丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨骄成超声（688392.SH） [Table_Title] 骄成超声 25Q3 点评：业绩持续高增，平台化布 局渐成 报告要点 [Table_Summary] 受益于锂电、线束、半导体等下游需求增长，公司主营业务收入同比增长，同时产品结构优化 以及持续深化提质增效，公司利润持续释放，业绩符合预期。骄成超声深耕超声波技术，在新 能源、半导体、医疗等领域持续发力，且有望开拓更多市场，平台化能力强，长期成长空间足； 此外，设备+耗材模式更优，盈利能力强。看好公司平台化发展和"设备+耗材"商业模式。 分析师及联系人 [Table_Author] 赵智勇 倪蕤 屈奇 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524070003 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 骄成超声（688392.SH） cjzqdt11111 [Table_Title 骄成超声 25Q3 2] 点评：业绩 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 重要会议： 11 月 17-19 日，2025势银异质异构集成前沿论坛（浙江·宁波） 点此报名 添加文末微信，加 异质异构集成产业 群 AI时代半导体集成技术加速迭代与创新探索的大背景下， 甬江实验室联合势银智库（TrendBank）、宁波电子行业协会 于 2025年 11月18-19 日在浙江宁波泛太平洋大酒店 举办"2025异质异构集成前沿论坛（HHIC）" 。 届时，会议将邀请全国各地的业内权威学术机构专家、产业集团、上下游供应链专家、新兴入局企业、投资机构分享异质异构集成技术在芯片应 用中的挑战与突破，一同探讨先进封装产业现状与前沿趋势，以促进产业交流合作与创新发展！ 报名名单（部分） | 公司名称 | 职位 | | --- | --- | | 华为技术有限公司 | 高级工程师 | | 华为技术有限公司 | 高级工程师 | | 华为技术有限公司 | 工程师 | | 华为技术有限公司 | 高级工程师 | | 长鑫存储技术有限公司 | 战略分析师 | | 杭州长光辰芯微电子股份有限公司 | 技术总监 | | 荣芯半导体 | ...

11月5日，骄成超声涨5.5%，截至发稿，报107.55元/股，成交3.05亿元，换手率2.55%，总市值124.47亿 元。 资料显示，上海骄成超声波技术股份有限公司位于上海市闵行区沧源路1488号2幢三层，成立日期2007 年2月13日，上市日期2022年9月27日，公司主营业务涉及超声波焊接、裁切设备和配件的研发、设计、 生产与销售,并提供新能源动力电池制造领域的自动化解决方案。主营业务收入构成为：配件31.42%， 新能源电池超声波设备25.86%，服务及其他18.51%，线束连接器超声波设备13.92%，半导体超声波设 备8.03%，非金属超声波设备2.09%，其他(补充)0.18%。 从基金十大重仓股角度 截至发稿，尚烁徽累计任职时间8年229天，现任基金资产总规模10.06亿元，任职期间最佳基金回报 134.54%， 任职期间最差基金回报-38.16%。 数据显示，华泰保兴基金旗下1只基金重仓骄成超声。华泰保兴产业升级混合发起A（021792）三季度 持有股数2万股，占基金净值比例为5.66%，位居第八大重仓股。根据测算，今日浮盈赚取约11.22万 元。 风险提示：市场有风险，投资需谨慎。本文为 ...

Core Viewpoint - The stock of Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. has increased by 5.5%, reaching 107.55 CNY per share, with a total market capitalization of 12.447 billion CNY [1] Company Overview - Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. was established on February 13, 2007, and went public on September 27, 2022 [1] - The company specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment and accessories, as well as providing automation solutions for the new energy battery manufacturing sector [1] Revenue Composition - The revenue breakdown of the company's main business is as follows: - Accessories: 31.42% - Ultrasonic equipment for new energy batteries: 25.86% - Services and others: 18.51% - Ultrasonic equipment for wire harness connectors: 13.92% - Ultrasonic equipment for semiconductors: 8.03% - Ultrasonic equipment for non-metal materials: 2.09% - Others (supplementary): 0.18% [1] Fund Holdings - A fund under Bank of China Securities holds a significant position in Jiao Cheng Ultrasonic, with 26,400 shares, accounting for 4.46% of the fund's net value, making it the eighth largest holding [2] - The fund, Bank of China New Energy Mixed A (005571), has a total scale of 35.507 million CNY and has achieved a year-to-date return of 42.84% [2] Fund Manager Performance - The fund manager, Zhang Lixin, has been in position for 2 years and 318 days, with the fund's total assets amounting to 14.8 million CNY [3] - During Zhang's tenure, the best fund return was 4.4%, while the worst was -5.35% [3]

