证 券 研 究 报 告 上 市 公 司 证券的投资评级： 以报告日后的 6 个月内，证券相对于市场基准指数的涨跌幅为标准，定义如下： 买入（Buy） 增持（Outperform） 中性 (Neutral) 减持 (Underperform) ：相对强于市场表现 20％以上； ：相对强于市场表现 5％～20％； ：相对市场表现在－5％～＋5％之间波动； ：相对弱于市场表现 5％以下。 行业的投资评级： 以报告日后的 6 个月内，行业相对于市场基准指数的涨跌幅为标准，定义如下： 看好（Overweight） 中性 (Neutral) 看淡 (Underweight) ：行业超越整体市场表现； ：行业与整体市场表现基本持平； ：行业弱于整体市场表现。 我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相对评级体系，表示投资的相对比重建议；投 资者买入或者卖出证券的决定取决于个人的实际情况，比如当前的持仓结构以及其他需要考虑的因素。投资者应阅读整篇报告，以 获取比较完整的观点与信息，不应仅仅依靠投资评级来推断结论。申银万国使用自己的行业分类体系，如果您对我们的行业分类有 兴趣，可以向我们的销售 ...

F原证券 华峰测控（688200.SH） 2024 年 04 月 29 日 2024Q1 业绩短期承压，行业复苏有望带动订单回暖 ——公司信息更新报告 刘书珣（联系人） liushuxun@kysec.cn 证书编号： S0790122030106 罗通（分析师） | --- | --- | |-------------------------|--------------| | 日期 | 2024/4/26 | | 当前股价 ( 元 ) | 100.56 | | 一年最高最低 ( 元 ) | 277.92/66.28 | | 总市值 ( 亿元 ) | 136.13 | | 流通市值 ( 亿元 ) | 136.13 | | 总股本 ( 亿股 ) | 1.35 | | 流通股本 ( 亿股 ) | 1.35 | | 近 3 个月换手率 (%) | 70.13 | 股价走势图 数据来源：聚源 相关研究报告 公司 2024Q1 业绩短期承压，毛利率同比改善，维持"买入"评级 横向布局测试领域，助力国产设备加速渗透 风险提示：技术研发不及预期、客户导入不及预期、下游需求恢复不及预期。 请务必参阅正文后面的信息披露和法律 ...

Investment Rating - The investment rating for Huafeng Test (688200 SH) is **Buy-A (Maintained)** [3] Core Views - **Order Recovery in H2 2023**: The company's orders gradually recovered in the second half of 2023, driven by the development of AI and other innovative technologies, which boosted the industrial, communication, and consumer electronics markets [3] - **STS 8600 Expansion**: The launch of the STS 8600, a new generation of testing equipment for large-scale SoC chips, has broadened the company's product line and testing capabilities, providing strong support for long-term growth [3] - **Industry Recovery**: The semiconductor industry is expected to recover in 2024, with the global testing equipment market projected to rebound. The domestic push for mature process capacity expansion also presents opportunities for domestic testing equipment manufacturers [3] - **Market Share and Competition**: Huafeng Test and Changchuan Technology have increased their market share in the domestic semiconductor testing equipment market to 8% and 5% respectively in 2021. The company is well-positioned to benefit from the growing demand for high-end SoC and memory testing equipment [3] Financial Data and Valuation - **Revenue and Profit Decline in 2023**: The company reported a revenue of 691 million yuan in 2023, a decrease of 35 47% YoY, and a net profit of 252 million yuan, down 52 18% YoY [3] - **Future Projections**: Revenue is expected to grow to 754 million yuan in 2024, 903 million yuan in 2025, and 1 059 billion yuan in 2026, with net profit projected to reach 252 million yuan, 354 million yuan, and 448 million yuan respectively [16][17] - **Valuation Metrics**: The company's P/E ratio is expected to be 54 0x in 2024, 38 4x in 2025, and 30 4x in 2026, with a P/B ratio of 3 8x, 3 6x, and 3 3x respectively [17] Industry and Market Analysis - **Global Testing Equipment Market**: The global testing equipment market was valued at 6 32 billion USD in 2023, accounting for 6 3% of the total semiconductor equipment market. The market is expected to recover in 2024 as industry conditions improve [3] - **Domestic Market Growth**: China's mature process capacity is expected to increase from 31% of the global total in 2023 to 39% by 2027, driven by domestic expansion and advanced packaging technologies. This growth is expected to benefit domestic testing equipment manufacturers [3] - **Competitive Landscape**: In the global testing equipment market, Advantest holds a 58% market share, with 59% in the SoC testing segment and 56% in the memory testing segment. Huafeng Test is focusing on increasing its market share in high-end SoC and memory testing equipment [3] Product and Technology - **STS 8600**: The STS 8600 is designed to compete with Advantest's V93000, offering advanced features such as a new software architecture, distributed multi-station parallel control system, and water-cooling system. It is expected to enhance the company's capabilities in high-end SoC testing [25] - **Future Demand**: The development of mobile processors, high-performance computing (HPC), and AI integrated circuits is expected to drive demand for advanced testing solutions, including those offered by Huafeng Test [25]

