Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [1][7]. Core Insights - The company is expected to experience a fruitful year in 2025, driven by multiple business segments resonating positively [1]. - The report highlights significant growth in various business areas, particularly in the automotive and semiconductor sectors, while acknowledging short-term challenges in lithium battery equipment [5][6]. Financial Performance Summary - In 2024, the company achieved revenue of 585 million, a year-on-year increase of 11.3%, and a net profit of 86 million, up 29% [4]. - The fourth quarter of 2024 confirmed a performance turnaround with revenue of 176 million, a year-on-year increase of 153%, and a net profit of 65 million, marking a significant recovery [4]. - For Q1 2025, the company reported revenue of 148 million, a year-on-year increase of 22%, and a net profit of 24 million, reflecting a substantial improvement of 2152% [4]. Business Segment Analysis - **New Energy Battery Equipment**: Revenue expected to decline by 53.48% in 2024 due to slower expansion in the lithium battery sector [5]. - **Wire Harness Equipment**: Revenue projected to grow by 352% in 2024, driven by opportunities in the new energy vehicle market [5]. - **Semiconductor Equipment**: Revenue anticipated to increase by 196% in 2024, showcasing strong growth in this segment [5]. - **Accessories**: Revenue expected to rise by 70% in 2024, supported by increased utilization of existing equipment [5]. - **Services and Others**: Revenue projected to grow by 129% in 2024, reflecting rapid growth in automation solutions [5]. Future Outlook - The company is poised for recovery in its lithium battery equipment business in 2025, with continued high growth in wire harness and accessories [6]. - The report anticipates significant revenue growth from 2025 to 2027, with projected revenues of 767 million, 1.074 billion, and 1.439 billion respectively, alongside net profits of 186 million, 275 million, and 375 million [8][9]. - The company is expected to benefit from advancements in semiconductor packaging and medical device sectors, positioning itself as a leading ultrasonic technology platform [6][7].

Core Viewpoint - The company, Jiao Cheng Ultrasonic (688392), has shown significant growth in its first quarter of 2025, with a notable increase in revenue and net profit, driven by a favorable product mix and strategic market expansions. Financial Performance - In Q1 2025, the company reported a revenue of 148 million yuan, representing a year-on-year increase of 22.35% [12] - The net profit attributable to shareholders reached 23.63 million yuan, a staggering increase of 2152.47% year-on-year [12] - The gross profit margin for the first quarter was 64.91% [12] Product and Market Insights - The increase in gross margin is attributed to a shift in product mix, with higher-margin products like wire harness connectors and semiconductor equipment gaining a larger share of revenue [2] - The primary revenue sources in Q1 2025 were ultrasonic equipment for wire harness connectors, new energy battery applications, and accessory business [3] - The company is optimistic about the wire harness connector and semiconductor sectors, expecting continued high demand due to established technology and market presence [4] Advanced Packaging and Medical Sector Developments - The company has made progress in the advanced packaging sector, with its advanced wafer ultrasonic scanning microscope receiving validation orders from well-known industry clients [5] - In the medical field, the company is advancing its ultrasonic dental equipment, which is expected to achieve sales within the year [6] Production Capacity and Expansion Plans - The company is currently operating at full capacity and is expanding production through the acquisition of precision manufacturing equipment [7] - Plans for overseas market expansion are underway, particularly targeting Europe with established products like ultrasonic equipment for wire harnesses and semiconductors [8] Strategic Collaborations - The company has signed a cooperation agreement with Shanghai Jiao Tong University to establish a joint laboratory focusing on advanced packaging and intelligent robotics, aiming to break foreign technology monopolies [11] Market Outlook - The company’s ultrasonic welding equipment in the power semiconductor sector is projected to see an annual market demand increase of approximately 500 to 1,000 million yuan [10] - The company is also exploring new applications for ultrasonic technology in aerospace and composite materials [11]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - Q1 2025 performance met market expectations with revenue of 150 million yuan, a 22% increase quarter-on-quarter and a 16% decrease year-on-year. Net profit attributable to shareholders was 24 million yuan, showing a significant increase of 2153% quarter-on-quarter but a 64% decrease year-on-year [8] - The gross margin for Q1 was 64.9%, reflecting a 9.3 percentage point increase quarter-on-quarter and a 4.7 percentage point decrease year-on-year. The net profit margin was 16.0%, up 15.1 percentage points quarter-on-quarter but down 21.1 percentage points year-on-year [8] - The company expects revenue from lithium battery equipment to reach 150 million yuan in 2025, driven by the recovery of downstream battery manufacturers. The revenue from accessories and consumables is projected to grow by 50% to 270 million yuan [8] - The new business segment, including high-voltage harnesses and IGBT, is anticipated to see significant growth, with expected revenue doubling in 2025-2026. The company has secured orders from major harness manufacturers and is expected to benefit from its proprietary welding technology [8] Financial Summary - The company forecasts total revenue of 759.84 million yuan in 2025, representing a year-on-year growth of 29.99%. The net profit attributable to shareholders is expected to be 122.06 million yuan, a 42.15% increase year-on-year [1][9] - Earnings per share (EPS) is projected to be 1.06 yuan in 2025, with a price-to-earnings (P/E) ratio of 46.70 based on the latest diluted shares [1][9] - The report estimates a net profit of 4.5 billion yuan for 2027, with a compound annual growth rate (CAGR) of 42% from 2025 to 2027 [8]

