从收入结构来看，芯片测试接口是韬盛科技的核心业务，报告期内占比持续超过60%；探针卡业务则呈现快速增长态 势，收入占比从2022年的18%提升至2025年上半年的25%。公司通过差异化产品策略，有效覆盖了从低端到高端的全场 景测试需求。 | 产品类型 | 2025年1-6月 | | 2024 年 | | 2023 年 | | 2022 年 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 毛利率 | 收入 | 毛利率 | 收入 | 毛利率 | 收入 | 毛利率 | 收入 | | | | 早 | | 早 | | ਦੇਸ਼ | | 白比 | | 芯片测试 接口业务 | 40.53% | 86.12% | 40.35% | 86.44% | 38.89% | 83.38% | 45.66% | 83.69% | | 探针卡 业务 | 0.66% | 8.21% | 1.23% | 10.38% | 7.55% | 8.16% | 21.20% | 6.63% | | 测试设备 业务 | 32.34% | 5.67% | 30.90% | ...

| 序号 | 姓名 | 职务或亲 | 直接持 | 间接持股 | 通过何公司 | 合并持股 | 股份质押、冻结 或发生诉讼纠 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 属关系 | 股比例 | 出例 | 间接持股 | 比例 | | | | | | | | | | 纷等情况 | | 1 | 殷岚勇 | 董事长、总 经理、首席 | 28.40% | 6.13% | 苏州厚积、 吴日长晶 | 34.53% | 无 | | | | 运营官 | | | | | | | 2 | 施元军 | 重事、副总 | - | 0.45% | 苏州厚积、 | 0.45% | 元 | | | | 经理 | | | 吴日长晶 | | | | 3 | 何金芳 | 董事、副总 经理 | | 1.19% | 苏州厚积 | 1.19% | 无 | | 4 | 高嘉阳 | 黄事 | | 作为毅达资 本合伙人经 层层穿透后 | 毅达贰号、 毅达创投、 | 作为毅达资 本合伙人经 层层穿透后 持有公司少 | 无 | | | | | | 持有公司少 | | | | | | | | | ...

12月30日，有3只新股上市，为深市主板的双欣环保（001369.SZ）、誉帆科技（001396.SZ）以及科创板的强一股份 （688809.SH）。 双欣环保成立于2009年6月，是一家专业从事聚乙烯醇（PVA）、聚乙烯醇特种纤维、醋酸乙烯（VAC）、碳化钙（电石）等 PVA产业链上下游产品的研发、生产、销售的高新技术企业。 | 募集资金投资方向 | 拟投入募集资金金额 (亿元) | 日比 | | --- | --- | --- | | 年产1.6万吨PVB树脂及年产 | 5.57 | 29.88% | | 1.6万吨PVB功能性膜项目 | | | | 年产6万吨水基型胶粘剂项目 | 3.51 | 18.82% | | PVA产业链节能增效技术改造 | 1.66 | 8.89% | | 项目 | | | | 电石生产线节能增效技术改造项 | 1.14 | 6.09% | | 目 | | | | 研发中心建设项目 | 1.69 | 9.05% | | PVA产品中试装置建设项目 | 0.79 | 4.22% | | 补充流动资金项目 | 4.30 | 23.05% | | 发行价(元/股) | 机构报价(元/ ...

智通财经APP讯，联动科技(301369.SZ)公告，公司自主研发的新产品QT-9800SoC测试系统，目前已顺 利完成实验室验证的关键阶段工作，其性能指标均已达到设计要求，具备产线量产测试条件。该新产品 尚未形成量产和对外销售。 公告显示，QT-9800SoC测试系统是以测试系统级芯片(SoC)为目标的高性能集成电路测试设备。针对 SoC芯片高集成度、并行多通道、高速率等特点，该产品拥有多通道并行测试能力、高速信号处理能 力、高精度和高可靠性，具有灵活配置和软硬件兼容的特点。QT-9800SoC测试系统是公司未来重点发 展的核心产品，符合公司在半导体测试领域深耕细作的战略发展目标。QT-9800SoC测试系统可应用于 算力类芯片(CPU/GPU/DPU)以及端侧AI算力、FPGA、ASIC等逻辑芯片，可广泛应用于机器人、AI盒 子、智能终端、智能识别、无人机等多种应用场景。 ...