证券研究报告·公司点评报告·半导体 华峰测控（688200） 2023 年报&2024 年一季报点评：业绩短期承 压，看好后续封测需求回暖 2024 年 04 月 28 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|---------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1,070.56 | 690.86 | 906.65 | 1,163.24 | 1,338.38 | | 同比（ % ） | 21.89 | (35.47) | 31.24 | 28.30 | 15.06 | | 归母净利润（百万元） | 526.29 | 251.65 | 344.96 | 458.49 | 538.59 | | 同比（ % ） | 19.95 | (52.18) | 37.08 | 32.91 | 17.47 ...

北京华峰测控技术股份有限公司 募集资金管理办法 第一章 总则 第一条 为了规范北京华峰测控技术股份有限公司（以下简称"公司"、"本公 司"）募集资金的管理和运用，最大程度地保障投资者的利益，依据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司监管指引第 2 号—上市公司募集资金管理和使 用的监管要求》等法律、法规和规范性文件的规定，结合公司实际情况，特制定 本办法。 第二条 本办法所称募集资金是指公司通过向不特定对象发行证券（包括首 次公开发行股票、配股、增发、发行可转换公司债券、发行分离交易的可转换公 司债券等）以及向特定对象发行证券募集的资金，但不包括公司实施股权激励计 划募集的资金。 第三条 本办法是公司对募集资金管理和使用的基本行为准则。公司对募集 资金专户存储、使用、变更、分级审批权限、决策程序、风险控制、信息披露、 监督和责任追究等内容进行明确规定。 第四条 募集资金投资项目（以下简称"募投项目"）通过公司的子公司或公 司控制的其他企业实施的，公司应当确保该子公司或受控制的其他企业遵守本募 集资金管理办法。 第五条 保荐机构在持 ...

证券代码：688200 证券简称：华峰测控 公告编号：2024-014 北京华峰测控技术股份有限公司 第三届监事会第二次会议决议公告 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 北京华峰测控技术股份有限公司（以下简称"公司"）第三届监事会第二次 会议于 2024 年 4 月 25 日在公司会议室以现场和通讯方式召开。本次会议应到监 事 3 名，实到监事 3 名。会议由监事会主席赵运坤主持。本次会议的召集和召开 符合《公司法》等法律、法规、部门规章以及《公司章程》的有关规定，作出的 决议合法、有效。 二、监事会会议审议情况 经与会监事认真审议，审议通过了以下议案： 1.《关于公司 2023 年年度报告及其摘要的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 本议案需提交公司 2023 年度股东大会审议。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的北 京华峰测控技术股份有限公司 2023 年年度报告》和《北京华峰测控技术股份有 限公司 2023 年年度报告 ...

北京华峰测控技术股份有限公司 募集资金存放与实际使用情况 审核报告 大信专审字[2024]第 3-00140 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进人"注册会计师行业统一监管平台（http://ac.met.gov.co）"进行会 。 WUYIGE Certified Public Accountants.LLP 8 1 号 Room 2206 22/F, Xueyuan International Tower 传真 Fax: 大厦 22 层 2206 No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 电话 Telephone: +86(10) 82330558 网址 Internet. +86 (10) 82327668 www.daxincna.com.cn 募集资金存放与实际使用情况审核报告 大信专审字[2024]第 3-00140 号 北京华峰测控技术股份有限公司全体股东: 我们接受委托,对后附的北京华峰测控技术股份有限公司（以下简称 ...

