Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Insights - The company achieved a revenue of 753 million yuan in the first three quarters of 2025, representing a year-on-year growth of 33%. However, the net profit attributable to shareholders decreased by 19.29% to 41.47 million yuan [3][4]. - The semiconductor testing machine business continues to show high growth, with a 220% year-on-year increase in sales [4][5]. - The company successfully delivered its first high-speed testing machine, enhancing its core competitiveness and establishing a full-site service capability [4][5]. - R&D investment has increased significantly, reaching 105 million yuan in the first three quarters of 2025, a growth of 34.82% year-on-year [5]. Financial Performance Summary - For the first three quarters of 2025, the company reported: - Revenue: 753 million yuan, up 33% year-on-year - Net profit: 41.47 million yuan, down 19.29% year-on-year - Non-recurring net profit: 37.76 million yuan, down 8.80% year-on-year - Q3 revenue: 309 million yuan, up 51.23% year-on-year [3][4]. - The company forecasts EPS for 2025, 2026, and 2027 to be 1.92 yuan, 2.88 yuan, and 3.80 yuan respectively [5][13]. Business Development - The company is a leading enterprise in the new display detection equipment and semiconductor storage testing equipment industry, with expected continued growth in performance [5]. - The company has made substantial progress in its semiconductor business, with ongoing R&D investments aimed at enhancing product development and technology [5].

Core Insights - The A-share market for storage chip concept stocks continues to rise, with significant gains observed in several companies following a major price increase announcement from SanDisk [1] Group 1: Market Performance - SanDisk announced a substantial price increase of up to 50% for NAND flash contracts, causing a ripple effect throughout the storage supply chain [1] - Notable stock performances include: - Sanfu Co., Ltd. (三孚股份) with a 2-day consecutive rise - Jiangbolong (江波龙) up by 9%, reaching a new high - Jingzhida (精智达) increasing nearly 9% - Langke Technology (朗科科技) rising over 5% - Other companies like Baiwei Storage (佰维存储), China Electric Port (中电港), and Dawi Co. (大为股份) seeing gains of over 4% [1][2] Group 2: Individual Stock Data - Key stock data includes: - Sanfu Co., Ltd. (603938): 0.99% increase, market cap of 9.103 billion, YTD increase of 120.40% - Jiangbolong (301308): 9.00% increase, market cap of 129.8 billion, YTD increase of 260.05% - Jingzhida (688627): 8.91% increase, market cap of 2.05 billion, YTD increase of 200.10% - Langke Technology (300042): 5.13% increase, market cap of 6.739 billion, YTD increase of 45.58% - Baiwei Storage (688525): 4.51% increase, market cap of 62.3 billion, YTD increase of 115.33% [2]

Core Viewpoint - The A-share market for storage chip concept stocks continues to rise, driven by significant price increases in NAND flash memory contracts announced by SanDisk, which could impact the entire storage supply chain [1] Group 1: Market Performance - Sanfu Co. has achieved two consecutive trading limits, indicating strong investor interest [1] - Jiangbolong has increased by 9%, reaching a new high, while Jingzhida and Langke Technology have both risen nearly 9% [1] - Other companies such as Baiwei Storage, China Electric Port, and Dawi Co. have seen increases of over 4%, with Kexiang Co., Saiteng Co., and others rising over 3% [1] Group 2: Price Changes and Supply Chain Impact - SanDisk plans to significantly raise NAND flash contract prices by up to 50% in November [1] - This price hike has caused a ripple effect in the storage supply chain, prompting companies like Transcend, ADATA, and Apacer to halt shipments and reassess their pricing strategies [1]

