| | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | | 国金证券：周焕博、邓超瑜 | | 参与单位名称及人员姓名 | 博时基金：金晟哲、何坤 | | 时间 | 2025年03月07日 10:00-12:00 | | 地点 | 广东汇成真空科技股份有限公司 C 栋会议室 | | | 董事、总经理 李志荣先生 | | 上市公司接待人员姓名 | 董事会秘书、副总经理 肖献伟先生 | | | 监事、证券事务代表 刘珊女士 公司在遵守信息披露相关规定的前提下与投资者进行交流，交 | | | 流内容不涉及未披露的重大信息。具体交流内容如下： 第一部分：公司情况介绍 | | | 第二部分：交流环节 | | 投资者关系活动主要内容 | Q1.公司收入构成是怎样的？ | | 介绍 | 答：公司的销售收入主要包括销售真空镀膜设备、相关配件及耗 | | | 材、技术服务等，2024 上半年公司收入结构中真空镀膜设备收入占 | | | 比为 73% ...

Company and Industry Summary Company Overview - **Company Name**: 汇成真空 (Hui Cheng Vacuum) - **Founded**: August 2006 - **Headquarters**: Dongguan, Guangdong - **IPO**: Scheduled for June 2024 on the Sci-Tech Innovation Board - **Main Products**: Vacuum coating equipment and related services, characterized by customization and technical complexity [5][6] Financial Performance - **Revenue Growth**: Average annual revenue growth from 2018 to 2023 was 9.8%, with a growth rate of 11% in the first three quarters of 2024, driven by a recovery in consumer electronics demand and new customer acquisition [3][8] - **Profit Margins**: Gross margin increased from 29% in 2018 to 33% in 2023, while net margin rose from 7% to 15.5%, attributed to a decrease in expense ratios despite rising R&D costs [3][8] - **Customer Diversification**: Dependency on major clients like Apple reduced from over 50% in 2021 to 23% in 2023, enhancing revenue diversity and risk resilience [3][8] Market Position and Growth Drivers - **Industry Segments**: The company operates in four main areas: consumer electronics, industrial products, scientific instruments, and research institutions [7] - **Industrial Products Growth**: Sales from the industrial products segment accounted for over 40% of total revenue in 2023, expected to be the fastest-growing segment due to high value and low competition in the new energy sector [3][9] - **Sales Model**: The company employs a direct sales model, allowing for customized sales and better control over production based on customer demand [11] Industry Trends - **Consumer Electronics Recovery**: A rebound in smartphone shipments is anticipated starting from late 2023, with a broader recovery in the consumer electronics market expected in 2024 [12] - **High-End Equipment Demand**: The demand for high-end vacuum coating equipment is projected to grow significantly due to increased domestic needs and restrictions on overseas exports [13] Competitive Advantages - **Technological Expertise**: The company has mastered three mainstream technologies: evaporation coating, magnetron sputtering, and ion plating, which present high technical barriers [14] - **Strategic Partnerships**: Collaborations with major clients in the consumer electronics sector, including OPPO and vivo, and expansion into industrial applications such as aerospace and semiconductor sectors [14] Future Outlook - **Revenue Projections**: Expected revenue growth rates for the next three years are 12%, 30%, and 50%, primarily driven by the industrial products segment [15] - **Profit Growth**: Anticipated net profit growth rates for 2024 to 2026 are 39% and 53%, respectively, supported by favorable revenue structure changes and effective cost control [15] - **Valuation**: Projected PE ratios are approximately 50x by the end of 2025 and 35x by the end of 2026, indicating strong potential for rapid earnings release in the coming years [15]

