Core Viewpoint - The company, Jingzhida, has reported significant growth in its semiconductor testing business, with substantial orders and revenue increases, indicating a strong market demand and expansion in the semiconductor testing equipment sector [1]. Financial Performance - In the first three quarters, the company achieved a revenue of 753 million, representing a year-on-year growth of 33.00% [1]. - The semiconductor testing business generated revenue of 423 million, showing a remarkable year-on-year increase of 220.50% [1]. Major Orders - The company disclosed two major orders amounting to 322 million and 323 million, expected to be fulfilled by 2025 [1]. Product Delivery and Market Demand - The company has successfully delivered high-speed testing machines to key domestic clients, with the equipment currently operating stably at customer sites [1]. - The market for semiconductor testing and detection equipment is expanding rapidly due to new demands driven by technological advancements and product innovations [1]. Industry Trends - International manufacturers have significantly increased their production capacity by three times in response to industry expansion trends [1]. - The company is actively aligning its operations with industry developments to meet downstream customer needs [1].

Core Viewpoint - The company Jingzhida (688627) has announced significant orders totaling 3.22 billion and 3.23 billion yuan for 2025, indicating strong demand in the semiconductor testing equipment market driven by technological advancements and product innovations [1] Group 1: Company Developments - The company successfully delivered high-speed testing machines to key domestic clients, with the equipment currently operating stably on-site [1] - The company is actively responding to the industry's expansion trends by aligning its production capacity with the growing demands of downstream customers [1] Group 2: Industry Trends - The semiconductor testing and inspection equipment market is experiencing accelerated growth due to diverse new demands arising from cutting-edge technology iterations and terminal product innovations [1] - International manufacturers have significantly increased their production capacity by three times in the past, continuing to invest in response to the industry's expansion [1]

Investment Rating - The report maintains a "Buy" rating for the semiconductor testing equipment industry, indicating a favorable outlook for investment opportunities in this sector [1]. Core Insights - The semiconductor testing equipment industry is experiencing a critical phase characterized by "value reassessment, demand surge, and accelerated domestic substitution," which presents significant investment opportunities [5][6]. - The testing equipment is essential throughout the semiconductor manufacturing process, with ATE (Automatic Test Equipment) leading in value contribution, while probe stations and handlers work in synergy to enhance testing efficiency [11][20]. - The demand for testing equipment is driven by three main factors: AI computing power, advanced packaging, and automotive electronics, which collectively create a favorable environment for growth [5][6]. Summary by Sections 1. Testing Equipment's Role in Manufacturing - Semiconductor testing equipment is a core component of the integrated circuit industry, covering wafer testing, packaging testing, and functional verification [11]. - Testing occurs in two main phases: Circuit Probing (CP) and Final Test (FT), which are crucial for ensuring product quality and cost efficiency [11][15]. 2. Demand Drivers - The complexity of AI computing chips is increasing, leading to longer testing cycles and higher equipment demand [6]. - Advanced packaging techniques are creating new testing requirements, such as KGD (Known Good Die) and SLT (System Level Test), which further drive the need for testing equipment [6]. - The automotive sector is also contributing to demand growth, with a significant increase in the number of chips required for smart vehicles, necessitating rigorous testing standards [5][6]. 3. Global Market Dynamics - The testing equipment market is dominated by a few key players, particularly in the ATE segment, where companies like Advantest and Teradyne hold over 90% market share [5][6]. - The report highlights the importance of platform integration and vertical consolidation as strategies for leading companies to maintain competitive advantages [5][6]. 4. Domestic Substitution Opportunities - The report identifies a clear path for domestic manufacturers to increase their market share, particularly in the SoC and storage testing segments, where current domestic production rates are low [5][6]. - Companies such as Changchuan Technology, Huafeng Measurement Control, and Xidian Co. are highlighted as key players with potential for growth in the domestic market [5][6].

Group 1 - The core point of the article is that Jingzhida (688627.SH) has repurchased a total of 1.636477 million shares, which accounts for 1.74% of the company's total share capital [1] - Out of the total repurchased shares, 1.067328 million shares were bought back during the previous repurchase plan [1]

格隆汇1月4日丨精智达(688627.SH)公布，截至2025年12月31日，公司累计回购公司股份163.6477万股， 占公司总股本比例达到1.74%，其中106.7328万股为公司前次回购计划实施期间回购的股份数量。 ...

