证券代码：688627 证券简称：精智达 公告编号：2025-041 深圳精智达技术股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 至2025 年 5 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 （一） 股东大会类型和届次 2024年年度股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 5 月 30 日 15 点 00 分 召开地点：深圳市南山区科技南十二路 2 号金蝶云大厦 38 楼 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 30 日 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | ...

证券代码：688627 证券简称：精智达 公告编号：2025-042 深圳精智达技术股份有限公司 第三届监事会第二十二次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 深圳精智达技术股份有限公司（以下简称"公司"）第三届监事会第二十二次会 议于 2025 年 5 月 9 日在公司会议室以现场结合通讯的方式召开。本次会议的通知于 2025 年 5 月 4 日通过书面方式送达全体监事。会议由监事会主席陈苏里召集并主持， 会议应到监事三人，实到监事三人。会议召集及召开程序符合《中华人民共和国公 司法》和《深圳精智达技术股份有限公司公司章程》（以下简称"《公司章程》"）的 规定，会议形成的决议合法、有效。 二、监事会会议审议情况 与会监事就会议议案进行了审议，并表决通过以下事项： （一）审议通过《关于废止<监事会议事规则>的议案》 监事会认为：鉴于公司将不再设置监事会，与监事会相关的内部制度《监事会 议事规则》相应废止。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案尚需提交公司 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Insights - The company achieved a revenue of 803 million yuan in 2024, representing a year-on-year growth of 23.83%. However, the net profit attributable to shareholders decreased by 30.71% to 80.16 million yuan [2][3] - The semiconductor business is experiencing strong growth, with revenue from this segment increasing by 199% year-on-year to 249 million yuan, accounting for over 30% of total revenue [3][4] - The gross margin for the company was 32.82%, down 7.55 percentage points year-on-year, primarily due to strategic adjustments in revenue structure [3] Business Performance Summary - The revenue from new display device testing decreased by 2.09% to 553 million yuan, with a gross margin of 32.93%, down 6.50 percentage points [3] - The company has strengthened its market position in the semiconductor testing equipment sector, with significant increases in the shipment of DRAM aging test repair equipment and MEMS probe cards [4] - The global sales of memory testing equipment reached 1.5 billion USD in 2024, a growth of 36.4%, and is expected to rise to 1.9 billion USD in 2025, with a compound annual growth rate of 26.7% [4] Customer and Market Developments - The company has secured key orders in the AMOLED and micro-display sectors, including orders for critical testing equipment for domestic AMOLED G8.6 generation lines and Micro LED testing equipment [5] - The company has made significant progress in expanding its overseas market presence, including obtaining orders from leading AR/VR terminal manufacturers [5] Financial Forecast - The company is projected to achieve earnings per share (EPS) of 1.92 yuan, 2.89 yuan, and 3.84 yuan for the years 2025, 2026, and 2027, respectively [5] - Revenue is expected to grow significantly, with forecasts of 1.2 billion yuan in 2025, 1.65 billion yuan in 2026, and 2.07 billion yuan in 2027, reflecting growth rates of 49.80%, 37.37%, and 24.99% respectively [12][13]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company achieved a revenue of 803 million yuan in 2024, representing a year-on-year growth of 23.83%. However, the net profit attributable to shareholders decreased by 30.71% to 80.16 million yuan [2][3] - The semiconductor business is showing strong growth, with revenue from this segment increasing by 199% year-on-year to 249 million yuan, accounting for over 30% of total revenue [3][4] - The gross margin for the company was 32.82%, down 7.55 percentage points year-on-year, primarily due to strategic adjustments in revenue structure [3] - The company is a leading provider of testing equipment for new display devices and semiconductor storage devices, with significant orders from key clients in the AMOLED and Micro LED sectors [5][6] Financial Performance Summary - In 2024, the company reported a revenue of 803 million yuan, with a growth rate of 23.83%. The net profit attributable to shareholders was 80.16 million yuan, down 30.71% [2][12] - The company forecasts earnings per share (EPS) of 1.92 yuan, 2.89 yuan, and 3.84 yuan for the years 2025, 2026, and 2027 respectively [5][12] - The projected revenue for 2025 is 1.203 billion yuan, with an expected growth rate of 49.80% [12] Business Segment Analysis - The new display device testing segment generated revenue of 553 million yuan, a decrease of 2.09% year-on-year, with a gross margin of 32.93% [3] - The semiconductor testing equipment market is expected to grow significantly, with global sales projected to reach 1.5 billion USD in 2024, up 36.4% year-on-year, and further increase to 1.9 billion USD in 2025 [4] - The company has successfully developed and marketed high-resolution imaging colorimeters, expanding its product offerings in the new display device sector [5] Market Position and Future Outlook - The company is recognized as a national-level "specialized and innovative" enterprise, indicating strong industry recognition and technological capabilities [6] - The report highlights the potential for continued growth in the semiconductor testing equipment sector, driven by new orders and market demand [5][6]

