证券研究报告/行业深度 研究报告 半导体后道测试设备： AI产业趋势下，重视本土测试设备投资机会 核心观点 爱德万测试股价/业绩创新高，本质受益全球AI产业趋势。1）半导体设备为全球资本市场过去十年表现最好的产业之一，其中又以后道测试设备显 著领跑，爱德万测试近1年/3年/10年涨幅为+131%/+578%/+5630%；对比AMAT涨幅仅为-5%/+93%/+1130%，KLA为+29%/+190%/+2109% ；2）进一步分析：2023年以来（AI产业节点），爱德万测试超额收益开始明显快速扩大，且业绩持续高增下估值仍不断提升，当前公司PE-TTM为 46倍，TEL/AMAT/KLA为27/20/28倍，股价+估值新高，本质受益于全球AI产业趋势；3）业绩方面：2025Q2公司营收/净利润为17.9/6.1亿美元 ，同比+90%/+278%，持续创历史新高，验证AI产业逻辑。此外，公司上调全球测试机市场规模至60亿美元，并指引2026-2027年行业需求乐观。 本土测试设备市场空间广阔，同样受益AI芯片国产化。1）2025Q2国内后道测试设备业绩延续高增，长川科技/华峰测控/金海通营收分别同比 +40% ...

证券研究报告 | 公司动态点评 2025 年 09 月 17 日 金海通（603061.SH） 25H1 业绩同比高增，高端分选机放量助力盈利提升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 347 | 407 | 682 | 884 | 1,108 | | 增长率 yoy（%） | -18.5 | 17.1 | 67.7 | 29.7 | 25.4 | | 归母净利润（百万元） | 85 | 78 | 188 | 273 | 372 | | 增长率 yoy（%） | -44.9 | -7.4 | 139.6 | 45.2 | 36.4 | | ROE（%） | 6.1 | 6.0 | 12.6 | 15.5 | 17.6 | | EPS 最新摊薄（元） | 1.41 | 1.31 | 3.13 | 4.55 | 6.21 | | P/E（倍） | 73.8 | 79.7 | 33.3 | 22.9 | 16.8 | | P/B（倍） | 4.5 | 4 ...

Group 1 - On September 11, a total of 57 companies were investigated by institutions, with 32 companies being surveyed by funds, indicating a strong interest from institutional investors [1] - The most popular company among funds was Robotech, which had 20 participating funds, followed by Huanrui Century with 18 funds and Jinhaitong with 11 funds [1][2] - The surveyed companies were distributed across various sectors, with the machinery and equipment sector having the highest representation, featuring 7 companies [1] Group 2 - Among the surveyed companies, 3 had a total market capitalization exceeding 50 billion yuan, with China General Nuclear Power and Shenzhen South Circuit exceeding 100 billion yuan [1] - In terms of market performance, 28 out of the surveyed stocks increased in value over the past 5 days, with Shengyi Electronics, Daoshi Technology, and Shenzhen South Circuit showing significant gains of 23.13%, 21.02%, and 19.45% respectively [1][2] - Notably, Robotech saw a net inflow of 481 million yuan in the past 5 days, indicating strong investor interest [2]

Core Viewpoint - Jin Haitong's stock price has shown significant growth this year, but recent trading indicates a slight decline, suggesting potential volatility in the market [2]. Group 1: Stock Performance - Jin Haitong's stock price increased by 45.18% year-to-date, with a minor decline of 0.02% over the last five trading days [2]. - The stock has appreciated by 8.11% over the past 20 days and 38.98% over the last 60 days [2]. - As of September 9, the stock was trading at 104.40 yuan per share, with a market capitalization of 6.264 billion yuan [1]. Group 2: Financial Performance - For the first half of 2025, Jin Haitong reported revenue of 307 million yuan, representing a year-on-year growth of 67.86% [2]. - The net profit attributable to shareholders was 76.01 million yuan, reflecting a year-on-year increase of 91.56% [2]. - Cumulative cash dividends since the company's A-share listing amount to 35.6963 million yuan [3]. Group 3: Company Overview - Jin Haitong, established on December 24, 2012, specializes in the research, development, production, and sales of semiconductor chip testing equipment [2]. - The company's main revenue sources include testing sorting machines (86.69%), spare parts (12.43%), and other (0.88%) [2]. - Jin Haitong is classified under the electronic-semiconductor-semiconductor equipment industry and is associated with concepts such as chip, integrated circuit, semiconductor, and specialized new [2]. Group 4: Shareholder Information - As of June 30, the number of shareholders for Jin Haitong was 9,657, an increase of 5.12% from the previous period [2]. - The average number of circulating shares per shareholder was 4,331, which decreased by 4.87% compared to the previous period [2].

