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]

Core Points - The stock of Shanghai Jiaocheng Ultrasonic Technology Co., Ltd. fell by 5.22% to 109.41 CNY per share, with a trading volume of 128 million CNY and a turnover rate of 0.99%, resulting in a total market capitalization of 12.662 billion CNY [1] Company Overview - Shanghai Jiaocheng Ultrasonic Technology Co., Ltd. was established on February 13, 2007, and went public on September 27, 2022. 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] - The revenue composition of the company's main business includes: - 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 - Huatai Baoxing Fund has a significant holding in Jiaocheng Ultrasonic, with its Huatai Baoxing Industrial Upgrade Mixed Fund A (021792) holding 20,000 shares, accounting for 5.66% of the fund's net value, making it the eighth largest holding. The estimated floating loss today is approximately 120,600 CNY [2] - The Huatai Baoxing Industrial Upgrade Mixed Fund A was established on September 24, 2024, with a latest scale of 19.6441 million CNY. Year-to-date returns are 60.51%, ranking 721 out of 8,152 in its category; one-year returns are 56.12%, ranking 850 out of 8,038; and since inception returns are 59.31% [2] Fund Manager Information - The fund manager of Huatai Baoxing Industrial Upgrade Mixed Fund A is Shang Shuohui, who has been in the position for 8 years and 223 days. The total asset size of the fund is 1.006 billion CNY, with the best fund return during his tenure being 141.92% and the worst being -38.16% [3]

Summary of Conference Call for Jiao Cheng Company Industry Overview - The semiconductor equipment industry is experiencing strong growth, with Jiao Cheng Company expecting semiconductor equipment orders to reach no less than 200 million yuan in 2025, reflecting a robust demand trend despite long acceptance cycles [2][4] - The lithium battery equipment sector is projected to generate revenue of at least 220 million yuan in 2025, with significant contributions from leading lithium battery manufacturers expanding production [2][7] Key Financial Metrics - The overall gross margin for the company remains high, reaching 65% in Q3 2025, with lithium battery equipment gross margin exceeding 50% and consumables over 70% [2][6] - In Q3 2025, lithium battery equipment revenue was approximately 160 million yuan, while revenue from harness and semiconductor businesses was around 150 million yuan, and consumables contributed about 180 million yuan [3] Growth Drivers - The company holds a 70-80% market share in the traditional lithium battery sector, with each additional 1GW of capacity corresponding to approximately 1.2 million yuan in equipment revenue and 200,000 yuan in consumables revenue [8] - The automotive harness segment is expected to see a threefold increase in revenue in 2025, with a domestic market share of about 20%, gradually replacing imported brands [2][14] Emerging Markets and Future Potential - The company is optimistic about emerging markets such as semiconductors and medical devices, as well as niche areas like liquid cooling plate detection and composite material welding, which could yield market opportunities worth billions [5][19] - The semiconductor sector is anticipated to grow significantly, with the company already securing orders for four devices from leading domestic manufacturers for advanced packaging applications [17] Long-term Strategy and R&D Focus - R&D investments are primarily focused on the semiconductor field to ensure technological leadership and continuous innovation [5][15] - The company plans to maintain a strong position in the semiconductor equipment market, with expectations of increasing demand for detection equipment as advanced packaging processes evolve [18] Profitability Outlook - The net profit margin for traditional lithium battery equipment is expected to be around 25-30%, with overall gross margins potentially reaching 50% when including consumables [10] - Consumables are projected to grow at an annual rate of 30%, with total consumables revenue expected to be around 250 million yuan for the year [10][12] Market Position and Competitive Advantage - The company emphasizes its competitive edge in the lithium battery equipment sector, where it has achieved a gross margin of 50% and is positioned as a key supplier to major manufacturers [20] - The unique position of being the only domestic company in the mainstream supply chain for leading manufacturers supports the maintenance of high gross margins [20] Conclusion - Jiao Cheng Company is well-positioned for growth in the semiconductor and lithium battery sectors, with strong financial performance, a focus on R&D, and a strategic approach to emerging markets and technologies [2][5][19]

Core Viewpoint - The company, Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd., has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, and confirming that there are no false records or significant omissions [2][3]. Financial Data Summary - The financial statements for the third quarter are not audited [3]. - The report period refers to the three months from the beginning to the end of the quarter [3]. - The company has a total of 2,908,936 shares held in a repurchase account, accounting for 2.51% of the total share capital [5]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the status of the top ten shareholders, although specific names and holdings are not disclosed [5]. - There are no changes reported in the share lending situation of major shareholders [6][7]. Other Important Information - There are no additional reminders or significant operational updates regarding the company's performance during the reporting period [7]. - The financial statements, including the consolidated balance sheet and cash flow statement, are prepared without an audit opinion [7].

Core Insights - The company, Jiao Cheng Ultrasound (688392.SH), reported a revenue of 521 million yuan for the first three quarters of 2025, representing a year-on-year growth of 27.53% [1] - The net profit attributable to shareholders reached 94.03 million yuan, showing a significant year-on-year increase of 359.81% [1] - The company's net profit after deducting non-recurring items was 76.17 million yuan, marking a turnaround from losses in the previous year [1] - Basic earnings per share stood at 0.84 yuan [1]

