Summary of the Conference Call for 精智达 Company Overview - **Company**: 精智达 - **Industry**: Semiconductor Equipment Manufacturing Key Points and Arguments Business Performance and Market Position - Announced a 320 million CNY order, including the first domestic FT high-speed machine, marking a breakthrough in the domestic DM manufacturer sector. Expected to capture 50% market share in the storage testing machine market over the next three years, generating over 3 billion CNY in revenue and approximately 770 million CNY in net profit [2][4] - In the探真卡 (Probe Card) business, expected revenue of about 150 million CNY in 2025. The supply disruption from FormFactor may elevate the company to a primary supplier status, corresponding to a market space of 1.5 billion CNY [2][5] - Panel testing business contributes a stable annual revenue of 600-700 million CNY and about 150 million CNY in profit [2][5] - AR glasses testing equipment is the global sole supplier for Meta AR glasses, with each 2 million units corresponding to about 100 million CNY in equipment value, contributing 40 million CNY in profit [2][6] Future Growth and Valuation - Total profit from the four main business segments is approximately 1.06 billion CNY. Based on a 20x PE ratio, the company's market value could exceed 20 billion CNY; at a 25x PE ratio, it could reach over 25 billion CNY, with a potential optimistic scenario exceeding 30 billion CNY [2][7] - Plans to launch SOC and GPU testing equipment in 2026, with expectations to connect with multiple GPU and ADAS chip clients, potentially adding at least 5 billion CNY in market value [2][7] Investment Opportunity - Currently in a primary upward phase, presenting a significant investment opportunity. The issuance of HBM equipment tender orders from leading DRAM manufacturers will validate the company's logic, and new product launches will further contribute to incremental market value [3][8] Additional Important Information - The company is positioned to benefit from the ongoing growth in the semiconductor equipment sector, particularly in storage and testing solutions, which are critical for the evolving technology landscape [4][8]

9月17日精智达（688627）收盘价142.80元，收盘上涨15.16%，全天换手率10.12%，振幅17.04%，成交 额10.02亿元。科创板交易公开信息显示，当日该股因日收盘价涨幅达15%等上榜。 | 买入营业部名称 | 买入金额(万元) | | --- | --- | | 沪股通专用 | 5146.70 | | 东方证券股份有限公司张家港东环路证券营业部 | 4787.93 | | 机构专用 | 3514.75 | | 机构专用 | 3393.31 | | 中信证券股份有限公司北京紫竹院路证券营业部 | 3080.13 | | 卖出营业部名称 | 卖出金额(万元) | | 沪股通专用 | 5707.28 | | 机构专用 | 3519.96 | | 机构专用 | 1529.06 | | 太平洋证券股份有限公司深圳分公司 | 1405.71 | | 机构专用 | 1329.25 | （文章来源：证券时报网） 资金流向方面，该股今日全天主力资金净流入6929.32万元。（数据宝） 精智达9月17日龙虎榜 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交3.34亿元， 其中，买入成交额为1.99亿 ...

Market Performance - The general equipment sector increased by 1.21% on September 17, with Jingzhida leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Gainers - Jingzhida (688627) closed at 142.80, up 15.16% with a trading volume of 73,200 shares and a transaction value of 1.002 billion [1] - Huarui Precision (688059) closed at 82.51, up 11.73% with a trading volume of 58,800 shares [1] - Oke Yi (688308) closed at 23.06, up 11.35% with a trading volume of 138,300 shares [1] - Lanjian Intelligent (688557) closed at 39.98, up 10.41% with a trading volume of 77,300 shares [1] - Dongquan Co., Ltd. (600114) closed at 33.50, up 10.02% with a trading volume of 318,100 shares [1] Top Losers - Dayuan Spring Industry (603757) closed at 49.79, down 4.32% with a trading volume of 197,200 shares [2] - ST Huqing (600421) closed at 7.95, down 4.10% with a trading volume of 49,400 shares [2] - Chicheng Co., Ltd. (834407) closed at 22.28, down 4.09% with a trading volume of 71,300 shares [2] Capital Flow - The general equipment sector experienced a net outflow of 2.093 billion from institutional investors, while retail investors saw a net inflow of 2.505 billion [2][3] - The top individual stock, Baoxin Technology (002514), had a net inflow of 1.89 billion from institutional investors, but a net outflow of 649.27 million from retail investors [3] Individual Stock Performance - Baoxin Technology (002514) had a net institutional inflow of 1.89 billion, representing 21.40% of its total trading volume [3] - Wuzhou Xinchun (603667) saw a net institutional inflow of 161 million, but a net outflow of 99.496 million from retail investors [3] - Dongmu Co., Ltd. (600114) had a net institutional inflow of 1.39 billion, with a significant net outflow from retail investors [3]

