证券代码：688392 证券简称：骄成超声 公告编号：2025-047 上海骄成超声波技术股份有限公司 首次公开发行部分限售股上市流通公告 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： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 44,981,239股。 本次股票上市流通总数为44,981,239股。 本次股票上市流通日期为2025 年 9 月 29 日（因 2025 年 9 月 27 日为非交 易日，故上市流通日顺延至下一交易日）。 基于对上海骄成超声波技术股份有限公司（以下简称"公司"、"骄成超声" 或"发行人"）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，公司控股股东江苏阳泰企业管理有 限公司（以下简称"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，除向上海交通大学教育发展基金会捐赠的 300,000 股股份外，自 2025 年 9 月 29 日起 12 个月内不以任何方式减持所持有的公司股份，包括承诺期 ...

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 首次公开发行部分限售股上市流通的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 上海骄成超声波技术股份有限公司（以下简称"骄成超声"或"公司"）首次公 开发行股票并在科创板上市及持续督导的保荐机构，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》《上海证券交易所上市公司自律监管 指引第 11 号——持续督导》等法律法规的相关规定，对骄成超声首次公开发行 部分限售股上市流通事项进行了核查，核查情况及核查意见如下: 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 7 月 18 日出具的《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），同意公司首次公开发行股票的注册申请。公司首次向社会公众公开发 行人民币普通股（A 股）2,050 万股，并于 2022 年 9 月 27 日在上海证券交易所 科创板上市，公司首次公开发行完成后总股本为 8,200 万 ...

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]

每经AI快讯，9月1日，固态电池概念股持续走强，上海洗霸盘中创新高，德新科技2连板，国轩高科、 北京利尔、杭可科技涨停，先导智能涨超15%，骄成超声、利元亨、长阳科技跟涨。 ...