Cctech(SZ:300604) Xin Lang Cai Jing·2025-09-26 07:30Core Insights - The AI chip industry has seen a continuous increase in prosperity since 2025, with significant growth in the semiconductor equipment sector driven by AI-related investments [1] - Global semiconductor equipment company revenues are projected to grow by 12% year-on-year in 2025, with a 24% increase in Q2 2025 [1] - The demand for high-performance SoC testing machines and storage testing machines has surged due to the complexity of chip design and manufacturing [1] Industry Overview - The overseas semiconductor equipment market has experienced a 40% year-on-year growth, particularly in testing and packaging equipment [1] - In contrast, the Chinese market saw a slight decline of 1% year-on-year in H1 2025, although the domestic semiconductor equipment localization rate increased by 6 percentage points to 21% [1] Company Performance - Among semiconductor equipment manufacturers, notable revenue growth was observed in several companies, with North Huachuang achieving a revenue of 16.14 billion yuan, a year-on-year increase of 29.51% [2] - The highest net profit growth was recorded by Weidao Nano at 348.95%, followed by Changchuan Technology at 98.73% [3] - Changchuan Technology's growth is attributed to an expanded product range and a shift from mid-to-low-end to mid-to-high-end markets [3] Financial Metrics - Changchuan Technology's revenue for H1 2025 reached 2.167 billion yuan, with a 41.80% increase, driven by a 34.30% rise in testing machine revenue [4] - The company's gross margin has remained stable between 54% and 56%, with a reported gross margin of 54.93% in H1 2025 [4] - R&D investment for Changchuan Technology was 577 million yuan in H1 2025, representing a 35.38% increase and accounting for 26.65% of revenue [4] Market Outlook - The demand for AI and HBM technologies is expected to continue driving industry growth, particularly in the testing equipment sector [4] - Companies are advised to monitor inventory and order status in the short term while focusing on advancements in high-end equipment for SoC and storage testing in the long term [4]