数据宝统计，截至15:00，精智达成交额10.02亿元，创2023年7月19日以来新高。最新股价上涨 15.16%，换手率10.12%。上一交易日该股全天成交额为4.50亿元。 据天眼查APP显示，深圳精智达技术股份有限公司成立于2011年05月31日。注册资本9401.1754万人民 币。（数据宝） （文章来源：证券时报网） ...

Core Viewpoint - Shenzhen Jingzhida Technology Co., Ltd. announced a significant semiconductor testing equipment procurement agreement worth RMB 323 million (excluding tax) with a client, which is expected to positively impact the company's operating performance in the fiscal years 2025 to 2026 [2] Group 1 - The procurement agreement was signed by Hefei Jingzhida Integrated Circuit Technology Co., Ltd., a subsidiary of Jingzhida, marking an important advancement in the semiconductor testing equipment sector [2] - The contract includes semiconductor testing equipment and supporting fixtures, with a total value of RMB 323 million (excluding tax), effective from the date of signing [2] - The company has completed the internal approval process required for signing this significant operational contract [2] Group 2 - The contract specifies the procurement model and dispute resolution methods, providing clear terms for both parties involved [2]

资料显示，精智达集成电路主营集成电路及半导体专用设备的研发、生产、组装与销售。2025年上半年 实现营业收入 3.22亿元，净利润亏损418.46万元。 精智达称，上述合同的履行预计将对公司2025年至2026年度经营业绩产生积极影响。2025年上半年，精 智达实现营业收入4.436亿元，同比增长22.68%。其中，半导体测试设备业务保持快速增长，收入3.13 亿元，同比大幅增长376.52%，再创历史新高。 2025年9月16日，精智达收盘价124.00元/股，近20个交易日累计涨幅达33.16%，总市值117亿元。 （文章来源：中国证券报·中证网） 中证智能财讯精智达（688627）9月16日晚间公告，近日，控股子公司合肥精智达集成电路技术有限公 司与某客户签订了半导体测试设备采购协议，合同总金额为人民币3.23亿元（不含税）。 值得一提的是，据公司已披露公告，该合同为公司历史最大订单。2025年2月，公司首次取得超3亿元的 重大订单，金额为3.2220亿元。 ...

Group 1: Company Performance - Brothers Technology (002562) expects a net profit increase of 207%-253% for the first three quarters of 2025, with projected profits between 100 million to 115 million yuan, driven by rising prices of certain vitamin products and improved production capacity utilization [2] Group 2: Financing Activities - Vanke A has secured a loan of up to 2.064 billion yuan from its largest shareholder, Shenzhen Metro Group, to repay bond principal and interest, with the loan interest rate being lower than current market rates [3] - Hengwei Technology is planning to acquire 75% of Shanghai Shuhang Information Technology Co., with shares to be issued and cash payments involved, leading to a temporary suspension of trading starting September 17, 2025 [5] Group 3: Important Contracts - Jingzhida's subsidiary Hefei Integrated Circuit has signed a semiconductor testing equipment procurement agreement worth 323 million yuan, expected to positively impact the company's performance in 2025-2026 [7] - China Shipbuilding Technology has entered into a green methanol sales contract worth approximately 40 million USD per year, with potential increases based on customer demand, starting supply after the wind power methanol project is operational [7] Group 4: Shareholder Activities - Tianyu Co., Ltd. has seen its major shareholder release a pledge on 12.5 million shares, while still having 15.3 million shares pledged, representing 26.79% of the shareholder's total holdings [7] - Guotou Venture Capital plans to reduce its holdings by up to 9.186 million shares, representing 3% of the total share capital, citing personal funding needs [13]

