核心技术又高又硬，内部人套现30亿又快又准！长川科技：国产替代最前端，技术与减持齐头并进

Core Insights - The report highlights the significant reduction in the shareholding of major stakeholders, including the controlling shareholders and executives of Changchuan Technology, amounting to nearly 3 billion yuan in total [18][44]. - Changchuan Technology has experienced a drastic decline in revenue and profit in 2023, with a reported revenue of 1.775 billion yuan, a year-on-year decrease of 31.1%, and a net profit of 45.15 million yuan, down 90% year-on-year [26][27]. - The semiconductor testing equipment market is characterized by high barriers to entry, with a few international players dominating the market, while domestic companies like Changchuan Technology are beginning to gain traction [94][115]. Company Overview - Changchuan Technology (300604.SZ) specializes in semiconductor testing equipment and has been listed since 2017, with its core technology focusing on high-end testing solutions [10][11]. - The company has a strong emphasis on research and development, with R&D expenses reaching 790 million yuan in 2023, representing a 40.3% R&D expense ratio [85][117]. - The company has made strategic acquisitions, including the purchase of STI and EXIS, to enhance its product offerings and market position [59][61][90]. Financial Performance - The financial performance of Changchuan Technology has been volatile, with a significant drop in both revenue and net profit in 2023 compared to previous years [26][27][49]. - The company has faced challenges in maintaining positive cash flow, with operating cash flow showing instability and free cash flow consistently negative [117][119]. - Despite the downturn, the company remains focused on expanding its market share and technological capabilities in the semiconductor testing sector [106][115]. Market Dynamics - The semiconductor testing equipment market is projected to grow, driven by the increasing demand for domestic alternatives to imported technologies, particularly in the context of the ongoing trend of domestic substitution [109][110]. - The report notes that the global semiconductor packaging and testing equipment market was valued at approximately 13 billion USD in 2022, with a significant portion attributed to back-end testing equipment [69]. - Changchuan Technology is positioned as a key player in the domestic market, with a comprehensive range of testing equipment that includes sorting machines, testing machines, and probe stations [93][100].