Investment Rating - Industry investment rating is "Overweight" [1] Core Viewpoints - The report highlights a new round of market momentum driven by advancements in robotics, particularly in humanoid robots, with a projected global demand of approximately 2 million units by 2030 [4][19] - Key recommended stocks include Xinjie Electric, Beite Technology, Hanwei Technology, Zhaowei Electromechanical, Hengli Hydraulic, and Nuwei Co., among others [2][4] - The report emphasizes the importance of tracking the humanoid robot sector, which is entering a critical growth phase [3][4] Summary by Sections Humanoid Robots - The humanoid robot industry is expected to see significant growth, with major projects and partnerships emerging, such as the procurement project by China Mobile for humanoid biped robots worth 124 million [9][19] - Companies like Tesla and Figure are ramping up production, with Figure planning to increase its humanoid robot output by three times in the upcoming months [10][19] Photovoltaic Equipment - The report notes an accelerated penetration of N-type technology, enhancing the competitive edge of leading companies in the sector [20] - It suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [20] Energy Storage - The energy storage sector is poised for growth due to favorable policies and increasing demand from both generation and user sides [20] - Key players in this space include companies involved in lithium battery systems and integrated storage solutions [20] Semiconductor Equipment - The semiconductor equipment market is projected to reach 140 billion by 2030, with a growing share from domestic manufacturers [4][20] Automation - The automation market is expected to grow significantly, with a market size of approximately 40 billion, projected to reach 55.7 billion by 2026 [4][20] Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that have integrated hydrogen production capabilities [21] Engineering Machinery - The report suggests monitoring leading companies in the engineering machinery sector, emphasizing those with product, scale, and cost advantages [4][20]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The recent trade agreement between the US and Vietnam, which imposes a 20% tariff on Vietnamese goods and a 40% tariff on goods transshipped through Vietnam, is expected to improve export chain sentiment [12][6] - The manufacturing PMI in China showed a slight recovery in June 2025, indicating improved new orders and production indices, which may contribute to a positive outlook for the industry [12][24] Company Summaries 1) Jiao Cheng Ultrasonic - The company focuses on ultrasonic equipment and solutions, achieving a revenue of 148 million yuan in Q1 2025, a year-on-year increase of 22.35%. The net profit attributable to shareholders reached 23.63 million yuan, up 2152.47% [3][13] - The business recovery in the new energy sector, particularly in lithium battery expansion, is expected to bring performance elasticity [13] 2) Zhenghe Industrial - Engaged in the research, manufacturing, and sales of various chain transmission systems, the company reported a revenue of 395 million yuan in Q1 2025, a 6.32% year-on-year increase, with a net profit of 53.84 million yuan, up 100.09% [4][14] - The company is developing a micro-chain system project, focusing on robotic dexterous hand transmission technology, which may benefit from the mass production of humanoid robots [14] 3) Lvtian Machinery - The main products include general power machinery and high-pressure cleaning machines, with energy storage products entering mass production. Revenue growth rates for Q3 2024, Q4 2024, and Q1 2025 are projected at 47.9%, 72.5%, and 50.1%, respectively [5][15] - The company is expected to experience a performance turning point, indicating a positive outlook for valuation recovery [15] Industry Overview - The mechanical index (CITIC) increased by 0.41% last week, while the overall market indices also showed positive growth [16][19] - The manufacturing sector's fixed asset investment in China grew by 8.5% year-on-year from January to May 2025, indicating a recovery trend [24]

公司研究丨深度报告丨骄成超声（688392.SH） [Table_Title] 骄成超声：国内超声波设备龙头，平台化布局打 开多元成长曲线 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司深耕超声波技术，逐步扩展应用领域，看好公司平台化布局及新业务增量。公司成立于 2007 年，成立初期主要从事橡胶轮胎的超声波裁切；2015-2017 年切入新能源动力电池领域，研发 超声波焊接设备；2020 年以来，业务拓展至无纺布、线束、半导体等领域。当前已具备完善的 产品矩阵，可覆盖各行业多种细分需求。电池业务作为压舱石，线束/半导体/耗材业务高速增 长。总体上，公司通过平台化布局正在逐步打开多元成长曲线。 分析师及联系人 [Table_Author] SFC：BRP550 请阅读最后评级说明和重要声明 2 / 34 %% %% %% %% research.95579.com 2 赵智勇 倪蕤 屈奇 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524070003 骄成超声（688392.S ...

