Investment Rating - The report maintains an investment rating of "Outperform the Market" for the semiconductor industry [4]. Core Insights - The semiconductor packaging sector has shown significant improvement in gross margins, with leading companies like Huada and Liyang experiencing notable growth [12][13]. - AI continues to be the primary driving force behind industry growth, with major OSAT players focusing on advanced packaging solutions [6][18]. - The report highlights the strong performance of key companies such as Tongfu Microelectronics and ASE Technology, driven by robust demand in AI and automotive electronics [50][47]. Summary by Sections 1. Overview - The gross margin of the semiconductor packaging sector has significantly increased, surpassing levels seen in 2024. In Q2 2025, the gross margin reached 21.44%, up 4.52 percentage points from the previous quarter [12][13]. 2. OSAT - **ASE Technology**: In Q2 2025, ASE's revenue reached 132.13 billion RMB, with a year-on-year growth of 6.68% and a quarter-on-quarter increase of 9.55%. The advanced packaging and testing business has shown strong growth, accounting for over 10% of total revenue [18][19]. - **Anke Technology**: Reported revenue of 107.79 billion RMB in Q2 2025, with a quarter-on-quarter growth of 14.3% and a year-on-year increase of 3.42%. The company is expanding its testing capabilities and focusing on advanced packaging solutions [31][39]. - **Powertech Technology**: Achieved a revenue of 42.26 billion RMB in Q2 2025, with a quarter-on-quarter growth of 16.56%. The company is set to restart significant capital expenditures to expand its production capacity [40][44]. 3. Testing - **King Yuan Electronics**: Capital expenditures surged to 26.62 billion RMB in Q2 2025, reflecting a 149.64% quarter-on-quarter increase and a 474.34% year-on-year increase. All application segments reported growth [2][29]. - **Weichai Technology**: Continued to enhance its high-end testing capacity, with strong revenue and profit growth in H1 2025, driven by AI and automotive electronics [5][35]. 4. Equipment - AI remains the main driver for industry development, with significant growth in TCB, hybrid bonding, and SoC testing machines. ASMPT reported a 50% year-on-year increase in TCB equipment orders in H1 2025 [5][4]. 5. Market Trends - The smartphone market is experiencing regional differentiation, with strong growth in specific areas such as the Middle East and Africa. The PC market saw an 8.4% year-on-year increase in shipments in Q2 2025 [6][11]. 6. Investment Recommendations - The report suggests focusing on companies involved in packaging, testing, and equipment, including ASE Technology, Tongfu Microelectronics, and ASMPT, as they are expected to benefit from the ongoing advancements in AI and semiconductor technology [6][50].