公告显示，QT-9800SoC测试系统是以测试系统级芯片(SoC)为目标的高性能集成电路测试设备。针对 SoC芯片高集成度、并行多通道、高速率等特点，该产品拥有多通道并行测试能力、高速信号处理能 力、高精度和高可靠性，具有灵活配置和软硬件兼容的特点。QT-9800SoC测试系统是公司未来重点发 展的核心产品，符合公司在半导体测试领域深耕细作的战略发展目标。QT-9800SoC测试系统可应用于 算力类芯片(CPU/GPU/DPU)以及端侧AI算力、FPGA、ASIC等逻辑芯片，可广泛应用于机器人、AI盒 子、智能终端、智能识别、无人机等多种应用场景。 智通财经APP讯，联动科技(301369.SZ)公告，公司自主研发的新产品QT-9800SoC测试系统，目前已顺 利完成实验室验证的关键阶段工作，其性能指标均已达到设计要求，具备产线量产测试条件。该新产品 尚未形成量产和对外销售。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown significant growth in its semiconductor testing equipment business, with a revenue increase of 33% year-on-year to 753 million yuan in the first three quarters of 2025, driven by a 221% increase in semiconductor business revenue [4][5] - The company has successfully delivered its first high-speed testing machine and secured a single order exceeding 300 million yuan in the semiconductor sector, validating its product capabilities [5] - The company is expanding its product offerings in the new display detection equipment sector, achieving over 200 million yuan in orders for key detection equipment in the G8.6 AMOLED production line [6] Financial Summary - The latest closing price of the company's stock is 181.00 yuan, with a total market capitalization of 17 billion yuan [3] - The company is projected to achieve revenues of 1.20 billion yuan, 1.62 billion yuan, and 2.15 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 152 million yuan, 275 million yuan, and 390 million yuan [7][10] - The company has a low debt-to-asset ratio of 15.1% and a high price-to-earnings ratio of 211.40, indicating a strong financial position [3][10]

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Insights - The company achieved a revenue of 753 million yuan in the first three quarters of 2025, representing a year-on-year growth of 33%. However, the net profit attributable to shareholders decreased by 19.29% to 41.47 million yuan [3][4]. - The semiconductor testing machine business continues to show high growth, with a 220% year-on-year increase in sales [4][5]. - The company successfully delivered its first high-speed testing machine, enhancing its core competitiveness and establishing a full-site service capability [4][5]. - R&D investment has increased significantly, reaching 105 million yuan in the first three quarters of 2025, a growth of 34.82% year-on-year [5]. Financial Performance Summary - For the first three quarters of 2025, the company reported: - Revenue: 753 million yuan, up 33% year-on-year - Net profit: 41.47 million yuan, down 19.29% year-on-year - Non-recurring net profit: 37.76 million yuan, down 8.80% year-on-year - Q3 revenue: 309 million yuan, up 51.23% year-on-year [3][4]. - The company forecasts EPS for 2025, 2026, and 2027 to be 1.92 yuan, 2.88 yuan, and 3.80 yuan respectively [5][13]. Business Development - The company is a leading enterprise in the new display detection equipment and semiconductor storage testing equipment industry, with expected continued growth in performance [5]. - The company has made substantial progress in its semiconductor business, with ongoing R&D investments aimed at enhancing product development and technology [5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported a year-on-year increase of 68% in net profit attributable to shareholders for Q3 2025, benefiting from a strategic partnership with the National Third Generation Semiconductor Technology Innovation Center [5][8] - The company is positioned as a leader in electronic measurement instruments, capitalizing on the growing demand in semiconductor devices and new energy testing scenarios [8] - The company has established a wholly-owned subsidiary in Munich, Germany, to enhance its market share in Europe and expand overseas operations [8] Financial Performance - For Q1-Q3 2025, the company achieved revenue of 151 million yuan (up 16% year-on-year) and a net profit of 44.14 million yuan (up 59% year-on-year) [8] - Q3 2025 revenue was 51 million yuan (up 16% year-on-year, down 18% quarter-on-quarter), with a net profit of 14.83 million yuan (up 68% year-on-year, down 23% quarter-on-quarter) [8] - The company’s cash flow from operating activities improved significantly, with a net cash flow of 3.53 million yuan (up 211% year-on-year) [8] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 236 million yuan, 287 million yuan, and 348 million yuan, respectively, with year-on-year growth rates of 21.88%, 21.25%, and 21.39% [7] - Net profit attributable to shareholders is forecasted to be 66 million yuan, 80 million yuan, and 97 million yuan for the same period, with growth rates of 30.08%, 21.68%, and 21.86% [7] - The current price-to-earnings (P/E) ratios for 2025-2027 are projected to be 94.58, 77.73, and 63.78, respectively [7]