证券代码：688627 证券简称：精智达 公告编号：2026-001 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： | 回购方案首次披露日 | 2025/3/12 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 3,000万元~5,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 56.9149万股 | | 累计已回购股数占总股本比例 | 0.61% | | 累计已回购金额 | 4,016.70万元 | | 实际回购价格区间 | 60.53元/股~75.19元/股 | 一、 回购股份的基本情况 深圳精智达技术股份有限公司（以下简称"公司"）于 2025 年 3 月 10 日召 开第三届董事会第二十六次会议，审议通过了《关于以集中竞价交易方式回购公 司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司已发 行 ...

Core Viewpoint - Jingzhida announced that it will hold the second extraordinary general meeting of shareholders for the year 2025 on December 30, 2025, to review the proposal for the reappointment of the accounting firm for the fiscal year 2025 [2] Group 1 - The company will convene a shareholder meeting on December 30, 2025 [2] - The agenda includes the proposal to reappoint the accounting firm for the fiscal year 2025 [2]

广东信达律师事务所 股东会法律意见书 中国深圳福田区益田路 6001 号太平金融大厦 11、12 层 邮政编码：518038 11、12/F.TaiPing Finance Tower, 6001 Yitian Road, Futian District, SHENZHEN, CHINA 电话（Tel.）：（86 755）88265288 传真（Fax.）：（86 755）88265537 电子邮件（Email）：info@sundiallawfirm.com 网址（Website）：www.sundiallawfirm.com 广东信达律师事务所 关于深圳精智达技术股份有限公司 2025 年第二次临时股东会的法律意见书 信达科会字（2025）第 064 号 致：深圳精智达技术股份有限公司 广东信达律师事务所（以下简称"信达"）接受深圳精智达技术股份有限公 司（以下简称"贵公司"或"公司"）委托，指派律师出席公司 2025 年第二次 临时股东会（以下简称"本次股东会"），对本次股东会的合法性进行见证，并 出具本《广东信达律师事务所关于深圳精智达技术股份有限公司 2025 年第二次 临时股东会的法律意见书》（下 ...

证券代码：688627 证券简称：精智达 公告编号：2025-089 深圳精智达技术股份有限公司 2025年第二次临时股东会决议公告 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： 本次会议是否有被否决议案：无 （五） 公司董事和董事会秘书的列席情况 二、 议案审议情况 审议结果：通过 表决情况： 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 12 月 30 日 （二） 股东会召开的地点：深圳市南山区科技南十二路 2 号金蝶云大厦 52 楼 1 号会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 128 | | --- | --- | | 普通股股东人数 | 128 | | 2、出席会议的股东所持有的表决权数量 | 43,973,259 | | 普通股股东所持有表决权数量 | 43,973,259 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 46.8797 | | 例（% ...

Group 1 - The semiconductor industry is entering a new upcycle driven by AI, with global semiconductor revenue expected to reach approximately $975.46 billion in 2026, a 26.3% increase from 2025 [12][16] - Memory chips, particularly DRAM and NAND, are projected to be the core drivers of this cycle, with memory chip sales expected to grow by 27.8% in 2025 and 39.4% in 2026 [14][18] - The demand structure for memory chips is shifting from consumer electronics to dual drivers of "smart cars and data centers," with the automotive storage market expected to grow at a compound annual growth rate (CAGR) of about 21% from 2024 to 2030 [21][24] Group 2 - China's semiconductor equipment spending is expected to lead globally, with a projected $94 billion in spending from 2026 to 2028, accounting for 25% of global spending [50][54] - The demand for etching and thin film deposition equipment is expected to rise significantly as the industry transitions to 3D NAND technology, which reduces reliance on photolithography [61][66] - Lam Research indicates that the serviceable market for equipment per wafer for 3D DRAM and NAND will increase to 1.7 times and 1.8 times, respectively, compared to previous technologies [66]