Investment Rating - The report assigns a "Buy" rating for the company, with a first-time coverage [1]. Core Views - The company, Jingzhida (688627), is positioned as a leading domestic semiconductor testing and display inspection equipment provider, benefiting from the expansion of the storage industry and advancements in display technology [8]. - The semiconductor testing segment is expected to see significant growth, particularly in the HBM (High Bandwidth Memory) testing equipment, with a projected CAGR of 100% from 2025 to 2027 [8]. - The display inspection business is also anticipated to maintain a steady growth rate of 15%-20% in orders from 2025 to 2026, solidifying the company's performance [8]. - The company has established strong customer relationships with major clients like Changxin Storage and BOE, which enhances order visibility and growth potential [8]. Summary by Sections 1. Company Overview - Jingzhida has developed a comprehensive product matrix covering display inspection and semiconductor storage testing equipment, establishing itself as a leader in domestic substitution with unique offerings [36]. - The company has undergone three major development phases, transitioning from display testing to semiconductor testing, and has achieved significant milestones in both areas [13][14]. 2. Financial Performance - Revenue projections indicate a growth trajectory from CNY 648.56 million in 2023 to CNY 2,600 million by 2027, with a CAGR of 44.44% [1]. - The net profit is expected to rise from CNY 115.69 million in 2023 to CNY 521.66 million by 2027, reflecting a substantial increase in profitability [1]. - The report highlights a significant improvement in gross margins, particularly with the introduction of high-end products, which are expected to exceed 40% [8]. 3. Market Position and Competitive Advantage - The company has a strong foothold in the semiconductor testing market, having achieved full coverage of DRAM testing equipment and is actively expanding into HBM testing [8]. - The strategic collaboration with key clients and the ability to meet high-performance testing requirements positions the company favorably against international competitors [8]. - The report anticipates that the semiconductor equipment market will experience rapid growth, driven by the expansion plans of major storage manufacturers [53]. 4. Product Development and Innovation - The company is advancing its product offerings, with the first-generation CP testing machine expected to complete validation in 2025, and the second-generation machine targeting HBM applications [57][58]. - The introduction of self-developed ASIC chips enhances equipment performance and compatibility, aligning with industry standards [58]. - The report emphasizes the importance of technological advancements in maintaining competitive advantages in the rapidly evolving semiconductor market [8].

Core Viewpoint - The company, Jingzhida, is positioned as a leading player in the domestic semiconductor testing and display inspection equipment market, benefiting significantly from the expansion wave in the storage industry and advancements in display technology [1][2]. Semiconductor Testing - The company has achieved full coverage in DRAM testing equipment, creating a synergistic ecosystem with CP/FT testing machines, aging equipment, and probe cards [1]. - The performance of HBM testing equipment is on par with international competitors, with the second generation CP testing machine (2.4 Gbps) and FT testing machine (9 Gbps) entering core customer validation [1]. - Revenue from the semiconductor business is projected to grow at a CAGR of 100% from 2025 to 2027, with gross margins expected to exceed 40% as high-end products are introduced [1][2]. Display Inspection - The company maintains a strong position in the AMOLED inspection market, ranking among the top three in domestic market share, with Module optical inspection equipment rapidly replacing overseas competitors [1]. - The company is strategically positioned in the Micro LED inspection space, with high-precision AOI equipment already introduced in leading panel manufacturers' pilot lines [1]. - The display business is expected to sustain an order growth of 15%-20% from 2025 to 2026, reinforcing the company's performance stability [1]. Customer Positioning and Order Visibility - The company has a significant advantage in customer positioning, with deep ties to major clients such as Changxin Storage and BOE, anticipating a 100% year-on-year growth in new semiconductor equipment orders by 2025 [2]. - The stable expansion of Changxin Storage's DRAM capacity by 40,000 wafers and HBM capacity by 5,000 wafers corresponds to a testing equipment demand of nearly 4 billion yuan, with the company expected to capture around 50% of this market [2]. Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are 1 billion, 1.8 billion, and 2.6 billion yuan, respectively, with net profits of 200 million, 360 million, and 520 million yuan, corresponding to PE ratios of 35.2, 19.6, and 13.5 times [2]. - Using a segmented valuation method, the combined target market value for semiconductor and display businesses in 2026 is estimated at 9.54 billion yuan, indicating an upside potential of over 35% from current levels [2].

