Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to benefit from the growth in accessory and harness businesses, with semiconductor contributions providing additional growth. The accessory business is entering a replacement cycle, while the semiconductor segment is expanding into wafer-level packaging and panel-level packaging [3][4] - The financial forecasts have been adjusted upwards, with expected net profits for 2025-2027 revised to 1.5 billion, 2.2 billion, and 3.8 billion respectively, reflecting a strong growth trajectory [3] Financial Data Summary - For 2024, the main revenue is projected to be 5.8455 billion yuan, a year-on-year increase of 11.3%, with a net profit of 858.7 million yuan, up 29% [1] - In Q4 2024, the main revenue reached 1.76 billion yuan, a quarter-on-quarter increase of 7%, with a net profit of 650 million yuan, a significant quarter-on-quarter increase of 330% [1] - The first quarter of 2025 shows a revenue of 1.48 billion yuan, a year-on-year increase of 22%, with a net profit of 240 million yuan, marking a substantial increase from the previous year [1] Business Segment Performance - The accessory business generated 1.84 billion yuan in revenue for 2024, a year-on-year increase of 70.45%, with a gross margin of 75.93% [2] - The harness connector ultrasonic equipment business achieved 0.81 billion yuan in revenue, a remarkable year-on-year increase of 352.37%, with a gross margin of 59.71% [2] - The semiconductor ultrasonic equipment segment reported 0.47 billion yuan in revenue, a year-on-year increase of 195.66%, with a gross margin of 56.65% [2] Valuation Metrics - The projected earnings per share (EPS) for 2025 is 1.27 yuan, with a price-to-earnings (P/E) ratio of 39.82 [4] - The company’s market capitalization is approximately 5.81 billion yuan, with a price-to-book (P/B) ratio of 3.46 [6][4] - The expected revenue growth rates for the years 2025 to 2027 are 47.43%, 41.89%, and 39.65% respectively [4]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to see growth driven by its accessory and harness businesses, with semiconductor contributions providing additional growth. The accessory business benefits from a consumable nature entering an iterative cycle, while the semiconductor segment is expanding into wafer, 2.5D/3D packaging, and panel-level packaging products. Successful validation orders for ultrasonic scanning microscopes from well-known clients have been achieved [3][4]. Financial Data Summary - For 2024, the main revenue is projected to be 585 million yuan, a year-on-year increase of 11.3%. The net profit attributable to the parent company is expected to be 86 million yuan, up 29% year-on-year. The gross margin is forecasted at 56.89%, a slight decrease of 0.09 percentage points [1][4]. - In Q4 2024, the main revenue is expected to reach 176 million yuan, a quarter-on-quarter increase of 7%. The net profit attributable to the parent company is projected to be 65 million yuan, a significant quarter-on-quarter increase of 330% [1]. - For Q1 2025, the revenue is anticipated to be 148 million yuan, a year-on-year increase of 22%, while the net profit is expected to be 24 million yuan, a substantial increase compared to only 1 million yuan in Q1 2024 [1]. Business Segment Performance - The accessory business is expected to generate revenue of 184 million yuan in 2024, a year-on-year increase of 70.45%, with a gross margin of 75.93% [2]. - The harness connector ultrasonic equipment business is projected to achieve revenue of 81 million yuan, a year-on-year increase of 352.37%, with a gross margin of 59.71% [2]. - The semiconductor ultrasonic equipment segment is expected to generate revenue of 47 million yuan, a year-on-year increase of 195.66%, with a gross margin of 56.65% [2]. Profit Forecast - The profit forecast for the company has been revised upwards, with expected net profits for 2025, 2026, and 2027 being 150 million yuan, 220 million yuan, and 380 million yuan respectively, compared to previous estimates of 90 million yuan, 130 million yuan, and 0 [3][4].

