Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index (950125) decreased by 3.27% as of January 26, 2026, with major component stocks like Tianyue Advanced leading the decline at 9.12% [1] - The China Securities Semiconductor Materials and Equipment Theme Index (931743) fell by 3.66%, with Zhichun Technology dropping 9.99% [1] - The liquidity of the Sci-Tech Semiconductor ETF (588170) was active, with a turnover rate of 13.63% and a transaction volume of 1.093 billion yuan [1] Group 2 - Shen Gong Co., Ltd. (688233.SH) announced an expected net profit for 2025 of 90 million to 110 million yuan, representing a year-on-year growth of 118.71% to 167.31% [2] - The global semiconductor market is recovering, driven by AI demand, leading to increased capital expenditure and steady growth in the company's large-diameter silicon materials business [2] - The domestic market in China is accelerating the pace of domestic substitution, with increased demand for key consumables from local storage chip manufacturers [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index, focusing on semiconductor equipment (60%) and materials (25%) [3] - The semiconductor equipment and materials industry is a significant area for domestic substitution, benefiting from low domestic substitution rates and high potential for growth [3] - The Huaxia Semiconductor Equipment ETF (562590) also focuses on semiconductor equipment (63%) and materials (24%), emphasizing the upstream semiconductor sector [3]

Core Viewpoint - The company, ShenGong Co., Ltd. (688233.SH), has announced the termination of its fundraising project for the "Silicon Material Expansion Project for Integrated Circuit Etching Equipment" due to significant changes in the global and Chinese market environment [1] Group 1: Project Termination - The company plans to permanently supplement its working capital with the remaining raised funds amounting to 131.947 million yuan (including interest income and cash management returns) [1] - The original planned investment for the project was 209.0566 million yuan, with a cumulative investment of 82.3133 million yuan as of January 23, 2026, representing a progress rate of 39.37% [1] - Following the termination, the corresponding fundraising account will be canceled, and the remaining funds will be redirected to support the company's daily operations related to its main business [1] Group 2: Market Conditions - The decision to terminate the project is primarily based on significant changes in the global semiconductor market demand structure [1] - While the high-end market driven by artificial intelligence is experiencing robust growth, the mature process-related market remains sluggish, leading to slower-than-expected recovery in overall demand for silicon materials used in etching equipment [1] - The company's capacity utilization rate is insufficient due to these market conditions [1]

Core Insights - The semiconductor industry is experiencing significant growth driven by the demand for artificial intelligence, with many companies projecting strong earnings for 2025 [1][2][3][4]. Industry Performance - The semiconductor market is recovering globally, with companies like ShenGong Co. expecting a net profit of 90 million to 110 million yuan for 2025, representing a year-on-year increase of 118.71% to 167.31% [2]. - Shannon Chip expects a net profit of 480 million to 620 million yuan for 2025, with a growth rate of 81.77% to 134.78%, driven by increased demand for enterprise-level storage products due to the rise of generative AI [3]. - Zhongwei Company anticipates a revenue of approximately 12.385 billion yuan for 2025, a year-on-year increase of about 36.62%, and a net profit of 2.08 billion to 2.18 billion yuan, reflecting a growth of 28.74% to 34.93% [4]. R&D Driven Growth - Companies are increasing R&D investments to support growth, with Allwinner Technology projecting a net profit of 251 million to 295 million yuan for 2025, a growth of 50.53% to 76.92% [5]. - Juchip Technology expects a revenue of 922 million yuan for 2025, a year-on-year increase of 41.44%, and a net profit of 204 million yuan, up 91.40% [6]. Institutional Focus on Sustainability - Institutions are closely monitoring semiconductor companies for their AI-related orders and earnings sustainability, with companies like Chip Origin reporting a record new orders of 2.494 billion yuan in Q4 2025, with over 84% related to AI computing [7]. - Companies are also providing products for AI servers and humanoid robots, indicating a broadening application of semiconductor technologies in various sectors [7]. Industrial AI Development - The domestic industrial AI sector is expected to accelerate, with advancements in AI applications across design, manufacturing, and management processes, as reported by Shanxi Securities [8].