Investment Rating - The report rates the industry as "stronger than the market" [2] Core Insights - The semiconductor testing equipment for SoC is entering a structural growth phase, driven by the increasing complexity and testing intensity of SoC architectures due to advancements in smartphone processes [4] - The advanced process (5/4/3/2nm) is expected to account for 51% of smartphone SoC shipments in 2025, an increase of 8 percentage points year-on-year [4] - The report suggests focusing on companies involved in ATE/SoC testing machines and related components such as probe cards and temperature control systems [4] Summary by Sections Industry Performance - During the week of November 3-7, 2025, the Shanghai Composite Index increased by 0.82%, while the mechanical equipment sector decreased by 0.15%, ranking 22 out of 31 in the Shenwan industry classification [8] - The best-performing sub-sector was refrigeration and air conditioning equipment, which rose by 4.47% [10][12] Valuation Trends - The mechanical equipment sector's PE-TTM valuation decreased by 2.12% this week, with the top three sub-sectors showing significant increases: laser equipment (+39.17%), other automation (+35.86%), and industrial control equipment (+14.4%) [16] - The lowest-performing sub-sectors included engineering components (-8.86%) and instruments and meters (-3.83%) [16] Key Developments - The humanoid robot IRON, developed by XPeng Motors, is set for mass production by the end of 2026, featuring advanced capabilities and a high degree of human-like interaction [4] - The low-temperature systems for nuclear fusion are emerging as a new growth area for deep cooling gas and equipment technology, driving demand for related equipment [4]

Core Viewpoint - The A-share market for storage chip stocks is experiencing a strong upward trend, driven by significant price increases in NAND flash memory contracts announced by SanDisk, which has led to a ripple effect throughout the supply chain [1] Group 1: Market Performance - Storage chip stocks such as Yintan Zhikong, Jingyi Equipment, and Beijing Junzheng have seen substantial gains, with Yintan Zhikong hitting a 20% limit up, Jingyi Equipment rising over 13%, and Beijing Junzheng increasing by over 10% [1] - Other notable performers include Sanfu Co. and Dawei Co., which both reached the daily limit, while Yake Technology and Jingzhida rose over 7% [1] Group 2: Price Increase Impact - SanDisk has raised NAND flash contract prices by as much as 50% in November, causing significant disruptions in the storage supply chain [1] - Major module manufacturers such as Transcend, Innodisk, and Apacer Technology have decided to suspend shipments and reassess their pricing strategies, with Transcend halting quotes and deliveries since November 7, anticipating further price increases [1]

Core Viewpoint - The company Jingzhida (688627.SH) has not implemented any share buybacks as of October 2025, despite a previously approved plan to repurchase shares through centralized bidding on the Shanghai Stock Exchange [1] Summary by Categories Share Buyback Details - As of October 31, 2025, the company has repurchased a total of 569,149 shares, which represents 0.61% of the total share capital [1] - The highest price paid for the repurchased shares was 75.19 RMB per share, while the lowest price was 60.53 RMB per share [1] - The total amount spent on the share buyback was 40.167 million RMB, excluding transaction fees such as stamp duty and commissions [1]

证券代码：688627 证券简称：精智达 公告编号：2025-082 深圳精智达技术股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 根据《上市公司股份回购规则》和《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》等相关规定，公司在回购期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司回购股份的实施情况公告如下： 2025 年 10 月，公司未实施股份回购。自 2025 年 3 月 10 日第三届董事会第二 十六次会议审议通过《关于以集中竞价交易方式回购公司股份方案的议案》之日 起至 2025 年 10 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易方式 已累计回购股份 56.9149 万股，占公司总股本比例为 0.61%，回购成交的最高价为 75.19 元/股，最低价为 60.53 元/股，支付的资金总额为人民币 4,016.70 万元（不含 印花税、交易佣金等交易费用）。 截至 2025 年 10 月 31 日，公司累计回购公司股份 163.6477 万股，占公司总股 本比例达到 1.74%，其中 106.7328 万股为公司前次回购计划实施期 ...