Group 1 - The A-share market experienced a significant increase in public fund research activities in October 2025, with 159 public institutions participating and covering 632 stocks, resulting in a total of 7,452 research instances, a 60.57% increase from September [1] - The computer industry saw a notable focus, with Nengke Technology being the most researched company, receiving 73 research instances from 53 public institutions, highlighting interest in its AI business developments [1] - The top ten researched stocks in October were primarily from the power equipment, machinery, and communication sectors, indicating strong interest in these industries [1][2] Group 2 - The pharmaceutical and biological industry emerged as the hottest sector for research, with 85 stocks receiving a total of 1,229 research instances, significantly outpacing other industries [2][3] - The electronics industry followed closely, with 78 stocks and a total of 1,069 research instances, indicating a strong interest from public institutions [3] - The power equipment and machinery sectors also showed high research activity, each with over 750 research instances and more than 55 stocks being researched [3] Group 3 - Chuangjin Hexin Fund was the most active public institution in October, conducting 302 research instances, primarily focusing on the pharmaceutical, electronics, and machinery sectors [3] - Ping An Fund followed with 169 research instances, concentrating on electronics, machinery, power equipment, and computer industries [3] - Bosera Fund ranked third with 137 research instances, focusing on power equipment and electronics, aligning with current market trends [3]

骄成超声 20251102 摘要 交城超声受益于锂电厂商扩产，2024 年下半年订单显著增长，2025 年 前三季度锂电收入达 1.8 亿元，同比增长显著，新增市场占有率达 70- 80%，存量市场约 50%。 公司在功率半导体领域布局焊接设备，预计 2025 年实现收入约 1 亿元， 较 2024 年翻倍增长，主要应用于 HBT 或碳化硅领域，并已批量供应比 亚迪电子、芯联集成等头部客户。 先进封装检测设备与国内存储大厂深度合作，2025 年有望批量生产。 超声波扫描设备在 2.5D/3D 封装中用于无损检测，市场规模超百亿元， 半导体应用约 15 亿元，HBM 领域需求潜力巨大。 公司产品具有耗材属性，如焊接头、换能器等，需频繁更换，锂电领域 替换频率约为 20%，半导体领域可能高达 50%-100%，保障公司收入 稳定，配件收入占比从 2020 年的 13%提升至 2024 年的 31%以上。 公司 2018 年-2025 年上半年收入从 1.09 亿元增长至 8.558 亿元，复 合增速达 32.37%，毛利率持续提升，2025 上半年达 65.25%。 交城超声的产品中包含大量易损耗材，如焊接头、换 ...

Core Insights - On October 30, 2023, Jiao Cheng Ultrasonic conducted 7 transactions on the block trading platform, totaling 1.078 million shares and a transaction value of 106 million yuan, with a transaction price of 98.45 yuan, reflecting a discount of 10.09% compared to the closing price of the day [2][3] - Institutional specialized seats participated in 6 of the transactions, with a total transaction amount of 104 million yuan and a net purchase of 104 million yuan [2] - Over the past three months, the stock has seen a total of 19 block trades, amounting to 152 million yuan [2] Trading Data Summary - The closing price of Jiao Cheng Ultrasonic on October 30 was 109.50 yuan, down 5.15%, with a turnover rate of 3.89% and a total transaction amount of 498 million yuan [2] - The stock experienced a net outflow of 53.99 million yuan in main funds throughout the day, with a cumulative decline of 2.67% over the past five days and a total net outflow of 53.02 million yuan [2] - The latest margin financing balance for the stock is 414 million yuan, having increased by 107 million yuan over the past five days, representing a growth of 34.95% [3] Company Background - Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. was established on February 13, 2007, with a registered capital of 115.73336 million yuan [3]

