Core Viewpoint - The article reviews the achievements and milestones of the Sci-Tech Innovation Board (STAR Market) since its establishment, highlighting fifteen significant "firsts" as of June 13, 2025, including the number of listed companies, market capitalization, and the dominance of strategic emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing, which account for over 80% of the total [1]. Group 1: First Companies and Milestones - The first company to transfer from the Beijing Stock Exchange to the STAR Market is Guandian Defense Technology Co., Ltd., which listed on May 25, 2022, after experiencing a significant decline in revenue and net profit in 2024 [2]. - The first loss-making company to list on the STAR Market is Suzhou Zejing Biopharmaceutical Co., Ltd., which went public on January 23, 2020, and reported continuous losses since its inception, with a net profit of -1.38 billion in 2024 [3][4]. - The first STAR Market company to be acquired by another listed company is Jiangsu Haooubo Biopharmaceutical Co., Ltd., which was announced in October 2024, with a total acquisition price of 630 million [5][6]. Group 2: Notable Events and Achievements - The first company to be delisted from the STAR Market is Guangdong Zijing Information Storage Technology Co., Ltd., which faced severe penalties for financial fraud and was officially delisted on May 31, 2023 [7][8][9]. - The first company to adopt a dual-class share structure on the STAR Market is UCloud Technology Co., Ltd., which listed on January 20, 2020, allowing its founders to maintain significant control over the company [10][11]. - The first major asset restructuring project approved for a STAR Market company is Suzhou Huaxing Yuan Chuang Technology Co., Ltd., which received approval for its acquisition of Suzhou Oulitong Automation Technology Co., Ltd. on June 12, 2020 [12][13]. Group 3: Financial Performance and Rankings - The highest market capitalization on the STAR Market is held by Semiconductor Manufacturing International Corporation (SMIC), with a total market value of 661.2 billion as of June 13, 2025 [21]. - The company with the highest revenue in 2024 is JinkoSolar Holding Co., Ltd., achieving 92.471 billion in revenue, despite a 22.08% decline year-on-year [22]. - The highest net profit excluding non-recurring items in 2024 is reported by Transsion Holdings Co., Ltd., with a net profit of 4.541 billion, down 11.54% from the previous year [23][24]. Group 4: Employment and Regional Distribution - The company with the largest number of employees as of the end of 2024 is JinkoSolar Holding Co., Ltd., with 33,809 employees, reflecting a significant reduction of 41.07% from the previous year [25]. - The province with the most STAR Market listed companies is Jiangsu, which has 113 companies, accounting for 19.22% of the total, primarily concentrated in cities like Suzhou, Nanjing, and Wuxi [26].

Core Viewpoint - Nanhua Instrument has shown a strong recovery in its core business and is leveraging growth in the new energy sector, achieving significant improvements in operational performance despite a complex market environment [1][2][6] Group 1: Financial Performance - In 2024, the company reported revenue of 124 million yuan, a year-on-year increase of 10.79%, and a net profit attributable to shareholders of 14.77 million yuan, marking a turnaround from losses [1] - In Q1 2025, revenue grew by 44.18% year-on-year, while net profit showed a reduction in losses by 16.54%, indicating a strong start to the year [1] Group 2: Industry Trends - The Chinese motor vehicle inspection industry is in a continuous development phase, with the vehicle ownership reaching 453 million and new energy vehicles surpassing 31.4 million [2] - The market is transitioning from traditional inspection services to intelligent and multi-scenario testing, creating structural opportunities driven by policy and market demand [2] Group 3: Business Growth Drivers - The company experienced a 41.34% increase in sales volume of motor vehicle inspection equipment and a 46.88% rise in production volume, reflecting a rapid recovery in its core business [2] - New energy vehicle safety inspection has emerged as a new growth point, with the implementation of regulations in March 2025, leading to increased sales in related products [2] Group 4: Internal Growth and Innovation - Nanhua Instrument is enhancing internal growth by optimizing product structure and expanding into digital solutions and vehicle networking software [4] - The company has made strategic acquisitions to boost its software and IoT capabilities, supporting smart vehicle inspections and data integration services [4] - R&D investment increased by 14.12% in 2024, focusing on advanced monitoring technologies and new projects, thereby expanding its technological capabilities [4] Group 5: Management and Financial Health - The company is actively pursuing cost reduction and efficiency improvements, achieving a sales expense increase in line with revenue growth [5] - As of Q1 2025, the asset-liability ratio was 10.7%, with a current ratio of nearly 6.75, indicating strong financial health [5] - The company has approximately 80 million yuan in hand orders, providing a stable foundation for business growth [5] Group 6: Future Outlook - With support from policies, industry recovery, and internal optimization, the company's operational quality and market expectations are improving [6]