证券代码：688627 证券简称：精智达 公告编号：2025-037 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 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： 二、 回购股份的进展情况 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 4 月，公司通过集中竞价交易方式回购股份 27.1189 万股，占公司总 股本的比例为 0.29%，回购成交的最高价为 75.19 元/股、最低价为 60.53 元/股，已 支付的总金额为人民币 1,909.59 万元（不含印花税、交易佣金等交易费用）。 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 4 月 30 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 ...

Company and Industry Summary Company: Jindawei Key Financial Performance - In Q1 2025, Jindawei reported revenue of 152 million, a year-on-year increase of 83%, with semiconductor business contributing 111 million, although gross margin declined to 27% [2][3] - For 2024, display business revenue was 553 million, a 2% decrease year-on-year, with a gross margin of 33%. Growth in 2025 is expected from 8.6 generation line testing equipment, with revenue anticipated to remain flat and gross margin improving to approximately 45% [2][5] Semiconductor Business Insights - Jindawei's semiconductor business achieved significant growth in 2024, with revenue reaching 249 million, a twofold increase, primarily driven by demand from Changxin and Peidun. The gross margin for this segment was 32.38%, up by 5.54 percentage points due to scale delivery [3] - The company expects to secure at least 1.3 billion in orders for 2025, with 60% from the semiconductor sector, translating to approximately 800 million in new orders, of which testing machine orders account for 20-30%, around 250 million [3][7] Market Potential and Growth Projections - The semiconductor industry's long-term market potential is estimated based on an annual expansion of 50,000 wafers, corresponding to a 2.5 billion market for testing equipment and probe cards. Jindawei's market share assumptions are 40% for aging equipment and probe cards, and 30% for CP and FT testing machines [4][9] - Peak revenue for the semiconductor business is projected to reach 1.6 billion, with a net margin of 30%, resulting in profits of approximately 333 to 355 million. The conservative long-term market valuation for the company could exceed 12 billion, indicating substantial growth potential [4][9] Display Business Outlook - The display business is expected to maintain revenue levels in 2025, with gross margin projected to improve to 45% as the share of 8.6 generation line revenue increases [5][7] Product Development and Market Position - Jindawei continues to enhance its market share in probe cards and aging testing equipment. The company secured bulk orders for general testing machines and has begun validation of FT testing machines at customer sites [6] - Ongoing developments include high-speed FT testing machines and upgraded CP testing instruments, with new products like SoC testing machines and NAND Flash testing systems in the pipeline, positioning the company as a potential leader in the testing machine sector [6] Stock Price Catalysts - Key factors that may catalyze the company's stock price include the impact of HBM-related tenders and listings from Changxin Technology, as well as the progress of new product validations [10]

Core Viewpoint - The signing of a series of contracts by Shenzhen Jingzhida Technology Co., Ltd. is expected to positively impact the company's operating performance in 2025 and 2026, as these contracts are part of the company's routine business activities [2][7]. Group 1: Contract Details - The total amount of the contracts signed with subsidiaries of BOE Technology Group Co., Ltd. is RMB 252.94 million (including tax) [3][5]. - The contracts involve the provision of services for the modification of signal generators, automatic flat panel display aging equipment, manual flat panel display aging equipment, and automatic optical inspection machines [3][6]. - The contracts are classified as routine operational sales contracts and do not require approval from the board of directors or shareholders' meeting [3][5]. Group 2: Impact on Company Performance - The successful execution of these contracts is anticipated to have a positive effect on the company's operating performance for the years 2025 and 2026, with revenue recognition based on specific contract terms and accounting principles [2][7]. - The contracts will not affect the company's business independence, nor will they create dependency on the contracting parties [7]. Group 3: Risk Analysis - Although the contracting parties have good performance capabilities, there are potential risks during contract execution, such as force majeure or other factors that may affect the final fulfillment of the contracts [8]. - The long contract execution period may lead to risks such as rising raw material and labor costs, which could result in a decrease in gross profit margins [8].

