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  出品:新浪财经上市公司研究院

  作者:光心

  2025年4月3日,中科飞测发布2024年年度报告,报告期内营业收入同比高增54.94%至13.80亿元,归母净利润却同比下降108.21%,录得1152.51万元的亏损。中科飞测于2023年5月上市,上市第二年便陷入亏损。

  公司表示,归母净利润亏损主要是:(1)公司为打破国外对高端半导体质量控制设备的垄断,加大研发投入,报告期内研发投入共4.98亿元,同比增长118.17%;(2)为进一步促进公司核心人才队伍的建设和稳定,公司制定并实施了《2024年限制性股票激励计划》,报告期内股份支付费用增加。

  在提升研发人员薪酬、实行股权激励以提升研发能力的同时,公司毛利端却因产品结构与会计准则调整等原因导致毛利率下降,公司采购端也显现出依赖日韩企业的迹象。此外,2024年公司大幅扩张产能,资产负债率与存货减值风险大幅提升。

  总体来看,2024年中科飞测的亏损在于以当下短期投入换取未来长期回报,在进口替代再加速的当下,其未来能否迎来业绩修复,还有待时间检验。

  研发投入翻倍增长涨薪加股权激励提升员工回报

  中科飞测作为国内领先的高端半导体质量控制设备公司,为加快满足下游客户对高端半导体质量控制设备日益增长的需求,公司进一步加大新产品及现有产品向更前沿工艺的迭代升级等方面的研发投入。

  2024年,公司研发费用同比高增118.17%至4.98亿元,远高于54.94%的营收增速。同期,公司研发费用率为36.07%,同比增长10.45个百分点。

  拆细来看,中科飞测研发费用中占比最高的便是职工薪酬,2024年公司研发费用中的职工薪酬高达2.43亿元,占研发费用的比例接近50%。2024年职工薪酬同比高增75.71%,成为研发费用高增的重要原因。

  从公司披露的数据来看,2024年中科飞测研发人员的数量与平均薪酬均发生了较大幅度的提升。2024年,公司研发人员数量为478人,较去年同期增加100人,同比高增26.46%。同时,公司研发人员平均薪酬达到62.97万元,较去年增长13.38万元,同比增长26.98%。

  此外,2024年公司建立、健全公司长效激励约束机制,吸引和留住优秀人才,还实施了限制性股权激励计划。该计划共有激励对象113名,占公司员工总人数的12.91%,包括公司董事、高级管理人员、核心技术人员及技术(业务)骨干人员(不包括独立董事、监事)。

  本次激励计划拟授予股票800万股,其中包括董事长兼总经理陈鲁在内的6名董事、高管及核心技术人员授予245万股,其他107名技术(业务)骨干人员授予480万股,预留75万股。授予标的股票价格为30.69元/股。

  2024年由于限制性股票激励计划而确认的股份支付费用为8054.92万元,这进一步吞噬了公司利润。

  销售端经历结构调整与毛利率下降采购端自主可控程度仍有提升空间

  公司主要产品包括检测设备、量测设备和其他业务及服务,其中,检测设备毛利率水平较高,近年均在50%以上,而测量设备盈利能力则相对较低,近年约在40%水平。

  早些年,中科飞测量测设备的营收占比持续压降,达到2022年的23.08%最低点。而近年,测量设备的营收贡献不断提升,2023年提升1.79个百分点至24.87%,2024年提升1.27个百分点至26.14%。

  与此同时,毛利率更高的检测设备也出现盈利能力下降。据早先投资者交流活动中的问答,公司根据财政部最新的会计准则进行了会计政策变更,将部分质保费用从销售费用调整至成本中,导致毛利率有所降低。在此背景下,2024年公司检测设备业务毛利率下降4.65个百分点,落至52.52%。

  受产品结构调整和主要产品盈利承压的影响,2024年公司综合毛利率显著下降,由前一年的52.62%下降至48.90%,下降了3.72个百分点。

  而从分地区的营收结构来看,2024年公司境内业务收入同比高增55.68%,毛利率提升1个百分点,而境外业务收入同比下降61.60%,毛利率下降14.58个百分点。由此来看,以上所述的销售端产品结构与盈利能力的变动或也与境内外销售结构的调整有关。

  在当下变幻莫测的国际贸易背景下,实现自主可控是半导体企业必须面对的重要课题,中科飞测在销售端已做出积极调整,而在采购端或许还有优化的空间。

  据年报披露,中科飞测2024年对前五名供应商的采购额为4.83亿元,占年度采购总额的36.73%,由此计算,其2024年年度采购总额约13.15亿元,而同年总营收也仅有13.80亿元。

  据招股说明书披露,公司采购主要为原材料,包括运动与控制系统类、光学类、电气类、机械加工件、机械标准件及其他部件。2020年到2022年,中科飞测第一大供应商一直为乐孜公司,其是一家日本企业,三年里对其采购金额占采购总额的比例分别为16.22%、14.55%、12.26%,已在逐年下降,但占比仍超10%。

  此外,前五大供应商中还出现日本企业滨松光子学和韩国企业Soonhan的身影。

  激进扩张产能押注未来负债率与存货减值压力同步提升

  2024年,中科飞测进行了比较激进的产能扩张,当年检测设备和量测设备生产量分别为245台和139台,较上年同比增长96.00%和93.06%。

  与此同时,公司固定资产同比增长54.48%至2.08亿元,在建工程同比增长835.18%至2.96亿元,存货同比增长57.08%至17.47亿元。公司表示,如果未来半导体行业政策发生重大不利变化,则会出现新增产能难以消化、新增折旧摊销影响公司盈利能力的风险。此外,存货的激增无疑也加大了跌价减值风险。

  与此同时,资产端的扩张也随之加大了负债端的压力。2024年,中科飞测总负债达到17.70亿元,较上年同期增长74.06%。其资产负债率达到42.07%,较去年同期增长12.40个百分点。

  在这个风险与机遇并存的时代,中科飞测显然选择了扩张投入、豪赌未来的激进之路。虽公司当下采购端仍对日韩企业存在一定依赖,且产能兑现期的研发与建设投入掏空了当下业绩,但随着半导体行业环境再次迎来变化、国产替代进程再次加速,中科飞测或许最终能以短期换长期,在未来走出新一轮成长之路。

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