Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [4]. Core Insights - The company has confirmed its strategic layout for self-developed key ASIC chips, with a significant revenue increase of 33% year-on-year for the first three quarters of 2025, reaching 753 million yuan. However, the net profit attributable to the parent company decreased by 19.29% to 41 million yuan [1][2]. - The semiconductor testing equipment business has seen explosive growth, contributing 56.2% to total revenue, establishing a dual main business structure of "semiconductor + display" [2]. - The storage testing business has doubled, with revenue reaching 420 million yuan, a 220.5% increase year-on-year, driven by domestic storage manufacturers' expansion and increased localization of equipment [2]. - The company has secured over 200 million yuan in orders for G8.6 generation key detection equipment, demonstrating its technological dominance in the Cell/Module segment [3]. - The forecast for net profit attributable to the parent company for 2025-2027 is 159 million, 261 million, and 365 million yuan, respectively, with corresponding P/E ratios of 116, 71, and 51 times [3]. Financial Summary - For 2023, the company expects revenue of 649 million yuan, with a growth rate of 28.53%. The net profit is projected at 116 million yuan, reflecting a significant increase of 75.10% [9]. - The company anticipates a revenue increase to 1.17 billion yuan in 2025, representing a growth rate of 45.69%, with net profit expected to reach 159 million yuan [10]. - The gross profit margin is expected to improve as the proportion of high-margin semiconductor equipment continues to rise [2].

Group 1 - The electronic industry index increased by 1.36% during the week of December 8-12, 2025, with semiconductors leading the gain at 3.30% [1][2] - Optical optoelectronics and consumer electronics sectors experienced declines of 1.23% and 1.39% respectively [1][2] - The Federal Reserve announced a 25 basis point interest rate cut, lowering the federal funds rate target range to 3.50%-3.75%, aligning with market expectations [1][2] Group 2 - Major tech companies like Oracle and Broadcom reported earnings that fell short of expectations, leading to significant declines in the overseas tech market [1][2] - The Philadelphia Semiconductor Index dropped by 3.58%, with notable declines in stocks such as Nvidia (down 4.05%), Broadcom (down 7.77%), and Meta (down 4.33%) [1][2] - Tesla's stock increased by 0.87%, while Apple's stock saw a slight decline of 0.18% [1][2] Group 3 - The U.S. is expected to allow Nvidia to sell H200 chips to China, with a fee imposed on each chip [3] - Oracle's Q2 FY2026 earnings were below market expectations, prompting an increase in the company's full-year capital expenditure guidance by approximately $15 billion [3] - Broadcom reported Q4 revenue of $18.02 billion, a year-over-year increase of 28%, with AI semiconductor revenue projected to double to $8.2 billion [3] Group 4 - The supply-demand imbalance in the storage chip market continues, with forecasts indicating significant price increases for various types of memory chips in early 2026 [3][4] - CFM predicts that server DDR5 prices will rise over 40%, with notable increases for 96GB and above modules, and eSSD prices expected to rise by 20%-30% [3] Group 5 - The IPO progress of Changxin and the expansion of advanced logic manufacturers are highlighted as investment opportunities in semiconductor equipment [5] - Beneficiary companies include Northern Huachuang, Zhongwei Company, and others involved in semiconductor equipment [5]