证券代码：688392 证券简称：骄成超声 公告编号：2025-027 上海骄成超声波技术股份有限公司 关于 2024 年限制性股票激励计划首次授予部分 第一个归属期归属结果暨股份上市公告 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、准确性和完整性依法承担法律责任。 ? 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 本次股票上市流通总数为933,360股。 ? 本次股票上市流通日期为2025 年 6 月 5 日。 上海骄成超声波技术股份有限公司（以下简称"公司"）于近日收到中国证券 登记结算有限责任公司上海分公司出具的《证券变更登记证明》，公司完成了 2024 年限制性股票激励计划（以下简称"本激励计划"）首次授予部分第一个归属期的 股份登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 （一）2024 年 3 月 18 日，公司召开第一届董事会第二十一次会议，审议通过 了《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》 《关于公司 重要内容提示： 《关于公司<2024 年限制性股票 ...

证券代码：688392 证券简称：骄成超声 公告编号：2025-027 上海骄成超声波技术股份有限公司 关于 2024 年限制性股票激励计划首次授予部分 第一个归属期归属结果暨股份上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 933,360股。 本次股票上市流通总数为933,360股。 本次股票上市流通日期为2025 年 6 月 5 日。 上海骄成超声波技术股份有限公司（以下简称"公司"）于近日收到中国证券 登记结算有限责任公司上海分公司出具的《证券变更登记证明》，公司完成了 2024 年限制性股票激励计划（以下简称"本激励计划"）首次授予部分第一个归属期的 股份登记工作。现将有关情况公告如下： （五）2024 年 4 月 11 日，公司召开第一届董事会第二十二次会议与第一届监 事会第十九次会议，审议通过了《关于调整公司 2024 年限制性股票激励计划相关 事项的议案》《关于向激励对象首次授予限制性股票的议案》。监事会对首次授予 日 ...

上海骄成超声波技术股份有限公司董事会 （一）公司于 2025 年 5 月 23 日收到股东鉴霖企管及其一致行动人段忠福先 生出具的《关于减持股份暨权益变动触及 1%整数倍的告知函》。2025 年 4 月 30 日至 2025 年 5 月 23 日，鉴霖企管通过集中竞价方式合计减持公司股份 617,907 股，鉴霖企管及其一致行动人段忠福先生持有公司股份数量由 9,736,376 股减少 至 9,118,469 股，占公司总股本的比例由 8.48%减少至 7.94%，触及 1%的整数倍， 具体情况如下： 变动前 变动后 资金来 变动前股数 变动后股数 权益变动的 投资者名称 比例 比例 权益变动方式 源（仅增 （万股） （万股） 时间区间 （%） （%） 持填写） 发生直接持股变动的主体： 上海鉴霖企 集中竞价 ? 业管理合伙 2025/04/30- 企业（有限 2025/05/23 合伙） 其他： / 未发生直接持股变动的主体： 段忠福 2.0012 0.02 2.0012 0.02 / / / 合计 973.6376 8.48 911.8469 7.94 -- -- -- 注：上表变动比例数相加之和与合计数 ...

证券代码：688392 证券简称：骄成超声 公告编号： 2025-026 上海骄成超声波技术股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示 性公告 投资者上海鉴霖企业管理合伙企业（有限合伙）及其一致行动人段忠福和投资者朱 祥保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 本次权益变动为上海骄成超声波技术股份有限公司(以下简称"公司") 的股东上海鉴霖企业管理合伙企业（有限合伙）(以下简称"鉴霖企管")、股东 朱祥先生履行此前披露的减持股份计划，不触及要约收购。 本次权益变动后，股东鉴霖企管及其一致行动人段忠福先生合计持有公 司股份由 9,736,376 股减少至 9,118,469 股，占公司总股本的比例由 8.48%减少至 7.94%，股东朱祥先生持有公司股份由 7,000,000 股减少至 6,865,000 股，占公司 总股本的比例由 6.10%减少至 5.98%。上述股东权益变动均触及 1%的整数倍。 截至本公告披露日，上述股份减持计划尚未实施完毕。本次权益变动均 为公司 ...

