Core Insights - The report highlights the trend of the logistics industry shifting from quantity competition to quality development, driven by the "anti-involution" movement, which aims to improve profitability and service quality [8][10] - The company has adjusted its business volume guidance for the year to 38.2-38.7 billion pieces, reflecting a year-on-year growth of 12.3%-13.8%, down from the previous guidance of 38.8-40.1 billion pieces [8][10] - The company's single ticket revenue has shown a slight increase of 1.7% year-on-year, reaching 1.21 yuan per ticket, indicating a recovery in revenue despite previous declines [9][10] Company Performance - In Q3 2025, the company achieved a business volume of 9.573 billion pieces, a year-on-year increase of 9.8%, while its market share decreased by 0.6 percentage points to 19.4% [8] - The adjusted net profit for Q3 was 2.506 billion yuan, reflecting a year-on-year growth of 5.0% [8] - The company reported a decrease in single ticket core costs by 0.04 yuan, with transportation costs dropping from 0.39 yuan to 0.34 yuan, contributing to improved profitability [9][10] Industry Trends - The logistics industry is experiencing a decline in overall volume growth, with industry growth rates dropping from 12.7% in September to 7.9% in October [8] - The report notes that the "Double Eleven" shopping festival saw lower-than-expected volume growth, further impacting industry dynamics [8] - The focus on quality over quantity is expected to continue, with the company anticipating a decline in volume growth but an increase in single ticket profitability in Q4 [10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown significant growth in its semiconductor testing equipment business, with a revenue increase of 33% year-on-year to 753 million yuan in the first three quarters of 2025, driven by a 221% increase in semiconductor business revenue [4][5] - The company has successfully delivered its first high-speed testing machine and secured a single order exceeding 300 million yuan in the semiconductor sector, validating its product capabilities [5] - The company is expanding its product offerings in the new display detection equipment sector, achieving over 200 million yuan in orders for key detection equipment in the G8.6 AMOLED production line [6] Financial Summary - The latest closing price of the company's stock is 181.00 yuan, with a total market capitalization of 17 billion yuan [3] - The company is projected to achieve revenues of 1.20 billion yuan, 1.62 billion yuan, and 2.15 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 152 million yuan, 275 million yuan, and 390 million yuan [7][10] - The company has a low debt-to-asset ratio of 15.1% and a high price-to-earnings ratio of 211.40, indicating a strong financial position [3][10]

Core Viewpoint - The company plans to hold a performance briefing on December 2, 2025, to discuss its Q3 2025 results and address investor questions [2][3][4]. Group 1: Meeting Details - The performance briefing will take place on December 2, 2025, from 15:00 to 16:00 [4]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, and it will be conducted in an interactive online format [4][5]. - Investors can submit questions from November 25, 2025, to December 1, 2025, through the Roadshow Center website or via the company's email [2][5]. Group 2: Participants - Key participants in the meeting will include the Chairman and General Manager, Mr. Zhang Bin, the Director and CFO, Mr. Cui Xiaobing, the Board Secretary, Ms. Peng Juan, and Independent Director, Ms. Chen Meixi [4]. Group 3: Contact Information - For inquiries, investors can contact the Board Office at phone number 0755-21058357 or via email at jzd@seichitech.com [6].

深圳精智达技术股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 证券代码：688627 证券简称：精智达 公告编号：2025-083 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 12 月 2 日（星期二）15:00-16:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 重要内容提示： 投资者可于 2025 年 11 月 25 日（星期二）至 12 月 1 日（星期一）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jzd@seichitech.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 深圳精智达技术股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发布公司《2025 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 2 日（星期二） 15:00-16:0 ...

Group 1 - The core point of the news is that Shenzhen Jingzhida Technology Co., Ltd. experienced a decline in stock price by 5.22%, with a current share price of 195.43 yuan and a total market capitalization of 18.373 billion yuan [1] - The company specializes in the research, production, and sales of new display device testing equipment, with its main business revenue composition being: optical detection and calibration repair systems (52.16%), semiconductor memory device testing (31.06%), aging systems (10.51%), signal generators (4.17%), touch detection systems (1.36%), testing system accessories (0.64%), and others (0.11%) [1] Group 2 - From the perspective of fund holdings, Guotou Ruijin Fund has a significant position in Jingzhida, with its fund holding 6,626 shares, accounting for 1.03% of the fund's net value, making it the eighth largest holding [2] - The fund, Guotou Ruijin Shanghai Stock Exchange Science and Technology Innovation Board 200 Index Initiation A (023518), has a total scale of 45.2648 million yuan and has achieved a return of 27.86% since its establishment [2] Group 3 - The fund manager Zhao Jian has a tenure of 12 years and 58 days, with the fund's total asset scale at 7.612 billion yuan, achieving a best return of 172.91% and a worst return of -88.73% during his tenure [3] - The co-manager Qian Han has a tenure of 2 years and 98 days, with a total asset scale of 1.054 billion yuan, achieving a best return of 32.65% and a worst return of -5.26% during his tenure [3]

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]