每经AI快讯，骄成超声9月18日晚间发布公告称，公司限售股份约4498.12万股将于2025年9月29日解禁 并上市流通，占公司总股本比例为38.87%。 每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 （记者 张明双） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China Industrials** sector, focusing on various companies within the electric components and battery supply chain industries. Core Insights and Arguments 1. **Company Ratings and Market Performance**: - **Hongfa (600885.SS)**: Rated as "Buy" with a market cap of Rmb 38,479 million and a target price of Rmb 36.50, indicating a 38% upside [3][5] - **LOPAL-H (2465.HK)**: Also rated "Buy", with a market cap of Rmb 6,913 million and a target price of Rmb 15.00, showing a 36% upside [3][5] - **CSSC (600150.SS)**: Rated "Buy", market cap of Rmb 171,652 million, target price of Rmb 45.50, with a 19% upside [3][7] - **Ronbay (688005.SS)**: Rated "Neutral", market cap of Rmb 20,698 million, target price of Rmb 26.00, indicating a -10% downside [3][6] 2. **Financial Metrics**: - **P/E Ratios**: Companies like Hongfa and CSSC have P/E ratios of 20x and 23x respectively for 2026E, while Ronbay has a significantly higher P/E of 175x for 2025E [3][5][6] - **ROE**: CSSC shows a ROE of 14% for 2026E, while Hongfa has a ROE of 18% for the same year [3][5][7] 3. **Profit Forecasts**: - **Net Profit Estimates**: Hongfa's net profit is projected to grow from Rmb 1,921 million in 2025E to Rmb 2,556 million in 2027E, reflecting a growth trajectory [3][5] - **Consensus vs. UBS Estimates**: For CSSC, UBS estimates a net profit of Rmb 1,479 million in 2026E, which is 35% higher than the consensus estimate [3][7] 4. **Comparative Analysis**: - The report includes a comparative analysis of various companies in the electric components and battery supply chain sectors, highlighting differences in market cap, P/E ratios, and growth rates [5][6][7] Additional Important Insights 1. **Market Trends**: - The electric components sector is experiencing a shift towards more sustainable and efficient technologies, with companies like CATL leading in solid-state battery innovations [8][9] - The battery supply chain is under pressure with limited pricing opportunities, as indicated by the correlation between production schedules and battery index performance [11] 2. **Investment Risks**: - Companies like Nuode (600110.SH) and Yinghe (300457.SZ) are rated "Sell" due to significant projected declines in net profit and high P/E ratios, indicating potential investment risks [3][5][6] 3. **Future Catalysts**: - The potential for solid-state batteries in various applications, including electric vehicles, is highlighted as a significant growth driver for the industry [9][10] 4. **Sector Performance**: - The overall performance of the China Industrials sector is closely monitored, with specific attention to the electric components and battery supply chain segments, which are expected to see varying levels of growth and profitability [3][4][6] This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the China Industrials sector, particularly focusing on electric components and battery supply chains.

Summary of the Conference Call for Jiao Cheng Ultrasonic Company Overview - Jiao Cheng Ultrasonic has made significant progress in the semiconductor and automotive wiring harness sectors, entering leading domestic storage companies and successfully delivering 3D packaging equipment. The automotive wiring harness business is tied to major companies like BYD, providing new growth momentum for the company [2][4]. Core Business and Revenue Structure - The company's revenue structure is diversifying, with a decrease in the proportion of revenue from power batteries and an increase in semiconductor and consumables. By 2024, consumables are expected to account for over 30% of revenue, semiconductor revenue will reach 8-9%, and automotive wiring harness will exceed 14% [2][7]. - The main business of Jiao Cheng Ultrasonic involves the manufacturing of ultrasonic welding equipment. Despite challenges in the lithium battery sector, the company's performance has improved due to the restart of downstream expansion [3][10]. Financial Performance - In the first half of 2025, the company's profit increased nearly tenfold year-on-year, with a profit of approximately 60 million yuan. The main business has shown a clear turning point, and this growth trend is expected to continue into 2026 [11][21]. - The gross margin has remained high, consistently above 50% from 2018 to 2024, reaching over 60% in Q1 2025. The gross margin for consumables is particularly high, exceeding 70% [12][19]. Research and Development - The company has significantly increased its R&D investment, particularly in the semiconductor field, with nearly 300 R&D personnel, about 100 of whom focus on semiconductors. This investment has driven rapid development in the semiconductor business [9][32]. - Jiao Cheng Ultrasonic has a strong R&D team, primarily composed of graduates from Shanghai Jiao Tong University, providing a solid foundation for continuous innovation [8]. Market Trends and Future Outlook - The solid-state battery and 3D packaging technologies are identified as key growth drivers. The value of solid-state batteries has increased by over tenfold, and the market for 3D packaging ultrasonic scanning microscopes could reach 3-5 billion yuan [5][22]. - The semiconductor sector is expected to see a significant increase in orders, with new orders in 2025 reaching 200 million yuan, and potential for doubling growth in the coming years [5][32]. Competitive Advantages - Jiao Cheng Ultrasonic maintains a competitive edge over foreign companies in various segments, achieving gross margins of 48% in lithium battery equipment, 60% in automotive wiring harnesses, and 57% in semiconductors. This is attributed to in-house production of core components and a robust R&D team [16][34]. Emerging Business Areas - The company is expanding into new markets such as solid-state batteries and medical devices, with significant potential for growth. The medical device market is expected to exceed 10 billion yuan in scale by 2026 [6][33]. - The automotive wiring harness business is projected to grow significantly, with revenues expected to increase by 50% to 300% in 2025 compared to 2024 [20]. Overall Valuation and Growth Potential - The company is expected to achieve a total profit of over 200 million yuan in 2025, with projections for 300-400 million yuan in 2026. Given its unique business model and profitability, the company's valuation is expected to exceed that of its peers, potentially reaching a market cap of around 10 billion yuan [21][34].

