Summary of the Conference Call for 精智达 Industry and Company Overview - The conference call discusses the developments and strategies of 精智达, a company specializing in semiconductor testing equipment and solutions, particularly in the fields of AI, OLED, and MEMS technology [2][3][4]. Key Points and Arguments Business Developments - 精智达's aging testing machines and low-speed FT testing machines account for over 70% of its product mix, while consumables and components make up nearly 20% [2][3]. - The company has achieved a historic breakthrough with its high-speed FT testing machines, securing significant orders and preparing for mass production [2][3]. - The company has established strategic partnerships with domestic AI chip manufacturers, launching a prototype for SoC testing machines in 2023, with further developments expected by mid-2024 [2][3][4]. - 精智达 is the only domestic supplier capable of mass-producing MEMS process carbon probe cards, positioning itself strongly for new orders [2][4]. - The company has secured a multi-million dollar order from Meta to provide optical testing equipment for AR glasses, marking its status as a core global supplier [2][4]. Market Position and Strategy - 精智达 has the highest market share in the OLED EAC segment and module segment in China, responding to the expansion needs of major clients like 京东方, 维信诺, and 华星光电 [2][3][4]. - The company aims to build a complete product line to meet the demands of the AI era, focusing on storage, computing power, and human-computer interaction [5][8]. - 精智达 is positioned as the only supplier in China providing a systematic storage testing solution, achieving over 9G speeds in DRAM testing [6][14]. Future Growth and Challenges - The company anticipates significant growth in its probe card business due to high demand and limited supply from international competitors [10]. - There are plans to expand into NAND testing machines, leveraging existing DRAM testing capabilities [12]. - The display business is expected to maintain high profitability, with historical highs in gross margins and continued order support projected for the next three to five years [16][17][18]. Additional Important Information - The company has a comprehensive layout in the storage testing equipment sector, ensuring it meets the complex demands of new semiconductor technologies [9][12]. - The OLED and panel business is projected to have substantial opportunities for investment and growth, with significant capital plans from domestic manufacturers [15][18]. - The company is focused on maintaining its competitive edge by aligning its product offerings with the evolving needs of the market and its strategic clients [13].

Group 1 - The robotics sector is experiencing significant activity, with companies like Dayang Electric achieving a remarkable four consecutive trading limits in eight days [1] - Other companies in the sector, such as Fulongma, Fuda Co., Quanzhu Co., and Xusheng Group, have also seen their stock prices hit the daily limit [1] - Companies like Hengshuai Co., Jingzhida, and Jinfutech have recorded increases of over 10% in their stock prices [1]

（文章来源：每日经济新闻） 每经AI快讯，9月23日，早盘半导体设备股大面积高开，长川科技20%一字涨停，华峰测控、精智达、 京仪装备、大族激光、金海通、芯碁微装等跟涨。 ...

Group 1: Mechanical Industry - The mechanical industry report highlights that the US CPI increased by 2.9% year-on-year in August, with a core CPI rise of 3.1% and non-farm employment adding 22,000 jobs [1][4] - The report suggests focusing on export-oriented consumer companies with global manufacturing layouts, brand output capabilities, and channel integration advantages, especially those with diversified capacity and stable customer loyalty [3][16] - The report notes a slight depreciation of the US dollar against the RMB and a slight appreciation of the euro against the RMB, with major shipping routes experiencing a year-on-year increase in freight rates [1][5] Group 2: Aviation Industry - The aviation industry is expected to enter a "super cycle" with high passenger load factors and improving supply-demand dynamics, potentially leading to a significant increase in airline profitability by 2026 [2][8][25] - The report indicates that the Chinese aviation market has achieved market-driven pricing and high load factors, which are essential for price transmission [8][25] - The report anticipates that if business travel demand continues to recover, airlines' profitability will significantly increase, marking a long-term positive trend for the industry [8][25][27] Group 3: Fixed Income Research - The report discusses the issuance of local government bonds in various provinces, totaling 188.52 billion RMB, with a slight narrowing of the bond issuance spread [2][14] - It highlights the impact of the Federal Reserve's interest rate cuts on global policy cycles and the need to monitor liquidity changes and structural opportunities in the bond market [1][11] - The report emphasizes the importance of adjusting investment strategies in response to the evolving interest rate landscape and liquidity conditions [11][13]

