Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [6]. Core Viewpoints - The company is a leading domestic supplier of testing equipment, focusing on enhancing China's integrated circuit testing technology and promoting the upgrade of the integrated circuit equipment industry [1]. - The company has made significant progress in developing high-end new products, expanding its product line to include probe stations, digital testers, and sorting machines, aiming to become an internationally leading integrated circuit testing equipment enterprise [1][2]. - The company has a strong customer base, with its products recognized and used by top integrated circuit manufacturers, which helps enhance its market influence and share [3]. Summary by Sections Company Overview - The company is recognized as a national high-tech enterprise and software company, dedicated to improving the testing technology level for integrated circuits [1]. - It has successfully developed high-end new products and is expanding into the mid-to-high-end market [1][2]. Product Competitiveness - The company emphasizes product quality and has established a comprehensive quality management system, achieving ISO9001:2015 certification [2]. - Its testing machines and sorting machines have reached domestic leading levels and are close to international advanced standards, with competitive pricing that enhances market competitiveness [2]. Customer Base - The company has established relationships with major integrated circuit manufacturers, including Changjiang Electronics Technology, Huada Semiconductor, and others, which solidifies its market position [3]. Financial Forecast and Valuation - The report adjusts the company's net profit forecasts for 2024 and 2025 to 507 million and 733 million respectively, with a new forecast for 2026 at 992 million [4]. - The company is currently in a performance trough but is expected to return to a growth trend as it continues to expand its high-end product offerings and experiences rapid order growth [4]. Key Financial Metrics - Projected revenue growth rates are expected to rebound significantly, with a forecasted increase of 85.09% in 2024 and 31.86% in 2025 [5]. - The company's P/E ratios are projected to decrease from 48x in 2024 to 25x in 2026, indicating potential for valuation improvement [4][5].

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 38.18 CNY and a target value of 51.98 CNY [3] Core Insights - The company is experiencing rapid growth driven by both organic and external expansion in the semiconductor testing equipment sector, with a comprehensive product layout including testers, sorters, and probe stations [10][15] - The company has established a strong competitive advantage in testing machines, with significant revenue growth and high gross margins [10][26] - The semiconductor testing equipment market is expected to grow, with increasing demand for domestic alternatives to imported products [40][46] Financial Summary - Revenue is projected to grow from 17.75 billion CNY in 2023 to 35.34 billion CNY in 2024, with a significant increase in net profit from 0.45 billion CNY to 5.52 billion CNY [2][10] - The company’s EBITDA is expected to rise from 61 million CNY in 2023 to 766 million CNY in 2024, indicating strong operational performance [2] - The earnings per share (EPS) is forecasted to increase from 0.07 CNY in 2023 to 0.88 CNY in 2024 [2] Market Position and Strategy - The company has a well-established product matrix and has made strategic acquisitions to enhance its technological capabilities and market reach [10][62] - The acquisition of STI has strengthened the company's position in the AOI detection equipment market, facilitating entry into international semiconductor supply chains [62][64] - The company is actively expanding its product offerings, particularly in high-end SoC testing machines, to capture a larger share of the growing market [56][60] Product and Revenue Breakdown - The company’s main products include testing machines, sorters, and automation equipment, with testing machines accounting for a growing share of revenue [10][32] - The revenue from testing machines is expected to grow significantly, with a projected increase of 203.3% in 2024 [66] - The gross margin for testing machines is anticipated to remain stable at around 65% [66]

证券代码：300604 证券简称：长川科技 公告编号：2024-068 单位：万元 | 序号 | 项目 | 拟投入募集资金额 | | --- | --- | --- | | 1 | 探针台研发及产业化项目 | 26,026.50 | | 2 | 补充流动资金 | 10,219.34 | | | 合计 | 36,245.84 | 2024年4月23日公司召开第三届董事会第二十五次会议、第三届监事会第二十次 会议审议通过了《关于向特定对象发行股票募投项目延期、变更部分募集资金用途 及新增募投项目的议案》，拟变更部分募集资金用途及新增募投项目。2024年5月17 日公司召开2023年年度股东大会，审议通过了上述事项。变更后募投项目情况如下： | | | 单位：万元 | | --- | --- | --- | | 序号 | 项目 | 拟投入募集资金额 | | 1 | 探针台研发及产业化项目 | 21,026.50 | 1 杭州长川科技股份有限公司 关于注销部分募集资金账户的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、募集资金基本情况 根据中国证券监督管理委员会 ...