Core Insights - The company, Tonghui Electronics, has experienced significant growth in the semiconductor testing market, driven by the increasing demand for testing equipment in emerging fields such as third-generation semiconductors [4][5] - The founder, Zhao Haohua, emphasizes a focus on technology and product quality, which has been a guiding principle for the company since its inception [3][6] - The company plans to enhance its production capacity and expand its market presence, particularly in high-value products and overseas markets [6][7] Company Background - Tonghui Electronics was founded by Zhao Haohua and seven partners, evolving from a focus on consumer electronics testing to semiconductor and new energy testing [3][4] - The company has been in operation for 30 years, with a commitment to solid technical development and product quality [3] Product Development - The company has launched three core semiconductor testing products: a precision source meter, a high-resistance meter, and a CV testing integrated product, which have been crucial for establishing its presence in the semiconductor sector [5][6] - The production capacity utilization rate has reached approximately 70%, with plans to increase it to over 80% in the next two to three years [5] Market Strategy - The company adopts a dual strategy of focusing on high-value products while expanding into international markets, particularly in Europe, North America, and Southeast Asia [6][7] - Currently, overseas revenue accounts for only 10% of total revenue, indicating significant potential for growth in international markets [7] Future Outlook - The company aims to align its product development with market trends and national policies, particularly in the semiconductor industry, which is supported by government initiatives [7] - The focus on high-value products and global market expansion is expected to drive sustainable profit growth and strengthen the company's competitive position [6][7]

Core Insights - The company, Tonghui Electronics, has successfully transitioned from focusing on consumer electronics testing to semiconductor and new energy testing, marking a significant shift in its business strategy [1][2][3] Company Development - Founded by Zhao Haohua and seven partners, Tonghui Electronics has maintained a strong team spirit and commitment to technology and product quality over its 30 years of operation [1] - The company has achieved substantial growth in semiconductor testing products, driven by the rapid development of the domestic semiconductor industry and increasing demand for testing equipment [1][2] Product Strategy - Tonghui Electronics has launched three core products in the semiconductor testing field: a precision source meter, a high-resistance meter for microcurrent applications, and a CV testing integrated product for power semiconductor devices [2][3] - The company plans to continue developing a series of semiconductor testing products and enhance collaboration with leading clients in the semiconductor and new energy sectors [2][3] Capacity and Investment - The company's current capacity utilization rate is approximately 70%, with plans to increase it to over 80% in the next two to three years [3] - Tonghui Electronics is focusing on high-value-added products and investing in R&D to tackle core technical challenges, aiming to improve profit margins and strengthen its market position [3][4] Market Strategy - The company adopts a dual strategy of focusing on high-value-added products while expanding into international markets, particularly in Europe, North America, and Southeast Asia [4] - Currently, overseas revenue accounts for only 10% of total revenue, indicating significant potential for growth in international markets [4] Alignment with National Strategy - The company emphasizes the importance of aligning its market focus with national strategic priorities, particularly in the semiconductor industry, which is supported by government initiatives [4]