Group 1: Stock Suspension and Resumption - Fenglong Co., Ltd. has suspended trading for stock price fluctuation investigation [1] - Jiamei Packaging has also suspended trading for stock price fluctuation investigation [1] - Hunan Gold expects a net profit of 1.27 billion to 1.61 billion yuan in 2025, representing a year-on-year increase of 50% to 90%, driven by rising sales prices of gold, antimony, and tungsten products. The company plans to acquire 100% equity of Golden Tianyue and Zhongnan Smelting, and will resume trading [1] - Longyun Co., Ltd. is planning to acquire 58% equity of Yuheng Film and has suspended trading [1] Group 2: Share Buybacks - Jinkai New Energy plans to repurchase company shares worth 500 million to 600 million yuan [2] - Zhongchong Co., Ltd. intends to repurchase company shares worth 100 million to 200 million yuan [2] Group 3: Mergers and Acquisitions - Yongjie New Materials plans to acquire 100% equity of Aokening Qinhuangdao and 95% equity of Aokening Kunshan, focusing on the production and sales of aluminum plates and strips [3] - Jingsheng Co., Ltd. intends to purchase 100% equity of Weizhun Intelligent for 857 million yuan [4] - Weixing New Materials plans to acquire 88.2557% equity of Songtian Cheng for 111 million yuan, specializing in the R&D, manufacturing, and sales of polyethylene valves for municipal pipelines [4] Group 4: External Investments and Daily Operations - China Tianying plans to achieve a production capacity of 200,000 tons of EU-standard methanol by 2026 [5] - Delijia intends to invest 5 billion yuan in a research and manufacturing project for wind turbine gearboxes over 10 megawatts [6] - Trina Solar will allocate the remaining 1.7 billion yuan of raised funds for a new project focused on distributed smart photovoltaic power station construction [7] - Jingzhida has signed a sales contract for semiconductor testing equipment worth 1.311 billion yuan [8] - Lens Technology has achieved bulk supply in the commercial aerospace sector and has developed ultra-thin photovoltaic glass modules for extreme space environments [9] - BAIC Blue Valley's subsidiary plans to invest 1.991 billion yuan in the construction of a high-end platform model industrialization and digital upgrade project for the Xiangjie Super Factory [9] Group 5: Performance Changes - XianDao Intelligent expects a net profit of 1.5 billion to 1.8 billion yuan in 2025, a year-on-year increase of 424.29% to 529.15%, driven by increased operating rates and order volumes from leading domestic battery companies [10] - Zhongwei Company anticipates a net profit of 2.08 billion to 2.18 billion yuan in 2025, a year-on-year increase of approximately 28.74% to 34.93% [11] - Xiangnong Chip expects a net profit of 480 million to 620 million yuan in 2025, representing a year-on-year increase of 81.77% to 134.78% [11] - China Merchants Bank anticipates a net profit of 150.181 billion yuan in 2025, a year-on-year increase of 1.21% [12] - Juchip Technology expects a net profit of 204 million yuan, a year-on-year increase of 91.40% [12] - Lianchuang Optoelectronics expects a net profit of 435 million to 532 million yuan in 2025, a year-on-year increase of 80.36% to 120.57% [12] - Zhaojin Gold expects a net profit of 122 million to 182 million yuan in 2025, turning from loss to profit [12] - Zhongwei Semiconductor anticipates a net profit of approximately 284 million yuan in 2025, a year-on-year increase of about 107.55% [12] - Guocheng Mining expects a net profit of 1 billion to 1.12 billion yuan in 2025, compared to a profit of 453 million yuan in the previous year [12] - Shengkong Co., Ltd. expects a net profit of 90 million to 110 million yuan in 2025, a year-on-year increase of 118.71% to 167.31% [13] - Daoshi Technology anticipates a net profit of 480 million to 580 million yuan in 2025, a year-on-year increase of 206.01% to 269.76% [13]

