SBT(SH:688392) ZHESHANG SECURITIES·2025-09-24 23:31Market Overview - On September 24, the Shanghai Composite Index rose by 0.83%, the CSI 300 increased by 1.02%, the STAR 50 surged by 3.49%, the CSI 1000 climbed by 1.7%, the ChiNext Index went up by 2.28%, and the Hang Seng Index gained 1.37% [3][4] - The best-performing sectors on September 24 were Power Equipment (+2.88%), Electronics (+2.76%), Media (+2.59%), Computers (+2.52%), and Real Estate (+2.25%). The worst-performing sectors included Banking (-0.36%), Coal (-0.29%), Telecommunications (-0.01%), Food & Beverage (+0.08%), and Composite (+0.27%) [3][4] - The total trading volume for the A-share market on September 24 was 23,471.54 billion yuan, with a net inflow of 13.705 billion HKD from southbound funds [3][4] Key Recommendations - The report highlights the company "Jiao Cheng Ultrasound" (688392) with a focus on advanced packaging breakthroughs and the emergence of a platform layout [2][5] - The recommendation logic is based on the accelerated breakthroughs in advanced packaging, with the order acquisition speed and volume for ultrasonic scanning microscopes exceeding expectations [5] - Revenue projections for the company from 2025 to 2027 are estimated at 742.54 million yuan, 1,045.22 million yuan, and 1,424.44 million yuan, with growth rates of 27.03%, 40.76%, and 36.28% respectively. Net profit is projected to be 152.61 million yuan, 242.40 million yuan, and 357.18 million yuan, with growth rates of 77.72%, 58.84%, and 47.35% respectively [5] - Earnings per share are forecasted to be 1.32 yuan, 2.09 yuan, and 3.09 yuan, with price-to-earnings ratios of 67.34, 42.40, and 28.77 [5] - Catalysts for growth include successful delivery of current orders for ultrasonic scanning microscopes, acquisition of new customer orders, and breakthroughs in orders from solid-state batteries, high-level HDI, and liquid cooling sectors [5]