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 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥368,410,348.45, an increase of 37.96% compared to the same period last year[4] - The total profit for the quarter was ¥39,467,440.96, reflecting a decrease of 28.36% year-over-year[4] - The net profit attributable to shareholders was ¥38,505,655.71, down 23.03% from the previous year[4] - Total operating revenue for the first three quarters of 2025 reached ¥1,103,054,838.06, a significant increase of 42.7% compared to ¥772,373,577.20 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was ¥128,510,042.02, slightly down by 1.0% from ¥129,792,242.86 in the same period of 2024[21] - The company reported a basic earnings per share of ¥0.76 for the first three quarters of 2025, down from ¥0.77 in the same period of 2024[21] - The company’s total comprehensive income for the first three quarters of 2025 was ¥128,534,940.66, slightly down from ¥130,087,235.23 in the same period of 2024[21] Research and Development - Research and development expenses totaled ¥39,973,939.67 for the quarter, representing a significant increase of 60.99% year-over-year[5] - R&D expenses accounted for 10.85% of operating revenue, an increase of 1.55 percentage points compared to the same period last year[5] - Research and development expenses increased to ¥112,374,169.97, a rise of 61.5% compared to ¥69,539,451.46 in the previous year[20] - The company plans to continue increasing its investment in core technology research and innovation[10] Assets and Liabilities - Total assets at the end of the quarter were ¥4,510,873,918.52, an increase of 11.53% from the end of the previous year[5] - Total assets reached approximately ¥4.51 billion, up from ¥4.04 billion, indicating a growth of about 11.5%[15] - The total liabilities increased to ¥2,329,070,309.88, up from ¥1,970,289,174.60, reflecting a growth of 18.2%[16] - Current liabilities increased to approximately ¥1.43 billion from ¥1.24 billion, representing a rise of about 15.3%[15] Cash Flow - The cash flow from operating activities for the year-to-date was negative at -¥17,894,616.66[4] - In the first three quarters of 2025, the cash inflow from operating activities was CNY 1,455,087,158.49, an increase of 43.6% compared to CNY 1,013,337,591.99 in the same period of 2024[23] - The net cash flow from operating activities was -CNY 17,894,616.66, an improvement from -CNY 51,840,089.84 year-over-year[23] - Cash inflow from investment activities totaled CNY 2,232,486,355.79, up from CNY 2,040,670,840.95 in the previous year, marking a 9.4% increase[24] - The net cash flow from investment activities was -CNY 93,964,053.81, an improvement from -CNY 343,625,266.31 in the same period last year[24] - Cash inflow from financing activities was CNY 149,044,583.34, compared to CNY 94,218,178.95 in the previous year, reflecting a 58.4% increase[24] - The net cash flow from financing activities was CNY 37,067,349.88, a significant recovery from -CNY 27,808,963.04 year-over-year[24] Shareholder Information - The company reported a total of 13,561 common shareholders at the end of the reporting period[12] - The largest shareholder, Beijing Jingyi Group, holds 28.13% of the shares, totaling 47,250,000 shares[12] - The company has no significant changes in the participation of major shareholders in margin financing and securities lending activities[13] Other Financial Metrics - The weighted average return on equity decreased to 1.78%, down 0.69 percentage points year-over-year[5] - The company’s financial expenses showed a significant improvement, with a net financial cost of -¥816,288.61 compared to -¥6,838,597.97 in the previous year[20] - Other income decreased to ¥10,642,291.23 from ¥48,459,584.12, indicating a decline of 78.0%[20] Inventory and Receivables - Accounts receivable increased to approximately ¥409.20 million from ¥376.71 million, reflecting a growth of about 8.6%[14] - Inventory rose significantly to approximately ¥2.35 billion from ¥1.99 billion, marking an increase of about 18.3%[14] - The company's cash and cash equivalents decreased to approximately ¥450.17 million from ¥525.09 million, a decline of about 14.3%[14] Investment Activities - The company invested CNY 117,485,133.36 in fixed assets, an increase from CNY 55,461,572.90 in the same period last year[24] - The company did not report any new product launches or significant market expansions during this period[25]

Core Insights - The semiconductor sector is experiencing a strong upward trend, with the Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index (950125) rising by 4.57% as of October 24, 2025 [1] - Key stocks such as ShenGong Co., Ltd. (688233) and Zhongju Semiconductor (688549) saw significant increases of 13.82% and 12.96%, respectively [1] - The Ministry of Science and Technology emphasized the ongoing development of artificial intelligence (AI) and high-performance computing chips, which is expected to drive demand for computing power and storage chips [1] Industry Summary - The Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index includes companies involved in semiconductor materials and equipment, reflecting the overall performance of these listed companies [1] - The top ten weighted stocks in the index account for 74.36% of the total index, indicating a concentrated market structure [2] - The anticipated growth in AI investments by domestic internet companies is expected to contribute to an upward cycle in the storage chip industry [1]