2026 年 01 月 25 日 神工股份 (688233) 硅零部件连续 3 年高增，刻蚀硅材料景气回归 报告原因:有业绩公布需要点评 型入(维持) | 市场数据: 2026 年 01 月 23 日 | | --- | | 收盘价（元） 88.60 | | 一年内最高/最低（元） 92.23/18.36 | | 市净率 8.1 | | 股息率%（分红/股价） 0.08 | | 流通 A 股市值 (百万元) 15,089 | | ┣证指数/深证成指 | | 注："股息率"以最近一年已公布分红计算 | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产 (元) | 10.90 | | 资产负债率% | 7.21 | | 总股本/流通 A 股 (百万) | 170/170 | | 流通 B 股/H 股 (百万) | -/- | -年内股价与大盛对比走势： 神工股份 沪深300指数 相关研究 《神工股份（688233） 点评： 硅材料毛利 率修复至 64%, 硅零件营收高增 2 倍》 2025/03/28 《神工股份（688233）点评：刻蚀材料周 期见底,硅零件收入同比+1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has experienced a significant increase in revenue from silicon components over the past three years, with a notable recovery in the etching silicon materials market [1] - The company is expected to benefit from a resurgence in global storage semiconductor demand and accelerated domestic substitution in the second half of 2025 [8] - The company has adjusted its revenue and net profit forecasts for 2025, 2026, and 2027, reflecting a positive outlook due to increasing demand [8] Financial Data and Profit Forecast - Total revenue projections are as follows: - 2024: 303 million - 2025: 441 million - 2026: 764 million - 2027: 1,028 million - Year-on-year growth rates for total revenue are projected at: - 2024: 124.2% - 2025: 45.8% - 2026: 73.2% - 2027: 34.5% [7] - Net profit forecasts are as follows: - 2024: 41 million - 2025: 105 million - 2026: 222 million - 2027: 319 million - Year-on-year growth rates for net profit are projected at: - 2025: 155.4% - 2026: 110.8% - 2027: 44.0% [7] - The company’s gross margin is expected to improve, reaching 47.3% in 2026 [8]

Core Viewpoint - Multiple A-share companies are expected to see significant profit growth in 2025, driven by advancements in technology and market demand for their products [3]. Group 1: Shannon Chip Creation - Shannon Chip Creation (300475) anticipates a net profit of 480 million to 620 million yuan for 2025, representing a year-on-year increase of 81.77% to 134.78% [7]. - The company expects its enterprise-level storage product sales to grow significantly, with an overall revenue increase of over 40% in 2025, driven by rising product prices and demand from data centers [7]. - The brand "Haipu Storage" is projected to achieve sales revenue of 1.7 billion yuan in 2025, with 1.3 billion yuan expected in the fourth quarter alone [7]. Group 2: Shengen Co., Ltd. - Shengen Co., Ltd. (688233) forecasts a net profit of 90 million to 110 million yuan for 2025, marking a year-on-year growth of 118.71% to 167.31% [10]. - The company expects its annual revenue to reach 430 million to 450 million yuan, reflecting a growth of 42.04% to 48.65% compared to the previous year [10]. - The growth is attributed to a recovering global semiconductor market and increased demand for high-end logic and storage chips, particularly driven by artificial intelligence [12]. Group 3: Haozhi Electromechanical - Haozhi Electromechanical (300503) projects a net profit of 128 million to 165 million yuan for 2025, indicating a year-on-year increase of 54.4% to 99.03% [16]. - The growth is fueled by rising demand in the PCB market due to advancements in AI infrastructure and consumer electronics, alongside domestic substitution and technological innovation [18]. - The company anticipates a significant impact from non-recurring gains on its net profit, estimated between 33.5 million and 50 million yuan [20].

