Group 1 - Ningde Times announced a share buyback plan with a total fund of 40 billion to 80 billion yuan, having repurchased 6.641 million shares, accounting for 0.1508% of the total share capital, with a total expenditure of 1.551 billion yuan [1] - Guoxin Technology successfully tested its quantum-resistant password chip AHC001, which is based on a domestic 28nm process and features low power consumption and high security, aimed at high-security applications [2] - Jingcheng Co. plans to introduce investors through a capital increase and share expansion for its subsidiary Tianhai Hydrogen Energy, with details yet to be determined [3] Group 2 - Weir Shares' shareholder plans to exchange up to 10 million shares for an open-ended index fund, representing 0.82% of the total share capital, aimed at optimizing asset allocation [4] - Zhejiang University Network New committed 33 million yuan to invest in a venture capital fund focusing on artificial intelligence and robotics, with a total target size of 100 million yuan [5] - Huayi Group intends to acquire 60% of San Aifu for 4.091 billion yuan to expand its business in fluorine fine chemicals, with funding sourced from its own or self-raised funds [6] Group 3 - Huina Technology's controlling shareholder is planning a change of control, leading to a temporary suspension of stock trading [7] - Tongyu Heavy Industry's actual controller will change from Zhuhai State-owned Assets Supervision and Administration Commission to Shandong State-owned Assets, following a share transfer agreement [8] - Kangxi Communication terminated its major asset restructuring plan and shifted to a strategic investment plan to acquire 35% of Shenzhen Chip Zhongxin Technology [9] Group 4 - Huafeng Measurement Control's shareholder plans to transfer 2.9% of its shares due to funding needs, with the transfer price set at a minimum of 70% of the average trading price over the previous 20 trading days [10] - Xiangyuan Cultural Tourism reported a 50.47% year-on-year increase in revenue during the May Day holiday [13] - Sairisi's April new energy vehicle sales increased by 12.99% year-on-year [13]

证券代码：300604 证券简称：长川科技 公告编号：2025-028 杭州长川科技股份有限公司 关于拟与专业投资机构共同投资设立合资公司的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、对外投资概述 1、根据杭州长川科技股份有限公司(以下简称"公司"或"长川科技")整 体战略布局和业务发展需要，公司与上海半导体装备材料二期私募投资基金合伙 企业（有限合伙）(以下简称"上海装备")、杭州本坚芯链股权投资合伙企业（有 限合伙）(以下简称"本坚芯链")签订了投资及合作意向协议，拟共同出资设立 杭州长越科技有限公司（暂定名，具体以工商核准登记结果为准，以下简称"合 资公司"）。合资公司注册资本为 10,000 万元，其中，长川科技认缴出资额为 5,000 万元，占注册资本的 50％；上海装备认缴出资额为 3,000 万元，占注册资 本的 30％；本坚芯链认缴出资额为 2,000 万元，占注册资本的 20％。 2、根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律 监管指引第 7 号——交易与关联交易》《总经理工作细则》及《公司章程》等相 关规定，本次 ...

Group 1 - The semiconductor industry ETF (159582) has shown a strong performance, rising 1.45% recently, marking its third consecutive increase [3] - Key stocks in the semiconductor sector include Feikai Materials (300398) with a rise of 13.98%, Linweina (688661) up 5.13%, and Fuchuang Precision (688409) increasing by 4.29% [3] - As of April 30, 2025, the semiconductor industry ETF has achieved a net value increase of 39.06% over the past year, ranking 128 out of 2771 in the stock fund category [4] Group 2 - The top ten weighted stocks in the semiconductor index account for 76.35% of the total index, with Northern Huachuang (002371) leading at 15.51% [5] - The ETF has a management fee rate of 0.50% and a custody fee rate of 0.10%, which are among the lowest in comparable funds [4] - The ETF's tracking error over the past year is 0.056%, indicating the highest tracking precision among similar funds [4]

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,775 | 3,642 | 5,227 | 6,715 | 8,309 | | 同比（%） | (31.11) | 105.15 | 43.53 | 28.47 | 23.75 | | 归母净利润（百万元） | 45.16 | 458.43 | 849.15 | 1,120.52 | 1,437.67 | | 同比（%） | (90.21) | 915.14 | 85.23 | 31.96 | 28.30 | | EPS-最新摊薄（元/股） | 0.07 | 0.73 | 1.35 | 1.78 | 2.28 | | P/E（现价&最新摊薄） | 584.68 | 57.60 | 31.09 | 23.56 | 18.37 | [Table_Tag] [Table_Summary] 投资要点 2025 年 05 月 04 日 证券分析师 周尔双 执业证书：S060051511 ...

申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 在半导体行业的广阔版图中，测试设备领域正逐渐崭露头角。随着2025年一季报的披露，长川科技以其出色的业绩表现吸引了众多目光。 与北方华创的名气不同，长川科技此前一直不温不火 。下文将 通过深入分析二者的季报数据，并结合国内测试设备行业的整体情况，我们或许能对这一 领域的未来发展趋势有更清晰的认识。 长川科技业 绩惊人 长川科技在2025年第一季度交出了一份令人瞩目的成绩单。从营收数据来看，公司一季度营业收入高达8.15亿元，同比增长幅度达到了45.74%。这一增长 速度不仅跑赢了行业平均增速，更是在同类型企业中名列前茅。若将时间线拉长至过去几年，长川科技的营收增长曲线呈现出稳步上扬的态势，这表明公 司在市场拓展方面取得了显著成效。（如图1所示，长川科技近五年营收逐年递增） 图 1：长川科技近五年营收增长曲线（2020-2025Q1） 净利润方面，长川科技更是实现了爆发式增长，归母净利润达到1.11亿元，同比增幅高达2623.82%。扣非归母净利润也表现出色，为4567.58万元，同比 增长2709.60%。如此惊人的净利润增长，一方面得益于营收规模的扩 ...