【WitsView整理】 4月29日， 深圳精智达技术股份有限公司 （ 下文简称"精智达" ） 发布公告 称，公司于近日与京东方 下属公司成都京东方显示技术有限公司、成都京东方光电科技有限公司 签订了一系列合同，合同累计总金额为人民币2.5294亿元（含税）。 据了解，成都京东方显示技术有限公司系京东方控股子公司（持股52.63%），成都京东方光电科 技有限公司系京东方全资子公司（持股100%）。后者在成都负责一条4.5代TFT-LCD生产线以及一 条第6代柔性AMOLED生产线的运营。 精智达表示，本次签订的一系列合同属于公司日常经营行为。合同的履行预计将对公司2025、 2026年度经营业绩产生积极影响，公司将根据具体合同的相关规定以及公司收入确认原则在相应 的会计期间确认收入。 #显示设备 #京东方 #精智达 #LCD #OLED 【WitsView面板产业交流群】 TrendForce 集 邦 咨 询 面板产业链市场供需及价格报告 面板产业市况季度报告 面板价格"Plus"和市况更新月度报告 · 面板价格预测月度报告 面板出货追踪月度报告 · · 市场供需季度分析报告 季度面板产能状况季度报告 。 面 ...

Group 1: Company Insights - BGI Genomics faces challenges such as declining demand, operational complexity, and high prices in the genetic testing industry, but is enhancing efficiency through automation and AI, while expanding into reproductive health and cancer prevention [1] - Nanshan Zhishang reported a 12.84% year-on-year increase in net profit for Q1, driven by new materials business, particularly ultra-high molecular weight polyethylene fibers [2] - Jizhi Co. saw a 54.89% increase in revenue year-on-year in Q1, benefiting from stable growth in balancing machine sales and automation line revenue [3] - Huangma Technology's export sales grew over 30% in Q1 2025, with improved gross margins due to increased production and lower raw material costs [4] - Proya Cosmetics aims to become the first beauty company in China to exceed 10 billion in revenue by 2024, focusing on expanding its product matrix and enhancing online and offline channels [5] - Daotong Technology is advancing its "embrace AI" strategy, significantly enhancing its digital repair and energy products, with a 60% growth in its TPMS series [6] - Lianchuang Optoelectronics experienced significant revenue growth in Q1 2025, with a focus on optimizing asset quality in the backlight source industry [7] - Hengshuai Co. reported a 16.04% decline in revenue for Q1 2025, facing challenges in traditional cleaning and motor businesses, but is expanding its ADAS cleaning system business [8] - Weifeng Electronics achieved a 9.77% revenue growth in 2024, despite a decline in net profit due to reduced non-operating income and increased expenses [9] - Perfect World continues to enhance its gaming portfolio with successful updates and expansions, including the launch of new titles and esports initiatives [11] - Xiangsheng Medical invested 80 million in R&D in 2024, focusing on AI technology in ultrasound products and maintaining a strong dividend policy [12] - Jiuhua Tourism reported a 30.13% revenue increase in Q1 2025, driven by a rise in tourist visits and ongoing infrastructure projects [13] - Jingzhida's semiconductor business line saw a revenue share increase to over 70% in Q1 2025, with ongoing efforts to localize core components [14] - Teruid's management outlined plans for international expansion and the development of a virtual power plant platform to enhance service offerings [15] Group 2: Industry Trends - The genetic testing industry is experiencing increased competition and cost pressures, prompting companies to innovate and optimize operations [1] - The new materials sector is becoming a key growth driver, particularly in high-performance fibers used in various applications [2] - Automation and AI are reshaping traditional manufacturing and service sectors, enhancing efficiency and product offerings [3][6] - The beauty and cosmetics industry is focusing on market expansion and product diversification to capture a larger share of the global market [5] - The gaming industry is evolving with continuous updates and new releases, indicating a strong demand for innovative gaming experiences [11] - The tourism sector is recovering with increased visitor numbers, highlighting the importance of infrastructure development and service enhancement [13]

Group 1: Yidelong - Yidelong is addressing geopolitical challenges in 2024 through global layout and differentiated strategies, significantly enhancing overseas factory capacity [1] - The company's R&D focuses on motors, power supplies, battery management, and automation, aiming to improve customer satisfaction through customized development [1] - Yidelong is performing well in industrial control, medical, and communication sectors, while focusing on commercial vehicles in the automotive sector [1] - Cost reduction is achieved through supply chain management optimization, and the company is increasing its dividend payout ratio based on a healthy balance sheet and sufficient cash flow without affecting capital expenditures [1] Group 2: Guangdong Hongda - In Q1, Guangdong Hongda's gross margin for civil explosives increased compared to the same period last year, showing overall stability despite short-term market price and raw material price fluctuations [2] - The company anticipates an increase in gross margin for civil explosive products as the industry consolidation accelerates, although regional differences in market conditions may lead to structural variations in margins [2] - Revenue growth in Xinjiang is attributed to new contracts in mining services, while business expansion in Tibet is driven by successful operations at major mining projects [2] - The company is implementing a "going out" strategy, focusing on overseas markets along the Belt and Road Initiative, particularly in South America and South Africa [2] - Increased equipment procurement and other expenditures in Q1 resulted in a cash outflow due to expanded business scale, with plans to gradually inject civil explosive capacity into Xuefeng Technology based on market demand [2] Group 3: Jingzhida - In 2024, Jingzhida's gross margin for new display business lines is declining due to changes in product structure, with a reduced proportion of Cell segment products [3] - The semiconductor business line's revenue share has risen to over 30%, with core components of testing machines being self-sourced, leading to improved gross margins [3] - By Q1 2025, the revenue share of the semiconductor business line is expected to exceed 70%, causing fluctuations in overall gross margin due to product structure changes [3] - The company is advancing the localization of core components for storage testing machines to ensure supply chain security and enhance gross margins [3]