Group 1: Macro Strategy and Market Overview - The report highlights a gradual convergence of overseas central bank policies, impacting asset allocation strategies [3][28] - In the A-share market, major indices saw significant gains in early September, with the CSI 100 and CSI 500 indices rising by 4.45% and 6.33% respectively [3][28] - The central bank's net cash injection was 196.1 billion yuan, maintaining a loose liquidity environment with DR007 staying below 1.48% [3][28] Group 2: Agricultural Bank of China - The Agricultural Bank of China is expected to benefit from the release of potential in county economies, with greater credit growth opportunities compared to peers [4] - The bank has the lowest non-performing loan ratio among its peers, with a strong ability to manage risks related to real estate exposure [4] - Future profit growth is projected at 1.98%, 3.94%, and 4.63% for 2025-2027, with corresponding BPS values of 7.69, 8.12, and 8.53 yuan [4] Group 3: Unmanned Forklifts Industry - The unmanned forklift market is experiencing rapid growth, with shipments increasing from 2,700 units in 2019 to an estimated 19,500 units in 2023, representing a penetration rate of 1.66% [6] - The market size for unmanned forklifts in China is projected to reach 2.385 billion USD in 2023, accounting for 45% of the global market [6] - Major players in the industry include Linde, Hangcha, and Geek+, with significant advancements in technology and market share [6][10] Group 4: Communication Sector - Runxin Technology - Runxin Technology reported a revenue of 1.358 billion yuan in H1 2025, marking a 16.42% year-on-year increase, with net profit rising by 18.23% [13][34] - The company is focusing on AIoT and automotive electronics, diversifying its revenue sources and enhancing long-term growth potential [34] - The firm has established strong partnerships with leading semiconductor suppliers, which bolsters its competitive edge in the market [34] Group 5: Semiconductor Testing Industry - Weicet Technology - Weicet Technology achieved a revenue of 634 million yuan in H1 2025, reflecting a 47.53% increase, with net profit soaring by 831.03% [36][39] - The company is expanding its testing capacity for high-end and reliable chips, with significant investments in new facilities [37] - The semiconductor market is expected to maintain optimistic growth, driven by advancements in AI and automotive electronics [39] Group 6: Pharmaceutical Sector - China Resources Pharmaceutical - China Resources Pharmaceutical reported a revenue of 131.867 billion yuan in H1 2025, a 2.5% increase, while net profit decreased by 20.3% due to impairment losses [21] - The company is focusing on external growth through acquisitions and innovation in its pharmaceutical business [21] - The firm has successfully launched 21 new products in H1 2025, with a robust pipeline of 476 projects under development [21]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported strong revenue growth of 47.53% year-on-year, reaching 634 million yuan, and a remarkable net profit increase of 831.03%, amounting to 101 million yuan in the first half of 2025 [1] - The company's business structure optimization and improved profitability quality are attributed to increased demand for advanced packaging testing driven by the rise in smart driving penetration, rapid growth in data centers and AI computing power, and accelerated domestic substitution [1][3] - The semiconductor industry is expected to maintain optimistic growth, with significant demand for chip testing in mainland China, providing a broad development space for independent third-party testing [3] Financial Performance - Revenue projections for 2025-2027 have been revised upwards, with expected revenues of 1.52 billion yuan, 1.96 billion yuan, and 2.45 billion yuan respectively, compared to previous estimates of 1.37 billion yuan, 1.74 billion yuan, and 2.31 billion yuan [4] - The forecast for net profit attributable to the parent company has also been increased, with expected figures of 227 million yuan, 304 million yuan, and 434 million yuan for 2025-2027, up from 196 million yuan, 280 million yuan, and 387 million yuan [4] Market Expansion and Client Base - The company has a solid client base of over 200 clients, including well-known domestic integrated circuit design companies and some wafer fabs, packaging plants, and IDM companies, ensuring long-term stable cooperation [3] - The company is actively expanding its market presence through technology innovation and participation in major industry exhibitions, enhancing its overall market competitiveness [3] Capacity Expansion - The company is accelerating its capacity layout for high-end and high-reliability chip testing, with significant investments in testing bases in Wuxi and Nanjing, and plans for new projects in Nanjing and Chengdu [2] - The overall capacity utilization rate has exceeded 90%, further expanding testing capabilities and supporting the development of strategic emerging industries such as AI, cloud computing, IoT, new energy vehicles, and autonomous driving [2]

| 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-075 | | --- | --- | --- | | 转债代码：118055 | 转债简称：伟测转债 | | 上海伟测半导体科技股份有限公司 关于召开 2025 年半年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。 二、 说明会召开的时间、地点 1、会议召开时间：2025 年 9 月 25 日（星期四）13:00-14:00 2、会议召开地点：上证路演中心 3、会议召开方式：上证路演中心网络互动 重要内容提示： 投资者可于 2025 年 9 月 18 日（星期四）至 9 月 24 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系 邮箱 ir@v-test.com.cn 进行提问。公司将在业绩说明会上对投资者普遍关注的问 题进行回答。 上海伟测半导体科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 21 日披露公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 ...

丨证券研究报告丨 公司研究丨点评报告丨伟测科技（688372.SH） [Table_Title] 伟测科技 2025 年中报点评：2025Q2 业绩高增， 需求来临+高稼动率+高速扩产筑长期成长通道 报告要点 杨洋 钟智铧 SAC：S0490517070012 SAC：S0490522060001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 8 月 20 日，伟测科技公告 2025 年中期业绩，2025H1 公司实现营收 6.34 亿元，同比+47.53%， 实现归母净利润 1.01 亿元，较去年同期大幅增长 831.03%，扣非归母净利润 0.54 亿元，同比 +1173.61%；其中，2025Q2 公司单季度实现营收 3.49 亿元，同比+41.68%，环比+22.38%， 实现归母净利润 0.75 亿元，同比+573.34%，环比大增 189.99%，扣非归母净利润 0.4 亿元， 同比+373.96%，环比+178.94%，季度收入创公司历史新高，公司已然进入高增通道。 分析师及联系人 [Tabl ...