证券代码：300604 证券简称：长川科技 公告编号：2024-069 杭州长川科技股份有限公司 关于实际控制人部分股份解除质押及质押展期的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、股东股份质押基本情况 杭州长川科技股份有限公司（以下简称"公司"）近日接到实际控制人、控股 股东赵轶先生发来的函告，获悉其所持有本公司的部分股份办理了部分股份解除质 押及质押展期的手续，具体事项如下： 1、本次部分股份解除质押的基本情况 2、本次部分股份质押展期的基本情况 | 赵轶 | | 是 | 22,420,000 | 15.84% | | | | 2024/12/ | | 财通证券 | 个人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 3.58% | 否 | 否 | 20 | 2025/3/20 | 股份有限 公司 | 资金 安排 | | 股东 名称 合计 | 是否为控股股东 或第一大股东 及其一致行动人 | | 本次质押 展期数量 （ ...

证券代码：300604 证券简称：长川科技 公告编号：2024-067 杭州长川科技股份有限公司 2024 年第三次临时股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、变更、否决提案的情况； 2、本次股东大会以现场投票和网络投票相结合的方式召开。 一、会议召开情况 杭州长川科技股份有限公司（以下简称"公司"）2024 年第三次临时股东 大会于 2024 年 10 月 28 日下午 14:00 在杭州市滨江区聚才路 410 号杭州长川科 技股份有限公司二楼会议室召开，本次会议采取现场投票与网络投票结合的表决 方式。其中： （1）现场会议召开时间：2024 年 10 月 28 日（星期一）下午 14:00； （2）网络投票时间：2024 年 10 月 28 日（星期一）； 其中，通过深圳证券交易所交易系统进行网络投票的时间为：2024 年 10 月 28 日（星期一）9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所 互联网投票系统投票的具体时间为：2024 年 10 月 28 ...

