格隆汇9月22日丨长川科技（维权）(300604.SZ)发布2025年前三季度业绩预告，预计归属于上市公司股 东的净利润为8.27亿元-8.77亿元，比上年同期增长131.39%至145.38%。报告期内，半导体行业市场需求 持续增长，公司客户需求旺盛，产品订单充裕，销售收入同比大幅增长，带动利润显著提升。 ...

Group 1 - The core viewpoint of the news is that Changchuan Technology (SZ 300604) has released a performance forecast indicating a significant increase in net profit for the first three quarters of 2025, expected to be between 827 million to 877 million yuan, representing a year-on-year growth of 131.39% to 145.38% [1] - For the first half of 2025, the revenue composition of Changchuan Technology is entirely from integrated circuit electronic industrial equipment, accounting for 100% [1] Group 2 - As of the report, the market capitalization of Changchuan Technology is 42.2 billion yuan [2]

报告期内，半导体行业市场需求持续增长，公司客户需求旺盛，产品订单充裕，销售收入同比大幅增 长，使得利润同比大幅上升。 智通财经APP讯，长川科技(300604.SZ)披露2025年前三季度业绩预告，公司预计前三季度归属于上市公 司股东的净利润8.27亿元至8.77亿元，同比增长131.39%至145.38%;扣除非经常性损益后的净利润7.51亿 元至8.01亿元，同比增长118.03%至132.54%。 ...

Core Viewpoint - Longchuan Technology (300604) expects a significant increase in net profit for the first three quarters of 2025, driven by strong demand in the semiconductor industry and a substantial increase in sales revenue [1] Financial Performance - The projected net profit for the first three quarters of 2025 is estimated to be between 827 million to 877 million yuan, representing a year-on-year growth of 131.39% to 145.38% [1] - For the third quarter of 2025, the expected net profit is between 400 million to 450 million yuan, indicating a year-on-year increase of 180.67% to 215.75% [1] Industry Context - The growth in performance is attributed to the increasing demand in the semiconductor industry, which has led to a robust order backlog for the company [1]

Investment Rating - The report assigns an "Overweight" rating for the semiconductor equipment industry [4]. Core Insights - The rapid development of artificial intelligence (AI) is expected to drive significant growth in the demand for related testing equipment, particularly in AI computing, HBM (High Bandwidth Memory), and server motherboard testing equipment [2][4]. - The global market for AI computing testing equipment is projected to reach $2.3 billion by 2024, with the overall integrated circuit testing equipment market expected to grow from $7.54 billion in 2024 to $9.77 billion by 2026, reflecting a year-on-year increase of 29.58% [4]. - The increasing complexity of HBM products is leading to new testing requirements, while the development of ultra-node technology is driving the demand for server motherboard testing equipment [2][4]. Summary by Sections AI Computing Testing Equipment - The market for AI computing testing equipment is anticipated to grow rapidly, reaching $2.3 billion by 2024 [4]. - Teradyne, a leading global testing machine company, estimates that the market for AI computing testing equipment will continue to grow [4]. HBM Product Testing - The demand for HBM testing is increasing due to the strong demand from AI chip customers, with SK Hynix leading in the HBM market [4]. - The development of HBM4 products has introduced new testing steps to improve quality and yield [4]. Server Testing Equipment - The rapid growth of AI model parameters is creating a need for substantial computing power and memory resources, leading to the emergence of ultra-node technology [4]. - Testing for servers is becoming increasingly important, with various tests required to ensure proper functionality, highlighting the growing demand for related testing equipment suppliers [4].

每经AI快讯，9月22日，长川科技（维权）(300604.SZ)公告称，长川科技发布2025年前三季度业绩预 告，预计归属于上市公司股东的净利润为8.27亿元-8.77亿元，比上年同期增长131.39%至145.38%。 ...