北京华峰测控技术股份有限公司 2023年度独立董事述职报告（叶陈刚） 本人叶陈刚作为北京华峰测控技术股份有限公司（以下简称"华峰测控"、 "公司"）的独立董事，严格按照《中华人民共和国公司法》《中华人民共和 国证券法》《上海证券交易所科创板股票上市规则》等相关法律法规要求和 《公司章程》《公司独立董事工作制度》等规定，在2023年度工作中诚实、勤 勉、积极地履行独立董事的职责，积极出席公司召开的相关会议，认真听取和 审议各项议案，并对董事会的重要决策事项发表了独立意见，充分发挥独立董 事的专业职能，客观、独立和审慎地行使股东大会和董事会赋予的权力和义务， 为公司的经营决策和规范化运作提出了合理的意见和建议，切实维护了公司的 整体利益和全体股东尤其是中小股东的合法权益。现将本人2023年度履职情况 汇报如下： 一、独立董事的基本情况 （一）独立董事个人情况 叶陈刚，男，1962年出生，中国国籍，中共党员，无境外居留权，博士研 究生，会计学教授，博士生导师，博士后合作导师。曾任中南财经大学湖北分 校副教授，湖北长江会计师事务所所长与主任会计师，武汉大学管理学院副教 授，中国地质大学管理学院教授，国家会计学院高级访 ...