Investment Rating - The report assigns an "Accumulate" rating to the company [4] Core Views - The company is expected to benefit from the recovery in its main business and the growth of its semiconductor segment, particularly in 3D packaging technology [2][8] - The company has shown significant revenue growth, with a projected increase in revenue from 5.85 billion yuan in 2024 to 7.58 billion yuan in 2025, representing a year-on-year growth of 30% [9][11] - The net profit is expected to rise from 1.40 billion yuan in 2025 to 2.25 billion yuan in 2026, indicating a strong growth trajectory [9][11] Summary by Sections Revenue Growth - In 2024, the company achieved revenue of 5.85 billion yuan, a year-on-year increase of 11.30%, with Q4 alone contributing 1.76 billion yuan, a remarkable growth of 153% year-on-year [2] - For Q1 2025, the company reported revenue of 1.48 billion yuan, up 22.35% year-on-year, continuing the upward trend [2] - The revenue breakdown shows significant contributions from various segments: lithium battery equipment, consumables, automotive wiring harnesses, and semiconductors, with the latter experiencing a 196% increase in 2024 [2][3] Profitability - The company reported a net profit of 0.86 billion yuan in 2024, a year-on-year increase of 29.04%, with Q4 net profit reaching 0.65 billion yuan, up 804% year-on-year [3] - The net profit margin improved significantly, with a net margin of 14.52% in 2024, and Q4 net margin reaching 36.81%, reflecting a substantial enhancement in profitability [3][7] - The gross margin for 2024 was 56.89%, with Q4 gross margin at 69.66%, indicating strong operational efficiency [3][7] Semiconductor Business - The company has established a comprehensive ultrasonic technology platform, expanding into various sectors including power batteries, automotive wiring harnesses, and advanced packaging in semiconductors [8][14] - The semiconductor segment is expected to see rapid growth, with projected revenues of 0.99 billion yuan in 2025, increasing to 3.94 billion yuan by 2027, reflecting a compound annual growth rate of 100% [23][24] Investment Outlook - The company is projected to achieve revenues of 10.44 billion yuan in 2026 and 14.46 billion yuan in 2027, with net profits expected to reach 2.25 billion yuan and 3.42 billion yuan respectively [9][11] - The earnings per share (EPS) is forecasted to grow from 1.21 yuan in 2025 to 2.95 yuan in 2027, indicating strong growth potential [9][11] - The current price-to-earnings (PE) ratio is considered low compared to peers, suggesting potential for price appreciation [9][28]

Group 1 - The major shareholder, Mr. Zhu Xiang, held 7,000,000 shares, representing 6.10% of the company's total share capital before the reduction plan [1] - Mr. Zhu planned to reduce his holdings by up to 1,750,000 shares, which is not more than 1.52% of the company's total share capital, due to personal funding needs [1] - As of June 25, 2025, Mr. Zhu successfully reduced his holdings by 1,750,000 shares, accounting for 1.51% of the current total share capital [1] Group 2 - The company's total share capital increased from 114,800,000 shares to 115,733,360 shares after the completion of the first vesting period of the 2024 restricted stock incentive plan [4] - The actual reduction of shares was consistent with the previously disclosed reduction plan [5] - The reduction plan was completed within the specified time frame and did not fall short of the minimum reduction quantity [5]

Key Points - The major shareholder, Mr. Zhu Xiang, held 7,000,000 shares, representing 6.10% of the company's total share capital before the reduction plan [1] - The reduction plan was announced on March 24, 2025, allowing Mr. Zhu to sell up to 1,750,000 shares, which is 1.52% of the total share capital at that time [1] - As of June 25, 2025, Mr. Zhu completed the reduction by selling 1,750,000 shares, which is 1.51% of the current total share capital [2] - The shares were sold through block trading at a price range of 47.07 to 61.34 yuan per share, totaling approximately 91.91 million yuan [2] - After the reduction, Mr. Zhu holds 5,250,000 shares, which is 4.54% of the total share capital [2][3] - The total share capital increased from 114,800,000 shares to 115,733,360 shares due to the completion of the first vesting period of the 2024 restricted stock incentive plan [2][3]

