7月28日晚间，聚辰股份(688123)发布2025年上半年经营情况自愿性披露公告。报告期内，公司DDR5 SPD以及应用于汽车电子、工业控制领域的高可靠性EEPROM产品销量同比实现快速增长，带动上半年 营业收入、归属于上市公司股东的净利润等主要经营数据创出历史同期新高。 进入2025年以来，聚辰股份各下游应用市场需求分化明显，不同产品的市场销售情况存在较大差异。受 益于近年来持续完善在存储芯片市场的布局，公司DDR5 SPD以及应用于汽车电子、工业控制领域的高 可靠性EEPROM产品销量较上年同期快速增长，带动公司综合毛利率较上年同期增加5.55个百分点，成 为公司收入规模扩张和盈利能力提升的重要驱动力。报告期内，公司实现营业收入5.75亿元，归属于上 市公司股东的净利润为2.05亿元，归属于上市公司股东的扣除非经常性损益的净利润为1.77亿元，同比 分别增长11.69%、43.50%和22.47%，均创历史同期新高。 与此同时，公司不断丰富技术储备和产品种类，持续提升企业研发水平，上半年研发投入达1.03亿元， 同比增加0.21亿元，其中第二季度的研发费用为0.62亿元，环比增长超过50%，为历史最高水 ...

Group 1: Company Overview - Gu Ming (01364.HK) has a strong core competitiveness in delivering fresh fruits and milk to lower-tier cities with a two-day shelf life, benefiting from significant cost advantages [1][6] - The company has a leading quarterly repurchase rate supported by a robust supply chain and high-quality research and development [1][7] - The store count in the top eight key provinces accounts for nearly 80% under the regional densification strategy [1][7] Group 2: Industry Insights - The tea beverage industry is characterized by a long-term growth trajectory, with brands possessing comprehensive capabilities expected to dominate the market [6][7] - The head effect intensifies, leading to rapid expansion of second and third-tier brands, while local long-tail brands will follow suit [6] Group 3: Financial Projections - Gu Ming's projected revenues for 2025, 2026, and 2027 are 116 billion, 140 billion, and 169 billion respectively, with corresponding net profits of 21 billion, 26 billion, and 32 billion [8] - The company is expected to achieve a PE ratio of 26X, 21X, and 17X for the years 2025, 2026, and 2027, indicating strong growth potential [8] Group 4: Competitive Advantages - The company maximizes supply chain efficiency and offers products with a high quality-to-price ratio, which enhances customer loyalty and repurchase rates [7][8] - The regional densification strategy allows for a significant market share in key provinces, while the coffee segment is expected to increase per-store revenue [8] Group 5: Market Position - Ju Chen Co., Ltd. (688123.SH) is positioned as a global leader in EEPROM, with a strong foothold in the smartphone camera market and a growing presence in automotive-grade EEPROM products [11][12] - The company is expected to see revenue growth from its DDR5 SPD products, with projected revenues of 13.09 billion, 17.95 billion, and 24.03 billion for 2025, 2026, and 2027 respectively [11][12] Group 6: Industry Trends - The macroeconomic environment shows signs of stabilization, with CPI remaining flat and core CPI rebounding, indicating potential for price recovery in the second half of the year [15][17] - The electrical equipment sector, represented by Hua Ming Equipment (002270.SZ), is experiencing stable growth in core business and significant export growth, with projected net profits of 7.38 billion, 8.44 billion, and 9.43 billion for 2025, 2026, and 2027 [19][21]

Group 1 - The core viewpoint of the news is that Junchen Co., Ltd. has shown significant growth in its SPD business, particularly in DDR5 products, while facing a decline in DDR4 sales [1] - In the first half of 2025, the sales revenue from SPD business is expected to grow rapidly compared to the same period last year, with DDR5 product sales and revenue experiencing substantial increases [1] - The penetration rate of DDR5 memory modules in the server sector is projected to reach 40%-50% in 2024 and maintain around 95% by 2030 [1] Group 2 - The company's R&D expenses in the second quarter amounted to 62 million yuan, reflecting a more than 50% increase quarter-on-quarter, primarily for new product tape-out costs [1] - Junchen Co., Ltd. has become the global leader in open-loop voice coil motor driver chips, with some OIS chips already integrated into the mid-to-high-end smartphone market, representing a market space of approximately 2-3 billion yuan [1] - The automotive-grade EEPROM business has seen over 100% year-on-year growth in product sales and revenue, successfully integrating with several leading global automotive electronics Tier 1 suppliers, with some new energy vehicles using over 40 EEPROMs per vehicle, and the market size is estimated at around 400-600 million USD [1]

Group 1 - The core viewpoint of the news is that Qicheng Asset has conducted research on JuCheng Co., which shows promising growth in its SPD business, particularly in DDR5 products, while DDR4 products have declined [1] - JuCheng Co. expects a rapid increase in sales revenue for SPD business in the first half of 2025 compared to the same period last year, with DDR5 product sales and revenue significantly increasing [1] - The penetration rate of DDR5 memory modules in the server sector is projected to reach 40%-50% in 2024 and maintain around 95% by 2030 [1] Group 2 - In Q2, JuCheng Co. reported R&D expenses of 62 million yuan, a more than 50% increase quarter-on-quarter, primarily for new product development [1] - The company has become the global leader in open-loop voice coil motor driver chips, with a market space of approximately 2-3 billion yuan [1] - JuCheng Co.'s automotive-grade EEPROM business has seen over 100% year-on-year growth in sales volume and revenue, with a market size of about 400-600 million USD [1]