[Current Period Performance Forecast](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company forecasts positive and significantly increasing net profit for the first three quarters and the third quarter of 2025 - The performance forecast period is from January 1, 2025, to September 30, 2025, with net profit expected to be positive and increase year-over-year[4](index=4&type=chunk)[5](index=5&type=chunk) 2025 First Three Quarters Performance Forecast | Item | 2025 First Three Quarters (Forecast) (RMB 10,000) | Prior Period (Actual) (RMB 10,000) | Year-over-Year Growth (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | Profit: 82,700-87,700 | Profit: 35,739.88 | 131.39% to 145.38% | | Net Profit Excluding Non-Recurring Gains and Losses | Profit: 75,117-80,117 | Profit: 34,452.53 | 118.03% to 132.54% | 2025 Third Quarter Performance Forecast | Item | 2025 Third Quarter (Forecast) (RMB 10,000) | Prior Period (Actual) (RMB 10,000) | Year-over-Year Growth (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | Profit: 40,000-45,000 | Profit: 14,251.84 | 180.67% to 215.75% | | Net Profit Excluding Non-Recurring Gains and Losses | Profit: 39,400-44,400 | Profit: 13,604.31 | 189.61% to 226.37% | [Communication with Accounting Firm](index=2&type=section&id=Item%202.%20Communication%20with%20Accounting%20Firm) The company has engaged in preliminary discussions with its accounting firm regarding the performance forecast, with no significant disagreements, though no pre-audit has been conducted - The company has conducted preliminary communication with its accounting firm regarding the performance forecast, with no major disagreements between the parties[7](index=7&type=chunk) - This performance forecast has not been pre-audited by the accounting firm[7](index=7&type=chunk) [Explanation of Performance Changes](index=2&type=section&id=Item%203.%20Explanation%20of%20Performance%20Changes) Significant sales revenue growth driven by robust semiconductor market demand and strong customer orders has led to a substantial increase in profit, supplemented by government subsidies - Continuous growth in semiconductor industry market demand, strong customer demand, and abundant product orders have led to a significant year-over-year increase in sales revenue[8](index=8&type=chunk) - The substantial increase in sales revenue directly resulted in a significant year-over-year rise in profit for the current reporting period[8](index=8&type=chunk) - Non-recurring gains and losses for the third quarter of 2025 are estimated to be approximately **RMB 6 million**, primarily from government subsidies received during the reporting period[8](index=8&type=chunk) [Other Relevant Information](index=2&type=section&id=Item%204.%20Other%20Relevant%20Information) This performance forecast is based on preliminary internal calculations and is unaudited, with final financial data subject to the official Q3 2025 report, urging investors to exercise caution - The data in this performance forecast is a preliminary calculation by the company's finance department and has not been audited by an auditing firm[9](index=9&type=chunk) - Specific and accurate financial data will be subject to the company's officially disclosed 2025 third-quarter report[9](index=9&type=chunk) - Investors are advised to make prudent decisions and be aware of investment risks[9](index=9&type=chunk)

Core Viewpoint - The company, Changchuan Technology, expects a significant increase in net profit for the first three quarters of 2025, driven by strong demand in the semiconductor industry and a substantial increase in sales revenue [1] Financial Performance - The projected net profit for the first three quarters of 2025 is estimated to be between 827 million to 877 million yuan, representing a year-on-year growth of 131.39% to 145.38% [1] - For the third quarter of 2025, the expected net profit is between 400 million to 450 million yuan, indicating a year-on-year increase of 180.67% to 215.75% [1] Industry Context - The growth in performance is primarily attributed to the increasing demand within the semiconductor industry, which has led to a robust order backlog for the company [1]

Core Viewpoint - The report highlights the potential growth of domestic computing power chips in China due to regulatory actions against NVIDIA, which may lead to an increase in market share for local manufacturers [1][2]. Group 1: Domestic Computing Power Chips - Chinese internet regulators have instructed major tech companies to cease all purchases of NVIDIA's AI chips and terminate existing orders, which is expected to boost the market share of domestic computing power chips [1][2]. - Huawei announced a three-year roadmap for its Ascend AI chips, planning to launch four new products from 2026 to 2028, including self-developed HBM technology [2]. Group 2: Advanced Process Expansion - Domestic advanced logic production is expanding beyond expectations, which is favorable for local equipment manufacturers [2]. - A new iteration cycle in storage technology is anticipated next year, aligning with the technological upgrade cycle [2]. Group 3: SoC Testing Market - The market for high-end SoC testing machines is expanding, with domestic companies like Huafeng Measurement and Changchuan Technology actively developing solutions to meet the high testing requirements of SoC chips [3]. - The need for advanced packaging in computing power chips is expected to benefit domestic equipment suppliers, as local manufacturers are likely to shift towards domestic advanced packaging supply chains [3]. Group 4: Investment Recommendations - Recommended companies in the front-end process include North Huachuang and Zhongwei Company for etching and thin film deposition equipment, and in the back-end packaging, companies like Huafeng Measurement and Changchuan Technology are highlighted [3][4]. - Advanced packaging equipment suppliers such as Jing Sheng Machine and other leading semiconductor equipment manufacturers are also noted as potential beneficiaries [3][4].

Group 1: Core Views on Domestic Computing Power Chips - The domestic computing power chip market is expected to grow rapidly as Chinese tech companies halt purchases of NVIDIA AI chips and terminate existing orders, leading to an increase in market share for domestic chips [1] - Huawei announced a three-year roadmap for its Ascend AI chips, planning to launch four new products from 2026 to 2028, including self-developed HBM technology [1] Group 2: Expansion of Advanced Process Technology - Domestic advanced logic production is exceeding expectations, and a new iteration cycle in storage technology is anticipated next year, benefiting domestic equipment manufacturers [2] - The establishment of Changxin Storage and the initiation of its IPO process are positive indicators for the domestic advanced process sector [2] Group 3: High-End SoC Testing Machine Market - The complexity of SoC chips increases testing difficulty, creating a significant market for high-end testing machines, with domestic companies like Huafeng Measurement and Changchuan Technology actively developing solutions [3] Group 4: Advanced Packaging Requirements for Computing Chips - The shift from NVIDIA's dominance in training cards to domestic alternatives is expected, with domestic companies benefiting from advanced packaging supply chains [4] - Investment opportunities identified in various sectors, including front-end processing, back-end packaging, advanced packaging, and silicon photonics equipment [4]