Financial Performance and Profit Distribution - The company's profit distribution plan has been approved by the third board of directors and will be submitted to the 2023 annual shareholders' meeting for final approval[1] - Revenue for the reporting period was 690,861,889.19 yuan, a decrease of 35.47% year-over-year[27][28] - Net profit attributable to shareholders was 251,652,296.29 yuan, a decrease of 52.18% year-over-year[27][28] - The company plans to distribute cash dividends of 75,707,009.84 yuan (tax included), accounting for 30.08% of the net profit attributable to the parent company in 2023[108] - The proposed 2023 annual profit distribution plan includes a cash dividend of RMB 5.60 per 10 shares, totaling RMB 75,707,009.84, which accounts for 30.08% of the net profit attributable to shareholders[159] - The company's net profit attributable to shareholders in the consolidated financial statements for the year is RMB 251,652,296.29[159] - The company's cash dividend policy stipulates that at least 10% of the distributable profit attributable to shareholders will be distributed in cash each year, and no less than 30% of the average annual distributable profit will be distributed in cash over any three consecutive years[158] - The company's cash dividend policy stipulates a minimum cash dividend ratio of 80% for mature stages without major capital expenditures and 20% for growth stages with major capital expenditures[110] Financial Assets and Investments - The company's total financial assets increased from RMB 256,710,899.49 to RMB 395,300,934.28, with a net increase of RMB 138,590,034.79[7] - The company's other equity instrument investments increased by RMB 28,138,075.59, reaching RMB 217,616,195.59 at the end of the period[7] - Other non-current financial assets grew by RMB 16,758,425.17, totaling RMB 83,991,204.66[7] - The company's trading financial assets increased significantly from RMB 0 to RMB 93,693,534.03[7] - The company invested 35,000,000.00 yuan in Guangzhou Huaxin Shengjing Venture Capital Center, representing a 2.35% ownership stake[50] - The company invested a total of $103.49 million in financial assets, with a fair value change loss of $9.8 million, resulting in a year-end book value of $93.69 million[68] - The company's investment in domestic and foreign stocks, specifically in Xinlian Integration (688469), had an initial investment cost of $53.49 million, with a fair value change loss of $6.3 million, resulting in a year-end book value of $47.19 million[68] - The company's investment in the Nord Fund Pujiang 467 Single Asset Management Plan had an initial investment cost of $50 million, with a fair value change loss of $3.5 million, resulting in a year-end book value of $46.5 million[68] Subsidiaries and Overseas Operations - The company's subsidiaries include ACCOTEST TECHNOLOGY (USA), INC. and ACCOTEST TECHNOLOGY (MALAYSIA) SDN. BHD., among others[5] - The company's subsidiary, ACCOTEST TECHNOLOGY (MALAYSIA) SDN.BHD., reported revenue of $3.91 million and net profit of $794,913.64[70] - The company's subsidiary, ACCOTEST TECHNOLOGY (USA), INC., reported revenue of $4.75 million and net profit of $168,334.09[70] - Overseas revenue decreased during the reporting period, with gross margin remaining relatively stable[22] - The company will continue to expand overseas markets, focusing on high-quality customers and providing comprehensive after-sales service and technical support[53] - The company will accelerate production efficiency, establish a second production line in Malaysia, and build a supplier evaluation system to ensure a stable and reliable supply chain[60] Research and Development - The company is focusing on the development of key technologies such as impedance measurement, low-noise high-efficiency power supply technology, and third-generation compound semiconductors[65] - The company is committed to innovation-driven development, improving its R&D platform, and cultivating and introducing high-end talent[71] - The company will increase R&D investment, develop new applications and products, and improve market share while actively implementing fundraising projects[59] - The company will respond to recovering domestic market demand, improve customer satisfaction, and stabilize the STS8200 product line while advancing STS8300 and STS8600 development[59] Corporate Governance and Board Meetings - The company held a total of 8 board meetings in 2023, with all proposals being approved without any rejections[89] - The company's board of directors, supervisory board, and shareholders' meetings operate in compliance with relevant laws, regulations, and the company's articles of association, with no violations reported[99] - The company's audit, nomination, compensation, and strategy committees function effectively, with all members attending meetings and fulfilling their responsibilities[91] - The company's board of directors approved the 2022 annual report, financial budget, and profit distribution plan during the meeting on April 14, 2023[155] - The company's 2020 restricted stock incentive plan adjustments and partial stock cancellations were approved on May 23, 2023[148] - The company's 2023 semi-annual report and the use of raised funds were reviewed and approved during the meeting on August 14, 2023[155] - The company's 2023 third-quarter report was reviewed and approved during the meeting on October 20, 2023[155] - The company's profit distribution plan for 2023 is subject to approval at the 2023 annual shareholders' meeting[152] Employee and Talent Management - Total number of employees is 608, with 389 in the parent company and 219 in major subsidiaries[130] - Employee composition includes 271 technicians, 141 service personnel, and 51 production personnel[130] - Educational background of employees: 1 PhD, 138 master's degrees, 371 bachelor's degrees, and 98 below bachelor's degree[130] - The company implements a "mentorship" system for new employees, pairing them with experienced staff for one-on-one guidance[131] - The company emphasizes comprehensive training to help employees become versatile professionals, especially given the lack of directly related university majors and cross-domain recruitment[94] - The company's core technical personnel, Liu Huipeng, held 363,304 shares, with a total value of $100.7 million[78] - The company's core technical personnel, Yuan Yan, held 13,880 shares, with a total value of $88.4 million[78] - The company's core technical personnel, Hao Ruiting, held 13,142 shares, with a total value of $70.46 million[78] - Liu Huipeng, joined the company in 2003 as a R&D engineer, later became the R&D department manager, and has been involved in multiple patent applications and product development projects[117] - Yuan Yan, joined the company in 2003, leading the completion of high-precision and high-speed operational amplifier testing, AD/DA dynamic and static parameter testing, and power module testing[117] Sustainability and Environmental Impact - The company's carbon dioxide emissions in 2023 were 1,240.32 tons, marking the first comprehensive carbon footprint assessment[38] - The company continues to promote supply chain sustainability by expanding product certifications and system coverage, implementing total quality management, and zero-defect management[98] Customer and Supplier Relationships - Top 5 customers accounted for 21.82% of total annual sales, with Customer A contributing the highest at 6.60% (4560.28 million RMB)[52] - Top 4 suppliers accounted for 28.66% of total annual procurement, with Supplier 1 