Core Insights - The semiconductor exhaust gas treatment equipment is essential for ensuring compliance with environmental regulations during wafer manufacturing and packaging testing, converting harmful substances into harmless ones through various methods [1][2][4] - The industry has received significant support from national policies, creating a comprehensive framework for development and a clear upgrade path, leading to a projected market size of 1,302.8 billion yuan by 2024 [1][4][5] - The market is transitioning from single equipment sales to a "technology + service" model, with increasing penetration of third-party treatment solutions [1][6][10] Industry Overview - Semiconductor exhaust gas treatment equipment is designed to handle various harmful substances produced during manufacturing, ensuring compliance with environmental regulations [2][3] - The equipment types include activated carbon adsorption, catalytic oxidation, thermal oxidation, biological filters, condensation absorption, and scrubbers, each targeting specific types of waste gas [3][4] Market Dynamics - The Chinese semiconductor market is expected to reach 1,302.8 billion yuan in 2024, a 47.2% increase from 884.8 billion yuan in 2020, with a compound annual growth rate (CAGR) of 10.5%, significantly outpacing the global growth rate of 5.2% [5][6] - The global semiconductor exhaust gas treatment market is projected to grow from approximately 1.38 billion USD in 2024 to 1.46 billion USD in 2025 [6] Policy Support - Recent national policies, including the "High-Quality Development Action Plan for Environmental Equipment Manufacturing Industry (2022-2025)" and the "Air Quality Continuous Improvement Action Plan," provide a clear upgrade path and broad market opportunities for the industry [4][5] Competitive Landscape - The industry features a mix of international giants and leading domestic companies, with firms like Edwards Vacuum and Ebara dominating the high-end market, while local companies like Shengjian Technology and Jingyi Equipment are expanding in the mid-range market [6][10] - The competition is shifting from price-based to technology and service capabilities, with local firms increasingly closing the gap with international brands [10][11] Future Trends - The industry is moving towards smart and low-carbon solutions, integrating IoT and AI for real-time monitoring and dynamic adjustments, enhancing operational efficiency [9][11] - The focus on carbon capture and resource recovery technologies is emerging, with some equipment already capable of recovering useful components from specific waste gases [11]

Core Viewpoint - 京仪装备's stock price dropped by 5.08% to 102.03 CNY per share, with a trading volume of 715 million CNY and a turnover rate of 5.50%, resulting in a total market capitalization of 17.141 billion CNY [1] Company Overview - Beijing Jingyi Automation Equipment Technology Co., Ltd. was established on June 30, 2016, and listed on November 29, 2023. The company is primarily engaged in the research, production, and sales of semiconductor specialized equipment [1] - The main products include semiconductor specialized temperature control equipment (Chiller), semiconductor specialized process waste gas treatment equipment (Local Scrubber), and wafer transfer equipment (Sorter) [1] - Revenue composition: semiconductor specialized temperature control equipment accounts for 61.33%, semiconductor specialized process waste gas treatment equipment 29.84%, spare parts and supporting equipment 4.10%, wafer transfer equipment 2.72%, maintenance and repair services 1.96%, and waste income 0.04% [1] Shareholder Analysis - 东方基金's fund, 东方人工智能主题混合A (005844), is among the top ten circulating shareholders of 京仪装备, having increased its holdings by 467,400 shares to a total of 1.952 million shares, representing 1.91% of circulating shares [2] - The fund has incurred an estimated floating loss of approximately 10.6581 million CNY [2] - 东方人工智能主题混合A has a total asset size of 553 million CNY and has achieved a year-to-date return of 56.81% [2] Fund Performance - The fund manager of 东方人工智能主题混合A is 严凯, who has been in the position for 5 years and 155 days, with a total asset size of 4.421 billion CNY [3] - The best fund return during his tenure is 67.31%, while the worst is -15.44% [3] Top Holdings - Another fund, 东方专精特新混合发起式A (015765), has reduced its holdings in 京仪装备 by 7,000 shares to 15,400 shares, which constitutes 5.08% of the fund's net value [4] - This fund has an estimated floating loss of about 84,300 CNY [4] - 东方专精特新混合发起式A has a total asset size of 11.4723 million CNY and has achieved a year-to-date return of 45.07% [4]