Core Viewpoint - Several listed companies in the Shanghai and Shenzhen stock markets announced significant developments, including financing arrangements, asset sales, and strategic partnerships, which may present investment opportunities and risks for investors [4][5][6][8][9][10]. Financing and Borrowing - Vanke A announced that its largest shareholder, Shenzhen Metro Group, will provide a loan of up to 2.064 billion yuan to repay bond principal and interest, with a loan term of no more than three years and a floating interest rate based on the LPR minus 66 basis points [4]. - Jianfeng Group obtained a loan commitment of up to 36 million yuan from China Merchants Bank for stock repurchase, with a loan term of no more than 36 months at an interest rate of 1.8% [11]. Asset Sales and Acquisitions - Angli Education plans to sell 100% of Kensington Park School Limited for 80,000 pounds (approximately 760,100 yuan) to alleviate financial pressure [5]. - Guang'an Aizhong intends to acquire 90% of Qitai Hengtai at a price of 0 yuan, with plans for further investment in renewable energy projects [12][13]. - Suzhou Planning aims to acquire 80% of Kunshan Development Zone Architectural Design Institute for 831,720 yuan [18]. Regulatory and Compliance Issues - Haohai Biotechnology's controlling shareholder received an administrative penalty notice from the CSRC for suspected insider trading, although it is stated that this will not significantly impact the company's operations [7]. - Yunding Technology received a warning letter from the Shandong Securities Regulatory Bureau for inaccurate financial disclosures in its 2015 annual report [8]. Performance and Forecasts - Brothers Technology expects a net profit of 100 million to 115 million yuan for the first three quarters of 2025, representing a year-on-year increase of 207.32% to 253.42%, driven by rising prices of certain vitamin products and improved production efficiency [21]. Strategic Partnerships and Contracts - Jiuzhou Yiqu signed a strategic cooperation agreement with China Electric Power Construction Group Chengdu Survey and Design Institute to enhance collaboration in the rail transit sector [22]. - Luxiao Technology's subsidiary signed a strategic cooperation agreement to develop AI service robots for the US and European markets, aiming to sell at least 1 million units by 2026-2028 [23]. - China Shipbuilding Technology signed a green methanol sales contract worth approximately 40 million USD per year, with potential increases based on customer demand [24]. Stock Transactions and Shareholder Actions - Several companies, including Maidi Technology and Xin Hua Co., announced plans for shareholders to reduce their stakes, with reductions ranging from 1.7% to 3% of total shares [29][30][31][34][35].

证券日报网讯 9月16日晚间，精智达发布公告称，公司于2025年9月15日召开了第四届董事会第四次会 议，审议通过了《关于2025年员工持股计划预留份额分配的议案》等相关议案，同意公司2025年员工持 股计划预留份额中的579.474万份（份额对应股份数14.70万股）由符合条件的12名认购对象认购，根据 公司《2025年员工持股计划（草案）》和公司2025年第一次临时股东会的相关授权，本次预留份额的分 配事项在董事会审批权限范围内，无需提交公司股东会审议。 （文章来源：证券日报） ...

证券日报网讯 9月16日晚间，精智达发布公告称，公司于2025年9月15日召开第四届董事会第四次会 议，审议通过了《关于调整2025年员工持股计划预留份额受让价格的议案》。此次调整基于公司2024年 度利润分配方案实施后，对员工持股计划预留份额受让价格进行的相应调整，公司2025年员工持股计划 预留份额的受让价格由39.74元/股调整为39.42元/股。 （文章来源：证券日报） ...