Core Viewpoint - The company plans to provide a guarantee amounting to a maximum of 600 million RMB (or equivalent foreign currency) to its wholly-owned or controlling subsidiaries to support their operational and business development needs [2][3][8]. Summary by Sections Guarantee Overview - The guarantee will cover subsidiaries including Seichitech (Hongkong) Limited, Suzhou Seichitech Intelligent Equipment Technology Co., Ltd., Changsha Seichitech Electronics Technology Co., Ltd., Hefei Seichitech Intelligent Equipment Co., Ltd., Nanjing Seichitech Technology Co., Ltd., and Shenzhen Seichitech Semiconductor Technology Co., Ltd. [2][3] - The total expected guarantee amount is capped at 600 million RMB, which can be used on a rolling basis [2][3]. Internal Decision-Making Process - The company's board of directors approved the guarantee proposal on September 22, 2025, and it does not require shareholder approval [3][4][8]. - The guarantee is valid for 12 months from the date of board approval, and the management is authorized to determine specific guarantee amounts and terms within the approved limit [3][4]. Financial Health of Guaranteed Parties - As of June 30, 2025, the debt-to-asset ratios of the subsidiaries are all below 70%, indicating a stable financial condition and good credit status [7][9]. - There are no significant issues affecting the debt repayment ability of the guaranteed parties, and none are classified as dishonest executors [5][7]. Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to meet the daily operational needs of the subsidiaries and to enhance decision-making efficiency [7][9]. - The board believes that the company can effectively manage the subsidiaries and monitor their creditworthiness, ensuring that the guarantee risks are controllable and will not harm the interests of the company and its shareholders [7][9]. Board Opinion - The board unanimously approved the guarantee proposal, emphasizing its alignment with the company's operational needs and long-term development strategy [8][9]. - The board assessed that the guarantee will not damage the interests of the company or its shareholders [9]. Cumulative Guarantee Status - As of the announcement date, the company and its subsidiaries have not provided any guarantees, excluding this expected guarantee, and there are no overdue guarantees or litigation-related guarantees [9]. Sponsor's Opinion - The sponsor has confirmed that the guarantee proposal meets regulatory requirements and has undergone necessary legal procedures [9].

Investment Rating - The report assigns an "Overweight" rating for the semiconductor equipment industry [4]. Core Insights - The rapid development of artificial intelligence (AI) is expected to drive significant growth in the demand for related testing equipment, particularly in AI computing, HBM (High Bandwidth Memory), and server motherboard testing equipment [2][4]. - The global market for AI computing testing equipment is projected to reach $2.3 billion by 2024, with the overall integrated circuit testing equipment market expected to grow from $7.54 billion in 2024 to $9.77 billion by 2026, reflecting a year-on-year increase of 29.58% [4]. - The increasing complexity of HBM products is leading to new testing requirements, while the development of ultra-node technology is driving the demand for server motherboard testing equipment [2][4]. Summary by Sections AI Computing Testing Equipment - The market for AI computing testing equipment is anticipated to grow rapidly, reaching $2.3 billion by 2024 [4]. - Teradyne, a leading global testing machine company, estimates that the market for AI computing testing equipment will continue to grow [4]. HBM Product Testing - The demand for HBM testing is increasing due to the strong demand from AI chip customers, with SK Hynix leading in the HBM market [4]. - The development of HBM4 products has introduced new testing steps to improve quality and yield [4]. Server Testing Equipment - The rapid growth of AI model parameters is creating a need for substantial computing power and memory resources, leading to the emergence of ultra-node technology [4]. - Testing for servers is becoming increasingly important, with various tests required to ensure proper functionality, highlighting the growing demand for related testing equipment suppliers [4].

中信建投证券股份有限公司 关于深圳精智达技术股份有限公司 对外担保额度预计的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券""保荐机构"）作 为深圳精智达技术股份有限公司（以下简称"精智达""公司"）首次公开发行 股票并在科创板上市的保荐机构，根据《上市公司监管指引第8号——上市公司 资金往来、对外担保的监管要求》《上海证券交易所科创板股票上市规则》《上 海证券交易所科创板上市公司自律监管规则适用指引第1号——规范运作》及 《证券发行上市保荐业务管理办法》等相关法律法规及规范性文件，对精智达本 次对外担保额度预计事项进行了审慎核查，发表如下核查意见。 一、担保情况概述 （二）内部决策程序 （一）担保基本情况 为满足公司下属全资或控股子公司的生产经营和业务发展需要，结合公司发 展计划，公司及其全资或控股子公司拟为Seichitech (Hongkong) Limited（精智达 （香港）有限公司）（以下简称"香港精智达"）、苏州精智达智能装备技术有 限公司（以下简称"苏州精智达"）、长沙精智达电子技术有限公司（以下简称 "长沙精智达"）、合肥精智达智能装备有限公司（以下简称"精智达智能装 备"）、南 ...