Group 1: Semiconductor Industry Price Increase - The semiconductor industry is experiencing a widespread price increase across the entire supply chain, affecting key areas such as LED chips, packaging, and terminal applications [2][3] - This price adjustment is driven by rising raw material costs, long-term low-price competition, and regulatory policies, indicating a structural transformation rather than a short-term market fluctuation [2][3] - The price increase reflects a shift from "price competition" to a "value competition" model focused on technology, quality, and service, suggesting a systemic reshaping of the Chinese LED industry [3] Group 2: Performance of Semiconductor Companies - A-share semiconductor companies are reporting significant annual performance increases, with companies like Zhaoyi Innovation expecting a revenue of approximately 9.203 billion yuan, a 25% increase year-on-year [5] - Huafeng Measurement Control anticipates a revenue increase of 370 million to 508 million yuan, representing a year-on-year growth of 41% to 56% [5] - Zhongwei Company forecasts a revenue of about 12.385 billion yuan, a year-on-year increase of approximately 36.62% [5] Group 3: Mergers and Acquisitions in the Semiconductor Sector - Jing Sheng Co. announced plans to acquire 100% of Ningbo Weizhun Intelligent Technology Co., with a transaction value of 857 million yuan, marking a significant move in the semiconductor equipment sector [8] - Nasda's subsidiary, Jihai China, plans to acquire a 50.56% stake in Hong Kong-listed Meijiayin Holdings for a total consideration of 168 million HKD, indicating a strategic expansion into the Hong Kong capital market [9] - These acquisitions are expected to enhance the companies' technological capabilities and market presence, facilitating deeper capital and industrial synergies [8][9]

Group 1 - The company will hold its first extraordinary general meeting of shareholders in 2026 on February 10, 2026 [2][5] - The meeting will utilize the Shanghai Stock Exchange's online voting system, allowing shareholders to vote both on-site and online [3][4] - Shareholders must register to attend the meeting, with specific procedures outlined for both individual and corporate shareholders [11][14] Group 2 - The company forecasts its 2025 annual revenue to be between 430 million and 450 million yuan, representing a year-on-year increase of 42.04% to 48.65% [19][22] - The projected net profit for 2025 is expected to be between 110 million and 130 million yuan, reflecting a significant year-on-year growth of 135.30% to 178.09% [20][22] - The anticipated net profit attributable to the parent company is estimated to be between 90 million and 110 million yuan, indicating a year-on-year increase of 118.71% to 167.31% [20][22] Group 3 - The company plans to terminate the "Silicon Material Expansion Project for Integrated Circuit Etching Equipment" and will permanently supplement its working capital with the remaining raised funds of approximately 131.95 million yuan [39][44] - The decision to terminate the project is based on changes in the global market environment and the rapid development of domestic semiconductor manufacturers [44][46] - The company has effectively managed its project costs, resulting in surplus funds that will be redirected to support ongoing operations [47][48]

Key Points - SpaceX's procurement orders for calibration testing products from 康斯特 from 2016 to 2024 are relatively small [1] - 法尔胜 does not engage in businesses related to "controlled nuclear fusion," "superconductors," or "commercial aerospace" [1] - 龙旗科技 plans to invest 1.5 billion yuan to build an AI + smart terminal digital benchmark factory project in Nanchang High-tech Zone [1] - 蜀道装备 has won a contract worth 6,486,000 USD for the Rumuji natural gas liquefaction facility project in Nigeria [1] - TCL科技's subsidiary intends to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan [1] - 一品红 plans to repurchase shares worth between 100 million to 200 million yuan [2] - 实丰文化's shareholders plan to reduce their holdings by no more than 3% [2] - 随升科技 intends to raise no more than 470 million yuan through a private placement [1][2] - 太力科技 has signed a strategic cooperation framework agreement with Jinan University [1][2]