Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Insights - The company is a domestic ultrasonic technology platform enterprise with diversified business growth, focusing on applications in various sectors such as power batteries, semiconductors, automotive, and tires [2][16] - In the first half of 2025, the company achieved revenue of 323 million yuan, a year-on-year increase of 32.50%, and a significant increase in net profit attributable to the parent company [2][27] - The company has maintained a research and development expense ratio exceeding 20% for two consecutive years, leading to technological breakthroughs and business expansion [2][23] Summary by Sections 1. Ultrasonic Technology Platform Enterprise - The company has established a comprehensive ultrasonic technology platform since its founding in 2007, providing solutions for various industries [16] - The actual controller has a strong technical background and has led the company to maintain high R&D investment [19][23] - The company’s revenue in 2024 was 585 million yuan, with a year-on-year growth of 11.30%, and the first half of 2025 showed a continued upward trend [27] 2. Lithium Battery Business - The lithium battery business benefits from downstream recovery and technological changes, with significant demand from leading manufacturers like CATL and BYD [2][39] - The company’s ultrasonic welding technology has distinct advantages over traditional methods, particularly in multi-layer ear welding [36] - The company is positioned as a key supplier for major battery manufacturers, enhancing its market competitiveness [39][40] 3. Semiconductor and Automotive Business - The semiconductor and automotive sectors are experiencing rapid growth due to domestic production acceleration, with the wire harness business expected to grow significantly [3][4] - The company provides comprehensive ultrasonic application solutions for the semiconductor market, benefiting from increased domestic production rates [3][4] 4. Parts and Consumables Business - The company has a high self-manufacturing rate for key components, providing stable cash flow from its consumables business [3][5] - The consumables business is expected to grow steadily as the installed base of equipment increases across various industries [3][5] 5. Profit Forecast and Valuation Analysis - The company is expected to see net profits of 137 million yuan, 212 million yuan, and 305 million yuan from 2025 to 2027, with corresponding year-on-year growth rates of 59.5%, 54.7%, and 43.8% [6][8] - The projected EPS for the same period is 1.18 yuan, 1.83 yuan, and 2.63 yuan, with a PE ratio of 96, 62, and 43 times respectively [6][8]

Group 1: Baia Co., Ltd. - Douyin remains a crucial platform for brand exposure and customer acquisition, with increased investment in Xiaohongshu showing positive trends [1] - Instant retail is growing rapidly, becoming a significant emerging channel with potential for new industry dividends [1] - The company reported over 100% revenue growth in the first three quarters, with a potential increase in net profit margin due to channel cost dilution [1] Group 2: Jiao Cheng Ultrasonic - The company provides comprehensive solutions in the power semiconductor field, including ultrasonic welding machines and scanning microscopes, with bulk shipments already made [2] - Ultrasonic detection offers irreplaceable advantages in wafer and advanced packaging defect detection, complementing X-ray detection [2] - The company is expanding into solid-state battery equipment and has received orders for ultrasonic solid crystal machines, highlighting its competitive edge in low-temperature and efficient solutions [2] Group 3: Siyuan Electric - The company is confident in achieving its annual target, with a 25% growth in orders, and progress is on track as of September [3] - Overseas orders are growing faster than average, while domestic orders in systems, renewable energy, and energy storage are also meeting expectations [3] - The company is collaborating on the IGCT project with Huairou Laboratory to advance industrialization, although new products will have a limited short-term revenue impact [3]

Group 1: Company Insights - iFlytek has accumulated over 50TB of industry corpus and over 1 billion daily user interactions, enhancing its data quality and multi-modal capabilities with the upgrade of its "Xunfei Spark Model" to version 4.0, which competes with GPT-4 Turbo [1] - Baiya Co. has seen over 100% revenue growth in the first three quarters, with a significant contribution from its health product series, which accounts for over 50% of revenue, and is expanding its product scale and upgrades [2] - Tunan Co. reported a decrease in net profit due to increased production but delayed revenue recognition, with a current order backlog corresponding to approximately 1.75 billion yuan [3] - Jiao Cheng Ultrasonic is advancing in the power semiconductor field with a range of welding machines and is developing equipment for solid-state batteries, benefiting from the electric and intelligent development trends [4] - Ben Gang Steel is focusing on high-value product development and efficiency improvements, with its automotive steel recognized as a benchmark in the industry [5] Group 2: Fund Insights - Quan Guo Fund, established in 2022, has an asset management scale of 22.384 billion yuan, ranking 119th among 210 public funds, with its best-performing product showing a 35.14% growth over the past year [5]

