Investment Rating - The report rates the advanced packaging industry as "stronger than the market" [1] Core Viewpoints - The advanced packaging technology is positioned as a key path to overcome the limitations of Moore's Law, driven by the exponential growth in computing power required for AI and large model training [2][14] - The global advanced packaging market is projected to exceed $79 billion by 2030, highlighting its role as a core growth engine in the semiconductor industry [2][23] - The demand for advanced packaging is surging due to the increasing need for high-performance AI chips, with TSMC's CoWoS technology becoming a critical support process for high-performance AI chips [2][17] Summary by Sections Chapter 1: Growing Demand for Intelligent Computing - The demand for intelligent computing is rapidly increasing, with significant growth in enterprise-level markets [5][9] - China's intelligent computing scale is expected to reach 725.3 EFLOPS in 2024, a year-on-year increase of 74.1% [9][10] Chapter 2: Diverse Packaging Paths - Advanced packaging technologies are evolving rapidly, with a focus on 2.5D/3D packaging solutions that are gaining popularity [2][18] - The global advanced packaging market is expected to grow from $46.1 billion in 2024 to $79.1 billion by 2030, with a compound annual growth rate (CAGR) of 21.71% for 2.5D/3D packaging [23][24] Chapter 3: Investment Recommendations - The report suggests focusing on key players in the advanced packaging sector, such as Changdian Technology, Tongfu Microelectronics, and JCET [2][24]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Insights - The company has demonstrated significant revenue growth in Q3 2025, driven by the automotive and emerging application markets. The revenue for Q3 reached 399 million yuan, marking a year-on-year increase of 35.37% and a quarter-on-quarter increase of 5.93% [8]. - The gross margin for Q3 2025 improved to 52.23%, up 8.29 percentage points year-on-year, indicating enhanced profitability due to the increasing share of high-margin automotive business [8]. - The company is positioned as a leader in the CIS wafer-level packaging segment, benefiting from strong demand in automotive CIS and new application scenarios [8]. Financial Performance Summary - Total revenue is projected to grow from 1,130 million yuan in 2024 to 2,488 million yuan in 2027, with a compound annual growth rate (CAGR) of 22.7% [3]. - Net profit attributable to the parent company is expected to increase from 253 million yuan in 2024 to 692 million yuan in 2027, reflecting a CAGR of 28.9% [3]. - Earnings per share (EPS) are forecasted to rise from 0.39 yuan in 2024 to 1.06 yuan in 2027, indicating strong growth potential [3]. Market Position and Strategy - The company is actively expanding its global footprint, with initiatives in optical and power semiconductor sectors, including collaborations with international partners and the establishment of a production base in Malaysia [8]. - The automotive electronics segment is identified as the primary growth driver, supported by partnerships with leading clients such as SONY and OmniVision [8]. - The company is also investing in R&D, with expenditures amounting to 1.04 billion yuan in the first three quarters of 2025, representing 9.76% of total revenue, which strengthens its technological moat [8].

证券代码：603005 证券简称：晶方科技 公告编号：临2025-031 苏州晶方半导体科技股份有限公司 关于2025年第三季度业绩说明会召开情况的公告 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、准确性和完整性承担个别及连带责任。 苏州晶方半导体科技股份有限公司（以下简称"公司"）于2025年11月4日 上午11:00-12:00通过价值在线路演中心（网址：https://www.ir-online.cn/）以网络 文字互动的方式召开了2025年第三季度业绩说明会，针对公司2025年第三季度经 营成果、财务指标、发展战略等具体情况与投资者进行互动交流和沟通，在遵循 信息披露规则的前提下，就投资者普遍关注的问题进行了回答交流。现将有关事 项公告如下： 一、本次说明会召开情况 2025年10月28日，公司在《中国证券报》、《上海证券报》、《证券时报》 和上海证券交易所网站（www.sse.com.cn）披露了公司《关于召开2025年第三季 度业绩说明会的公告》（公告编号：临2025-030），并向广大投资者征集大家所 关心的问题。 公司于2025年11月 ...

