Core Viewpoint - The company reported strong revenue growth in Q3 2025, driven by high demand in the semiconductor equipment market, although short-term profits were impacted by increased R&D expenses and asset impairment losses [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 1.103 billion yuan, a year-on-year increase of 42.81%, with a gross margin of 33.27%, up 1.12 percentage points. The net profit attributable to shareholders was 129 million yuan, a slight decrease of 0.99%, while the net profit excluding non-recurring items increased by 7.15% to 110 million yuan [1]. - In Q3 2025, the company reported revenue of 368 million yuan, a year-on-year increase of 37.96%, but a quarter-on-quarter decrease of 7.17%. The gross margin was 32.90%, down 2.52 percentage points year-on-year and 2.33 percentage points quarter-on-quarter. The net profit attributable to shareholders was 39 million yuan [1]. Market Dynamics - The semiconductor equipment market is rapidly developing due to the expansion of downstream wafer fabs and the acceleration of domestic production processes. The company is one of the few domestic manufacturers to achieve large-scale application of semiconductor temperature control and process exhaust treatment equipment [3]. - The company's semiconductor temperature control equipment is used in the mass production of various key steps in the manufacturing of 90-14nm logic chips and 64-192 layer 3D NAND storage chips. The process exhaust treatment equipment is primarily used in the production of 90-28nm logic chips and 64-192 layer 3D NAND storage chips [3]. R&D and Product Development - The company places a strong emphasis on R&D innovation, with R&D expenditures reaching 112 million yuan in the first three quarters of 2025, a year-on-year increase of 61.60%. The company has made significant technological breakthroughs in semiconductor temperature control equipment, achieving a cooling capability of -120℃ [4]. - The company is actively expanding its product offerings, including wafer transfer equipment and components, while continuously upgrading existing temperature control and exhaust treatment equipment [4]. Future Outlook - The company has a robust order backlog, with contract liabilities increasing to 951 million yuan by the end of Q3 2025, providing a solid foundation for future performance growth. Inventory also increased to 2.349 billion yuan to meet order delivery requirements [2]. - As the company continues to deliver on its backlog and launch new products, it is expected that performance will maintain a growth trajectory, with profits gradually recovering [2].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][21]. Core Insights - The company achieved a significant year-on-year revenue growth of 37.96% in Q3 2025, driven by strong demand in the semiconductor equipment market and competitive product advantages [6]. - The company is focusing on key technological advancements and a diversified product structure to support long-term growth, with R&D expenses increasing by 60.99% year-on-year in Q3 2025 [6]. - The company has a robust order backlog, with contract liabilities increasing to 9.51 billion yuan, ensuring future revenue growth [6]. - The report projects a steady increase in revenue and net profit over the next few years, with net profit expected to reach 446 million yuan by 2027 [2][6]. Financial Performance Summary - Total revenue is forecasted to grow from 1,026 million yuan in 2024 to 2,647 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 33.7% [2][7]. - The net profit attributable to the parent company is expected to increase from 153 million yuan in 2024 to 446 million yuan in 2027, reflecting a CAGR of around 45.0% [2][7]. - Earnings per share (EPS) are projected to rise from 0.91 yuan in 2024 to 2.66 yuan in 2027, indicating strong profitability growth [2][7]. Market Position and Product Development - The company is one of the few domestic manufacturers capable of large-scale application of semiconductor temperature control and process exhaust treatment equipment, having entered major IC manufacturing lines [6]. - The company is actively expanding its product offerings, including wafer transfer equipment and components, to enhance its market share in the semiconductor sector [6]. - The report highlights the company's commitment to R&D, with a focus on achieving breakthroughs in semiconductor temperature control technology, including ultra-low temperature capabilities [6].

证券代码：688652 证券简称：京仪装备 公告编号：2025-034 北京京仪自动化装备技术股份有限公司 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、准确性和完整性承担法律责任。 一、说明会类型 北京京仪自动化装备技术股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日在上海证券交易所网站（www.sse.com.cn）披露了《北京京仪自动化 装备技术股份有限公司 2025 年第三季度报告》。为便于广大投资者更加全面深 入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 11 月 7 日（星期五） 会议召开时间：2025 年 11 月 7 日（星期五）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：视频录播和网络文字互动 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 7 日 前 访 问 网 址 https://eseb.cn/1sOzFQi1LEY 或使用微信扫描下方小程序码进行会前 提问，公司将通过本次 ...