Group 1: Company Overview and Strategy - The company has established a strategic partnership with leading robotics firms for industrial design and mass production, focusing on high-precision testing in the robotics sector [1][2]. - The company has a unique advantage in optical vision testing and intelligent testing, positioning itself strategically in the robotics testing business [2]. Group 2: Business Development Progress - The company has defined three business directions in the robotics sector: 1. Collaborating on robotics testing projects with domestic and international manufacturers, with small orders expected this year [3]. 2. Engaging in contract manufacturing for an educational robotics company in the U.S. [3]. 3. Custom development for domestic robotic dog manufacturers, with completed customization plans awaiting client feedback [3]. Group 3: Testing and Inspection Capabilities - The company is exploring testing standards in the robotics industry, collaborating with leading firms on various testing processes [4][5]. - The company has a solid technical foundation and experience in robotics testing, having previously developed a complete automation solution for a major client [5]. Group 4: Client Relationships and Collaborations - The company maintains strong partnerships with major U.S. firms such as A Company, Meta, Amazon, and Microsoft, providing various testing and automation solutions [5].

Core Viewpoint - The company has successfully turned a profit by selling real estate, but it faces scrutiny from the Shenzhen Stock Exchange regarding its financial disclosures and the sustainability of its revenue growth [1][3]. Group 1: Financial Performance - In 2024, the company reported operating revenue of 124 million yuan, an increase of 10.79% year-on-year, and a net profit attributable to shareholders of 14.77 million yuan, marking a reduction in losses by 455.96% [1]. - The company's main revenue sources include 116 million yuan from motor vehicle testing equipment, up 12.40% year-on-year, and 6.20 million yuan from environmental monitoring equipment, down 5.81% [1][2]. Group 2: Market Drivers - The increase in revenue and the turnaround to profitability are attributed to three main factors: heightened market demand for motor vehicle emission testing equipment due to regulatory focus, the release of new national standards for electric vehicle safety testing, and the sale of real estate assets [2]. - The company sold its property and land use rights in Foshan for 52.57 million yuan, which positively contributed to its profits [2]. Group 3: Regulatory Scrutiny - The Shenzhen Stock Exchange has raised questions about the company's net profit figures, noting that the net profit attributable to shareholders was 15 million yuan, while the net profit excluding non-recurring items was a loss of 16 million yuan, a decrease of 57.71% year-on-year [3]. - The exchange has requested the company to clarify its revenue growth prospects and the rationale behind its real estate transactions, including whether these transactions have commercial substance and if they involve related-party transactions to adjust profits [3]. Group 4: Strategic Developments - In 2024, the company acquired Guangzhou Jingu Intelligent Measurement Technology Co., Ltd. and Nanchang Weike Lian Information Technology Co., Ltd., enhancing its software development capabilities and expanding its business scale [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][12][77] Core Viewpoints - The company is a leading domestic supplier of industrial X-ray intelligent detection equipment, having achieved significant breakthroughs in core components, particularly in X-ray sources, thus addressing critical supply issues and filling domestic gaps [3][21][12] - The industrial X-ray detection equipment market in China is expected to experience rapid growth, with a projected market size of approximately 241.4 billion yuan by 2026, driven by increasing demand from sectors such as integrated circuits, electronic manufacturing, and new energy batteries [4][29][31] - The company is well-positioned to benefit from the rapid development of the domestic integrated circuit industry, which is expected to drive demand for X-ray detection equipment [5][51] - The demand for X-ray detection equipment in the lithium battery sector is anticipated to rise