证券代码：688627 证券简称：精智达 公告编号：2025-076 深圳精智达技术股份有限公司 关于对外担保额度预计的公告 本公司董事会及全体董事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、准确性和完整性依法承担法律责任。 重要内容提示： 被担保方：对外担保额度预计事项（以下简称"本次担保"或"本次预 计担保"）的被担保方为深圳精智达技术股份有限公司（以下简称"公司"或"精 智达"）全资或控股子公司 Seichitech (Hongkong) Limited（精智达（香港）有限 公司）（以下简称"香港精智达"）、苏州精智达智能装备技术有限公司（以下 简称"苏州精智达"）、长沙精智达电子技术有限公司（以下简称"长沙精智达"）、 合肥精智达智能装备有限公司（以下简称"精智达智能装备"）、南京精智达技 术有限公司（以下简称"南京精智达"）、深圳精智达半导体技术有限公司（以 下简称"深圳精智达半导体"）及担保有效期内新设或投资的资产负债率低于 70%的全资或控股子公司，以上统称为"被担保方"。 为满足公司下属全资或控股子公司的生产经营和业务发展需要，结合公司发 展计划，公司及其全 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company has shown significant improvement in Q2 profitability, with a notable increase in revenue from semiconductor testing business [2][3] - The company is expected to benefit from the acceleration of domestic substitution in semiconductor testing equipment, with a positive outlook for revenue growth in the coming years [9] Financial Summary - For 2023A, the company reported revenue of 649 million yuan, with a year-on-year growth rate of 28.5%. The net profit attributable to the parent company was 116 million yuan, reflecting a year-on-year increase of 75.1% [1] - The company achieved a revenue of 4.44 million yuan in the first half of 2025, representing a year-on-year increase of 22.68%. The net profit attributable to the parent company was 0.31 million yuan, down 19.94% year-on-year [1][2] - The gross margin for the first half of 2025 was 36.05%, a decrease of 4.92 percentage points year-on-year, while the net margin was 6.90%, down 3.43 percentage points year-on-year [2] - The company expects to achieve net profits of 1.82 billion yuan, 2.75 billion yuan, and 3.74 billion yuan for the years 2025, 2026, and 2027 respectively [9] Business Performance - The semiconductor testing equipment segment saw a substantial revenue increase of 376.52% year-on-year in the first half of 2025, driven by strong demand in the global storage and AI sectors [3] - The company has secured a significant contract worth 3.23 billion yuan for semiconductor testing equipment, which is expected to positively impact its performance in 2025 and 2026 [2][9] - The company is making progress in various product lines, including DRAM aging test repair equipment and MEMS probe cards, enhancing its position as a leading domestic equipment supplier [3][8]

Market Performance - The general equipment sector increased by 1.52% on September 22, with Wald leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Top Gainers - Wald (688028) closed at 50.71, up 13.19% with a trading volume of 167,300 shares and a transaction value of 833 million [1] - DeMa Technology (688360) closed at 26.36, up 10.99% with a trading volume of 278,400 shares and a transaction value of 717 million [1] - Huafeng Co. (605100) closed at 27.13, up 10.02% with a trading volume of 82,400 shares and a transaction value of 217 million [1] Top Losers - Xun'an Technology (834950) closed at 22.74, down 6.96% with a trading volume of 22,800 shares and a transaction value of 52.29 million [2] - Qianjin Technology (873679) closed at 24.56, down 6.33% with a trading volume of 18,000 shares and a transaction value of 44.51 million [2] - Chicheng Co. (834407) closed at 22.04, down 5.49% with a trading volume of 50,700 shares and a transaction value of 113 million [2] Capital Flow - The general equipment sector experienced a net outflow of 1.097 billion from institutional investors, while retail investors saw a net inflow of 759 million [2] - The top stocks by net inflow from institutional investors included Sea Eagle Co. (603269) with 66.81 million and Aerospace Power (600343) with 54.43 million [3] - The top stocks by net outflow from institutional investors included Sea Eagle Co. (603269) with -31.54 million and Precision Technology (688627) with -24.73 million [3]