Group 1 - The core point of the article highlights the decline in the stock price of Beijing Jingyi Automation Equipment Technology Co., Ltd., which fell by 5.08% to 87.82 CNY per share, with a trading volume of 336 million CNY and a turnover rate of 3.12%, resulting in a total market capitalization of 14.754 billion CNY [1] - The company, established on June 30, 2016, specializes in the research, production, and sales of semiconductor equipment, with its main products including semiconductor temperature control equipment (61.33% of revenue), process exhaust treatment equipment (29.84%), and wafer handling equipment (2.72%) [1] - The revenue composition indicates a strong reliance on semiconductor temperature control equipment, which constitutes the majority of the company's income, followed by process exhaust treatment equipment [1] Group 2 - From the perspective of major shareholders, E Fund's Active Growth Mixed Fund (110005) is among the top ten circulating shareholders of Jingyi Equipment, having reduced its holdings by 335,600 shares, now holding 1.8219 million shares, which represents 1.53% of the circulating shares [2] - The fund has experienced a floating loss of approximately 8.5629 million CNY due to this reduction in holdings [2] - E Fund's Active Growth Mixed Fund has shown a year-to-date return of 59.94% and a one-year return of 51.23%, ranking 634 out of 8154 and 1010 out of 8046 respectively [2] Group 3 - The fund manager, He Chongkai, has been in charge for 5 years and 340 days, with the fund's total asset size at 21.571 billion CNY, achieving a best return of 109.92% and a worst return of -10.87% during his tenure [3] Group 4 - E Fund's Active Growth Mixed Fund has Jingyi Equipment as its seventh-largest holding, accounting for 5.52% of the fund's net value, indicating a significant investment in the company despite recent reductions in shares [4]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Insights - The company reported a significant year-on-year revenue increase of 42.81% for the first three quarters of 2025, reaching 1.103 billion yuan, with Q3 revenue at 368 million yuan, up 37.96% year-on-year, driven by strong domestic equipment demand and competitive product advantages [3] - The company's net profit attributable to the parent company for the first three quarters of 2025 was 129 million yuan, a slight decrease of 0.99% year-on-year, with Q3 net profit down 23.03% year-on-year, primarily due to increased R&D investments [4] - The company has a strong order backlog, with historical highs in hand orders, indicating continued revenue growth potential [3] Summary by Sections Revenue Growth - The company achieved a revenue of 1.103 billion yuan in the first three quarters of 2025, representing a 42.81% increase year-on-year, with Q3 revenue of 368 million yuan, up 37.96% year-on-year [3] - The growth is attributed to robust domestic demand for equipment and the company's competitive advantages in products like Chiller and L/S [3] Profitability and R&D Investment - The net profit attributable to the parent company for the first three quarters was 129 million yuan, down 0.99% year-on-year, while the net profit for Q3 was 39 million yuan, down 23.03% year-on-year [4] - The company increased its R&D expenses significantly, with a 61% year-on-year rise in Q3, impacting short-term profitability [4] Market Position and Future Outlook - The company has a storage order exposure exceeding 60%, with expectations of significant growth in the semiconductor equipment market due to the establishment of a global storage super cycle [5] - The company is focusing on developing new vacuum pump products, which are expected to open up additional growth opportunities [5] Financial Forecast - Revenue forecasts for 2025-2027 have been adjusted to 1.5 billion, 2.068 billion, and 2.857 billion yuan, respectively, with corresponding net profit forecasts of 204 million, 335 million, and 517 million yuan [6] - The projected EPS for 2025-2027 is 1.21, 1.99, and 3.08 yuan, respectively, with a maintained "Accumulate" rating [6]