Core Viewpoint - The report outlines the continuous sponsorship and supervision of Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. by Guotai Junan Securities Co., Ltd., detailing the company's IPO and subsequent operational oversight [2][9]. Summary by Sections IPO and Fundraising - Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. issued 20.5 million shares at a price of RMB 71.18 per share, raising a total of RMB 145.919 million, with a net amount of RMB 129.636 million after expenses [2]. Continuous Supervision - The continuous supervision period is from September 27, 2022, to December 31, 2025, during which the sponsor will ensure compliance with regulations and proper information disclosure [2][3]. - The sponsor has established a continuous supervision agreement with the company, outlining mutual rights and obligations [3]. Operational Oversight - The sponsor has assisted the company in establishing internal systems and decision-making processes to comply with legal and regulatory requirements [3][4]. - The company has maintained compliance with its commitments, with no unfulfilled promises reported during the supervision period [6]. Financial Performance - The company reported a revenue of RMB 32,279.33 million, a 32.50% increase from the previous year, and a net profit of RMB 5,803.69 million, reflecting a significant growth of 1,005.12% [16]. - The cash flow from operating activities improved to RMB 2,265.43 million, compared to a negative cash flow of RMB 8,221.56 million in the previous year [14]. Risks and Challenges - The company faces risks related to core competitiveness, particularly in the rapidly evolving sectors of new energy batteries and semiconductors, where continuous R&D is crucial [10][11]. - There is a risk of customer concentration, as the company relies heavily on major clients in the new energy battery sector, which could impact its business if these clients change suppliers [12]. R&D and Innovation - The company has a strong focus on R&D, with expenditures amounting to RMB 7,557.83 million, representing 23.41% of its revenue [18]. - The company has obtained 336 patents and 62 software copyrights, showcasing its commitment to innovation and technological advancement [18][19]. Client Relationships - The company has established strong relationships with major clients in various sectors, including new energy batteries and semiconductors, enhancing its market position [22][23]. - The company emphasizes customer service and has built a nationwide marketing network to support its clients effectively [20][21]. Fund Utilization - The company has complied with regulations regarding the use of raised funds, ensuring proper storage and usage in line with its disclosed plans [24].

关于上海骄成超声波技术股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：骄成超声 | | --- | --- | | 保荐代表人姓名：黄晓伟、申晓斌 | 被保荐公司代码：688392 | 重大事项提示 国泰海通证券股份有限公司 | 项 目 | 工作内容 | | --- | --- | | （四）主要产品研发失败； | | | （五）核心竞争力丧失竞争优势或者市场出现 | | | 具有明显优势的竞争者； | | | （六）上交所或者保荐机构认为应当发表意见 | | | 的其他情形。 | | | 14、控股股东、实际控制人及其一致行动人出 | | | 现下列情形的，保荐机构、保荐代表人应当就 | | | 相关事项对上市公司控制权稳定和日常经营 | | | 的影响、是否存在侵害上市公司利益的情形以 | | | 及其他未披露重大风险发表意见并披露： | 本持续督导期间，上市公司及相关主体未出现 | | （一）所持上市公司股份被司法冻结； | 该等事项。 | | （二）质押上市公司股份比例超过所持股份 | | | 80%或者被强制平仓的； | | | （三 ...

Market Performance - The battery sector increased by 0.77% compared to the previous trading day, with Hangke Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Battery Sector - Hangke Technology (688006) closed at 30.15, up 17.13% with a trading volume of 557,000 shares and a transaction value of 1.649 billion [1] - Xian Dao Intelligent (300450) closed at 40.70, up 14.62% with a trading volume of 2.2698 million shares and a transaction value of 9.141 billion [1] - Qiaocheng Ultrasonic (688392) closed at 91.35, up 10.07% with a trading volume of 67,000 shares and a transaction value of 603 million [1] Top Losers in Battery Sector - Jiayuan Technology (688388) closed at 28.15, down 6.42% with a trading volume of 500,300 shares and a transaction value of 1.411 billion [2] - Zhuhai Guanyu (688772) closed at 22.00, down 3.30% with a trading volume of 459,000 shares and a transaction value of 1.014 billion [2] - Jinyang Co., Ltd. (301210) closed at 45.94, down 3.28% with a trading volume of 52,700 shares and a transaction value of 244 million [2] Capital Flow in Battery Sector - The main funds in the battery sector experienced a net outflow of 2.234 billion, while retail investors saw a net inflow of 2.013 billion [2][3] - Notable net inflows from retail investors were observed in Guoxuan High-Tech (002074) with 612.137 million, despite a net outflow from main funds of 261 million [3]