国浩律师（杭州）事务所 关 于 杭州长川科技股份有限公司 2024 年第三次临时股东大会之 法律意见书 网址/Website：http://www.grandall.com.cn 二〇二四年十月 国浩律师（杭州）事务所 长川科技 2024 年第三次临时股东大会法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 国浩律师（杭州）事务所 关 于 杭州长川科技股份有限公司 2024 年第三次临时股东大会之 法律意见书 致：杭州长川科技股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受杭州长川科技股份有限 公司（以下简称"公司"）委托，指派律师出席公司 2024 年第三 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q3 performance is impressive, with a net profit turning positive compared to the same period last year, achieving a revenue of 2.535 billion yuan, a year-on-year increase of 109.72%, and a net profit of 357 million yuan, a year-on-year increase of 26,858.78% [2] - The gross margin for Q1-Q3 2024 is 56.1%, with a significant reduction in expense ratios, leading to improved net profit margins [2] - The company continues to expand its business lines, with a focus on semiconductor testing equipment, and has made strategic acquisitions to enhance its competitive edge [3] Financial Performance Summary - Total revenue for 2022 was 2.577 billion yuan, with a forecast of 3.028 billion yuan for 2024, reflecting a year-on-year growth of 70.61% [1][9] - The net profit for 2022 was 461.19 million yuan, with an expected increase to 527.45 million yuan in 2024, indicating a significant year-on-year growth of 1,067.98% [1][9] - The latest diluted EPS is projected to be 0.84 yuan per share in 2024, up from 0.07 yuan in 2023 [1][9] Business Expansion and Growth Potential - The company is positioned as a platform enterprise in semiconductor testing equipment, with ongoing internal and external growth opportunities [3] - The acquisition of Changyi Technology has allowed the company to cover various types of sorting machines, enhancing its core competitiveness [3] - The company has developed a new generation of probe stations and is expected to contribute to performance growth in 2024 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue increase of 109.72% year-on-year for the first three quarters of 2024, reaching 2.535 billion yuan, with a net profit of 357 million yuan, reflecting a staggering growth of 26,858.78% [2] - The demand for testing machines is recovering, driving rapid growth in the company's performance, with major clients including leading integrated circuit companies [2] - The company emphasizes the importance of domestic component localization, achieving a gross margin of 57.73% in Q3, which is higher than previous quarters, indicating improved profitability [2] - High R&D investment is maintained, with 673 million yuan spent in the first three quarters, accounting for 26.53% of revenue, supporting long-term development and innovation [2] - Revenue projections for 2024-2026 are estimated at 3.254 billion, 4.150 billion, and 5.002 billion yuan, with corresponding net profits of 498 million, 793 million, and 1.038 billion yuan, leading to PE ratios of 56.13, 35.26, and 26.93 respectively [2] Financial Summary - Revenue for 2022 was 2.576 billion yuan, with a growth rate of 70.49%, while 2023 saw a decline to 1.775 billion yuan, with a projected recovery in 2024 to 3.254 billion yuan [4] - The net profit for 2022 was 461 million yuan, with a significant drop in 2023 to 45 million yuan, expected to rebound to 498 million yuan in 2024 [4] - The gross margin for 2022 was 56.7%, with a slight increase to 57.1% in 2023, and a projected gross margin of 55.2% in 2024 [4] - R&D expenses were 645 million yuan in 2022, increasing to 715 million yuan in 2023, with further increases projected in the coming years [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing revenue growth driven by market recovery, although profit margins are under pressure due to ongoing R&D investments and increased financial costs [1] - The semiconductor market is recovering, with significant growth expected in the testing machine market, supported by the company's strategic focus on major clients [1] - The company has made strategic acquisitions to enhance its product offerings and market position, particularly in high-end intelligent manufacturing [1] Financial Performance Summary - Revenue (in million CNY): - 2022A: 2,577 - 2023A: 1,775 - 2024E: 3,300 - 2025E: 4,000 - 2026E: 5,000 - Year-over-year growth rates: - 2022A: 70% - 2023A: -31% - 2024E: 86% - 2025E: 21% - 2026E: 25% [1][2] - Net profit (in million CNY): - 2022A: 461 - 2023A: 45 - 2024E: 550 - 2025E: 750 - 2026E: 940 - Year-over-year growth rates: - 2022A: 111% - 2023A: -90% - 2024E: 1,119% - 2025E: 36% - 2026E: 25% [1][2] - Earnings per share (in CNY): - 2022A: 0.74 - 2023A: 0.07 - 2024E: 0.88 - 2025E: 1.20 - 2026E: 1.50 [1][2] Market and Strategic Insights - The semiconductor market is projected to grow significantly, with global semiconductor sales expected to reach $390.46 billion in 2024, a year-over-year increase of 20.62% [1] - The company is focusing on major clients to drive growth, with its products already recognized by leading integrated circuit manufacturers [1] - The company is expanding its production capacity and product offerings through strategic acquisitions, enhancing its competitive position in the market [1]

Investment Rating - The investment rating for the company is "Hold" with a downward adjustment [6] Core Views - The company has turned a profit year-on-year, showing signs of scale effects gradually emerging [1] - Revenue for the first three quarters of 2024 reached 2.535 billion yuan, a year-on-year increase of 109.72%, while net profit attributable to the parent company was 357 million yuan, a significant year-on-year increase of 26,858.78% [2] - The company has established a solid foundation for increasing its market share in the integrated circuit testing equipment sector, with products recognized by leading semiconductor manufacturers [3][4] Financial Data Summary - **Revenue (Million Yuan)**: - 2022: 2,576.53 - 2023: 1,775.05 - 2024E: 3,195.10 - 2025E: 4,103.41 - 2026E: 5,099.13 - **Growth Rate (%)**: - 2022: 70.49 - 2023: (31.11) - 2024E: 80.00 - 2025E: 28.43 - 2026E: 24.27 [1][8] - **Net Profit Attributable to Parent Company (Million Yuan)**: - 2022: 461.08 - 2023: 45.16 - 2024E: 511.65 - 2025E: 752.07 - 2026E: 1,048.75 - **Growth Rate (%)**: - 2022: 111.28 - 2023: (90.21) - 2024E: 1,032.98 - 2025E: 46.99 - 2026E: 39.45 [1][8] - **EBITDA (Million Yuan)**: - 2022: 1,152.31 - 2023: 732.93 - 2024E: 677.31 - 2025E: 939.96 - 2026E: 1,247.33 [1][8] Market Position and Client Base - The company has a rich client resource and is steadily increasing its market share in the integrated circuit industry, benefiting from national support and increased investment in R&D [5] - The company’s products have been adopted by several top-tier semiconductor manufacturers, enhancing its market presence [3][4]