contributing the highest at 11.64% (1922.60 million RMB)[52] - The company values the trust and support of suppliers, customers, and consumers, aiming to provide high-quality products and maintain strong relationships[144] Intellectual Property and Innovation - The company has established an intellectual property group led by technical and IP experts to evaluate and protect internal patent proposals, enhancing patent quality and protection[181] - The company has established a knowledge management platform for internal online training to share patent management information, development guidelines, and competitive product research reports[107] Stock and Shareholder Management - The company's total share capital as of March 31, 2024, is 135,367,189 shares, excluding 176,100 shares in the company's repurchase account[165] - The company has implemented a stable stock price mechanism, committing to repurchase shares if the stock price falls below the net asset value per share for 20 consecutive trading days, with annual repurchase funds ranging from 10% to 30% of the previous year's net profit[187][188] - The company has a comprehensive investor relations management system, including dedicated email, hotline, and the SSE E-Interaction platform, ensuring transparency and fair access to information for all shareholders[197] - The company strictly complies with relevant laws and regulations such as the "Company Law," "Securities Law," and "Information Disclosure Management Measures" to fulfill its information disclosure obligations[198] - The company ensures that all shareholders have fair access to information by disclosing company information truthfully, accurately, completely, and timely through the Shanghai Stock Exchange website, "Shanghai Securities News," and "Securities Times"[198] - Institutional investor participation in corporate governance is not applicable[199] Product and Market Strategy - The company adheres to the development strategy of "consolidating domestic markets and expanding overseas," focusing on delivering high-quality products and services[8] - The company's high-power high-speed testing system generated revenue of 154,812,000.00 yuan, with a cost of 34,070,036.38 yuan and a gross profit of 115,543,313.91 yuan[25] - The high-speed communication system and software generated revenue of 196,964,250.00 yuan, with a cost of 34,001,353.85 yuan and a gross profit of 136,056,440.10 yuan[25] - The intelligent component screening and testing system generated revenue of 59,710,000.00 yuan, with a cost of 5,926,626.29 yuan and a gross profit of 30,627,172.16 yuan[25] - Total revenue from the three major testing systems was 721,074,250.00 yuan, with a total cost of 131,980,213.41 yuan and a total gross profit of 494,174,251.33 yuan[25] - The company plans to seek suitable industrial chain targets for investment and M&A, aiming to strengthen the business and deliver good returns to investors[54] - Global semiconductor industry sales are expected to grow by 13.1% in 2024, with global semiconductor equipment reaching 1053.1 billion USD, a 4% increase[59] Non-Recurring Gains and Losses - Non-recurring gains and losses for 2023 included government subsidies of RMB 810,233.20 and losses from financial asset transactions of RMB -3,039,036.62[9] Leadership and Management - Xu Jieshuang has served as the company's director and general manager since December 2017, and as a director of Tianjin Xinhua Investment Holding Co., Ltd. since October 2021[115] - Dong Qinggang has been the company's director since December 2023, and previously served as the company's supervisor from December 2020 to December 2023[115] - Ye Chengang, a renowned expert in business ethics and accounting professional ethics, has been an independent director of the company since December 2023[115] - Xia Kejin, with extensive experience in the semiconductor industry, has been an independent director of the company since December 2023[115] - Zhao Yunkun has been the company's R&D department manager since January 2015 and a supervisor since November 2017[115] - Shi Zhendong, male, born in 1968, holds a master's degree from Tsinghua University and has extensive experience in the semiconductor industry, serving as an independent director until December 2023[117] - Mei Yunhe, male, born in 1974, holds a master's degree from Renmin University and has a background in auditing and accounting, serving as an independent director until December 2023[117] - Xiao Zhongshi, male, born in 1963, has a background in industrial accounting and served as an independent director until December 2023[117] - Qi Yan, female, born in 1969, holds a master's degree from the University of International Business and Economics and served as the company's financial director until December 2023[117] - Dong Qinggang, elected as a director in 2023, also serves as the Chief Engineer and Director of the Science and Technology Committee at China Times Outlook Technology Co., Ltd[119][121] - Zhang Yong, elected as a director in 2023, also serves as the Deputy General Manager at China Times Outlook Technology Co., Ltd[119][121] - Fu Weidong, served as a director until December 2023, retired from the position[121] - Shao Dandan, served as a director until December 2023, did not attend several board meetings due to work reasons and authorized Zhang Yong to vote on her behalf[123] Stock Incentive Plans - The 2020 Restricted Stock Incentive Plan granted 550,000 shares of Class II restricted stock at a price of 98.74 yuan per share, with 459,724 shares vested and unlocked during the reporting period[166] - The 2021 Restricted Stock Incentive Plan granted 262,500 shares of Class II restricted stock at a price of 154.58 yuan per share, with 118,550 shares vested and unlocked during the reporting period[166] - The total share-based payment expenses recognized for the 2020 and 2021 Restricted Stock Incentive Plans were 16,939,386.9 yuan, with 4,244,239.45 yuan for the 2020 plan and 12,695,147.45 yuan for the 2021 plan[169] - Employee stock ownership plan includes 128 employees, accounting for 21.05% of the total workforce, with 1.3474 million shares held, representing 1% of the total share capital[193] Earnings and Investor Communication - The company held three earnings briefings in 2023: on April 25, August 26, and October 30, all conducted via online interactive platforms[172][179] - The company emphasizes transparency and investor communication, adhering to legal and regulatory requirements for information disclosure[142] - The company maintains a strong focus on protecting the rights and interests of shareholders and creditors[142] Quality Management and Supply Chain - The company has a comprehensive quality management system covering 5 stages of project development[138] - The company continues to promote supply chain sustainability by expanding product certifications and system coverage, implementing total quality management, and zero-defect management[98] Labor and Outsourcing - The company has no labor outsourcing, with total labor outsourcing hours and payments both at 0[151]

单位：元 币种：人民币 北京华峰测控技术股份有限公司 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、准确性和完整性依法承担法律责任。 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 第一季度财务报表是否经审计 一、 主要财务数据 | --- | --- | --- | |-----------------------------------------------|----------------|--------------------------------------| | 项目 | 本报告期 | 本报告期比上 年同期增减变 动幅度 (%) | | 营业收入 | 136,823,208.53 | -31.61 | | 归属于上市公司股东的净利润 | 23,438,331.42 | -68.62 | | 归属于上市公司股东的扣除非经常 性损益的净利润 | 31,829,980.34 | -55.20 | | 经营活动产生的现金流量净额 | -8,02 ...