Core Insights - The company, Jingfang Technology, is a pioneer in the application of WLCSP in the sensor field, particularly in CIS, and has a diverse range of technical and product service capabilities [1] Group 1: Business Performance - For Q3 2025, Jingfang Technology reported revenue of 1.066 billion yuan, ranking 8th in the industry, significantly lower than the top competitor Changdian Technology at 28.669 billion yuan and second-place Tongfu Microelectronics at 20.116 billion yuan [2] - The net profit for the same period was 271 million yuan, ranking 4th in the industry, below Tongfu Microelectronics' 994 million yuan and Changdian Technology's 951 million yuan, but above the industry average of 250 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 12.80%, an increase from 8.94% year-on-year, but still significantly lower than the industry average of 40.98%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 47.75%, up from 43.60% year-on-year, and higher than the industry average of 20.20%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 7.82% to 147,700, while the average number of circulating A-shares held per shareholder decreased by 7.26% to 4,416.77 [5] - Notable changes among the top ten circulating shareholders included a decrease in holdings by Dongwu Mobile Internet Mixed A and an increase by Hong Kong Central Clearing Limited [5] Group 4: Strategic Developments - The company is focusing on advanced packaging technology and expanding its capabilities in the automotive CIS sector, enhancing its competitive edge in emerging application markets [6] - Jingfang Technology is also involved in significant acquisitions, such as Anteryon in the Netherlands and VisIC in Israel, to broaden its technological scope and industry collaboration [6]

Summary of the Conference Call for Jingfang Technology Company Overview - **Company**: Jingfang Technology - **Industry**: Semiconductor and Optical Devices Key Points Business Growth and Financial Performance - Jingfang Technology benefited from the trend towards smart technology, with increased demand for sensors and cameras driving business growth [2][3] - In Q3 2025, revenue reached 1.065 billion yuan, a year-on-year increase of approximately 30%, while profit was 1.273 billion yuan, up nearly 50% [3] - Gross margin in Q3 2025 reached 52%, the second highest in nearly a decade, attributed to improved capacity utilization and product structure optimization [2][11] Optical Devices and Product Segments - Optical device business accounts for about 30% of total revenue, with hybrid lenses achieving profitability and wafer-level micro-array lenses expanding into automotive smart projection [2][6] - The company is focusing on increasing production capacity to meet customer demand in the optical segment [6] CS Packaging Business - The structure of the CS packaging business has changed significantly, with automotive-grade CS packaging accounting for nearly 70% of the business [2][8] - The company’s automotive CS packaging capacity is expected to double in 2025, reflecting strong demand and contributing to a nearly 50% year-on-year profit increase in the first three quarters [2][9] TSV Technology and Market Position - Jingfang Technology is one of the few companies globally capable of automotive CAS packaging using 12-inch wafers, with significant advantages in TSV technology over traditional IDG processes [2][14][15] - The company is experiencing rapid market share growth in the automotive camera packaging sector due to the advantages of TSV technology [15] Strategic Acquisitions and New Markets - The acquisition of VISIC has allowed Jingfang Technology to enter the silicon-based gallium nitride power module design field, with products covering voltage ranges from 200V to 1,200V [2][7] - The company is actively expanding into new markets such as data centers and has plans for further acquisitions and potential listings, including in Amsterdam [4][22] Future Outlook and Industry Trends - The demand for sensors and cameras in automotive smart technology, consumer electronics, and security monitoring is expected to continue driving business growth [3] - The company anticipates that the ongoing trend towards smart technology will stabilize or further enhance gross margins in the future [12] Capacity Expansion and Global Competitiveness - Jingfang Technology is advancing its capacity planning in Malaysia, with expectations to achieve small-scale production by Q4 2026, potentially doubling its production capacity [4][17][18] - The integration of the acquired Henan company has shown significant results, with plans for further expansion and development [19][20] Financial Considerations - Financial gains from currency fluctuations and interest rate declines have positively impacted profits, although overall financial gains have decreased compared to the previous year [10] - The company’s gross margin has fluctuated historically, with a peak of 56% and a low of below 40%, indicating potential for future improvements [11][12] Customer Dynamics and Market Trends - The customer structure for automotive clients has evolved, with a shift in demand patterns, particularly from BYD [13] - The company remains committed to the smart technology direction despite short-term market fluctuations, with expectations for rapid market penetration overseas by 2027 [13] Collaboration and Supply Chain Security - There are no supply chain security concerns regarding the collaboration with the Henan semiconductor equipment company, which has a long-standing relationship with Jingfang Technology [22] This summary encapsulates the key insights and developments discussed during the conference call, highlighting Jingfang Technology's strategic positioning and growth prospects within the semiconductor and optical device industry.