证券代码：688627 证券简称：精智达 公告编号：2025-036 深圳精智达技术股份有限公司 关于自愿披露签订日常经营重大合同的公告 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： 对上市公司当期业绩的影响：本次签订的一系列合同属于深圳精智达技 术股份有限公司（以下简称"公司"）日常经营行为。合同的履行预计将对公司 2025、2026 年度经营业绩产生积极影响，公司将根据具体合同的相关规定以及 公司收入确认原则在相应的会计期间确认收入（最终以经会计师事务所审计的数 据为准）。 合同履行中的重大风险及重大不确定性：合同签署方均具有良好的履约 能力，但在合同履行期间，如遇不可抗力或其他因素将可能影响合同的最终履行 情况。由于合同履行周期较长，可能存在原材料及人力成本上升等因素造成毛利 率下降的风险。公司将持续跟进合同履行情况并及时履行信息披露义务，敬请广 大投资者理性投资，注意投资风险。 合同类型：日常经营性销售合同 合同累计总金额：人民币 2.5294 亿元（含税） 合同生效条件：双方签字盖章 合同履行期 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688627 证券简称：精智达 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 单位：元 币种：人民币 ■ (三)主要会计数据、财务指标发生变动的情况、原因 √适用 □不适用 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目 ...

深圳精智达技术股份有限公司作为专注于测试检测设备及系统解决方案的创新企业，在半导体存储器件 和新型显示器件领域持续深耕。2024年度报告揭示了公司在经营业绩、财务状况、研发投入等多方面的 表现。其中，研发费用增长52.66%，净利润下降30.71%，这两项数据变化显著，值得深入剖析。本文 将围绕这些关键数据，对精智达的年报进行全面解读，以帮助投资者和市场参与者更好地了解公司的发 展态势与潜在风险。 财务关键数据解读 营业收入：稳健增长，业务结构优化 2024年，精智达实现营业收入803,129,707.64元，较2023年的648,563,325.45元增长了23.83%。这一增长 主要得益于半导体设备领域业绩的快速增长，公司在该领域的业务收入实现了显著提升，反映出公司产 品在市场上的竞争力不断增强，市场份额逐步扩大。从业务板块来看，半导体存储器件测试业务收入同 比增加200.80%，成为推动营收增长的重要力量，而新型显示器件检测业务收入虽有波动，但整体仍为 公司营收做出重要贡献。 净利润：面临压力，多因素共同作用 归属于上市公司股东的净利润为80,160,244.51元，同比下降30.71%。主要原因有两方 ...

证券代码：688627 证券简称：精智达 公告编号：2025-029 1 深圳精智达技术股份有限公司 关于会计政策变更的公告 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： 本次会计政策变更是深圳精智达技术股份有限公司（以下简称"公司"） 根据中华人民共和国财政部（以下简称"财政部"）发布的《企业会计准则解释 第 17 号》《企业会计准则解释第 18 号》的相关规定进行的相应变更，不会对公 司财务状况、经营成果和现金流量产生重大影响，亦不存在损害公司及股东利益 的情形。 本次会计政策变更无需提交公司董事会、股东大会审议。 一、会计政策变更概述 （一）会计政策变更的主要内容 1、财政部于 2023 年 10 月发布了《企业会计准则解释第 17 号》，规定了"关 于流动负债与非流动负债的划分"、"关于供应商融资安排的披露"和"关于售 后租回交易的会计处理"的相关内容，该解释规定自 2024 年 1 月 1 日起施行。 根据上述会计政策要求，公司自 2024 年 1 月 1 日起执行变更后的会计政策。 2、财政部 ...

证券代码：688627 证券简称：精智达 公告编号：2025-031 深圳精智达技术股份有限公司 2024 年度募集资金存放与使用情况的专项报告 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。 根据《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》《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》等有 关法律法规的规定并结合公司实际情况，深圳精智达技术股份有限公司（以下简 称"公司"）董事会对 2024 年度募集资金存放和实际使用情况说明如下： 一、募集资金基本情况 （二）募集资金专户存储情况 截至 2024 年 12 月 31 日，公司募集资金的存储情况列示如下： 单位：人民币元 | 开户银行 | 银行账号 | 募投项目 | 募集资金余额 | 存储方式 | | --- | --- | --- | --- | --- | | 中国银行深圳福城支行 | 771877237293 | 新一代显示器 件检测设备研 | 53,482,683.67 | 活期 | | | | 发项目 | | | ...