Shenzhen Lihexing (SZ:301013) Hua Xia Shi Bao·2025-10-17 12:13Core Viewpoint - The stock of Lihexing has experienced significant volatility, with a year-to-date increase of 162.03% followed by a sharp decline of 23.06% over three days, reflecting intense market speculation and interest in the semiconductor industry [2][3]. Group 1: Stock Performance - As of October 17, Lihexing's stock has shown a remarkable year-to-date increase of 162.03%, with a single-day turnover rate exceeding 54% [2]. - The stock experienced a rapid decline of 23.06% from October 15 to 17, indicating high volatility and active trading [2]. - The stock has appeared on the trading leaderboard 12 times in the past month, with institutional investors being particularly active [3]. Group 2: Institutional Investment - On October 14, institutional investors bought 287 million yuan and sold 211 million yuan, resulting in a net purchase of approximately 75.11 million yuan [3]. - The trading activity during the abnormal fluctuation period (October 10 to 13) saw a cumulative increase of 34.02% in stock price, with transaction amounts exceeding 5.216 billion yuan [3]. - Major brokerage firms have been actively involved, with specific institutions appearing multiple times on the trading leaderboard [3]. Group 3: Company Fundamentals - Lihexing reported a revenue of 187 million yuan for the first half of 2025, a decrease of 30.8% year-on-year, and a net loss of 37.94 million yuan, down 382.1% year-on-year [6]. - The company is positioned as a supplier within the new Kailai supply chain, focusing on precision components and testing platforms [6]. - Despite the stock price surge, the company's financial performance has not improved, with a negative rolling P/E ratio and a high P/B ratio of 11.15 [7]. Group 4: Market Sentiment and Future Outlook - Experts caution investors to remain rational, highlighting challenges such as negative gross margins and declining net margins [9]. - The company is transitioning from a consumer electronics manufacturer to a multi-field high-end manufacturing service provider, with potential growth in semiconductor components and new energy vehicle testing equipment [10]. - There is a belief that the market has underestimated the company's technological reuse capabilities and the potential of its emerging business segments [10].