Market Overview - The large fund concept sector experienced a decline of 0.73% on November 5, with Shengke Communication leading the drop [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Notable gainers in the large fund concept sector included: - Xingfa Group (600141) with a closing price of 28.89, up 5.02% and a trading volume of 325,000 shares, totaling 920 million yuan [1] - Baiwei Storage (688525) closed at 124.90, up 2.44% with a trading volume of 212,800 shares, totaling 2.558 billion yuan [1] - Tuojing Technology (688072) closed at 310.20, up 1.77% with a trading volume of 72,900 shares, totaling 2.219 billion yuan [1] - Major decliners included: - Shengke Communication (688702) closed at 110.25, down 3.73% with a trading volume of 43,500 shares, totaling 482 million yuan [2] - Guoxin Technology (688262) closed at 30.34, down 3.10% with a trading volume of 131,100 shares [2] - Huahong Company (688347) closed at 120.97, down 2.58% with a trading volume of 213,600 shares, totaling 2.594 billion yuan [2] Capital Flow - The large fund concept sector saw a net outflow of 2.352 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.305 billion yuan [2] - Notable capital flows included: - Tuo Jing Technology (688072) with a net inflow of 156 million yuan from institutional investors [3] - Deep South Circuit (002916) with a net inflow of 116 million yuan from institutional investors [3] - Zhongwei Company (688012) with a net inflow of 83.21 million yuan from institutional investors [3]

Core Points - The company, Jingce Electronics (300567), announced on the evening of November 4 that it and its subsidiaries have no overdue external guarantee matters [1] - There are no guarantees involved in lawsuits or guarantees that the company would be liable for due to losing a judgment [1]

证券代码：300567 证券简称：精测电子 公告编号：2025-132 武汉精测电子集团股份有限公司 关于为子公司向银行申请授信提供担保的进展公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、担保情况概述 武汉精测电子集团股份有限公司（以下简称"公司"）分别于 2025 年 4 月 23 日、2025 年 5 月 19 日召开第五届董事会第二次会议、2024 年度股东大会， 审议通过《关于为子公司向银行申请授信额度提供担保的议案》，为保证公司及 下属各子公司的正常生产经营，拓宽资金渠道，公司或子公司拟对子公司 2025 年度向银行申请综合授信提供保证担保，担保总额不超过 37.8 亿元人民币；其 中，公司拟对子公司常州精测新能源技术有限公司（以下简称"常州精测"）向 银行申请授信提供最高担保额度人民币 2.1 亿元，拟对子公司武汉精立电子技术 有限公司（以下简称"武汉精立"）向银行申请授信提供最高担保额度人民币 8 亿元，授信品种：流动资金贷款、银行承兑汇票、保函、国内信用证、票据贴现、 票据池、商业保理以及其他方式最终以各家银行实际审批的授信额度及授信 ...

证券代码：300567 证券简称：精测电子 公告编号：2025-131 武汉精测电子集团股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 武汉精测电子集团股份有限公司（以下简称"公司"或"精测电子"）于 2025 年 4 月 23 日分别召开了第五届董事会第二次会议、第五届监事会第二次会议， 审议通过了《关于公司及子公司使用部分闲置募集资金进行现金管理的议案》， 同意公司在确保不影响募集资金投资项目建设、募集资金使用和不改变募集资金 用途的情况下，使用额度不超过 4 亿元人民币暂时闲置募集资金进行现金管理， 购买安全性高、流动性好、低风险的理财产品。期限自公司董事会审议通过之日 起十二个月内有效，在决议有效期内，上述额度可循环使用。公司监事会、保荐 机构均发表了明确同意的意见。具体内容详见公司于 2025 年 4 月 25 日在巨潮资 讯网（http://www.cninfo.com.cn）披露的《武汉精测电子集团股份有限公司关 于公司及子公司使用部分闲置募集资金进行现金管理的公告》（公告编号： 202 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with revenue reaching 890 million yuan, a year-on-year growth of 25.37%, and a net profit attributable to shareholders of 72 million yuan, up 123.44% [2][4]. - The company has a robust order backlog totaling approximately 3.446 billion yuan, with 1.791 billion yuan in the semiconductor sector, indicating strong future revenue potential [10]. - The semiconductor business has achieved profitability, with revenue from this segment growing by 48.67% year-on-year [10]. Financial Performance Summary - For Q1-Q3 2025, the company achieved total revenue of 2.271 billion yuan, a 24.04% increase year-on-year, and a net profit of 100 million yuan, reflecting a 21.70% growth [2][4]. - The gross margin for Q3 2025 was reported at 48.55%, an increase of 4.58 percentage points compared to the previous year [2][4]. - The company anticipates net profits of 196 million yuan, 321 million yuan, and 596 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 107x, 65x, and 35x [10].

