2] - The fund manager, Feng Jiebo, has a total asset scale of 370 million CNY, with the best fund return during his tenure being 77.18% and the worst being -4.61% [2]

Group 1 - Zhongke Feimiao's stock price increased by 5.07%, reaching 121.88 CNY per share, with a trading volume of 919 million CNY and a turnover rate of 3.11%, resulting in a total market capitalization of 42.678 billion CNY [1] - The company, established on December 31, 2014, and listed on May 19, 2023, specializes in the research, production, and sales of integrated circuit testing and measurement equipment, with revenue composition of 60.72% from testing equipment, 36.40% from measurement equipment, and 2.88% from services and others [1] Group 2 - Huashang Fund holds a significant position in Zhongke Feimiao, with its Huashang Innovation Growth Mixed Fund A (000541) owning 545,500 shares, accounting for 3.61% of the fund's net value, making it the third-largest holding [2] - The fund has achieved a return of 62.02% year-to-date, ranking 454 out of 8,150 in its category, and a one-year return of 58.14%, ranking 650 out of 8,043 [2] Group 3 - The fund manager of Huashang Innovation Growth Mixed Fund A is Li Qian, who has been in the position for 5 years and 317 days, managing a total asset size of 18.087 billion CNY, with the best fund return during his tenure being 183.93% and the worst being -26.69% [3]

Group 1 - Zhongke Feimeasure's stock increased by 5.07%, reaching 121.88 CNY per share, with a trading volume of 920 million CNY and a turnover rate of 3.11%, resulting in a total market capitalization of 42.678 billion CNY [1] - The company, established on December 31, 2014, and listed on May 19, 2023, specializes in the research, production, and sales of integrated circuit testing and measurement equipment, with revenue composition of 60.72% from testing equipment, 36.40% from measurement equipment, and 2.88% from services and others [1] Group 2 - The fund "Chuangjin Hexin Specialized and New Stock Initiation A" (014736) holds Zhongke Feimeasure as its eighth largest position, having reduced its holdings by 32,100 shares to 136,200 shares, which constitutes 4.99% of the fund's net value [2] - The fund has achieved a return of 50.04% year-to-date, ranking 594 out of 4,216 in its category, and a one-year return of 53.35%, ranking 563 out of 3,896 [2] Group 3 - The fund manager of "Chuangjin Hexin Specialized and New Stock Initiation A" is Wang Xianwei, who has been in the position for 4 years and 253 days, managing a total asset size of 419 million CNY, with the best return during his tenure being 68.34% and the worst being 49.24% [3]

Core Insights - Zhongke Feimeasure experienced a slight decline of 0.18% on October 30, with a trading volume of 813 million yuan [1] - The company reported a net financing outflow of 28.22 million yuan on the same day, with a total financing and securities balance of 480 million yuan [1][2] - As of September 30, the company achieved a revenue of 1.202 billion yuan, marking a year-on-year growth of 47.92%, while the net profit attributable to shareholders was a loss of 14.6985 million yuan, an increase in loss of 71.67% year-on-year [2] Financing and Trading Activity - On October 30, Zhongke Feimeasure had a financing buy-in of 67.15 million yuan, with a current financing balance of 469 million yuan, representing 1.60% of the circulating market value [1] - The company’s financing balance is above the 90th percentile level over the past year, indicating a high level of financing activity [1] - In terms of securities lending, the company repaid 27,800 shares and sold 1,100 shares on October 30, with a total selling amount of approximately 129,800 yuan [1] Shareholder and Institutional Holdings - As of September 30, the number of shareholders for Zhongke Feimeasure increased by 40.11% to 13,700, while the average circulating shares per person decreased by 28.63% to 18,131 shares [2] - The company has distributed a total of 44.8 million yuan in dividends since its A-share listing [3] - Notable institutional shareholders include Noan Growth Mixed A, holding 13.4533 million shares, and Yongying Semiconductor Industry Mixed Fund A, which is a new shareholder with 6 million shares [3]

