证券代码：300567 证券简称：精测电子 公告编号：2026-022 武汉精测电子集团股份有限公司 关于子公司签订《施工总承包合同》暨对外投资建设项目的 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、对外投资概述 出让合同》。 二、进展情况 近日，上海精测与上海宝冶集团有限公司（以下简称"上海宝冶"）正式签 订《研发产业项目施工总承包合同》，约定由上海宝冶承包本项目建设工程，合 同金额为人民币28,815万元。 根据《深圳证券交易所创业板股票上市规则》《武汉精测电子集团股份有限 公司章程》以及《武汉精测电子集团股份有限公司对外投资管理制度》等相关规 定，公司签订上述合同已履行了必要的内部审批程序，本次交易不构成关联交易 和《上市公司重大资产重组管理办法》规定的重大资产重组，无需重新提交公司 董事会及股东会审议及批准。 武汉精测电子集团股份有限公司（以下简称"公司"）于2025年12月12日召 开第五届董事会第八次会议，审议通过了《关于子公司拟对外投资建设项目的议 案》。公司控股子公司上海精测半导体技术有限公司（以下简称"上海精测"） 拟购买位于 ...

Company and Industry Summary Company: 精测电子 (Jingce Electronics) Key Points - **Market Position and Growth Potential** Jingce Electronics is positioned as a leading player in the semiconductor equipment sector, with a strong outlook for future rebounds despite recent market corrections due to macroeconomic and geopolitical factors [1] - **Beijing Yongxin Factory Progress** The Beijing Yongxin Semiconductor facility is nearing completion, with the exterior work expected to be finished by mid-2025. Equipment installation is anticipated to begin shortly thereafter, indicating a significant operational ramp-up for Jingce Electronics [1] - **Strategic Partnerships** Jingce Electronics has a historical advantage due to its establishment in Beijing and close collaboration with Yandong. The first batch of procurement for Yongxin's Phase 1 is expected to yield substantial breakthroughs, with further phases (2, 3, and 4) holding immense potential [1] - **Advanced Packaging Technology** The company is closely aligned with industry giants through its 33% stake in Hubei Xingchen (Jiangcheng Laboratory), which is expected to enhance its capabilities in advanced packaging technology [1] - **New Packaging Plant Development** The new packaging plant, located near a major factory's Jiufengshan Laboratory, has completed land leveling. This facility is expected to significantly contribute to Jingce's revenue, with last year's income reported at 900 million, positioning the company as a potential leader in 3D IC technology [2] - **Storage Plant Construction Progress** The construction of the NAND fab in Hubei and the DRAM fab in Hefei is nearing completion. The Dongguan plant is expected to restart advanced process expansion in 2026, which could lead to rapid growth in related orders for Jingce Electronics [2] - **Revenue Streams** The company has a diversified revenue base, with its legacy panel testing business projected to generate 6-8 billion, while the semiconductor measurement business is rapidly growing, expected to reach 40-60 billion. The future valuation of the packaging business may reference Shenghe Jingwei, which is valued in the hundreds of billions [2]

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： 2025-066）。 一、使用部分闲置募集资金进行现金管理到期赎回的情况 近日 ...

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on commercial aerospace and liquid cooling technologies [1]. Core Insights - The mechanical industry is expected to enter a new recovery cycle driven by monetary and fiscal policies, with significant emphasis on domestic demand stimulation [6]. - The report highlights the acceleration of satellite networking construction, suggesting investment opportunities in the rocket supply chain [23][24]. - The report emphasizes the importance of the recovery of the commercial aerospace sector, particularly with upcoming launches of reusable rockets [25]. Summary by Sections Industry Overview - The mechanical industry comprises 633 listed companies with a total market capitalization of 63,677.25 billion and a circulating market value of 53,384.99 billion [3]. - The industry has shown strong performance with a 1-month absolute return of 4.3%, a 6-month return of 25.4%, and a 12-month return of 42.2% [4]. Company Earnings Forecasts and Valuations - Key companies such as 汇川技术 (Inovance Technology) and 法兰泰克 (Flantech) are rated as "Strong Buy" with projected EPS growth and favorable PE ratios [2]. - For instance, 汇川技术 is expected to achieve an EPS of 3.00 yuan by 2027, with a PE ratio of 24.32 [2]. Investment Recommendations - The report suggests focusing on various sectors within the mechanical industry, including industrial control, robotics, machine tools, and testing industries, with specific companies highlighted for their growth potential [6]. - Notable companies to watch include 汇川技术, 信捷电气, and 三一重工, which are positioned to benefit from the anticipated recovery in the industry [6]. Market Performance - The mechanical sector outperformed the broader market, with a weekly increase of 3.8%, driven by strong performances in sub-sectors like laser processing equipment [10][13]. - The report notes that the demand for excavators and other construction machinery is rebounding, indicating a structural recovery in the market [28]. Future Outlook - The report anticipates that the demand for rocket launches will increase significantly due to the acceleration of satellite internet projects, with a focus on the development of reusable rocket technologies [23][25]. - Companies involved in the rocket supply chain, such as 银邦股份 (Yinbang), are expected to benefit from this trend [26].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights that SK Hynix has announced a significant investment of 21.6 trillion KRW (approximately 150.7 billion USD) to build its first factory and cleanroom facilities, with production expected to accelerate due to tight supply conditions in the DRAM and NAND markets [3] - The domestic advanced logic expansion is expected to exceed expectations, driven by the booming AI industry and increasing demand for advanced process foundry services [4] - The report emphasizes the trend of domestic semiconductor equipment localization, with over 55% of new production line investments in domestic wafer fabs expected to be in domestic equipment by 2025 [4] - NVIDIA's introduction of the Feynman chip with 3D packaging and hybrid bonding is anticipated to create significant growth opportunities for advanced packaging and hybrid bonding equipment [5] Summary by Sections SK Hynix Investment - SK Hynix's investment is a clear signal for global storage expansion, responding to AI-driven demand and supply constraints [3] Domestic Advanced Logic Expansion - The report notes that major domestic players are accelerating high-end manufacturing layouts, with a strong demand for advanced logic foundry services [4] Semiconductor Equipment Localization - The report discusses the impact of export controls on Japanese entities, leading to a shift towards domestic semiconductor equipment, particularly in critical processes like etching and cleaning [4] Advanced Packaging Trends - NVIDIA's advancements in 3D packaging are expected to drive growth in the advanced packaging sector, with domestic companies positioning themselves to benefit from this trend [5]