Group 1 - The solid-state battery concept continues to gain strength, with companies such as Shanghai Xiba, Hanke Technology, Guoxuan High-Tech, Dexin Technology, Beijing Lier, and Dinglong Technology reaching their daily limit increase [1] - Other companies like Xiandai Intelligent, Haichen Pharmaceutical, Jiao Cheng Ultrasound, Naconoer, Jinlongyu, and Liyuanheng also experienced significant gains [1]

Group 1 - The solid-state battery concept stocks are experiencing a strong performance, with Shanghai Xiba reaching a new high during trading [1] - DeXin Technology has achieved two consecutive trading limits, indicating strong investor interest [1] - Other companies such as Guoxuan High-Tech, Beijing Lier, and Hangke Technology have also hit the trading limit, showcasing a broad rally in the sector [1] Group 2 - XianDao Intelligent has seen an increase of over 15%, reflecting positive market sentiment towards solid-state battery technologies [1] - Companies like JiaoCheng Ultrasonic, LiYuanHeng, and ChangYang Technology are also following the upward trend, indicating a collective movement in the industry [1]

Group 1 - The State Council emphasizes increasing financial and fiscal support for the artificial intelligence (AI) sector, aiming for over 70% penetration of new intelligent terminals and agents by 2027 [2][3] - By 2030, AI is expected to significantly contribute to high-quality economic development, with over 90% penetration of new intelligent applications [2] - The government plans to enhance the legal and regulatory framework for AI, including risk management and investment exit mechanisms [2][4] Group 2 - The National Development and Reform Commission (NDRC) will coordinate efforts to implement the AI action plan, ensuring local adaptation and avoiding superficial compliance [4] - The NDRC aims to foster a complete AI application service chain and promote the development of intelligent native technologies and services [4] - The NDRC will also support open-source ecosystem development to enhance international influence [4] Group 3 - The National Energy Administration acknowledges that the rapid growth of electric vehicle and AI sectors is driving increased electricity demand, which is reshaping energy consumption patterns [5][6] - Data indicates a 34.3% year-on-year increase in electricity consumption for new energy vehicle manufacturing in 2024, and a 20.5% increase for internet and related services [5][6] Group 4 - The new generation of the Chinese operating system, Galaxy Kirin V11, has been officially released, featuring significant improvements in architecture, security, and ecosystem compatibility [6] - Galaxy Kirin has achieved over 16 million deployments and is compatible with major domestic CPUs and GPUs, supporting various national projects [6] Group 5 - ByteDance has raised its option price to $200.41 per share, marking a significant increase from $189.9 earlier this year, reflecting a fivefold increase since 2019 [6] Group 6 - Aliyun's Baolian has announced a price reduction for certain model context caching, lowering the cost from 40% to 20% of the input token price when cache hits occur [7] Group 7 - Union Medical has received a medical device registration certificate for China's first photon counting spectral CT, marking a significant advancement in medical technology [8] - Nanjing New Pharmaceutical plans to acquire assets from Future Medicine for up to 480 million yuan, which is expected to constitute a major asset restructuring [9] - Biyimi plans to acquire 100% of Shanghai Xingan Semiconductor for 295 million yuan to enhance its core business and technology capabilities [10]

证券代码：688392 证券简称：骄成超声 公告编号：2025-046 上海骄成超声波技术股份有限公司 关于控股股东、实际控制人自愿承诺不减持公司 股份的公告 2023年11月，公司控股股东阳泰企管与上海交通大学教育发展基金会签署了 《上海交通大学"骄成超声基金"捐赠协议书》，为支持母校上海交通大学教育 及科研事业的发展，公司实际控制人、董事长兼总经理周宏建先生计划将其通过 阳泰企管间接持有的300,000股公司股份（以下简称"捐赠股份"）捐赠给上海 交通大学教育发展基金会。详见公司于2023年11月17日在上海证券交易所网站 （www.sse.com.cn）上披露的《关于控股股东无偿捐赠部分公司股份的公告》（公 告编号：2023-042）。 基于对公司未来持续发展的坚定信心和对公司长期价值的认可，为促进公司 持续、稳定、健康发展，增强广大投资者信心，公司控股股东阳泰企管和实际控 制人、董事长兼总经理周宏建先生分别自愿承诺，除上述 300,000 股捐赠股份外， 自 2025 年 9 月 29 日起 12 个月内（即所持股份自解除限售日 2025 年 9 月 29 日 至 2026 年 9 月 28 日）不以 ...