Core Insights - The semiconductor equipment industry is expected to enter a golden development period, driven by advancements in technology and increasing demand for high-end manufacturing equipment [9][10]. Company Overview - Shenzhen Xinkailai Technology Co., Ltd. (referred to as "Xinkailai") has gained significant attention in the semiconductor equipment sector, showcasing its products at major industry exhibitions [1][2]. - Xinkailai has rapidly developed domestic high-end manufacturing equipment, addressing the supply-demand gap in advanced semiconductor processes [2][10]. Financial Performance - Xinkailai's recent financing round is nearing completion, with a pre-investment valuation of 65 billion yuan, up from a post-investment valuation of 50 billion yuan in the previous round [2]. - The semiconductor equipment sector has shown consistent revenue and net profit growth, with projections indicating that revenue growth will exceed 25% from 2021 to 2024 [12]. Market Dynamics - The global semiconductor equipment market is projected to grow from nearly $60 billion in 2019 to over $124 billion by 2025, with China's market expected to reach over $41 billion in the same timeframe [10]. - The demand for advanced semiconductor processes is being driven by trends in generative AI, 5G, and automotive electronics, necessitating improvements in equipment precision [10]. Industry Relationships - Xinkailai has established partnerships with various companies in the semiconductor supply chain, including Zhichun Technology and Zhengfan Technology, which are involved in providing essential components and services [6][7]. - Companies like Huate Gas and Tonghui Electronics have reported significant collaborations with Xinkailai, indicating a robust ecosystem supporting its operations [7][8]. Future Outlook - Xinkailai is expected to accelerate its production capacity, particularly in advanced semiconductor equipment, with a substantial increase in order volume anticipated for the coming year [2][3]. - The semiconductor equipment industry is poised for continued growth, with many companies projected to achieve significant profit increases in the next few years [12][13].

Group 1 - The semiconductor equipment industry is expected to enter a golden development period, with revenue and net profit of companies in this sector showing a continuous growth trend from 2021 to 2024, with revenue growth exceeding 25% and net profit growth exceeding 20% year-on-year [1] - Forecasts indicate that semiconductor equipment companies will maintain revenue growth rates exceeding 25% in 2025 and 2026, with 2025 potentially exceeding 30%, outpacing the overall growth of the semiconductor equipment market in mainland China [1] - A total of 16 companies are predicted to see a significant decline in forward P/E ratios, with net profit growth expected to exceed 10% for 2025 and 2026, and P/E ratios for 2026 forecasted to drop by over 20% compared to the latest rolling P/E [1] Group 2 - Specific companies such as Jing Sheng Co., Zhongke Feicai, and Fuchuang Precision are expected to see their P/E ratios decline by over 75% [1] - The table lists various semiconductor equipment companies along with their year-to-date performance, market capitalization ratios, and projected net profit growth for 2025 and 2026, highlighting significant potential in the sector [2] - For instance, Zhongke Feicai is projected to have a net profit increase of 89.98% in 2026, while Fuchuang Precision is expected to see a 55.68% increase [2]