Investment Rating - The report recommends a "Buy" rating for several companies within the technology sector, indicating a positive outlook for their stock performance over the next 12 months [31]. Core Insights - The report highlights key companies in the technology sector, including Jiangsu Technology (Electronics, Communication, Computer, Media) as top picks for March 2026 [5][9]. - The report emphasizes the growth potential in various sub-sectors, particularly in 3D printing, liquid cooling solutions, AI chips, and gaming [15][16][18][19][21]. Summary by Category Electronics - **Precision Electronics**: Expected to achieve a net profit of 0.8e-0.9e in 2025, a significant increase of 181.97%-192.21% year-on-year, driven by semiconductor orders and improved operational efficiency [15]. - **Han's Laser**: Anticipated explosive growth in 3D printing, with a potential market share increase due to demand from North American clients [15]. Communication - **Invech**: Projected net profits of 5.87 million, 10.47 million, and 15.35 million from 2025 to 2027, with a strong focus on liquid cooling solutions and overseas market expansion [16]. - **Rui Ming Technology**: Expected to recover from previous losses, with projected net profits of 3.81 million, 4.95 million, and 6.67 million from 2025 to 2027, driven by increased demand in commercial vehicle information systems [17]. Computer - **Haiguang Information**: Positioned as a leader in high-end CPUs and DCUs, benefiting from the growth of domestic AI computing power and collaboration with major tech firms [18]. - **Cambricon**: Anticipated to maintain strong growth in AI chip demand, supported by ongoing R&D and market trends [18]. Media - **Kaiying Network**: Expected to launch several new games in 2026, which are projected to drive revenue growth [19]. - **Perfect World**: Anticipated to release a new RPG game, "Yihuan," with high market expectations, contributing to future revenue growth [21].

【长江电子杨洋团队】继续强CALL 1、先进半导体制造中，检测设备不是辅助设备，而是良率控制的核心基础设施，且当前产能吃紧，晶圆厂需保良 率、提有效产出，检测设备需求将进一步呈现结构性提升。 2、先进封装对检测设备的需求激增，KLA2025年先进封装业务收入约为9.5亿美元，同比增长约70%；Camtek股 价持续创新高。 3、精测电子是国内首家突破先进明场设备的厂商，2026H1有望拿到核心客户先进制程订单；先进封装领域则通过 增资湖北星辰进行战略布局，未来可以实现全套封装检测设备的覆盖。 3、精测电子是国内首家突破先进明场 【长江电子杨洋团队】继续强CALL 1、先进半导体制造中，检测设备不是辅助设备，而是良率控制的核心基础设施，且当前产能吃紧，晶圆厂需保良 率、提有效产出，检测设备需求将进一步呈现结构性提升。 2、先进封装对检测设备的需求激增，KLA2025年先进封装业务收入约为9.5亿美元，同比增长约70%；Camtek股 价持续创新高。 ...