登录新浪财经APP 搜索【信披】查看更多考评等级 一、 主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 （二） 非经常性损益项目和金额 证券代码：688392 证券简称：骄成超声 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 √适用 □不适用 单位：元 币种：人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 （三） 主要会计数据、财务指标发生变动的情况、原因 √适用 □ ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 147,553,510.86, representing a 22.35% increase compared to CNY 120,601,968.13 in the same period last year[3] - Net profit attributable to shareholders reached CNY 23,633,742.81, a significant increase of 2,152.47% from CNY 1,049,237.34 year-on-year[3] - Basic and diluted earnings per share were both CNY 0.21, reflecting a 2,000% increase compared to CNY 0.01 in the previous year[3] - Total operating revenue for Q1 2025 reached ¥147,553,510.86, an increase of 22.4% compared to ¥120,601,968.13 in Q1 2024[19] - Net profit for Q1 2025 was ¥23,276,763.70, a significant increase from ¥991,894.49 in Q1 2024, marking a growth of 2231.5%[20] - Earnings per share for Q1 2025 was ¥0.21, compared to ¥0.01 in Q1 2024, indicating a substantial improvement[21] Assets and Liabilities - The company's total assets increased by 2.96% to CNY 2,188,274,192.63 from CNY 2,125,272,452.34 at the end of the previous year[4] - As of March 31, 2025, the company's total assets amounted to RMB 2,188,274,192.63, an increase from RMB 2,125,272,452.34 as of December 31, 2024, reflecting a growth of approximately 2.4%[14] - The company's current assets totaled RMB 1,920,907,397.83, up from RMB 1,873,354,608.87, indicating an increase of about 2.5%[15] - The total liabilities were RMB 467,319,610.93, which is an increase from RMB 433,864,205.39, reflecting a growth of approximately 7.7%[16] - Total liabilities increased to ¥467,319,609.93 from ¥433,864,205.39, showing a growth of 7.7%[18] - Total equity attributable to shareholders rose to ¥1,721,193,343.21 from ¥1,691,390,028.35, an increase of 1.8%[18] Cash Flow - The net cash flow from operating activities was negative at CNY -1,303,248.53, compared to CNY -67,837,073.52 in the previous year[3] - Cash flow from operating activities for Q1 2025 was negative at -¥1,303,248.53, an improvement from -¥67,837,073.52 in Q1 2024[23] - Cash received from sales and services in Q1 2025 was ¥119,690,741.15, up from ¥51,310,954.88 in Q1 2024, representing a 133.4% increase[22] - Total cash inflow from financing activities was $71,197,842.88, compared to $83,500,000.00 in the previous period[24] - Cash outflow from financing activities totaled $73,641,145.15, down from $140,387,808.80[24] - Net cash flow from financing activities was -$2,443,302.27, an improvement from -$56,887,808.80[24] - The net increase in cash and cash equivalents was -$4,686,375.14, compared to -$386,039,090.34 previously[24] - The ending balance of cash and cash equivalents was $846,586,609.68, slightly down from $863,113,489.22[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 4,976[8] - The largest shareholder, Jiangsu Yangtai Enterprise Management Co., Ltd., holds 21,834,053 shares, accounting for 19.02% of the total shares[8] Research and Development - Research and development expenses totaled CNY 35,499,686.40, accounting for 24.06% of operating revenue, down from 28.77% in the previous year[3] - Research and development expenses for Q1 2025 were ¥35,499,686.40, slightly up from ¥34,702,616.59 in Q1 2024, reflecting a 2.3% increase[20] Stock and Incentives - The company approved adjustments to the restricted stock incentive plan, reducing the grant price for 2023 from RMB 46.81 to RMB 46.61 per share, and for 2024 from RMB 36.22 to RMB 36.02 per share[11] - The company plans to grant 645,300 shares of restricted stock to no more than 60 incentive targets at a price of RMB 36.02 per share on March 31, 2025[11] Inventory and Non-Current Assets - The inventory increased to RMB 213,979,830.50 from RMB 174,093,351.54, indicating a growth of approximately 22.9%[15] - The company's total non-current assets amounted to RMB 267,366,794.80, up from RMB 251,917,843.47, reflecting an increase of about 6.1%[15] - The company's long-term equity investments increased significantly to RMB 9,303,436.46 from RMB 486,444.30, marking a substantial growth[15] Other Financial Activities - The company received government subsidies amounting to CNY 2,320,000.00, which are closely related to its normal business operations[5] - The company will not apply new accounting standards starting from 2025[24]