Core Viewpoint - The semiconductor equipment industry is expected to enter a golden development period, driven by advancements in technology and increasing demand for high-end manufacturing equipment [8][9]. Company Developments - Shenzhen Xinkailai Technology Co., Ltd. (referred to as "Xinkailai") showcased its series of semiconductor equipment products at the CSEAC 2025, including advanced detection and etching equipment [1]. - Xinkailai has rapidly developed domestic high-end manufacturing equipment, with significant growth in orders expected for advanced process semiconductor equipment in the coming year [2][3]. - The company has recently completed a financing round with a pre-investment valuation of 65 billion yuan, up from a post-investment valuation of 50 billion yuan in the previous round [2]. Market Trends - The global semiconductor equipment market size grew from nearly $60 billion in 2019 to over $106 billion in 2023, with projections to reach $124 billion by 2025. The Chinese market is expected to grow from $13.5 billion in 2019 to over $41 billion by 2025 [9]. - The semiconductor equipment industry is experiencing a surge in demand due to advancements in generative AI, 5G, and automotive electronics, necessitating equipment precision at the atomic level [8]. Financial Performance - Semiconductor equipment companies are projected to maintain a revenue growth rate exceeding 25% from 2021 to 2024, with net profit growth expected to exceed 20% [11]. - Specific companies like Zhongke Feicai and Zhichun Technology are forecasted to see net profit increases of over 100% in 2025 [12]. Industry Collaborations - Companies such as Zhichun Technology, Zhengfan Technology, and Luwei Optoelectronics are increasingly collaborating with Xinkailai, indicating a growing ecosystem around the company [5][6]. - Luwei Optoelectronics has developed high-precision IC mask technology to meet the needs of equipment manufacturers like Xinkailai [5].

Group 1 - The core viewpoint of the news is that Jinhaitong Semiconductor Equipment Co., Ltd. has shown significant stock performance and financial growth since its listing, with a notable increase in revenue and net profit [1][2]. - As of September 3, Jinhaitong's stock price increased by 2.02% to 106.53 CNY per share, with a total market capitalization of 6.392 billion CNY [1]. - The company has experienced a stock price increase of 48.14% year-to-date, with a 14.17% increase over the past 20 days [1]. Group 2 - For the first half of 2025, Jinhaitong reported a revenue of 307 million CNY, representing a year-on-year growth of 67.86%, and a net profit of 76.01 million CNY, which is a 91.56% increase compared to the previous year [2]. - The company has distributed a total of 35.696 million CNY in dividends since its A-share listing [3]. - Jinhaitong's main business revenue composition includes 86.69% from testing sorting machines, 12.43% from spare parts, and 0.88% from other sources [1].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][14]. Core Insights - The company has experienced significant revenue growth, with a 67.86% year-on-year increase in revenue for the first half of 2025, reaching 307 million yuan, and a 91.56% increase in net profit attributable to shareholders, amounting to 76.01 million yuan [3][4]. - The demand for high-end products has rebounded, particularly in the semiconductor packaging and testing equipment sector, contributing to the company's strong performance [4]. - The sales revenue from the EXCEED-9000 series products has increased significantly, accounting for 51.37% of total sales revenue in the first half of 2025, up from 25.80% in 2024 [4]. Financial Projections - The company is projected to achieve revenues of 688 million yuan, 886 million yuan, and 1.12 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 192.90 million yuan, 275.43 million yuan, and 375.33 million yuan [6][10]. - The expected growth rates for revenue are 69.29% in 2025, 28.74% in 2026, and 26.53% in 2027 [10][11]. - The earnings per share (EPS) are forecasted to be 3.21 yuan, 4.59 yuan, and 6.26 yuan for the years 2025, 2026, and 2027, respectively [10].

A股市场半导体股今日集体回调，其中，华虹公司、灿芯股份跌超11%，微导纳米、长光华芯跌超9%， 屹唐股份、瑞芯微、中科飞测、盛科通信跌超8%，德邦科技、扬杰科技、复旦微电、炬芯科技、思特 威、京仪装备、金海通跌超7%。 ...