significantly, with China's lithium battery shipments expected to exceed 960 GWh by 2025 [6][63] - The automotive industry represents a major application area for X-ray detection equipment, with demand expected to grow alongside the overall expansion of the automotive market [11][69] Summary by Sections Company Overview - The company specializes in the research, production, and sales of industrial X-ray intelligent detection equipment, with a comprehensive technology layout across the entire industry chain [3][21][26] - It has established itself as a benchmark enterprise in the domestic industrial X-ray detection equipment sector since its founding in 2009 [21][12] Market Growth Potential - The domestic industrial X-ray detection equipment market is projected to grow rapidly, with a compound annual growth rate of approximately 15.2% from 2021 to 2026 [4][29] - The company is expected to benefit from the increasing domestic production capabilities and the rising localization rate in the integrated circuit detection field [4][29] Financial Performance and Forecast - The company’s revenue is projected to grow at rates of 32.75%, 30.27%, and 28.18% from 2025 to 2027, with net profits expected to reach 1.85 billion yuan, 2.53 billion yuan, and 3.56 billion yuan respectively [12][77] - The company’s core business, X-ray detection equipment, accounted for 88.85% of total revenue in 2024, with significant contributions from integrated circuits and electronic manufacturing [40][12] Investment Recommendations - The report emphasizes the structural growth opportunities in the industrial X-ray sector, driven by the ongoing domestic substitution and increasing demand from the semiconductor and automotive industries [12][77]

Group 1 - The core viewpoint of the article is that Kairun Co., Ltd. is undergoing a strategic transformation from waterproof materials to display panel and semiconductor testing equipment, with a focus on acquiring a stake in Jiazhi Color to enhance its growth potential [1][2] - Kairun has signed a framework agreement to acquire up to 51% of Jiazhi Color, with a performance guarantee of a cumulative net profit of no less than 240 million yuan from 2025 to 2027 [1] - The company has faced pressure in its waterproof business, with a projected loss of 540 million yuan in 2024, while the new focus on testing equipment is expected to provide significant growth opportunities [1] Group 2 - Kairun's waterproof business is projected to generate total revenues of 2.427 billion, 2.518 billion, and 2.629 billion yuan from 2025 to 2027, with year-on-year growth rates of 2%, 4%, and 4% respectively [2] - Jiazhi Color, established in 2012, is positioned in the second tier of the panel testing equipment market and has begun sales in the semiconductor testing equipment sector [2] - The expected revenues for Jiazhi Color from 2025 to 2027 are 294 million, 382 million, and 511 million yuan, with corresponding year-on-year growth rates of 26%, 30%, and 34% [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Insights - The company achieved a revenue of 803 million yuan in 2024, representing a year-on-year growth of 23.83%. However, the net profit attributable to shareholders decreased by 30.71% to 80.16 million yuan [2][3] - The semiconductor business is experiencing strong growth, with revenue from this segment increasing by 199% year-on-year to 249 million yuan, accounting for over 30% of total revenue [3][4] - The gross margin for the company was 32.82%, down 7.55 percentage points year-on-year, primarily due to strategic adjustments in revenue structure [3] Business Performance Summary - The revenue from new display device testing decreased by 2.09% to 553 million yuan, with a gross margin of 32.93%, down 6.50 percentage points [3] - The company has strengthened its market position in the semiconductor testing equipment sector, with significant increases in the shipment of DRAM aging test repair equipment and MEMS probe cards [4] - The global sales of memory testing equipment reached 1.5 billion USD in 2024, a growth of 36.4%, and is expected to rise to 1.9 billion USD in 2025, with a compound annual growth rate of 26.7% [4] Customer and Market Developments - The company has secured key orders in the AMOLED and micro-display sectors, including orders for critical testing equipment for domestic AMOLED G8.6 generation lines and Micro LED testing equipment [5] - The company has made significant progress in expanding its overseas market presence, including obtaining orders from leading AR/VR terminal manufacturers [5] Financial Forecast - The company is projected to achieve earnings per share (EPS) of 1.92 yuan, 2.89 yuan, and 3.84 yuan for the years 2025, 2026, and 2027, respectively [5] - Revenue is expected to grow significantly, with forecasts of 1.2 billion yuan in 2025, 1.65 billion yuan in 2026, and 2.07 billion yuan in 2027, reflecting