重要内容提示： 天津金海通半导体设备股份有限公司（以下简称"公司"）持股 5%以上股 东上海旭诺股权投资基金合伙企业（有限合伙）（以下简称"旭诺投资"）持有 公司股份 5,369,685 股，占公司总股本比例为 8.95%，本次解除质押 2,050,000 股， 占其持有公司股份总数的 38.18%，占公司总股本总数的 3.42%。本次股份解除 质押后，旭诺投资累计质押公司股份数为 1,680,000 股，占其持有公司股份总数 的 31.29%，占公司总股本总数的 2.80%。 证券代码：603061 证券简称：金海通 公告编号：2025-051 天津金海通半导体设备股份有限公司 关于持股5%以上股东部分股份解除质押的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 注：本公告中所涉数据的尾数差异或不符系四舍五入所致。 二、其他情况说明 本次股份解除质押后，旭诺投资将根据其未来资金需求情况确定是否进行质 押，并及时履行告知义务，公司将按照相关法律法规要求及时履行信息披露义务。 特此公告。 天津金海通半导体设备股份 ...

Investment Rating - The report recommends a positive investment outlook for the semiconductor back-end testing equipment industry, particularly focusing on domestic testing equipment opportunities driven by the AI industry trend [2][3]. Core Insights - Advantest's stock price and performance have reached new highs, benefiting fundamentally from the global AI industry trend. The company has shown significant growth over the past year, three years, and ten years, with respective increases of +131%, +578%, and +5630% [3][11]. - The domestic back-end testing equipment market is expected to exceed 30 billion yuan, with a notable increase in demand for AI chips driving this growth. Companies like Changchuan Technology, Huafeng Measurement Control, and Jinhai Tong have reported impressive revenue growth rates of +40%, +39%, and +89% respectively in Q2 2025 [3][27]. - The report highlights the optimistic outlook for the global testing machine market, projecting a market size of $6 billion by 2025, with Advantest holding a significant market share [3][23]. Summary by Sections Advantest's Performance - Advantest's revenue and net profit for Q2 2025 were $1.79 billion and $610 million, respectively, marking year-on-year increases of +90% and +278% [3][20]. - The company's PE-TTM is currently at 46 times, significantly higher than its competitors, indicating a premium valuation due to its dominant position in the SOC and storage testing machine markets [3][16]. Domestic Testing Equipment Market - The domestic back-end testing equipment sector is experiencing a resurgence, with significant capital expenditure from downstream packaging and testing companies expected to drive demand [27][32]. - The report estimates that the domestic testing machine market will reach 22.3 billion yuan by 2026, with SOC and storage testing machines accounting for 11.1 billion and 6.7 billion yuan, respectively [48][49]. AI Chip Demand - The demand for testing machines is expected to surge due to the increasing complexity and requirements of AI chips, which necessitate longer testing times and higher performance standards [50][53]. - Major Chinese tech companies are ramping up their capital expenditures, with Alibaba's capital expenditure reaching 38.6 billion yuan in Q2 2025, reflecting a strong commitment to AI development [53][55]. Investment Recommendations - The report recommends focusing on domestic companies such as Changchuan Technology and Huafeng Measurement Control, which are well-positioned to benefit from the growing demand for AI testing machines [3][58][75]. - Changchuan Technology is highlighted as a core player in the SOC testing machine market, with a significant increase in revenue and profit margins expected due to its strong R&D capabilities and product offerings [58][62].

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company has shown significant growth in H1 2025, with revenue increasing by 67.86% year-on-year to 307 million yuan and net profit rising by 91.56% to 76 million yuan [1][2] - The semiconductor packaging and testing equipment sector is experiencing a recovery, leading to increased demand for high-end testing and sorting machines, which has positively impacted the company's sales [2][9] - The company is well-positioned to benefit from the ongoing restructuring of the global semiconductor supply chain and the trend towards high-end testing equipment [9] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 347 million yuan, 2024A: 407 million yuan, 2025E: 682 million yuan, 2026E: 884 million yuan, 2027E: 1,108 million yuan, with a growth rate of 67.7% in 2025E [1][11] - Net profit projections are: 2023A: 85 million yuan, 2024A: 78 million yuan, 2025E: 188 million yuan, 2026E: 273 million yuan, 2027E: 372 million yuan, reflecting a significant increase of 139.6% in 2025E [1][11] - The company's overall gross margin for H1 2025 was 51.39%, an increase of 1.18 percentage points year-on-year, while the net profit margin was 24.72%, up by 3.05 percentage points [2] Product and Market Development Summary - The company has seen a substantial increase in sales of its EXCEED-9000 series products, which accounted for 51.37% of total sales in H1 2025, up from 25.80% in 2024 [3] - The company is actively developing customized testing and sorting solutions for specific semiconductor applications, enhancing its technological capabilities and market position [3] - The company is also investing in projects to enhance its R&D and manufacturing capabilities, which will further strengthen its competitive edge in the semiconductor testing equipment market [3][9] Market Outlook - The global semiconductor testing machine market is projected to grow from 6,053.36 million USD in 2024 to 9,927.50 million USD by 2031, with a CAGR of 6.39%, indicating a favorable market environment for the company [8] - The company is expected to benefit from the acceleration of domestic substitution trends and the growing demand for high-reliability testing equipment driven by advancements in AI and automotive electronics [8][9]

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].