Core Viewpoint - Jingfang Technology's stock has shown a positive trend with a year-to-date increase of 9.78% and a recent rise of 2.01% in a single trading day, indicating strong market interest and performance in the semiconductor packaging and testing sector [1][2]. Financial Performance - For the period from January to September 2025, Jingfang Technology achieved a revenue of 1.066 billion yuan, representing a year-on-year growth of 28.48%. The net profit attributable to shareholders was 274 million yuan, marking a significant increase of 48.40% compared to the previous year [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 496 million yuan in dividends, with 130 million yuan distributed over the last three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 147,700, up by 7.82% from the previous period. The average number of circulating shares per shareholder decreased by 7.26% to 4,416 shares [2]. - The top ten circulating shareholders include notable entities such as Dongwu Mobile Internet Mixed A and Hong Kong Central Clearing Limited, with changes in their holdings indicating active trading and potential shifts in investor sentiment [3].

Core Insights - The company reported a revenue of 1.066 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 28.48% [1] - The net profit attributable to shareholders reached 274 million yuan, showing a year-on-year increase of 48.4% [1] - The net profit excluding non-recurring items was 246 million yuan, reflecting a year-on-year growth of 57.68% [1] - The basic earnings per share stood at 0.42 yuan [1]

Core Viewpoint - Jingfang Technology (603005.SH) reported significant growth in its Q3 2025 financial results, indicating strong operational performance and profitability [1] Financial Performance - The company's operating revenue reached 399 million yuan, representing a year-on-year increase of 35.37% [1] - Net profit attributable to shareholders was 109 million yuan, reflecting a year-on-year growth of 46.37% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 94.85 million yuan, showing a year-on-year increase of 44.47% [1]

Group 1 - The core viewpoint of the article highlights the strong financial performance of Jingfang Technology in Q3 2025, with significant year-on-year growth in revenue and net profit [1] - The company's revenue for the first three quarters of 2025 reached approximately 1.066 billion yuan, representing a year-on-year increase of 28.48% [1] - The net profit attributable to shareholders was around 274 million yuan, showing a year-on-year increase of 48.4% [1] - Basic earnings per share increased to 0.42 yuan, reflecting a year-on-year growth of 50% [1] - As of the report date, Jingfang Technology's market capitalization stood at 19.8 billion yuan [1]

证券代码：603005 证券简称：晶方科技 公告编号：临2025-030 苏州晶方半导体科技股份有限公司 关于召开2025年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 04 日（星期二）11:00-12:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 三、参加人员 董事长兼总经理：王蔚 一、说明会类型 苏州晶方半导体科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日在上海证券交易所网站（www.sse.com.cn）披露了《苏州晶方半导体科 技股份有限公司 2025 年第三季度报告》。为便于广大投资者更加全面深入地了 会议召开时间：2025 年 11 月 04 日（星期二）11:00-12:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 04 日 前 访 问 ...