Group 1 - Zhongke Feimeasure experienced a decline of 5.02% on October 29, with a stock price of 119.85 CNY per share and a trading volume of 568 million CNY, resulting in a turnover rate of 1.86% and a total market capitalization of 41.967 billion CNY [1] - The company, established on December 31, 2014, and listed on May 19, 2023, specializes in the research, production, and sales of integrated circuit equipment, with revenue composition of 60.72% from testing equipment, 36.40% from measurement equipment, and 2.88% from services and others [1] Group 2 - Yongying Fund holds a significant position in Zhongke Feimeasure, with its fund "Yongying Semiconductor Industry Smart Selection Mixed Initiation A" (015967) increasing its holdings by 4 million shares to a total of 6 million shares, representing 7.38% of the fund's net value, making it the third-largest holding [2] - The fund has a current scale of 858 million CNY and has achieved a year-to-date return of 75.62%, ranking 300 out of 8155 in its category, with a one-year return of 77.55%, ranking 253 out of 8031 [2] Group 3 - The fund manager of Yongying Semiconductor Industry Smart Selection Mixed Initiation A is Zhang Haixiao, who has been in the position for 2 years and 154 days, managing a total asset size of 10.243 billion CNY, with the best fund return during his tenure being 79.61% and the worst being -19.48% [3]

Core Insights - Zhongke Feimeasure's stock increased by 5.58% to 130.60 CNY per share, with a trading volume of 1.334 billion CNY and a turnover rate of 4.30%, resulting in a total market capitalization of 45.731 billion CNY [1] Company Overview - Shenzhen Zhongke Feimeasure Technology Co., Ltd. was established on December 31, 2014, and went public on May 19, 2023 [1] - The company specializes in the research, production, and sales of integrated circuit testing and measurement equipment [1] - Revenue composition: Testing equipment accounts for 60.72%, Measurement equipment for 36.40%, and Services and others for 2.88% [1] Fund Holdings - Zhongke Feimeasure is a significant holding in the fund under China Post Fund, specifically in the China Post Innovation Advantage Flexible Allocation Mixed Fund (001275), which held 46,200 shares, representing 4.15% of the fund's net value [2] - The fund has achieved a year-to-date return of 18.74%, ranking 4650 out of 8226 in its category [2] - The fund manager, Liang Xuedan, has a tenure of 7 years and 91 days, with a total fund asset size of 978 million CNY [2]

Group 1 - Zhongke Feicai experienced a stock price increase of 5.07%, reaching 123.97 CNY per share, with a trading volume of 890 million CNY and a turnover rate of 2.95%, resulting in a total market capitalization of 43.41 billion CNY [1] - The company, established on December 31, 2014, and listed on May 19, 2023, specializes in the research, production, and sales of integrated circuit testing and measurement equipment, with revenue composition of 60.72% from testing equipment, 36.40% from measurement equipment, and 2.88% from services and others [1] Group 2 - Manulife Fund's leading small and mid-cap mixed fund (162214) holds a significant position in Zhongke Feicai, with 36,500 shares, accounting for 6.75% of the fund's net value, ranking as the seventh largest holding [2] - The fund has achieved a year-to-date return of 44.42%, ranking 1148 out of 8154 in its category, and a one-year return of 45.6%, ranking 897 out of 8025 [2] Group 3 - The fund manager of Manulife's leading small and mid-cap mixed fund is Zhang Yan, who has been in the position for 3 years and 182 days, managing a total asset size of 559 million CNY, with the best fund return during his tenure being 45.6% and the worst being -6.16% [3]

Group 1 - Zhongke Feimeasure's stock increased by 5.07%, reaching 123.97 CNY per share, with a trading volume of 890 million CNY and a turnover rate of 2.94%, resulting in a total market capitalization of 43.41 billion CNY [1] - The company, established on December 31, 2014, and listed on May 19, 2023, specializes in the research, production, and sales of integrated circuit equipment, with revenue composition of 60.72% from testing equipment, 36.40% from measuring equipment, and 2.88% from services and others [1] Group 2 - The Qianhai Kaiyuan High-end Equipment Manufacturing Mixed A Fund (001060) holds a significant position in Zhongke Feimeasure, having increased its holdings by 3,233 shares in the second quarter, totaling 119,600 shares, which accounts for 7.76% of the fund's net value, ranking it as the fifth-largest holding [2] - The fund has achieved a year-to-date return of 39.19%, ranking 1580 out of 8154 in its category, and a one-year return of 39.48%, ranking 1321 out of 8025 [2] Group 3 - The fund manager, Wei Chun, has been in position for 6 years and 291 days, overseeing a total fund size of 1.197 billion CNY, with the best return during his tenure being 137.7% and the worst being -24.91% [3]