《科创板日报》25日讯，骄成超声(688392.SH)发布2025年第一季度报告，公司实现营业收入1.48亿元， 同比增长22.35%；归属于上市公司股东的净利润为2363.37万元，同比增长2152.47%。主要系本期营业 收入增长，产品结构优化等带来毛利率提升，使得归属于上市公司股东的净利润同比增长。同时，上年 同期基数较小，导致同期相比大幅变动。 骄成超声：一季度净利润同比增长2152% ...

骄成超声公告，2025年第一季度营收为1.48亿元，同比增长22.35%；净利润为2363.37万元，同比增长 2,152.47%。 ...

上海骄成超声波技术股份有限公司 2024 年年度股东大会会议资料 证券代码：688392 证券简称：骄成超声 上海骄成超声波技术股份有限公司 2024 年年度股东大会会议资料 二〇二五年五月 | | | 上海骄成超声波技术股份有限公司 2024 年年度股东大会会议资料 上海骄成超声波技术股份有限公司 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保上海骄成超声波技术股份有限公司（以 下简称"公司"）股东大会的正常秩序和议事效率，保证股东大会的顺利进行， 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券 法》（以下简称"《证券法》"）以及《上海骄成超声波技术股份有限公司章程》（以 下简称"《公司章程》"）《上海骄成超声波技术股份有限公司股东大会议事规则》 等相关规定，特制定本次股东大会会议须知： 一、 为保证股东大会的严肃性和正常秩序，切实维护股东的合法权益，除 出席会议的股东及股东代表、董事、监事、高级管理人员、见证律师及董事会邀 请的人员外，公司有权依法拒绝其他无关人员进入会场。 二、 出席会议的股东及股东代表须在会议召开前 30 分钟到会议现场办理 签到手续，并 ...

Core Viewpoint - The company has shown significant growth in its accessory segment, particularly in ultrasonic equipment related to new energy batteries, and is expanding its product offerings in advanced packaging and semiconductor fields [2] Group 1: Financial Performance - In 2024, the company's accessory revenue reached 184 million yuan, representing a 70.45% increase year-on-year [2] - The company has achieved substantial revenue growth in the wire harness connector and semiconductor ultrasonic equipment sectors due to long-term validation of its technology and product performance [2] Group 2: Product Development and Market Position - The company has received verification orders for its advanced wafer ultrasonic scanning microscope from well-known industry clients, positioning it against competitors like Germany's PVA [2] - The company is actively developing ultrasonic equipment for advanced packaging, including ultrasonic die bonding machines, and is focused on expanding its product range in response to market demand [2] Group 3: Capacity Expansion and Future Plans - The company plans to expand its production capacity by acquiring precision manufacturing equipment based on order conditions [2] - Future investments will focus on the semiconductor and medical fields, particularly in advanced packaging ultrasonic equipment and new ultrasonic medical device development [2] Group 4: Technological Innovation - The company has built a unified technology platform that integrates various technical resources, enabling rapid expansion into different product series for new energy, semiconductor, and medical applications [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688392 证券简称：骄成超声 公告编号：2025-024 上海骄成超声波技术股份有限公司 关于召开2024年度暨2025年第一季度 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 投资者可于2025年4月22日(星期二)至4月28日(星期一)16:00前登录上证路演中心网站首页点击"提问预 征集"栏目或通过公司邮箱ir@sbt-sh.com进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 上海骄成超声波技术股份有限公司（以下简称"公司"）已于2025年4月12日发布公司2024年年度报告， 并将于2025年4月26日发布公司2025年第一季度报告。为便于广大投资者更全面深入地了解公司2024年 度和2025年第一季度经营成果、财务状况，公司计划于2025年4月29日14:00-15:00举行2024年度暨2025 年第一季度业绩说明会，就投资者关心的问题进行交流。现将有关事项公告如下： 一、说明会类型 本次业绩 ...