Investment Rating - The report assigns an "Outperform" rating to the company, with a reasonable valuation range of 74.0 to 81.0 CNY per share, corresponding to a PE ratio of 60-65x for 2025 [4][53]. Core Insights - The company is a leading supplier of vacuum coating equipment, benefiting from the urgent demand for domestic high-end equipment. The global physical vapor deposition (PVD) equipment market is projected to grow from 19.35 billion USD in 2020 to 25.93 billion USD by 2026, with a CAGR of approximately 8.9% [2][3]. - The company has achieved a revenue and net profit CAGR of 9.81% and 28.44% respectively from 2018 to 2023, with a significant increase in revenue and profit in the first three quarters of 2024 due to recovering downstream demand [1][24]. - The company has established strong relationships with major clients such as Apple and Foxconn, and has recently signed a 370 million CNY order for composite copper foil equipment [3][21]. Summary by Sections Company Overview - The company, established in August 2006 and listed on the ChiNext board in June 2024, specializes in vacuum coating equipment and related process services, serving various industries including consumer electronics, aerospace, and semiconductors [1][13]. Financial Performance - The company's revenue was 5.22 billion CNY in 2023, with a slight decline of 8.58% due to weak demand in the consumer electronics market. However, revenue in the first three quarters of 2024 reached 431 million CNY, a year-on-year increase of 10.99% [24][23]. - The net profit for 2023 was 81 million CNY, with a projected net profit of 89 million CNY for 2024, reflecting a growth trend [24][43]. IPO and Fundraising - The company raised approximately 305 million CNY through its IPO, with funds allocated for expanding production capacity and enhancing research and development capabilities [28][29]. Profit Forecast - The forecast for net profit from 2024 to 2026 is 89 million CNY, 124 million CNY, and 189 million CNY respectively, indicating a growth rate of 10.1%, 38.9%, and 52.7% [40][53]. Valuation and Investment Recommendations - The report suggests that the company is well-positioned to capitalize on the urgent demand for domestic high-end vacuum coating equipment, with a reasonable valuation range of 74.0 to 81.0 CNY per share based on projected earnings [4][53].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading domestic manufacturer of vacuum coating equipment, specializing in PVD vacuum coating technology, and has established deep partnerships with Apple and its supply chain [2][44] - The company has shown resilience in revenue recovery despite market fluctuations, with a diversified customer base and ongoing expansion into emerging industries [24][44] - The company is actively investing in R&D and production facilities to enhance its technological capabilities and product offerings [3][23] Summary by Sections Investment Logic - The company has over ten years of experience in the vacuum coating equipment sector, focusing on PVD technology, which includes vacuum evaporation, magnetron sputtering, and ion plating [2] - It has maintained stable annual revenue exceeding 100 million from the Apple supply chain, with a strong competitive position against multinational companies [2][44] - The company is diversifying its business into new industries, including automotive smart driving and renewable energy applications [2][44] IPO Situation - The company plans to go public in June 2024, issuing 25 million shares at a price of 12.20 RMB, raising approximately 241.73 million RMB for R&D and working capital [3][23] Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits of 75 million, 128 million, and 180 million RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.75, 1.28, and 1.80 RMB [4] - The report assigns a 2025 PE valuation of 65x, leading to a target price of 83.2 RMB per share [4] Company Overview - The company has shown a stable revenue trend, with 2022 revenue at 571 million RMB, a slight decline in 2023 to 522 million RMB, and a forecasted recovery in 2024 [7][24] - The company’s net profit has also shown growth, with a compound annual growth rate of 13.78% from 2021 to 2023 [17] - The company’s revenue from vacuum coating equipment accounted for 64.62% of total revenue in the first half of 2024, indicating strong performance in its core business [17][24] Market Position and Customer Base - The company has a concentrated customer base, with the top five clients accounting for 60.48% of sales in 2022, including major players like Foxconn and BYD [50][52] - The company is reducing its reliance on the Apple supply chain, with non-Apple revenue increasing to 85.69% in the first half of 2023 [56]

证券代码：301392 证券简称：汇成真空 公告编号：2024-034 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 广东汇成真空科技股份有限公司 关于重大诉讼事项的进展公告 1、案件所处的诉讼阶段：再审立案审查阶段。 2、上市公司所处的当事人地位：再审被申请人。 3、涉案的金额：本案申请人起诉金额、一审案件受理费、二审案件受理 费等共计 2641.96 万元。 4、对上市公司损益产生的影响：鉴于本案尚处于再审审查阶段，最终审 查结果存在不确定性，暂时无法判断该事项对公司本期利润或期后利润的影 响，最终实际影响以法院审理结果为准。 近日，广东汇成真空科技股份有限公司（以下简称"公司"）收到江西省 高级人民法院出具的（2024）赣民申 4077 号《应诉通知书》，现将相关诉讼 进展情况公告如下： 截至本公告披露日，公司及控股子公司不存在应披露而未披露的其他重大 诉讼、仲裁事项。公司及控股子公司暂无应披露而未披露的其他小额诉讼、 仲裁事项。 四、本次诉讼对公司本期利润或期后利润的可能影响 公司将依法向江西省高级人民法院提交相关材料，依法行使诉讼权 ...