Summary of Key Points Core Viewpoint - On October 30, a significant block trade of 1.078 million shares of Jiao Cheng Ultrasound was executed, amounting to 106 million yuan, which represented 17.57% of the total trading volume for that day. The transaction price was 98.45 yuan, reflecting a discount of 10.09% compared to the market closing price of 109.5 yuan [1]. Group 1: Trading Details - The block trade involved multiple institutional buyers, with the transaction price consistently at 98.45 yuan across different trades [2]. - The total transaction amount for the block trade was approximately 10.6 million yuan, with the volume reaching 1.078 million shares [1][2]. - The discount of 10.09% from the market closing price indicates a notable price deviation, which may attract investor interest [1].

Core Viewpoint - The company, Jiao Cheng Ultrasonic (688392), has shown significant growth in revenue and net profit in the first three quarters of 2025, driven by stable product margins and strong demand in the lithium battery and semiconductor sectors [8]. Financial Performance - In the first three quarters of 2025, the company's main revenue reached 521 million yuan, a year-on-year increase of 27.53% [8]. - The net profit attributable to shareholders was 94.02 million yuan, up 359.81% year-on-year, while the net profit after deducting non-recurring gains and losses was 76.17 million yuan, an increase of 673.31% [8]. - The gross profit margin stood at 65.05% [8]. Business Segments - The company maintains stable gross margins across its product lines, although slight fluctuations occur due to customer product upgrades and changes in product structure [2]. - In the lithium battery sector, the company has established long-term partnerships with key customers, enhancing its competitive edge and market position [3]. - The company is actively expanding its product offerings in the wire harness connector sector, which is increasingly used in electric vehicles and energy storage applications [5]. Product Development - The company has made significant advancements in the semiconductor field, with products like ultrasonic welding machines and advanced ultrasonic scanning microscopes achieving mass production and delivery [6]. - The company is also exploring applications in aerospace and medical fields, leveraging its core ultrasonic technology to meet emerging market demands [7]. Market Outlook - The lithium battery market is expected to continue its growth trajectory, supported by the rapid expansion of the energy storage market and ongoing technological advancements [3]. - The company is optimistic about maintaining its profitability as it enhances its product offerings and increases the proportion of high-margin products in its sales [4]. Institutional Interest - Over the past 90 days, seven institutions have rated the stock, with five giving a "buy" rating and two an "increase" rating, indicating strong institutional interest [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 performance met market expectations, with a revenue of 200 million yuan, a quarter-on-quarter increase of 20% and a year-on-year increase of 13% [8] - The advanced packaging technology has achieved breakthroughs, with the market potential exceeding 10 billion yuan and low domestic penetration [8] - The company has successfully delivered core equipment for solid-state battery research and development, indicating strong future growth potential in this area [8] - The overall revenue for 2025 is projected to exceed 750 million yuan, with significant growth expected in lithium battery equipment and materials [8] Financial Projections - Total revenue is forecasted to be 525.19 million yuan in 2023, increasing to 1,559.18 million yuan by 2027, representing a compound annual growth rate of 47.04% [1] - The net profit attributable to shareholders is expected to rise from 66.54 million yuan in 2023 to 406.93 million yuan in 2027, with a year-on-year growth rate of 72.27% in 2027 [1] - The latest diluted EPS is projected to increase from 0.57 yuan in 2023 to 3.52 yuan in 2027 [1] Market Data - The closing price of the stock is 115.44 yuan, with a market capitalization of approximately 13.36 billion yuan [5] - The price-to-earnings ratio (P/E) is currently at 200.77, expected to decrease to 32.83 by 2027 [1][9]