Core Insights - The company reported strong revenue growth in Q3 2025, driven by high domestic equipment demand and competitive product advantages, particularly in Chiller and L/S equipment [2] - The company is increasing R&D investments, which has temporarily pressured profit margins in Q3 2025 [3] - The company has a significant exposure to storage orders, with expectations of substantial growth in the semiconductor industry [4] - Revenue and profit forecasts have been adjusted upwards for 2025-2027, reflecting the company's growth potential despite increased R&D spending [5] Revenue Performance - For Q1-Q3 2025, the company achieved revenue of 1.103 billion yuan, a year-on-year increase of 42.81%, with Q3 revenue at 368 million yuan, up 37.96% [2] - The company’s core product, Chiller, maintains the largest market share domestically and has adapted to advanced production lines [2] Profitability Analysis - The net profit attributable to the parent company for Q1-Q3 2025 was 129 million yuan, a slight decrease of 0.99% year-on-year, while Q3 net profit was 39 million yuan, down 23.03% [3] - The overall gross margin for Q3 2025 was 32.90%, a decrease of 2.52 percentage points year-on-year, influenced by short-term revenue structure fluctuations [3] R&D and Future Growth - R&D expenses increased significantly in Q3 2025, rising by 61% year-on-year, indicating a strong commitment to innovation and product development [3] - The company is focusing on developing vacuum pump products, which are expected to enhance growth opportunities in the domestic market [4] Market Outlook - The company’s exposure to storage orders is estimated to exceed 60%, with expectations of a doubling in storage capacity expansion in mainland China [4] - The domestic vacuum pump market is valued at over 10 billion yuan, with low domestic penetration, presenting a significant growth opportunity for the company [4] Investment Projections - Revenue forecasts for 2025-2027 have been revised to 1.5 billion, 2.068 billion, and 2.857 billion yuan, reflecting year-on-year growth rates of 46.1%, 37.9%, and 38.1% respectively [5] - The adjusted net profit forecasts for the same period are 204 million, 335 million, and 517 million yuan, with corresponding EPS estimates of 1.21, 1.99, and 3.08 yuan [5]

Core Viewpoint - Beijing Jingyi Automation Equipment Technology Co., Ltd. (referred to as "Jingyi Equipment") reported strong financial performance for the first three quarters of 2025, driven by robust demand in the semiconductor equipment market and the company's competitive product advantages [1] Financial Performance - The company achieved operating revenue of 1.103 billion yuan, representing a year-on-year increase of 42.81% [1] - The net profit attributable to shareholders of the listed company was 129 million yuan [1] Market Drivers - The revenue growth is primarily attributed to the booming demand in the semiconductor equipment market [1] - The competitive advantages of the company's products have contributed to sustained revenue growth [1]

国泰海通证券股份有限公司 关于北京京仪自动化装备技术股份有限公司 调整募投项目内部投资结构的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为北京 京仪自动化装备技术股份有限公司（以下简称"京仪装备"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》《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》等文件的要求，对京仪装备调整募投项目内部投 资结构的事项进行了核查，具体情况如下： 一、募集资金的基本情况 根据中国证券监督管理委员会《关于同意北京京仪自动化装备技术股份有限 公司首次公开发行股票注册的批复》（证监许可〔2023〕1778 号），京仪装备于 2023 年 11 月 29 日首次公开发行普通股（A 股）4,200 万股。本次发行委托国泰 君安证券股份有限公司承销，发行价为每股 31.95 元，实际发行股份数量 4,200 万股。截至 2023 年 11 月 24 日，京仪装备共募集资金 1,341,900,000.00 元，扣除 各项发行费用 75,646,501.03 元后，募集资 ...

Group 1 - Company Jingyi Equipment reported Q3 performance with revenue of approximately 1.103 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 42.81% [1] - The net profit attributable to shareholders of the listed company was approximately 129 million yuan, showing a year-on-year decrease of 0.99% [1] - As of the report date, the market capitalization of Jingyi Equipment was 15.9 billion yuan [2] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with a new "slow bull" market pattern emerging [2] - The technology sector is reshaping the market dynamics, indicating a shift in investment focus [2]

证券代码：688652 证券简称：京仪装备 公告编号：2025-033 北京京仪自动化装备技术股份有限公司 关于调整募投项目内部投资结构的公告 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。 北京京仪自动化装备技术股份有限公司(以下简称"京仪装备"或"公司 ")于2025年10月28日召开第二届董事会审计委员会2025年第四次会议，于 2025年10月29日召开第二届董事会第九次会议，审议通过了《关于调整募投项 目内部投资结构的议案》。针对本事项，保荐机构发表了核查意见。本事项 无需提交公司股东会审议。现将具体内容公告如下: 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意北京京仪自动化装备技术股份 有限公司首次公开发行股票注册的批复》（证监许可〔2023〕1778号），公司 于2023年11月29日首次公开发行普通股（A股）4,200万股。本次发行委托国泰 君安证券股份有限公司承销，发行价为每股31.95元，实际发行股份数量4,200 万股。截至2023年11月24日，本公司共募集资金1,341,900,000 ...