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]

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 525.19 | 584.55 | 759.84 | 1,143.24 | 1,664.06 | | 同比（%） | 0.52 | 11.30 | 29.99 | 50.46 | 45.56 | | 归母净利润（百万元） | 66.54 | 85.87 | 122.06 | 251.76 | 452.49 | | 同比（%） | (39.97) | 29.04 | 42.15 | 106.25 | 79.73 | | EPS-最新摊薄（元/股） | 0.58 | 0.75 | 1.06 | 2.19 | 3.94 | | P/E（现价&最新摊薄） | 85.65 | 66.38 | 46.70 | 22.64 | 12.60 | [Table_Tag] [Table_Summary] 投资要点 2025 年 04 月 27 日 证券研究报告·公司点评报告·电池 骄成 ...

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 ...

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 ...

国泰海通证券股份有限公司 关于上海骄成超声波技术股份有限公司 一、本次现场检查的基本情况 （一）保荐机构 国泰海通证券股份有限公司 2024 年度持续督导现场检查报告 上海证券交易所： 根据中国证券监督管理委员会《关于同意上海骄成超声波技术股份有限公 司首次公开发行股票注册的批复》（证监许可[2022]1547 号），上海骄成超声波 技术股份有限公司（以下简称"骄成超声"、"公司"）首次公开发行股票 2,050 万股，每股面值人民币 1 元，每股发行价格人民币 71.18 元，募集资金总额为人 民币 1,459,190,000.00 元，扣除发行费用后，实际募集资金净额为人民币 1,296,362,184.31 元。本次发行证券已于 2022 年 9 月 27 日在上海证券交易所上 市。国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐机构"）担任其 持续督导保荐机构，持续督导期间为 2022 年 9 月 27 日至 2025 年 12 月 31 日。 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上 市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 等有关法律、 ...

国泰海通证券股份有限公司 关于上海骄成超声波技术股份有限公司 2024 年度持续督导年度跟踪报告 | 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 经中国证券监督管理委员会《关于同意上海骄成超声波技术股份有限公司首 次公开发行股票注册的批复》（证监许可〔2022〕1547 号）批复，上海骄成超 声波技术股份有限公司（以下简称"上市公司"、"公司"或"发行人"）首次 公开发行股票 2,050 万股，每股面值人民币 1.00 元，每股发行价格人民币 71.18 元，募集资金总额为人民币 145,919.00 万元，扣除发行费用后，实际募集资金净 额为人民币 129,636.22 万元。本次发行证券已于 2022 年 9 月 27 日在上海证券交 易所上市。国泰海通证券股份有限公司（以下简称"保荐机构"或"国泰海通"） 担任其持续督导保荐机构，持续督导期间为 2022 年 9 月 27 日至 2025 年 12 月 31 日。 在 2024 年 1 月 1 日至 2024 ...