Group 1 - The legal opinion letter confirms the legality and validity of the convening and holding procedures of the 2024 annual general meeting of Beijing Huafeng Measurement and Control Technology Co., Ltd. [2][9] - The meeting was convened by the company's board of directors based on a resolution from the ninth meeting of the third board, with the notice published on March 14, 2025 [3][4] - A total of 36 shareholders attended the meeting, representing a significant number of shares [4] Group 2 - The voting process combined on-site and online voting, adhering to relevant laws and regulations [5][8] - The voting results showed that 73,824,276 shares (99.9820%) were in favor of the proposals, with only 5,956 shares (0.0080%) against and 7,278 shares (0.0100%) abstaining [5][6][7] - The legal opinion concludes that the voting procedures and results are in compliance with the applicable laws and regulations [9]

Meeting Overview - The shareholders' meeting of Beijing Huafeng Measurement and Control Technology Co., Ltd. was held on April 3, 2025 [1] - The meeting took place at 95 Hao Yuan, Fenghao East Road, Haidian District, Beijing [1] - A total of 36 ordinary shareholders attended, holding 73,837,510 voting rights, which accounts for 54.5879% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved [1] - The voting results showed that 99.9820% of ordinary shareholders voted in favor of the proposals, with only 0.0080% against and 0.0100% abstaining [2] - The voting breakdown indicated that 70,633,053 votes (95.6601%) were in favor, while 3,197,179 votes (4.3300%) were against, and 7,278 votes (0.0099%) abstained [2] Legal Compliance - The meeting's convening and voting procedures complied with the Company Law, Securities Law, and relevant regulations [3] - The results of the voting were deemed legal and valid [3]

重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 证券代码：688200 证券简称：华峰测控 公告编号：2025-022 北京华峰测控技术股份有限公司 2024 年年度股东大会决议公告 本公司董事会及全体董事保证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。 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 1、 公司在任董事 6 人，出席 6 人； 2、 公司在任监事 3 人，出席 3 人； 3、 董事会秘书孙镪出席了本次会议，其他高级管理人员以现场及通讯方式列席 了本次会议。 二、 议案审议情况 （一） 非累积投票议案 | 1、出席会议的股东和代理人人数 | 36 | | --- | --- | | 普通股股东人数 | 36 | | 2、出席会议的股东所持有的表决权数量 | 73,837,510 | | 普通股股东所持有表决权数量 | 73,837,510 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 54.5879 | | 例（%） | | | 普通股股 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][9]. Core Insights - The semiconductor industry is experiencing a gradual recovery, with the company showing strong business momentum and significant revenue growth in 2024, achieving 905 million yuan in revenue, a year-on-year increase of 31.05%, and a net profit of 334 million yuan, up 32.69% [3][4]. - The company's core product, the STS8300 testing system, has seen a substantial increase in shipment volume, reflecting its competitive strength and growth potential in the recovering market [3][4]. - The global semiconductor testing equipment market is projected to rebound significantly in 2024, with an expected growth of 7.4%, and is anticipated to exceed 8 billion USD by 2025 [3][4]. Company Overview - The company has a total share capital of 135 million shares, with a market capitalization of 19.4 billion yuan and a current share price of 143.45 yuan [2]. - The company is focusing on enhancing its product offerings and expanding its market reach, particularly in the high-end SoC testing systems, with plans to invest in R&D and production capabilities [7][8]. Financial Projections - Revenue forecasts for the company are 1.171 billion yuan in 2025, 1.451 billion yuan in 2026, and 1.809 billion yuan in 2027, with corresponding net profits of 438 million yuan, 570 million yuan, and 744 million yuan respectively [9][12]. - The projected P/E ratios for 2025, 2026, and 2027 are 44, 34, and 26 respectively, indicating a favorable valuation trend as earnings grow [9][12].

证券研究报告：电子 | 公司点评报告 2025 年 4 月 1 日 股票投资评级 买入 |首次覆盖 公司基本情况 | 最新收盘价（元） | 143.45 | | --- | --- | | 总股本/流通股本（亿股）1.35 | / 1.35 | | 总市值/流通市值（亿元）194 | / 194 | | 52 周内最高/最低价 | 157.50 / 76.04 | | 资产负债率(%) | 6.2% | | 市盈率 | 58.08 | | 第一大股东 | 天津芯华投资控股有限 | | 公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:翟一梦 SAC 登记编号:S1340123040020 Email:zhaiyimeng@cnpsec.com 华峰测控(688200) 持续巩固模拟、数模混合、功率测试机优势，数字 测试机打开成长空间 个股表现 2024-04 2024-06 2024-08 2024-11 2025-01 2025-03 -19% -11% -3% 5% 13% 21% 29% 37% 45% 53 ...