Investment Rating - The industry investment rating is "Overweight" [3][30]. Core Viewpoints - The humanoid robot industry is expected to see significant growth, with a projected cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][24]. - The report highlights key companies to watch in the humanoid robot supply chain, including Tier 1 suppliers and core component manufacturers [6][24]. - The report emphasizes the importance of technological advancements in various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, suggesting a favorable outlook for leading companies in these areas [6][25][26]. Summary by Sections Humanoid Robots - Recent developments include the launch of the first domestic AI-powered exoskeleton robot by Zhiyuan, which features advanced technology for various applications [7]. - The first batch of 220 humanoid robots was delivered by Chery, showcasing their capabilities in customer service and sales guidance [17]. - The World Humanoid Robot Sports Competition is set to take place in August, highlighting the growing interest and innovation in the humanoid robotics field [23]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, strengthening the competitive edge of leading companies [25]. - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [25]. Energy Storage - Favorable policies are expected to drive growth in both generation-side and user-side energy storage [25]. - Companies like Xingyun Co. are positioned to benefit from strategic partnerships in the energy storage sector [25]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives due to low current localization rates [26]. - The report recommends monitoring companies that are well-positioned to capitalize on this trend [26]. Automation - The market for industrial tools is expected to grow from approximately 40 billion to 55.7 billion by 2026, with opportunities for leading companies to gain market share through increased concentration and import substitution [26]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [25].

证券代码：688392 证券简称：骄成超声 公告编号：2025-025 上海骄成超声波技术股份有限公司 2024年年度股东大会决议公告 （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 | 48 | | --- | --- | | 普通股股东人数 | 48 | | 2、出席会议的股东所持有的表决权数量 | 63,717,669 | | 普通股股东所持有表决权数量 | 63,717,669 | | 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 | 56.9462 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 56.9462 | （四）表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 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 5 月 6 日 （二）股东大会召开的地点：公 ...

骄成超声 法律意见书 江苏世纪同仁律师事务所关于 上海骄成超声波技术股份有限公司 2024 年年度股东大会的法律意见书 致：上海骄成超声波技术股份有限公司 根据《公司法》《证券法》和中国证监会《上市公司股东大会规则》等法律、 法规和规范性文件以及《公司章程》的规定，本所受贵公司董事会的委托，指派 本所律师出席贵公司 2024 年年度股东大会，并就本次股东大会的召集、召开程 序、出席会议人员资格、召集人资格、表决程序以及表决结果的合法有效性等事 项出具法律意见。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了本所律师认为出具法律意见所必须查阅的文件，并对有关问题进行了 必要的核查和验证。 本所律师同意将本法律意见书随贵公司本次股东大会决议一并公告，并依法 对本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东大会的召集、召开程序 1、本次股东大会由董事会召集。2025 年 4 月 10 日，贵公司召开第二届董 事会第七次会议，决定于 2025 年 5 月 6 日 14 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 55.65 CNY, indicating a potential upside from the current price of 49.55 CNY [5]. Core Views - The company has shown a strong performance in Q1 2025 with revenue of 148 million CNY, a year-on-year increase of 22.35%, and a net profit of 24 million CNY, reflecting a significant year-on-year growth of 2152.47% [1][2]. - The company is focusing on expanding its ultrasonic technology platform into new sectors such as automotive wiring harnesses and semiconductors, which is expected to drive revenue growth in the coming years [2]. - Short-term recovery in lithium battery utilization rates is anticipated to boost order volumes, while stable contributions from consumables will support performance [2]. Financial Performance - In Q1 2025, the company's gross margin was 64.91%, an increase of 9.30 percentage points year-on-year, and the net profit margin was 15.78%, up by 14.96 percentage points year-on-year [10]. - The company has seen a continuous improvement in contract liabilities, which stood at 37.62 million CNY at the end of Q1 2025, indicating a positive trend for sustained revenue growth [11]. - Revenue projections for 2025-2027 are estimated at 760 million CNY, 1.017 billion CNY, and 1.394 billion CNY, with corresponding year-on-year growth rates of 30%, 34%, and 37% [12]. Product and Market Development - The company is optimizing its product structure, with significant growth in automotive wiring harnesses and semiconductors, which are beginning to show volume increases [3]. - In 2024, revenue from the automotive wiring harness segment reached 81 million CNY, a year-on-year increase of 352.37%, while semiconductor revenue was 47 million CNY, up by 195.66% [8]. - The consumables segment generated 1.84 billion CNY in revenue in 2024, reflecting a growth of 70.45% year-on-year, driven by increased market demand and higher utilization rates from lithium battery customers [8].