Core Insights - The mechanical industry is showing signs of recovery after three years of stagnation, with nominal GDP growth beginning to rise since Q4 2024, positively impacting the mechanical sector [17] - Domestic demand is weak while external demand is strong, particularly in the engineering machinery sector, where exports are gradually increasing due to improvements in the European and American markets [17][19] - The investment landscape is shifting towards overseas expansion and new industries, with a focus on automation and sectors supported by government subsidies [17][19] Industry Overview - The mechanical industry is experiencing a dual trend of weak domestic demand and strong external demand, with engineering machinery showing signs of recovery but still facing a fragile foundation [17] - Domestic investment in real estate continues to decline, with a 14.7% year-on-year drop in real estate development investment from January to October 2025, while infrastructure investment growth has also slowed significantly [19][23] - The overall investment environment is expected to stabilize as the gap between domestic and foreign demand narrows, with structural opportunities in infrastructure projects like water conservancy and high-standard farmland construction [23] 2026 Domestic Outlook - The investment gap is expected to narrow, with infrastructure investment declining from high levels and real estate investment under pressure, leading to a focus on structural opportunities [19][23] - Manufacturing investment is crucial, with the core focus on PPI and inventory levels, as domestic manufacturing orders remain sluggish [26][28] - The expectation is that PPI will improve in 2026, driven by factors such as reduced internal competition and improved domestic demand [28] 2026 Overseas Outlook - The downward trend in interest rates is a significant macro narrative, with the U.S. and Europe entering a phase of fiscal expansion, which is expected to benefit Chinese manufacturing [29][38] - The global inventory levels are at historical lows, which could lead to a new investment cycle as demand recovers [35] - The second wave of globalization for Chinese manufacturing is anticipated, driven by fiscal expansion in the U.S. and Europe, and a recovery in industrial product demand [38][40] Stock Selection Strategy - The stock selection strategy for 2026 focuses on two main themes: benefiting from overseas expansion and new industries, particularly in sectors like engineering machinery and specialized equipment [44] - Key sectors include engineering machinery, shipbuilding, and high-tech equipment, with a focus on companies that are expected to maintain stable performance and low valuations [44] - Emerging industries such as AI equipment, lithium battery production, and semiconductor manufacturing are highlighted as areas of significant opportunity [44][45] Investment Recommendations - Recommended stocks include SANY Heavy Industry, XCMG, and China Shipbuilding, which are expected to perform well in the current market environment [7] - Companies in the AI and semiconductor sectors, such as Longchuan Technology and Zhongwei Company, are also recommended due to their growth potential [7] - Future-oriented assets like humanoid robots and controllable nuclear fusion are noted as areas to watch for significant industry changes [7][45]

格隆汇12月12日丨精智达(688627.SH)公布，公司于2025年12月11日召开第四届董事会审计委员会第四 次会议和第四届董事会第七次会议，审议通过了《关于使用部分超募资金永久补充流动资金的议案》， 同意公司使用超募资金人民币10,378.83万元（截至2025年11月30日账户余额，含账户利息及现金管理收 益等，实际金额以资金转出当日计算利息收入等收益后的剩余金额为准）用于永久补充流动资金。 ...

中信建投证券股份有限公司 关于深圳精智达技术股份有限公司 使用部分超募资金永久补充流动资金的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为深圳精智达技术股份有限公司（以下简称"精智达"或 "公司"）首次公开 发行股票并在科创板上市的保荐机构，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上市公司自律监管指引第1号——规范运作》《上市公司 监管指引第 2 号——上市公司募集资金管理和使用的监管要求》（已失效）《上 市公司募集资金监管规则》及其修订说明等相关法律法规及规范性文件，对精智 达本次拟部分超募资金永久补充流动资金事项进行了专项核查，核查情况及核查 意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会于2023年5月26日出具的《关于同意深圳精智 达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〔2023〕1170 号），公司获准向社会公开发行人民币普通股（A股）2,350.2939万股，每股发行 价格为人民币46.77元，募集资金总额为人民币109,923.25万元，扣除各项发行费 用（不含增值税）人民币11,266.79万元后，募集资金 ...

中信建投证券股份有限公司 关于深圳精智达技术股份有限公司 2026 年度日常关联交易预计的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为 深圳精智达技术股份有限公司（以下简称"精智达"或"公司"）首次公开发 行股票并在科创板上市的保荐人，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》等相关法律法规的要求，对精智达 2026 年度日常关联交易预计事项进行了审慎核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、独立董事专门会议审议情况 公司于 2025 年 12 月 11 日召开第四届董事会独立董事第一次专门会议，审 议通过了《关于预计 2026 年度日常关联交易的议案》，独立董事认为：公司预 计 2026 年度日常关联交易是为了满足业务发展及生产经营的需要，是公司日常 经营过程中发生的持续性交易行为，具有商业合理性。关联交易价格在参考市 场价格等原则基础上，遵循公平合理的原则，由双方协商确定，不存在损害公 司及中小股东利益的情形。相关关联交易不会对公司的独立性构成影响，公司 主要业务亦不会对关联交易产生重大依赖。独立董事 ...

