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].

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% ...