Group 1 - The core viewpoint of the news is that Shanghai Weicai Semiconductor Technology Co., Ltd. has seen a significant stock price increase of 5.22%, reaching 75.16 CNY per share, with a total market capitalization of 11.195 billion CNY [1] - The company was established on May 6, 2016, and went public on October 26, 2022. Its main business includes wafer testing, chip finished product testing, and related integrated circuit testing services [1] - The revenue composition of the company is as follows: wafer testing accounts for 55.40%, chip finished product testing for 40.09%, and other services for 4.51% [1] Group 2 - According to the data, Debon Fund's Debon Semiconductor Industry Mixed Initiation A (014319) has entered the top ten circulating shareholders of Weicai Technology, holding 1.4323 million shares, which is 1.39% of the circulating shares [2] - The fund has achieved a year-to-date return of 42.68%, ranking 960 out of 8175 in its category, and a one-year return of 104.14%, ranking 301 out of 7982 [2] - The fund manager, Lei Tao, has been in position for 3 years and 259 days, with the fund's total asset size at 3.689 billion CNY and a best return of 199.87% during his tenure [3]

股票简称：伟测科技 股票代码：688372.SH 债券简称：伟测转债 债券代码：118055.SH 上海伟测半导体科技股份有限公司 向不特定对象发行可转换公司债券 第四次临时受托管理事务报告 本报告依据《公司债券发行与交易管理办法》《上海伟测半导体科技股份有 限公司向不特定对象发行可转换公司债券受托管理协议》（以下简称《受托管理 协议》）《上海伟测半导体科技股份有限公司向不特定对象发行可转换公司债券 募集说明书》（以下简称《募集说明书》）等相关规定，以及上海伟测半导体科 技股份有限公司（以下简称公司、伟测科技或发行人）出具的相关说明文件以及 提供的相关资料等，由本次债券受托管理人平安证券股份有限公司（以下简称平 安证券）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为平安证券所作的承诺 或声明。请投资者独立征询专业机构意见，在任何情况下，投资者不能将本报告 作为投资行为依据。 （2025 年度） 受托管理人：平安证券股份有限公司 二〇二五年九月 重要声明 平安证券作为伟测科技向不特定对象发行可转换公司债券（债券简称："伟 测转债" ...

上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海伟测半导体科技股份有限公司 上海市锦天城律师事务所 关于上海伟测半导体科技股份有限公司 2025 年第三次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 2025 年第三次临时股东大会的 法律意见书 致：上海伟测半导体科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海伟测半导体科技 股份有限公司（以下简称"公司"）委托，就公司召开 2025 年第三次临时股东 大会（以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司 法》（以下简称"《公司法》"）等法律、法规、规章和其他规范性文件以及 《上海伟测半导体科技股份有限公司章程》（以下简称"《公司章程》"）的有 关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业 务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履 行了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及 ...

证券代码：688372 证券简称：伟测科技 公告编号：2025-074 转债代码：118055 转债简称：伟测转债 上海伟测半导体科技股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 9 月 9 日 （二） 股东大会召开的地点：无锡市新吴区电科路 2 号（无锡新厂） （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 86 | | --- | --- | | 普通股股东人数 | 86 | | 2、出席会议的股东所持有的表决权数量 | 53,172,050 | | 普通股股东所持有表决权数量 | 53,172,050 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 35.6995 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（% ...

9月5日，伟测科技涨1.95%，成交额5.39亿元。两融数据显示，当日伟测科技获融资买入额4571.72万 元，融资偿还4729.02万元，融资净买入-157.29万元。截至9月5日，伟测科技融资融券余额合计3.94亿 元。 截至6月30日，伟测科技股东户数1.25万，较上期增加18.36%；人均流通股8217股，较上期增加 10.29%。2025年1月-6月，伟测科技实现营业收入6.34亿元，同比增长47.53%；归母净利润1.01亿元，同 比增长831.03%。 分红方面，伟测科技A股上市后累计派现1.49亿元。 机构持仓方面，截止2025年6月30日，伟测科技十大流通股东中，南方科创板3年定开混合（506000）位 居第四大流通股东，持股160.14万股，相比上期增加65.38万股。德邦半导体产业混合发起式A （014319）位居第五大流通股东，持股143.23万股，为新进股东。香港中央结算有限公司位居第六大流 通股东，持股122.33万股，相比上期增加53.89万股。南方中证1000ETF（512100）位居第八大流通股 东，持股97.74万股，为新进股东。信澳新能源产业股票A（001410）位居第九 ...