证券代码：301392 证券简称：汇成真空 公告编号：2024-033 广东汇成真空科技股份有限公司 关于首次公开发行网下配售限售股上市流通的 提示性公告 本公司及董事会全体成员保证信息披露内容的真实、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、本次解除限售的股份为广东汇成真空科技股份有限公司（以下简称 "公司"或"汇成真空"）首次公开发行网下配售限售股； 2、本次解除限售股东户数共6,086户，解除限售股份数量为1,163,609 股，占公司总股本的1.16%，限售期为自公司股票首次公开发行并在深圳证 券交易所上市交易之日起6个月； 3、本次解除限售的股份的上市流通日期为2024年12月5日（星期四）； 4、本次解除股份限售的股东请勿在解限期间办理转托管、质押式回购等 会导致托管单元发生变更的业务，否则可能导致相应股东解除限售失败。 一、公司首次公开发行网下配售股份概况 三、申请解除股份限售股东履行承诺情况 根据公司《首次公开发行股票并在创业板上市之上市公告书》："网下发 行部分采用比例限售方式，网下投资者应当承诺其获配股票数量的10%（向上取 整计算）限售期限为自发行人首次公开发行 ...

东莞证券股份有限公司 关于广东汇成真空科技股份有限公司 二、本次上市流通的限售股形成后至今公司股本数量变化情况 自公司首次公开发行网下配售限售股形成至本公告披露之日，公司未发生因 股份增发、回购注销、派发股份股利或资本公积金转增股本等导致公司股本总额 变动的情形。 1 三、申请解除股份限售股东履行承诺情况 根据公司《首次公开发行股票并在创业板上市之上市公告书》："网下发行 部分采用比例限售方式，网下投资者应当承诺其获配股票数量的 10%（向上取整 计算）限售期限为自发行人首次公开发行并上市之日起 6 个月。即每个配售对象 获配的股票中，90%的股份无限售期，自本次发行股票在深交所上市交易之日起 即可流通；10%的股份限售期为 6 个月，限售期自本次发行股票在深交所上市交 易之日起开始计算。本次发行中网下比例限售6个月的股份数量为1,163,609股， 占网下发行总量的 10.01%，占本次公开发行股票总量的 4.65%。" 首次公开发行网下配售限售股上市流通的核查意见 东莞证券股份有限公司（以下简称"东莞证券"或"保荐机构"）作为广东 汇成真空科技股份有限公司（以下简称"汇成真空"或"公司"）首次公开发行 股 ...

证券代码：301392 证券简称：汇成真空 公告编号：2024-032 广东汇成真空科技股份有限公司 关于 2024 年前三季度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有虚假记载、误导性陈 述或重大遗漏。 一、本次计提资产减值准备的概述 （一）本次计提资产减值准备的原因 为真实反映广东汇成真空科技股份有限公司（以下简称"公司"或"本公司"） 的财务状况、资产价值及经营情况，根据《企业会计准则》及公司会计政策的相关规 定，基于谨慎性原则，公司对合并报表范围内截至2024年9月30日的应收票据、应收 账款、其他应收款、合同资产、存货、长期应收款、长期股权投资、固定资产、 在建工程、无形资产、商誉等资产进行了全面清查，对各类资产进行了充分的评估 和分析，认为上述资产中部分资产存在一定的减值迹象，经过确认或计量，计提了 信用及资产减值准备。 （二）本次计提资产减值准备的范围和金额 公司2024年前三季度对相关资产计提信用及资产减值准备共计1,002.22万元， 具体情况如下： | 减值项目 | 金额（万元） | | --- | --- | | 信用减值准备 | 861.46 ...

广东汇成真空科技股份有限公司 2024 年第三季度报告 1 | --- | --- | --- | --- | |------------|--------|------------------------------------------------------------------------------------------------|----------| | | | | | | 证券代码： | 301392 | 证券简称：汇成真空 公告编号： | 2024-031 | | | | | | | | | 广东汇成真空科技股份有限公司 | | | | | 年第三季度报告 | | | | | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 | | 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准 确、完整。 3.第三季度报告是否经过审计 ...

证券代码：301392 证券简称：汇成真空 公告编号：2024-030 广东汇成真空科技股份有限公司 2024 年半年度利润分配实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有虚假记载、误导性陈 述或重大遗漏。 广东汇成真空科技股份有限公司于 2024 年 9 月 9 日（星期一）在广东省东 莞市大岭山镇颜屋龙园路 2 号 C 栋 1 号会议室召开 2024 年第一次临时股东大会， 本次股东大会审议通过了《关于利润分配预案的议案》，现将利润分配事宜公告 如下： 一、股东大会审议通过的利润分配方案等情况 1.公司本次利润分配方案为：以现有总股本 100,000,000 股为基数，向全体 股东每 10 股派发现金红利人民币 2.5 元（含税），不送红股，不以资本公积金 转增股本。 2.公司本次利润分配方案以分配比例固定的方式分配。自利润分配方案披露 至实施期间，公司股本总额未发生变化。 3.本次实施的利润分配方案与公司股东大会审议通过的利润分配方案一致。 4.本次实施的利润分配方案距公司股东大会审议通过的时间未超过两个月。 二、本次利润分配方案 本次利润分配方案为：以公司现有总股本 100 ...