深圳精智达技术股份有限公司 董事和高级管理人员所持公司股份及其变动管理制度 深圳精智达技术股份有限公司 董事和高级管理人员所持公司股份及 其变动管理制度 广东·深圳 二〇二五年十二月 | 第二章 | 股份管理 | 1 | | --- | --- | --- | | 第三章 | 信息披露 | 5 | | 第四章 | 责任追究 | 6 | | 第五章 | 附则 | 7 | 深圳精智达技术股份有限公司 董事和高级管理人员所持公司股份及其变动管理制度 深圳精智达技术股份有限公司 董事和高级管理人员所持公司股份 及其变动管理制度 （2025年12月修订） 第一章 总则 第一条 为加强对深圳精智达技术股份有限公司（以下简称"公司"或"本 公司"）董事、高级管理人员所持本公司股份及其变动的管理，维护证券市场秩 序，做好相应的信息披露工作，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》"）、《上市 公司董事和高级管理人员所持本公司股份及其变动管理规则》《上市公司股东减 持股份管理暂行办法》《上海证券交易所上市公司自律监管指引第8号——股份 变动管理》以及《深圳精智达技 ...

证券代码：688627 证券简称：精智达 公告编号：2025-087 深圳精智达技术股份有限公司 关于使用部分超募资金永久补充流动资金的公告 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： 超额募集资金金额及使用用途 深圳精智达技术股份有限公司（以下简称"精智达"或"公司"）首次公开 发行股票实际募集资金净额为人民币 98,656.46 万元，其中超募资金为人民币 38,656.46 万元。公司拟使用 10,378.83 万元（截至 2025 年 11 月 30 日账户余额， 含账户利息及现金管理收益等，实际金额以资金转出当日计算利息收入等收益后 的剩余金额为准）超募资金用于永久补充流动资金，占超募资金总额比例为 26.85%。 审议程序 本事项已经公司第四届董事会审计委员会第四次会议、第四届董事会第七次 会议审议通过，尚需提交公司股东会审议。 公司承诺 公司承诺本次使用部分超募资金永久补充流动资金仅在与公司主营业务相 关的生产经营中使用，在本次超募资金永久补充流动资金后的 12 个月内不进行 高风险投资以 ...

证券代码：688627 证券简称：精智达 公告编号：2025-085 深圳精智达技术股份有限公司 关于续聘 2025 年度会计师事务所的公告 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： 拟聘任的会计师事务所名称：大华会计师事务所（特殊普通合伙）（以 下简称"大华所"）。 一、拟聘任会计师事务所的基本情况 （一）机构信息 2. 投资者保护能力 大华所已计提的职业风险基金和已购买的职业保险累计赔偿限额之和超过 人民币 7 亿元。职业保险购买符合相关规定。 大华所近三年因执业行为涉诉并承担民事责任的案件为：（1）投资者与奥 瑞德光电股份有限公司（下称"奥瑞德"）、大华所证券虚假陈述责任纠纷系列 案。大华所作为共同被告，被判决在奥瑞德赔偿责任范围内承担 5%连带赔偿责 任。目前，该系列案大部分生效判决已履行完毕，大华所将积极配合执行法院履 行后续生效判决。（2）投资者与东方金钰股份有限公司（下称"东方金钰"）、 大华所证券虚假陈述责任纠纷系列案。大华所作为共同被告，被判决在东方金钰 赔偿责任范围内承担 60%连 ...

证券代码：688627 证券简称：精智达 公告编号：2025-086 深圳精智达技术股份有限公司 关于预计 2026 年度日常关联交易的公告 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。 重点内容提示： 是否需要提交股东会审议：是 日常关联交易对上市公司的影响：公司与关联人的日常关联交易是为了 满足公司业务发展及生产经营的需要，是公司日常经营过程中发生的持续性交易 行为，具有商业合理性，不存在损害公司及中小股东的利益的情形。关联交易不 会对公司的独立性构成影响，公司主要业务亦不会对关联交易产生重大依赖。 一、 日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、独立董事专门会议审议情况 深圳精智达技术股份有限公司（以下简称"公司"）于 2025 年 12 月 11 日 召开了第四届董事会独立董事第一次专门会议，审议通过了《关于预计 2026 年 度日常关联交易的议案》。独立董事认为：公司预计 2026 年度日常关联交易是 为了满足业务发展及生产经营的需要，是公司日常经营过程中发生的持续性交易 行为，具有商业合理性 ...