growth rates of 49.80%, 37.37%, and 24.99% respectively [12][13]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company achieved a revenue of 803 million yuan in 2024, representing a year-on-year growth of 23.83%. However, the net profit attributable to shareholders decreased by 30.71% to 80.16 million yuan [2][3] - The semiconductor business is showing strong growth, with revenue from this segment increasing by 199% year-on-year to 249 million yuan, accounting for over 30% of total revenue [3][4] - The gross margin for the company was 32.82%, down 7.55 percentage points year-on-year, primarily due to strategic adjustments in revenue structure [3] - The company is a leading provider of testing equipment for new display devices and semiconductor storage devices, with significant orders from key clients in the AMOLED and Micro LED sectors [5][6] Financial Performance Summary - In 2024, the company reported a revenue of 803 million yuan, with a growth rate of 23.83%. The net profit attributable to shareholders was 80.16 million yuan, down 30.71% [2][12] - The company forecasts earnings per share (EPS) of 1.92 yuan, 2.89 yuan, and 3.84 yuan for the years 2025, 2026, and 2027 respectively [5][12] - The projected revenue for 2025 is 1.203 billion yuan, with an expected growth rate of 49.80% [12] Business Segment Analysis - The new display device testing segment generated revenue of 553 million yuan, a decrease of 2.09% year-on-year, with a gross margin of 32.93% [3] - The semiconductor testing equipment market is expected to grow significantly, with global sales projected to reach 1.5 billion USD in 2024, up 36.4% year-on-year, and further increase to 1.9 billion USD in 2025 [4] - The company has successfully developed and marketed high-resolution imaging colorimeters, expanding its product offerings in the new display device sector [5] Market Position and Future Outlook - The company is recognized as a national-level "specialized and innovative" enterprise, indicating strong industry recognition and technological capabilities [6] - The report highlights the potential for continued growth in the semiconductor testing equipment sector, driven by new orders and market demand [5][6]

Core Insights - Qianhe Capital recently conducted research on a listed company, Nichiren Technology, revealing strong growth in revenue and net profit for 2024 and Q1 2025 [1] Financial Performance - In 2024, Nichiren Technology is projected to achieve revenue of 739 million, a year-on-year increase of 25.89%, and a net profit of 143 million, up 25.44% [1] - For Q1 2025, revenue is expected to reach 200 million, reflecting a year-on-year growth of 33.19%, while net profit is anticipated to be 35.33 million, a growth of 4.45% [1] - The slower growth in net profit compared to revenue is attributed to increased share-based payment expenses and enhanced market expansion efforts [1] Market Demand and Orders - The company has a robust order backlog, with new orders experiencing rapid growth, primarily driven by the recovery in demand from the electronic semiconductor and lithium battery industries, as well as increased demand for automotive component testing [1] - Nichiren Technology expects to maintain year-on-year revenue growth throughout the year, with a projected revenue growth rate of no less than 60% for 2025, or a non-recurring net profit growth rate of no less than 60% [1] Product Development and Expansion - The company is actively expanding its X-ray source product line and developing multi-mode CT intelligent detection equipment [1] - Nichiren Technology has established Nichiren Technology Research Institute and Shanghai Ruitai subsidiary, while its subsidiary Nichiren Vision is entering the foreign object detection market [1] International Market Strategy - The company is intensifying its efforts in overseas markets, having established subsidiaries or factories in Singapore, Malaysia, Hungary, and the United States, with overseas sales revenue in 2024 expected to reach 59.16 million, a year-on-year increase of 20.18% [1] - The impact of international tariff changes on the company is limited and manageable, with its global layout mitigating tariff fluctuations [1] M&A Strategy - Nichiren Technology is actively seeking acquisition targets, aiming to achieve phased results by investing in companies that synergize with its X-ray detection technology [1]

导读： 日联科技2024年实现营业收入7.39亿元，同比增长25.89%；归属于上市公司股东的净利润1.43亿元，同比增长25.44%。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 无锡日联科技股份有限公司（简称：日联科技）近日发布2 0 2 4年度报告，交出一份营收与净利润双双增长超2 5%的亮眼成绩单。报告显示， 日 联科技全年实现营业收入7 . 3 9亿元，同比增长2 5 . 8 9%；归属于上市公司股东的净利润1 . 4 3亿元，同比增长2 5 . 4 4%。 在复杂的经济环境下，日 联科技通过技术创新、市场拓展和海外布局，持续巩固其在X射线检测领域的领先地位。 业绩稳健增长，新质生产力驱动发展 2 0 2 4年，日联科技在集成电路及电子制造、新能源电池、铸件焊件及材料检测等新质生产力领域表现突出，推动业务规模持续扩大。报告期 内，扣除非经常性损益的净利润同比增长5 6 . 8 2%，达9 6 1 7 . 3 2万元，展现出强劲的内生增长动力。截至2 0 2 4年底，总资产达3 6 . 3 9亿元，较上 年增长2 . 0 5%， ...