Group 1: Company Insights - Keda Xunfei has accumulated over 50TB of industry corpus and over 1 billion daily user interactions, enhancing its data collection and cleaning capabilities [1] - The "Xunfei Spark Model" has been upgraded to version 4.0, which significantly improves its multimodal and intelligent capabilities, comparable to GPT-4 Turbo [1] - Tunan Co. reported a decline in net profit for Q3 2025 due to increased production but delayed revenue recognition, leading to higher operational costs [2] - Tunan's inventory increased by 48% since the beginning of the year due to order-based stocking, with a backlog of orders corresponding to approximately 1.75 billion yuan [2] - Jiao Cheng Ultrasonic provides comprehensive solutions in power semiconductor fields and has begun mass shipments, focusing on advanced packaging and defect detection [3] - The company is developing ultrasonic bonding machines and has received orders for its ultrasonic solid-state bonding machines, which offer low-temperature and high-efficiency advantages [3] Group 2: Industry Trends - The semiconductor industry is seeing advancements in ultrasonic detection methods, which complement traditional X-ray detection in identifying defects [3] - The demand for automation in manufacturing, particularly in the aerospace and energy sectors, is driving growth for companies like Tunan and Jiao Cheng [2][3] - The electric vehicle and energy storage sectors are benefiting from innovations in welding equipment and battery technology, indicating a trend towards electrification and smart technology [3] Group 3: Fund Management Insights - Zhongyin Fund has an asset management scale of 676.016 billion yuan, ranking 18th among 210 firms, with a focus on public funds [4] - The fund's best-performing product in the past year is the Zhongyin Hong Kong Stock Connect Medical Mixed Fund A, which has grown by 72.27% [4] - The latest fund launched by Zhongyin is the Zhongyin CSI Robot Index C, which is an index-type stock fund with a subscription period from October 13 to October 24, 2025 [4]

Group 1 - The core point of the news is that a block trade of 121,000 shares of Jiao Cheng Ultrasonic occurred on October 22, with a transaction amount of 11.91 million yuan, at a price of 98.45 yuan, which represents a discount of 13.11% compared to the closing price of the day [2][3] - The buyer of the block trade was an institutional proprietary trading department, while the seller was Guolian Minsheng Securities Co., Ltd. Wuxi Qingyang Road Securities Business Department [2][3] - In the last three months, Jiao Cheng Ultrasonic has recorded a total of 11 block trades, with a cumulative transaction amount of 41.69 million yuan [2] Group 2 - The latest margin financing balance for Jiao Cheng Ultrasonic is 318 million yuan, which has decreased by 35.996 million yuan over the past five days, representing a decline of 10.17% [3] - The company, Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd., was established on February 13, 2007, with a registered capital of 115.73336 million yuan [3] - On October 22, the closing price of Jiao Cheng Ultrasonic was 113.30 yuan, down by 1.09%, with a daily turnover rate of 2.72% and a total transaction amount of 353 million yuan, while the net inflow of main funds for the day was 2.0713 million yuan [2]

Core Viewpoint - The article discusses the recent large-scale trading activities of Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd., highlighting significant trading volumes, price discounts, and institutional participation in the transactions [2][3]. Trading Activity Summary - On October 21, a total of 10 large transactions occurred, with a cumulative trading volume of 302,500 shares and a total transaction value of 29.78 million yuan [2]. - The average transaction price was 98.45 yuan, representing a discount of 14.05% compared to the closing price of 114.55 yuan on the same day [2][3]. - Institutional specialized seats participated in 5 of the transactions, with a total transaction value of 13.41 million yuan and a net purchase of 13.41 million yuan [2]. Stock Performance Summary - The stock closed at 114.55 yuan, reflecting a daily increase of 9.12%, with a turnover rate of 4.97% and a total trading volume of 653 million yuan [2]. - Over the past 5 days, the stock has increased by 13.05%, while the net capital outflow during this period amounted to 40.67 million yuan [2]. Margin Financing Summary - The latest margin financing balance for the stock is 347 million yuan, which has increased by 14.75 million yuan over the past 5 days, marking a growth rate of 4.44% [3]. Company Background - Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. was established on February 13, 2007, with a registered capital of 115.73 million yuan [3].