证券研究报告·公司点评报告·半导体 长川科技（300604） 2024年报&2025一季报点评：业绩持续高增， 看好公司打造国产测试设备龙头 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,775 | 3,642 | 5,227 | 6,715 | 8,309 | | 同比（%） | (31.11) | 105.15 | 43.53 | 28.47 | 23.75 | | 归母净利润（百万元） | 45.16 | 458.43 | 849.15 | 1,120.52 | 1,437.67 | | 同比（%） | (90.21) | 915.14 | 85.23 | 31.96 | 28.30 | | EPS-最新摊薄（元/股） | 0.07 | 0.73 | 1.35 | 1.78 | 2.28 | | P/E（现价&最新摊薄） | 584.68 | 57.60 | 31.09 | 23.56 | 18.37 ...

Core Insights - The company achieved a revenue of 3.64 billion yuan in 2024, representing a year-on-year increase of 105%, with significant contributions from testing equipment [1] - The net profit attributable to shareholders reached 460 million yuan, up 915% year-on-year, indicating strong profitability growth [1] - The company is focusing on expanding its product line and market presence, particularly in high-end testing equipment, to capture the domestic market share [4] Financial Performance - In 2024, the company's gross margin was 54.9%, a decrease of 2.2 percentage points year-on-year, while the net profit margin increased by 9.4 percentage points to 12.8% [1] - For Q1 2025, the company reported a revenue of 820 million yuan, a year-on-year increase of 46%, but a quarter-on-quarter decrease of 26% [1] - The operating cash inflow for 2024 was 626 million yuan, reflecting a year-on-year increase of 184% [3] Product and Market Strategy - The company is expanding its product offerings in digital testing equipment and related packaging and testing devices, targeting high-end applications [4] - The D9000 series SoC testing machine is designed for various chip testing applications, indicating a strong focus on high-performance testing solutions [4] - The company aims to achieve import substitution in the high-end testing machine market, leveraging its competitive pricing and performance [4] Growth Projections - The net profit forecasts for 2025 and 2026 have been revised upward to 849 million yuan and 1.121 billion yuan, respectively, with a new forecast for 2027 at 1.438 billion yuan [5] - The current stock price corresponds to dynamic P/E ratios of 31, 24, and 18 for 2025, 2026, and 2027, respectively, indicating a positive outlook for growth in the high-end testing machine sector [5]

公司发布 2024 年报、2025 年一季报。 ► 数字测试机等持续放量，2025 年收入端保持高速增长 证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 2024 年报&2025 年一季报点评：业绩保持高速 增长，持续受益数字测试机放量 [Table_Title2] 长川科技(300604) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 300604 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 59.5/26.86 | | 目标价格： | | 总市值(亿) | 264.86 | | 最新收盘价： | 42.01 | 自由流通市值(亿) | 204.22 | | | | 自由流通股数(百万) | 486.13 | [Table_Summary] 事件概述 2024 年公司实现营收 36.42 亿元，同比+105%，符合市场预期；2025Q1 公司实现营收 8.15 亿 元，同比+45.7%，延续高速增长势头，主要系行业需求持续旺盛，同时公司产品 ...

事件概述 公司发布2024 年报、2025 年一季报。 数字测试机等持续放量，2025 年收入端保持高速增长2024 年公司实现营收36.42 亿元，同比+105%，符 合市场预期；2025Q1 公司实现营收8.15 亿元，同比+45.7%，延续高速增长势头，主要系行业需求持续 旺盛，同时公司产品线不断丰富，大客户战略得到深化。分产品来看：1）测试机：24 年收入为20.63 亿元，同比+205%，我们判断SoC 数字测试机放量是收入端高速增长的核心驱动力，其他领域新品逐步 放量；2）分选机：24年收入为11.90 亿元，同比+45.2%，主要系三温测试分选机需求增长。截至25Q1 末，公司存货/合同负债为24.76/0.57 亿元，分别同比+14.69%/+927%，在手订单饱满。公司SOC、存储 等高端数字测试机竞争优势明显，叠加三温分选机、探针台等新品放量，我们判断新接订单增速较好， 有力保障2025 年收入端持续高增。 盈利水平大幅修复，投资收益显著增厚25Q1 利润2024 年公司实现归母净利润/扣非归母净利润分别为 4.58/4.14 亿元，分别同比+915%/+641%，符合预告值。2024 年 ...

| | | | 一、审计报告 第 1—6 | 页 | | --- | --- | | 二、财务报表 第 7—14 | 页 | | （一）合并资产负债表 第 7 | 页 | | （二）母公司资产负债表 第 8 | 页 | | （三）合并利润表 第 9 | 页 | | （四）母公司利润表 第 10 | 页 | | （五）合并现金流量表 第 11 | 页 | | （六）母公司现金流量表 第 12 | 页 | | （七）合并所有者权益变动表 第 13 | 页 | | （八）母公司所有者权益变动表 第 14 | 页 | | 三、财务报表附注 第 15—106 | 页 | | 四、附件 第 107—111 | 页 | | （一）本所营业执照复印件 第 107 | 页 | | （二）本所执业证书复印件 第 108 | 页 | | （三）本所从事证券服务业务备案完备证明材料 第 109 | 页 | | （四）注册会计师执业资格证书复印件 第 110-111 | 页 | 审 计 报 告 天健审〔2025〕8888 号 杭州长川科技股份有限公司全体股东： 一、审计意见 我们审计了杭州长川科技股份有限公司（以下简称长川科技公司）财 ...