证券研究报告·公司深度研究·通用设备 精智达（688627） 技术突破引领国产替代，双轮驱动打开成长 空间 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 648.56 | 803.13 | 1,000.00 | 1,800.00 | 2,600.00 | | 同比（%） | 28.53 | 23.83 | 24.51 | 80.00 | 44.44 | | 归母净利润（百万元） | 115.69 | 80.16 | 200.10 | 359.74 | 521.66 | | 同比（%） | 75.10 | (30.71) | 149.63 | 79.78 | 45.01 | | EPS-最新摊薄（元/股） | 1.23 | 0.85 | 2.13 | 3.83 | 5.55 | | P/E（现价&最新摊薄） | 60.88 | 87.87 | 35.20 | 19.58 | 13.50 | [Table_Tag] ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 803 million yuan for 2024, representing a year-on-year growth of 23.83%, with semiconductor business revenue reaching 249 million yuan, a significant increase of 199.28%. However, the net profit attributable to shareholders decreased by 30.71% to 80.16 million yuan [5][6] - In the first quarter of 2025, the company achieved a revenue of 152 million yuan, an increase of 83.16% compared to 83.05 million yuan in the same period of 2024 [5] - The company is focusing on optimizing its product structure and maintaining a strong growth trajectory in the semiconductor testing equipment sector, with significant advancements in key products such as DRAM aging test repair equipment and MEMS probe cards [6][7] Financial Summary - The company expects revenues for 2025, 2026, and 2027 to be 1.202 billion yuan, 1.580 billion yuan, and 1.979 billion yuan, respectively, with a downward adjustment in profit expectations due to a significant decline in panel revenue and a decrease in gross margin for semiconductor products [9] - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 177 million yuan, 235 million yuan, and 316 million yuan, respectively, with corresponding P/E ratios of 39.46X, 29.65X, and 22.12X [9][11]

Group 1 - The report emphasizes a return to technology growth in May 2025, focusing on three main investment directions [2][5] - The recommended "golden stocks" for May include companies from various sectors such as technology, environmental services, defense, and healthcare, with detailed financial metrics provided [3][68] - The report highlights the importance of macroeconomic factors such as "loose monetary policy" and "weak dollar" in influencing market styles, favoring small-cap growth stocks [5][6] Group 2 - For the computer sector, the report recommends Shen Sanda A, citing its strong position in AI infrastructure and data services, with expected revenue growth driven by government and state-owned enterprise demand [10][11] - In the environmental services sector, Hanlan Environment is highlighted for its potential revenue growth and improved cash flow due to ongoing debt resolution and operational efficiency [15][16] - The defense sector's Steel Research High-tech is projected to benefit from increasing market demand for high-temperature alloys, with significant profit growth anticipated [20][23] Group 3 - The report identifies Xiaoshangpin City in the commerce sector as a key player in the small commodity trade, benefiting from the growth of the Yiwu market and new business opportunities in cross-border e-commerce [29][31] - Horizon Robotics is noted for its advanced autonomous driving solutions, with a significant market opportunity as the penetration of high-level autonomous vehicles increases [36][40] - BeiGene is recognized for its innovative drug pipeline, particularly the growth of its core product, with expectations of substantial revenue increases in the coming years [44][45] Group 4 - The report discusses the electronic sector's Jingzhida, which is positioned to capture market share in storage testing machines, with significant growth potential as domestic demand increases [54][55] - In the new energy sector, Sanhua Intelligent Control is highlighted for its strategic partnerships with major automotive manufacturers, anticipating strong profit growth driven by electric vehicle demand [56][57] - Huichuan Technology is noted for its advancements in automation and robotics, with expectations of increased market share and profitability as the industry recovers [62][63]