Core Insights - On October 21, 2025, Jiao Cheng Ultrasound executed a block trade of 302,500 shares, amounting to 29.7813 million yuan, which represented 4.36% of the total trading volume for the day. The transaction price was 98.45 yuan, reflecting a discount of 14.05% compared to the market closing price of 114.55 yuan [1] Summary by Category Trading Activity - The block trade involved a total of 302,500 shares at a price of 98.45 yuan per share [1] - The total transaction value was 29.7813 million yuan [1] - The trade accounted for 4.36% of the total trading volume on that day [1] Price Comparison - The transaction price of 98.45 yuan was 14.05% lower than the market closing price of 114.55 yuan [1] Institutional Participation - Multiple institutional buyers participated in the trade, with significant amounts being transacted by specialized institutions [2]

Core Viewpoint - The company, Jiao Cheng Ultrasonic (688392), is actively advancing its product offerings in the semiconductor advanced packaging sector, focusing on ultrasonic solutions and establishing significant partnerships with well-known enterprises in the industry [1][3]. Group 1: Product Development and Market Position - The company has developed a comprehensive range of ultrasonic solutions for power semiconductors, including ultrasonic terminal welding machines and ultrasonic bonding machines, which have achieved mass production [1]. - In the advanced packaging field, the company is promoting new products such as advanced ultrasonic scanning microscopes and ultrasonic die bonders, successfully securing formal orders from reputable domestic clients [1][3]. - The company is also making strides in the IC packaging sector, focusing on high-end ultrasonic die bonders and ball bonding machines to break the long-standing monopoly of foreign manufacturers [3][4]. Group 2: Technology Advantages - Ultrasonic detection technology offers significant advantages over optical and X-ray detection methods, particularly in its ability to penetrate materials and quantify internal interface defects without causing damage [2]. - The ultrasonic bonding technology enhances the reliability and efficiency of packaging processes by utilizing ultrasonic energy to facilitate atomic diffusion at the interface, resulting in stronger metal bonds compared to traditional methods [4]. Group 3: Financial Performance - For the first half of 2025, the company reported a main revenue of 323 million yuan, a year-on-year increase of 32.5%, and a net profit attributable to shareholders of 58.04 million yuan, reflecting a substantial year-on-year growth of 1005.12% [6]. - The second quarter of 2025 saw a main revenue of 175 million yuan, up 42.46% year-on-year, with a net profit of 34.40 million yuan, marking a significant increase of 718.65% [6]. Group 4: Client Base and Industry Applications - In the wire harness connector sector, the company's ultrasonic welding machines are utilized in applications such as new energy vehicles and charging stations, collaborating with notable clients like BYD and Amphenol [5]. - The company is also expanding its product offerings in the medical field, having obtained five registration certificates for ultrasonic dental medical devices, with plans for further development in mid-to-high-end applications [6].

Core Insights - Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. and Jiemi Technology have reached a consensus on establishing a long-term strategic partnership [1] - The two companies discussed key topics including technology research and development, market operations, and the construction of an industrial chain and ecosystem [1] - A strategic cooperation agreement was signed between the two parties [1]

Core Insights - On October 13, Jiao Cheng Ultrasonic saw a stock price increase of 11.97% with a trading volume of 728 million yuan [1] - The company reported a financing buy-in amount of 95.51 million yuan and a net financing buy of 10.27 million yuan on the same day [1] - As of October 13, the total financing and securities lending balance for Jiao Cheng Ultrasonic was 332 million yuan, which is 2.78% of its circulating market value [1] Financing and Securities Lending - The financing buy-in for Jiao Cheng Ultrasonic on October 13 was 95.51 million yuan, with a current financing balance of 332 million yuan, exceeding the 90th percentile level over the past year [1] - In terms of securities lending, there were no shares repaid on October 13, with 900 shares sold, amounting to 93,100 yuan at the closing price [1] - The securities lending balance was 34,120 yuan, which is below the 50th percentile level over the past year, indicating a low position [1] Company Overview - Jiao Cheng Ultrasonic, established on February 13, 2007, and listed on September 27, 2022, specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment [2] - The company's revenue composition includes: 31.42% from parts, 25.86% from ultrasonic equipment for new energy batteries, 18.51% from services and others, 13.92% from harness connector ultrasonic equipment, 8.03% from semiconductor ultrasonic equipment, and 2.09% from non-metal ultrasonic equipment [2] - For the first half of 2025, Jiao Cheng Ultrasonic achieved a revenue of 323 million yuan, representing a year-on-year growth of 32.50%, and a net profit of 58.04 million yuan, reflecting a significant increase of 1005.12% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Jiao Cheng Ultrasonic was 4,733, a decrease of 4.88% from the previous period [3] - The average circulating shares per person increased by 6.54% to 14,948 shares [3] - The company has distributed a total of 144 million yuan in dividends since its A-share listing [3]