Group 1 - China Satellite reported a net profit of 14.81 million yuan for the first three quarters, marking a turnaround from losses, with a revenue of 3.102 billion yuan, up 85.28% year-on-year [1] - SAIYANG Technology signed a contract worth 533 million yuan for Airbus A320 series aircraft transport tooling, effective until 2038 [1] - Zhongwei Semiconductor achieved a net profit of 152 million yuan, a 36.78% increase year-on-year, with a revenue of 773 million yuan, up 19.03% [2] Group 2 - Jiao Cheng Ultrasonic reported a net profit of 94.03 million yuan, a significant increase of 359.81% year-on-year, with a revenue of 521 million yuan, up 27.53% [3] - Keda Li's net profit grew by 16.55% year-on-year to 1.185 billion yuan, with a revenue of 10.603 billion yuan, up 23.41% [3] - Ningbo Huaxiang's net profit fell by 87.68% to 88.73 million yuan, despite a revenue increase of 5.88% to 19.224 billion yuan [4] Group 3 - Mingzhi Electric reported a net profit of 49.84 million yuan, a 5.43% increase year-on-year, with a revenue of 2.043 billion yuan, up 11.66% [6] - Xianda Co. achieved a net profit of 196 million yuan, a staggering increase of 3064.56% year-on-year, with a revenue of 2.008 billion yuan, up 6.11% [7] - Longxin General's net profit rose by 75.45% to 1.577 billion yuan, with a revenue of 14.557 billion yuan, up 19.14% [8] Group 4 - Hainan Highway reported a net loss of 10.63 million yuan, despite a revenue increase of 133.41% to 314 million yuan [9] - Zhongci Electronics achieved a net profit of 443 million yuan, a 20.07% increase year-on-year, with a revenue of 2.143 billion yuan, up 13.62% [11] - Hangyang Co. reported a net profit of 757 million yuan, a 12.14% increase year-on-year, with a revenue of 11.428 billion yuan, up 10.39% [12] Group 5 - Yuanli Technology's net profit decreased by 2.89% to 152 million yuan, with a revenue of 1.654 billion yuan, down 3.69% [13] - Guihang Co. reported a net profit of 118 million yuan, a slight increase of 0.77%, with a revenue of 1.870 billion yuan, up 8.65% [14] - Haixing Co. achieved a net profit of 147 million yuan, a 41.41% increase year-on-year, with a revenue of 1.711 billion yuan, up 21.45% [16] Group 6 - Weiteng Electric reported a net profit decline of 87.47% to 13.66 million yuan, with a revenue of 2.597 billion yuan, down 5.40% [18] - Tiancai Control achieved a net profit of 50.33 million yuan, a 91.73% increase year-on-year, with a revenue of 1.855 billion yuan, up 27.3% [20] - Hangzhi Qianjin reported a net profit of 207 million yuan, a 9.59% increase year-on-year, with a revenue of 1.730 billion yuan, up 5.39% [21] Group 7 - Suli Co. reported a net profit of 139 million yuan, a remarkable increase of 1522.38%, with a revenue of 2.064 billion yuan, up 25.39% [23] - Sanqi Interactive achieved a net profit of 2.345 billion yuan, a 23.57% increase year-on-year, with a revenue of 12.461 billion yuan, down 6.59% [24] - Yongjie New Materials reported a net profit of 309 million yuan, a 30.99% increase year-on-year, with a revenue of 7.020 billion yuan, up 20.01% [26] Group 8 - Kang Enbei achieved a net profit of 584 million yuan, a 12.65% increase year-on-year, with a revenue of 4.976 billion yuan, up 1.27% [28] - Zhongyuan Highway reported a net profit of 961 million yuan, a 16.78% increase year-on-year, with a revenue of 4.888 billion yuan, up 3.89% [30] - Hunan Gold achieved a net profit of 1.029 billion yuan, a 54.28% increase year-on-year, with a revenue of 41.194 billion yuan, up 96.26% [32] Group 9 - Huadong Pharmaceutical reported a net profit of 2.748 billion yuan, a 7.24% increase year-on-year, with a revenue of 32.664 billion yuan, up 3.77% [33] - Dongyangguang achieved a net profit of 906 million yuan, a significant increase of 189.80%, with a revenue of 10.970 billion yuan, up 23.56% [35] - Xinrui Technology reported a net loss of 62.62 million yuan, despite a revenue increase of 28.02% to 1.672 billion yuan [37] Group 10 - Jiabiyou achieved a net profit of 129 million yuan, a 54.18% increase year-on-year, with a revenue of 428 million yuan, up 10.56% [38] - Ruifeng New Materials reported a net profit of 574 million yuan, a 14.85% increase year-on-year, with a revenue of 2.551 billion yuan, up 10.87% [39] - Zhongfu Industrial achieved a net profit of 1.187 billion yuan, a 63.25% increase year-on-year, with a revenue of 16.633 billion yuan, down 0.60% [40] Group 11 - Aohai Technology reported a net profit of 359 million yuan, a 19.32% increase year-on-year, with a revenue of 5.188 billion yuan, up 14.14% [41] - Kangzhong Medical announced a share transfer plan involving 5.33% of its shares due to shareholder funding needs [43] - Hualing Steel plans to invest 512 million yuan in a new continuous casting project [44]

Company Summary - Jiao Cheng Ultrasound (SH 688392) announced on October 28 that it will recognize a total of 13.58 million RMB in credit impairment losses and asset impairment losses for the third quarter of 2025, which will reduce the company's total profit for the period from July to September 2025 by the same amount [1] - The impairment preparation data is unaudited [1] - For the year 2024, the company's revenue composition is as follows: specialized equipment manufacturing accounts for 99.82%, while other businesses account for 0.18% [1] - As of the report date, Jiao Cheng Ultrasound has a market capitalization of 13.6 billion RMB [1] Industry Summary - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology as the main driver reshaping the market dynamics [1] - A new "slow bull" market pattern is emerging [1]