Core Viewpoint - The semiconductor equipment market is experiencing unprecedented growth driven by the surge in AI computing demand, with significant capital expenditure increases in advanced logic and memory sectors [1][2]. Group 1: Market Trends - The global semiconductor equipment market is reaching new highs due to the explosion in AI computing demand [2]. - In the advanced logic sector, the transition from FinFET to GAA/CFET is leading to a substantial increase in capital investment for equipment, with investment per 10,000 wafers per month rising several times compared to 28nm processes [2]. - In the memory sector, HBM is driving upgrades in high-end DRAM processes, while 3D NAND is evolving to over 400 layers, with corresponding increases in investment per 10,000 wafers [1][2]. Group 2: Technological Advancements - The complexity of advanced process structures is driving increased investment in graphic stages, with GAA structures in logic and high-layer 3D stacking in memory requiring higher standards for etching and atomic layer deposition technologies [2]. - The value share of etching and thin film deposition in front-end equipment ranks among the top three, and this trend is expected to continue as processes evolve [2]. - The introduction of multiple exposures, advanced metal material replacements, and new structures is leading to a multiplier effect where more advanced technology nodes require higher unit investments [2]. Group 3: Domestic Market Dynamics - External sanctions are reinforcing the logic of self-sufficiency, accelerating the domestic substitution phase in China, which has a high dependency on imported equipment for critical processes [3]. - The domestic semiconductor equipment localization rate has increased from 13% in 2017 to an estimated 20% in 2024, with projections of reaching 22% by 2025, indicating significant room for improvement [3]. - Domestic wafer fabs are expected to increasingly favor the procurement of domestic equipment due to policy support and the implementation of large funds [3]. Group 4: Investment Recommendations - Key recommendations include front-end platform equipment manufacturers such as North Huachuang and Zhongwei Company, as well as low localization rate equipment manufacturers like Xinyuanwei and Zhongke Feicai [3]. - Thin film deposition equipment manufacturers such as Tuojing Technology and Weidao Nano, along with back-end packaging and testing equipment firms like Huafeng Measurement and Changchuan Technology, are also highlighted [3].

证券代码：300567 证券简称：精测电子 公告编号：2026-020 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 二、担保进展情况 为满足子公司武汉精鸿、武汉精立及武汉精毅通日常经营发展需要，公司近 日与中国民生银行股份有限公司武汉分行（以下简称"民生银行"）分别签订编 号为"公高保字第 ZHHT25000179230001 号"、"公高保字第 ZHHT26000204025001 号"、"公高保字第 ZHHT26000204074001 号"的《最高额保证合同》，约定公 司为武汉精鸿、武汉精立及武汉精毅通向民生银行于保证额度有效期内发生的一 系列授信业务合同提供连带责任保证担保。 为满足子公司苏州精材日常经营发展需要，公司近日与宁波银行股份有限公 司苏州分行（以下简称"宁波银行"）签订编号为"07501BY25000017"的《最 高额保证合同》，约定公司为苏州精材向宁波银行于保证额度有效期内发生的一 系列授信业务合同提供连带责任保证担保。 上述担保属于已审议通过的担保事项范围，且担保金额在公司为上述子公司 提供担保额度范围内，无需再次提交公司董事会及股东会审议。 公司及董 ...

Investment Thesis - The semiconductor equipment industry is expected to see significant growth driven by AI-related demand, with capital expenditures entering a new upward cycle. The global semiconductor equipment market is projected to reach a record high, supported by advancements in advanced logic and memory production [2][29] - The transition from FinFET to GAA/CFET in advanced logic and the upgrade of DRAM and 3D NAND technologies are leading to substantial increases in capital investment per unit of production capacity [2][29] - The domestic semiconductor equipment market is experiencing a shift towards localization due to external sanctions, with the domestic procurement rate for critical equipment expected to rise significantly [2][29] Industry Performance - The semiconductor equipment companies are showing robust revenue growth, with total revenues for selected companies reaching 732.2 billion yuan in 2024, a year-on-year increase of 33%, and 648.0 billion yuan in the first three quarters of 2025, a 32% increase [12][26] - The net profit attributable to shareholders is projected to be 119.0 billion yuan in 2024, up 15% year-on-year, and 110.4 billion yuan in the first three quarters of 2025, reflecting a 28% increase [12][26] - The industry is maintaining high R&D investment levels, with R&D expenditures reaching 139.88 billion yuan in 2024, a 34.7% increase year-on-year [22][26] Market Dynamics - The global semiconductor equipment market is expected to grow to 133 billion USD in 2025, driven by AI investments, with further growth anticipated in subsequent years [30][32] - China is becoming a crucial market for semiconductor equipment, with its market share expected to reach 42% of global sales by 2024, significantly higher than other regions [33][36] - The domestic wafer manufacturing capacity is projected to increase from 16% in 2021 to 22% in 2024, indicating substantial room for growth in local production capabilities [36][38] Company Insights - Key domestic companies such as North Huachuang and Zhongwei Company are recommended for investment due to their strong market positions and growth potential in the semiconductor equipment sector [2][12] - The upcoming IPOs of major storage manufacturers are expected to provide significant capital for expansion, with Longxin Storage projected to achieve revenues of 550-580 billion yuan in 2025, reflecting a growth rate of 127%-140% [54][58] - The production capacity of leading domestic manufacturers is still significantly lower than that of international leaders, indicating potential for future expansion [50][49]