证券代码：688200 证券简称：华峰测控 公告编号：2025-021 北京华峰测控技术股份有限公司 董监高减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： ? 董监高持有的基本情况 本次减持计划实施前，公司副总经理居宁先生直接持有公司股份 10,952 股， 占公司总股本比例 0.01%。 ? 减持计划的实施结果情况 中竞价减持股份计划公告》（公告编号：2025-009），副总经理居宁先生计划减 持公司股份数量不超过 2,738 股，即不超过公司总股本的 0.0020%。若在上述减 持计划实施期间，公司发生派发红利、送红股、转增股本、增发新股或配股等股 本除权、除息事项的，上述减持主体将对上述减持股份数量进行相应调整。 北京华峰测控技术股份有限公司（以下简称"公司"）于近日收到副总经理 居宁先生出具的《关于减持北京华峰测控技术股份有限公司股份结果的告知函》， 截至 2025 年 3 月 31 日，居宁先生通过集中竞价方式累计减持公司股份 2,738 股，占公司总股本的 0.00 ...

本次减持计划实施前，公司副总经理居宁先生直接持有公司股份 10,952 股， 占公司总股本比例 0.01%。 证券代码：688200 证券简称：华峰测控 公告编号：2025-021 北京华峰测控技术股份有限公司 董监高减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 董监高持有的基本情况 减持计划的实施结果情况 北京华峰测控技术股份有限公司（以下简称"公司"）于近日收到副总经理 居宁先生出具的《关于减持北京华峰测控技术股份有限公司股份结果的告知函》， 截至 2025 年 3 月 31 日，居宁先生通过集中竞价方式累计减持公司股份 2,738 股，占公司总股本的 0.0020%。具体情况如下： 1 股东名称 居宁 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 董事、监事和高级管理人员 √是 □否 一、减持主体减持前基本情况 2025 年 2 月 14 日，公司披露了《北京华峰测控技术股份有限公司董监高集 中竞价减持股份计划公告》（公告编号： ...

华峰测控2024年年度股东大会 北京华峰测控技术股份有限公司 2024年年度股东大会 会议材料 二零二五年四月 华峰测控2024年年度股东大会 股东大会须知 为保障北京华峰测控技术股份有限公司（下称"公司"）全体股东的合法权 益，维护股东大会的正常秩序，保证股东大会的议事效率，确保本次股东大会如 期、顺利召开，根据《中华人民共和国公司法》《北京华峰测控技术股份有限公 司章程》《北京华峰测控技术股份有限公司股东大会议事规则》及中国证券监督 管理委员会、上海证券交易所的有关规定，特制定本须知。 一、股东大会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 二、为保证股东大会的严肃性和正常秩序，切实维护与会股东（或股东代表） 的合法权益，除出席会议的股东（或股东代表）、公司董事、监事、高级管理人 员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 三、出席会议的股东（或股东代表）须在会议召开前20分钟到会议现场办理 签到手续，并请按规定出示证券账户卡、身份证或法人单位证明、授权委托书以 及参会回执等，经验证后领取会议资料，方可出席会议。 四、股东（或股东代表）依法享有发言权、咨询权和表决权 ...

证券代码：688200 证券简称：华峰测控 公告编号：2025-020 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 及时投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过发送智能短信等形式，根据股权登记日 的股东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、 议案情况等信息。投资者在收到智能短信后，可根据使用手册（下载链接： https://vote.sseinfo.com/i/yjt_help.pdf）的提示步骤直接投票，如遇拥堵 等情况，仍可通过原有的交易系统投票平台和互联网投票平台进行投票。 若广大投资者对本次服务有任何意见或建议，可通过邮件、投资者热线等方 式向公司反馈，感谢广大投资者对公司的关注与支持！ 特此公告。 北京华峰测控技术股份有限公司 关于股东大会开设网络投票提示服务的公告 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。 北京华峰测控技术股份有限公司（以下简称"公司"）于 2025 年 3 月 14 日 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Insights - The company achieved a significant increase in net profit and revenue in Q4 2024, with a year-on-year net profit growth of 121.30% and revenue growth of 65.08% [5][6]. - The company is expanding its high-end production capacity and has introduced new testing systems, which are currently undergoing customer validation [7][8]. - The projected revenue and net profit for 2025-2027 are expected to grow steadily, with revenues of 11.72 billion, 14.59 billion, and 17.75 billion respectively, and net profits of 4.59 billion, 5.87 billion, and 7.38 billion [9][11]. Financial Performance - In 2024, the company reported total revenue of 905 million, a 31.05% increase year-on-year, and a net profit of 334 million, reflecting a 32.69% increase [5][9]. - The gross margin for 2024 was 73.31%, showing a year-on-year increase of 0.84 percentage points, while the net margin was 36.88%, up by 0.45 percentage points [7][11]. - The company’s earnings per share (EPS) for 2024 was 2.47, with projections of 3.39 for 2025 and 4.34 for 2026 [9][11]. Market Performance - The company's stock has outperformed the CSI 300 index significantly over the past year, with a 12-month performance of 54.7% compared to the index's 12.5% [4][6]. - As of March 14, 2025, the stock price was 148.22, with a market capitalization of approximately 20,074.83 million [4][11].