Core Viewpoint - The A-share market saw a significant rise in storage chip stocks on November 3, with several companies experiencing notable gains in their stock prices [1] Group 1: Stock Performance - Aerospace Intelligence (航天智装) reached a 20% limit up, with a market capitalization of 17.6 billion and a year-to-date increase of 89.65% [2] - Pulang Co. (普朗股份) increased by 10.10%, with a total market value of 20.9 billion and a year-to-date rise of 95.83% [2] - Shannon Chip Creation (香农芯创) rose by 7.30%, boasting a market cap of 65.9 billion and an impressive year-to-date growth of 400.17% [2] - Taiji Industry (太极实业) saw a 7.27% increase, with a market value of 19.5 billion and a year-to-date increase of 36.35% [2] - Jiangbolong (江波龙) gained 5.80%, with a market capitalization of 115.9 billion and a year-to-date rise of 221.48% [2] - Xicet Testing (西测测试) increased by 5.26%, with a market cap of 5.224 billion and a year-to-date growth of 65.61% [2] - Shangle Electronics (商络电子) rose by 4.79%, with a market value of 9.92 billion and a year-to-date increase of 28.47% [2] - Chengbang Co. (诚邦股份) increased by 4.59%, with a market capitalization of 3.671 billion and a year-to-date rise of 195.53% [2] - Zhaoyi Innovation (兆易创新) saw a 4.25% increase, with a market cap of 153 billion and a year-to-date growth of 115.36% [2] - Jingzhida (精智达) rose by 3.77%, with a market value of 1.68 billion and a year-to-date increase of 145.71% [2] - Dagang Co. (大港股份) increased by 3.29%, with a market capitalization of 10.2 billion and a year-to-date rise of 19.77% [2] - Baiwei Storage (佰维存储) saw a 3.05% increase, with a market cap of 63 billion and a year-to-date growth of 117.85% [2]

Core Viewpoint - Jingzhida is a leading enterprise in the field of new display device testing equipment in China, with significant growth momentum in semiconductor testing equipment and a differentiated advantage from self-developed core technologies [1] Group 1: Business Performance - In Q3 2025, Jingzhida's revenue was 753 million yuan, ranking 16th out of 61 in the industry, with the industry leader, Chuan Yi Co., achieving 4.89 billion yuan [2] - The net profit for the same period was 42.01 million yuan, ranking 30th in the industry, with the top performer, Chuan Yi Co., reporting 469 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Jingzhida's debt-to-asset ratio was 25.44%, lower than the industry average of 27.43% [3] - The gross profit margin for Q3 2025 was 35.01%, which is below the industry average of 43.50% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 54.24% to 9,771, while the average number of circulating A-shares held per household decreased by 35.17% to 7,404.74 [5] - The largest circulating shareholder is Xingquan Helun Mixed A, holding 3.397 million shares, an increase of 1.0596 million shares from the previous period [5] Group 4: Growth Potential - The semiconductor testing equipment business revenue for the first three quarters of 2025 was 423 million yuan, a year-on-year increase of 220.5%, accounting for 56.22% of total revenue [5] - R&D investment for the same period totaled 105 million yuan, up 34.82% year-on-year [5] - Revenue projections for 2025 to 2027 are 1.258 billion yuan, 1.729 billion yuan, and 2.288 billion yuan, with corresponding net profits of 185 million yuan, 286 million yuan, and 419 million yuan [5] Group 5: Market Position - Jingzhida is expected to capture approximately 2.3% of the global memory testing equipment market in 2024, indicating significant domestic substitution potential [6] - The company is advancing in storage testing with the mass delivery of FT testing machines and has received orders for MEMS probe cards [6]

Core Points - The announcement from Jingzhida indicates a change in the designated sponsor representatives from CITIC Construction Investment Securities for ongoing supervision work [2] - Li Hailong will no longer serve as the sponsor representative due to personal work changes, and Liu Junwei has been appointed to take over this role [2] Company Summary - CITIC Construction Investment Securities has appointed Liu Junwei as the new sponsor representative to ensure the continuity of supervision work for Jingzhida [2] - The transition aims to maintain orderly supervision following the departure of Li Hailong [2]