电子/半导体 华峰测控（688200.SH） 单季度营收创历史新高，终端市场、下游封测厂商景气向上 2025 年 09 月 02 日 投资评级：买入（维持） | 日期 | 2025/9/1 | | --- | --- | | 当前股价(元) | 189.99 | | 一年最高最低(元) | 195.90/75.50 | | 总市值(亿元) | 257.50 | | 流通市值(亿元) | 257.50 | | 总股本(亿股) | 1.36 | | 流通股本(亿股) | 1.36 | | 近 3 个月换手率(%) | 75.04 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-09 2025-01 2025-05 华峰测控 沪深300 相关研究报告 《成长与盈利能力强劲，看好 STS 8600 销售前景—公司信息更新报告》 -2025.5.5 《2024Q3 业绩同比高增，AI 应用拉动 测试机需求—公司信息更新报告》 -2024.10.29 陈蓉芳（分析师） 陈瑜熙（分析师） chenrongfang@kysec.cn chenyuxi@kysec.cn 证书编号： ...

Investment Rating - The investment rating for Huafeng Measurement and Control is "Buy" (maintained) [1] Core Views - The company has shown strong growth and profitability, with a focus on the sales prospects of the STS 8600 model [4][5] - In 2024, the company achieved a revenue of 910 million yuan, a year-on-year increase of 31.05%, and a net profit of 330 million yuan, up 32.69% year-on-year [4] - The gross margin for 2024 was 73.31%, an increase of 0.84 percentage points compared to the previous year [4] - In Q1 2025, the company reported a revenue of 200 million yuan, a year-on-year increase of 44.46%, and a net profit of 60 million yuan, up 164.23% year-on-year [4] - The gross margin for Q1 2025 reached 75.29% [4] Financial Performance Summary - The company is expected to achieve revenues of 1.182 billion yuan in 2025, 1.423 billion yuan in 2026, and 1.811 billion yuan in 2027, with corresponding net profits of 434 million yuan, 548 million yuan, and 742 million yuan respectively [5][8] - The projected P/E ratios for 2025, 2026, and 2027 are 45, 36, and 27 times respectively [5] - The company has a strong focus on the simulation and power testing market, with expectations of continued high growth and profitability [6] Industry Outlook - The global semiconductor industry is showing signs of recovery, which is expected to drive demand for simulation and power testing equipment [6] - The company is positioned as a leader in the domestic simulation and power testing platform, likely to benefit from the recovery in the industry [6] - The STS 8600 model is strategically aimed at the large-scale digital SoC testing market, enhancing the company's product line and long-term growth potential [6]