证券代码：688392 证券简称：骄成超声 公告编号：2025-032 上海骄成超声波技术股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，上海骄成超声波技术股份有限公司（以下简称"公 司"）的股东朱祥先生持有公司股份 7,000,000 股，占公司当时总股本的 6.10%， 已于 2024 年 1 月 29 日起全部上市流通。以上股份来源于公司首次公开发行前及 上市后资本公积转增股本取得的股份。 股东名称 朱祥 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 √是 □否 （5%以上非第一大股东） 一、减持主体减持前基本情况 | | 董事、监事和高级管理人员 | □是 | √否 | | --- | --- | --- | --- | | | 其他： / | | | | 持股数量 | 7,000,000股 | | | | 持股比例 | 6.10% | | | | 当前持股股份 | IPO 前取得 ...

证券时报·数据宝统计显示，骄成超声今日收盘价为68.15元，上涨3.23%，日换手率为4.73%，成交额为 2.23亿元，全天主力资金净流入365.96万元，近5日该股累计上涨12.95%，近5日资金合计净流入5095.64 万元。 两融数据显示，该股最新融资余额为2.52亿元，近5日减少3616.90万元，降幅为12.57%。（数据宝） 6月25日骄成超声大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | 业部 | | | 26.00 | 1594.84 | 61.34 | -9.99 | 机构专 | 海通证券股份有限公司扬州汶河 | | | | | | 用 | 南路证券营业部 | | 14.67 | 899.86 | 61.34 | -9.99 | 机构专 | 海通证券股份有限公司扬州汶河 | | | | | | 用 | 南路证券营业部 | | 8.00 | 490.72 | 61.34 | -9.99 | 机构专 | ...

Core Points - The major shareholder, Shanghai Jianlin Enterprise Management Partnership (Limited Partnership), reduced its stake in Shanghai Jiaocheng Ultrasonic Technology Co., Ltd. from 9,736,376 shares (8.48%) to 7,607,596 shares (6.57%) through a share reduction plan [1][2][5] Group 1: Shareholder Information - Before the reduction, the major shareholder held 9,716,364 shares, accounting for 8.46% of the total share capital, with 8,596,322 shares being tradable since September 27, 2023 [1][2] - The reduction plan was announced on March 24, 2025, due to the shareholder's funding needs, allowing for a maximum reduction of 1.87% over a three-month period [2][3] Group 2: Reduction Results - The actual reduction amounted to 2,128,780 shares, completed through both block trades and centralized bidding, with a total transaction value of approximately 109.17 million yuan [3][4] - The reduction period spanned from April 30, 2025, to June 17, 2025, with the share price ranging from 50.00 to 54.50 yuan per share [3][4] Group 3: Impact of the Reduction - The reduction did not lead to a change in the company's controlling shareholder or actual controller, nor did it trigger a mandatory bid or violate any prior commitments [4][5] - The reduction was influenced by the company's 2024 restricted stock incentive plan, which resulted in a passive dilution of the shareholder's stake [4][5]

Core Viewpoint - The announcement details a change in the equity stake of a major shareholder, Zhu Xiang, who has reduced his holdings in Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. to 5.00% through a combination of stock dilution and share reduction, without triggering a mandatory takeover bid [1][2][3]. Summary by Sections 1. Basic Situation of Equity Change - Zhu Xiang's shareholding has decreased to 5,786,700 shares, representing 5.00% of the company after the equity change [1]. - The reduction in shareholding is due to the passive dilution from the vesting of restricted stock and a planned reduction through block trading [1][2]. 2. Details of Share Reduction - Zhu Xiang's shareholding was previously 7,000,000 shares, which accounted for 6.10% of the total shares before the change [2][3]. - The total share capital of the company increased from 114,800,000 shares to 115,733,360 shares due to the vesting of 933,360 restricted shares [1][2]. 3. Subsequent Matters - The equity change does not affect the control of the company or its governance structure, and it will not have a significant impact on the company's ongoing operations [3][4]. - The company will continue to monitor Zhu Xiang's shareholding changes and fulfill its disclosure obligations as required by law [4].