Group 1: Dongwei Technology - Dongwei Technology's VCP equipment has achieved over 50% market share since its successful development in 2009 and application in the iPhone 4 in 2010 [1] - The company anticipates increased demand for high-end PCB electroplating equipment driven by the Southeast Asia investment trend and big data storage [1] - Orders for vertical continuous electroplating equipment have seen over 100% year-on-year growth in the first half of this year [1] Group 2: Jucheng Co., Ltd. - Jucheng Co., Ltd. expects rapid growth in SPD business sales revenue in the first half of 2025, with significant increases in DDR5 SPD product sales and revenue [2] - The penetration rate of DDR5 memory modules in the server sector is projected to reach 40%-50% in 2024, maintaining a 95% share by 2030 [2] - The automotive-grade EEPROM business has seen over 100% year-on-year growth in product sales and revenue, with a market size of approximately $400-600 million [2]

Group 1 - The core viewpoint of the news is that 聚辰股份 is experiencing significant growth in its SPD business, particularly in DDR5 products, while facing a decline in DDR4 products [1] - In the first half of 2025, sales revenue from SPD business is expected to grow rapidly compared to the same period last year, with DDR5 product sales and revenue increasing significantly [1] - The penetration rate of DDR5 memory modules in the server sector is projected to reach 40%-50% in 2024 and maintain around 95% by 2030 [1] Group 2 - The company's R&D expenses in the second quarter amounted to 0.62 billion yuan, reflecting a more than 50% increase quarter-on-quarter, primarily for new product development [1] - 聚辰股份 has become the global leader in open-loop voice coil motor driver chips, with a market space of approximately 20-30 billion yuan for certain OIS chips introduced into the mid-to-high-end smartphone market [1] - The automotive-grade EEPROM business has seen over 100% year-on-year growth in product sales and revenue, successfully integrating with several leading global automotive electronics Tier 1 suppliers [1] - The market size for the automotive EEPROM business is estimated to be around 4-6 billion USD, with the company's sales revenue for 2024 expected to be less than 1 billion yuan [1]

Core Insights - Kunyi Investment recently conducted research on a listed company, focusing on its business performance and growth potential in the SPD and EEPROM sectors [1] Group 1: Company Performance - Jucheng Co., Ltd. experienced rapid growth in SPD business sales revenue in the first half of 2025 compared to the same period last year, with significant increases in DDR5 SPD product sales and revenue, while DDR4 SPD products saw a decline [1] - The penetration rate of DDR5 memory modules in the server sector is expected to reach 40%-50% in 2024 and maintain around 95% by 2030 [1] - The company's R&D expenses in the second quarter amounted to 62 million yuan, reflecting a more than 50% quarter-on-quarter increase, primarily for new product development costs [1] Group 2: Market Position and Opportunities - Jucheng Co., Ltd. has become the global leader in open-loop voice coil motor driver chips, with some OIS chips already integrated into the mid-to-high-end smartphone market, representing a market space of approximately 2-3 billion yuan [1] - The automotive-grade EEPROM business saw over 100% year-on-year growth in product sales and revenue, successfully integrating with several leading global automotive electronics Tier 1 suppliers, with some new energy vehicles using more than 40 EEPROMs per vehicle, indicating a market size of about 400-600 million USD [1] - The company's projected sales revenue for the automotive-grade EEPROM business in 2024 is expected to be less than 100 million yuan [1]

（文章来源：证券时报网） 据iFind统计，截至8月4日，沪深两市共有107只个股连续5日或5日以上获融资净买入。连续获融资净买 入天数最多的股票是城地香江、惠城环保，均已连续16个交易日获净买入；连续获融资净买入天数较多 的还有高测股份、聚和材料、聚辰股份、中国宝安、宏润建设、久日新材、新里程、济川药业、朗坤科 技等股，分别获14个、13个、12个、10个、9个、9个、9个、9个、9个交易日净买入。 ...

（文章来源：证券时报网） 据iFind统计，截至8月1日，沪深两市共有137只个股连续5日或5日以上获融资净买入。连续获融资净买 入天数最多的股票是道恩股份、城地香江、惠城环保，均已连续15个交易日获净买入；连续获融资净买 入天数较多的还有高测股份、聚和材料、建设银行、聚辰股份、汇隆新材、中国宝安、新泉股份、融发 核电、宏润建设、盐津铺子等股，分别获13个、12个、11个、11个、10个、9个、9个、8个、8个、8个 交易日净买入。 ...

Group 1 - The stock price of Jucheng Co., Ltd. closed at 74.33 yuan on July 31, down 1.68% from the previous trading day [1] - The opening price on the same day was 75.20 yuan, with a highest point of 77.22 yuan and a lowest point of 74.15 yuan, with a trading volume of 54,949 lots and a transaction amount of 415 million yuan [1] - Jucheng Co., Ltd. is a fabless chip design company based in Shanghai, focusing on the semiconductor field, including storage chips among various market segments [1] Group 2 - The company stated on an interactive platform that it has established long-term stable relationships with suppliers and has sufficient capacity reserves [1] - In the first half of the year, the company's R&D investment reached 103 million yuan, with the second quarter R&D expenses hitting a historical high of 62 million yuan [1] - The company is continuously upgrading technology and iterating products while optimizing process flows to reduce production costs [1] Group 3 - On July 31, the net outflow of main funds was 47.0968 million yuan, accounting for 0.4% of the circulating market value [1]