Core Points - The company has approved a guarantee of up to 3.78 billion yuan for its subsidiaries for the year 2025 [1] - The guarantees provided include a maximum of 210 million yuan for Changzhou Jingce and 800 million yuan for Wuhan Jingli [1] - Contracts have been signed with Suzhou Bank and China Merchants Bank to provide joint liability guarantees with maximum principal limits of 10 million yuan and 80 million yuan respectively [1] - The validity period for these guarantees extends until December 28, 2026, for Changzhou Jingce and November 2, 2027, for Wuhan Jingli [1] - As of the announcement date, the company's total external guarantees amount to 930 million yuan, which represents 26.85% of the net assets as of the end of 2024 [1] - There are no overdue guarantee matters reported [1]

Group 1 - The stock of Jingce Electronics closed down by 1.06% on November 4, with a closing price of 73.88 yuan [1] - A block trade occurred with a total volume of 150,000 shares and a transaction amount of 10.2 million yuan, with the first transaction price at 68.00 yuan, resulting in a premium rate of -7.96% [1] - The buyer was Huajin Securities Hubei Branch, and the seller was Guotai Junan Securities Xiaogan Beijing Road Securities Branch [1] Group 2 - In the past three months, Jingce Electronics has recorded a total of 23 block trades, with a cumulative transaction amount of 273 million yuan [1] - Over the last five trading days, the stock has declined by 5.89%, with a total net outflow of main funds amounting to 90.4162 million yuan [1]

Core Insights - The foreign public funds have achieved significant excess returns due to proactive industry positioning and stable investment strategies, with some funds reporting returns exceeding 50% year-to-date [1][2] Group 1: Fund Performance - BlackRock Advanced Manufacturing Fund has a year-to-date return of 66.44%, with a heavy concentration in the manufacturing sector, accounting for 92.52% of its stock investments [2] - The top ten holdings of the BlackRock fund include companies like CATL and Hikvision, with notable stock price increases such as 176.76% for Zhongji Xuchuang [2] - The Robeco Resource Select Fund has achieved a year-to-date return of 79.00%, diversifying its investments across materials, mining, and energy sectors [2] Group 2: Market Outlook - Fund managers maintain a positive outlook for the fourth quarter, expecting low interest rates and ample liquidity to support the A-share market's medium to long-term performance [1][3] - Concerns about geopolitical factors and overseas policy rhythms may cause short-term disruptions, but the overall sentiment remains optimistic for quality technology and resource assets [3][5] - The managers of the BlackRock fund believe that the current low-growth macro environment will anchor a low-interest-rate scenario, pushing investors towards riskier assets with positive cash flows [4] Group 3: Strategic Adjustments - The funds have maintained relatively high positions while making flexible adjustments based on market changes, focusing on sectors like electronics and power equipment [3] - The Allianz China Select Fund has a year-to-date return of 54.48%, with significant holdings in manufacturing and healthcare, reflecting confidence in China's technological innovation [3] - The Robeco fund has strategically included upstream industries related to the current technology innovation cycle, aiming for future gains [5][6]

Core Viewpoint - Jingce Electronics, a leading domestic testing equipment supplier, has shown significant growth in revenue and net profit, particularly in the semiconductor and display sectors, indicating strong investment potential [2][5][6]. Group 1: Company Overview - Established on April 20, 2006, and listed on the Shenzhen Stock Exchange on November 22, 2016, Jingce Electronics is headquartered in Wuhan, Hubei Province [1]. - The company specializes in the research, production, and sales of testing systems for displays, semiconductors, and new energy, possessing full industry chain testing capabilities [1]. Group 2: Financial Performance - For Q3 2025, Jingce Electronics reported revenue of 2.271 billion yuan, ranking 4th out of 61 in the industry, surpassing the industry average of 655 million yuan and the median of 380 million yuan [2]. - The net profit for the same period was 155 million yuan, ranking 7th in the industry, above the industry average of 58.97 million yuan and the median of 40.66 million yuan [2]. - The company's gross profit margin for Q3 2025 was 45.81%, higher than the previous year's 43.43% and the industry average of 43.50% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.19% to 20,500, while the average number of circulating A-shares held per shareholder increased by 18.45% to 11,100 [5]. - Notable changes among the top ten circulating shareholders include a decrease in holdings by Yin Hua Integrated Circuit Mixed A and an increase by Dongfang Artificial Intelligence Theme Mixed A [5]. Group 4: Management and Compensation - Chairman and General Manager Peng Qian's compensation for 2024 was 1.4094 million yuan, an increase of 241,200 yuan from 2023 [4]. Group 5: Market Outlook - As of October 29, 2025, the company had an order backlog of approximately 3.446 billion yuan, with semiconductor business being a significant performance driver [5]. - The display industry is recovering from a cyclical low, and the new energy business is set for optimization [5].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The semiconductor business is becoming a significant support for the company's performance, with advanced process orders increasing [3][4] - The display industry is gradually recovering from a cyclical low, contributing positively to the company's growth [4] - The company is focusing on optimizing its business structure, particularly in the semiconductor sector, while addressing losses in the new energy segment [4] Financial Performance Summary - In Q3 2025, the company achieved revenue of 890 million RMB, a year-on-year increase of 25.37% and a quarter-on-quarter increase of 28.62% [2][7] - The net profit attributable to shareholders was 72.42 million RMB, reflecting a year-on-year growth of 123.44% [2][7] - The gross margin for Q3 2025 was 48.54%, up 7.08 percentage points year-on-year [2][3] Segment Performance Summary - The semiconductor segment generated revenue of 270 million RMB in Q3 2025, a year-on-year increase of 48.7% [3] - The display segment reported sales of 560 million RMB, with a year-on-year growth of 14.67% [4] - The new energy segment recorded revenue of 32.77 million RMB, showing a year-on-year increase of 14.49% [4] Order Backlog and Future Outlook - As of October 29, 2025, the company had a total order backlog of approximately 3.446 billion RMB, with semiconductor orders accounting for 1.791 billion RMB [2][3] - The company expects steady growth in revenue and profit, with projections of 3.26 billion RMB in revenue for 2025 and 4.04 billion RMB for 2026 [5][10]