Summary of Key Points Core Viewpoint - The recent trading activity of Huaying Technology indicates a significant level of interest, with notable transactions occurring at a slight discount to the market price, suggesting potential investor sentiment and market dynamics [2][3]. Trading Activity - On September 17, Huaying Technology recorded two block trades totaling 10 million shares, with a transaction value of 50.6 million yuan, at a price of 5.06 yuan per share, reflecting a discount of 1.75% compared to the closing price [2][3]. - Over the past three months, the stock has seen a total of 20 block trades, accumulating a transaction value of 612 million yuan [2]. - The closing price for Huaying Technology on the same day was 5.15 yuan, marking an increase of 0.59%, with a daily turnover rate of 4.23% and a total trading volume of 604 million yuan [2]. Financing Data - The latest margin financing balance for Huaying Technology stands at 418 million yuan, having increased by 30.44 million yuan over the past five days, representing a growth rate of 7.85% [3]. - The company was established on May 25, 1995, with a registered capital of 2.766 billion yuan [3].

Market Overview - The equity market saw all major indices rise last week, with the Sci-Tech 50 increasing by 5.48% and both the Small and Medium-sized Board Index and the CSI 500 rising over 3% [3] - Among the 31 first-level industries, 26 experienced gains, with the top five performing sectors being electronics, real estate, agriculture, media, and non-ferrous metals; the bottom five were comprehensive, banking, oil and petrochemicals, pharmaceuticals, and leisure services [3] Public Fund Market - The National Development and Reform Commission issued a notice to further promote the regular application and recommendation of real estate investment trusts (REITs) in the infrastructure sector [4] - The average increase for equity funds was 2.28%, while fixed income plus funds rose by 0.16%, with a positive return ratio of 54.51%; pure bond funds saw an average decline of 0.15% [4] - The overall equity fund position was measured at 78.29% as of September 12, 2025, an increase of 1.25 percentage points from the previous period [4] ETF Market - The ETF market experienced a net inflow of 4.434 billion yuan last week, with cross-border ETFs seeing a net inflow of 18.693 billion yuan, while stock ETFs had a net outflow of 5.382 billion yuan [5] - The average daily trading volume in the ETF market reached 439.932 billion yuan, with a daily turnover rate of 10.20% [5] - Major inflow themes included brokerages, batteries, and Hong Kong innovative pharmaceuticals, while broad-based funds continued to see outflows [5] Fund Issuance - A total of 55 new funds were issued last week, an increase of 11 from the previous period, with 39 newly established funds, up by 1 [6] - The total amount raised by new funds was 21.794 billion yuan, a decrease of 5.779 billion yuan from the prior period [6]

9月17日，A股市场整体上涨。 截至收盘，上证指数收报3876.34点，上涨0.37%，深证成指收报13215.46点，上涨1.16%，创业板指收报3147.35点，上涨1.95%，北证50指数下跌0.6%。A 股市场合计成交24031.86亿元，较上一交易日增加358.82亿元。 A股市场全天主力资金净流出328.39亿元 今日A股市场主力资金开盘净流出128.05亿元，尾盘净流出39.9亿元，A股市场全天主力资金净流出328.39亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2025-9-17 | -328. 39 | -128. 05 | -39.90 | -150. 90 | | 2025-9-16 | -165.54 | -44. 85 | 4. 60 | -5. 75 | | 2025-9-15 | -340. 54 | -113. 30 | -57.04 | -189. 15 | | 2025-9-12 | -372.78 ...

Investment Rating - The report indicates a positive outlook for the industry, with the North Exchange 50 Index closing up 0.63% at 1617.13 points, reflecting a strong market activity level [4][8]. Core Insights - The North Exchange market continues to rise, with a trading volume of 25.9 billion yuan on September 16, 2025, despite a slight decrease from the previous trading day [4][8]. - The automotive parts sector is leading the market, showing significant capital accumulation effects, as funds shift from high-position themes to industries with strong performance certainty, such as the automotive supply chain and high-end manufacturing [4]. - The upcoming "920" code switching policy on October 9 is expected to enhance market standardization and improve long-term liquidity [4]. - The report highlights a structural differentiation in the market, with 122 stocks rising and 148 falling among the 275 companies listed on the North Exchange [4][18]. Summary by Sections Market Review - On September 16, the North Exchange A-shares trading volume reached 25.9 billion yuan, a decrease of 0.11 billion yuan from the previous day, with the North Exchange 50 Index closing at 1617.13, up 0.63% [8][4]. - The North Exchange specialized index closed at 2809.54, increasing by 1.57% [8]. Stock Performance - Among the 275 companies, 122 stocks increased, 5 remained flat, and 148 declined. The top five gainers were: - Kaiter Co., Ltd. (14.8%) - Huaguang Source Sea (14.3%) - Bond Co., Ltd. (12.5%) - Huayuan Co., Ltd. (11.9%) - Meizhigao (10.7%) - The top five decliners were: - Chicheng Co., Ltd. (-7.8%) - Hongyu Packaging (-5.4%) - Guoyi Bidding (-4.7%) - Gaisi Food (-4.5%) - Kexin New Materials (-4.5%) [18][20]. Important News - The Ministry of Commerce and nine other departments issued policies to expand service consumption, proposing 19 measures to stimulate economic growth [2]. - Tencent Cloud announced full adaptation to mainstream domestic chips, with its international customer base doubling within a year [2][22]. Key Company Announcements - Tongxin Transmission plans to increase the registered capital of its subsidiary by 2 million yuan, with the company contributing 1.02 million yuan [3]. - Yeguangming announced the use of 4.3 million yuan of its own funds to purchase fixed-income financial products from Taizhou Bank, with an expected annual yield of 3.61% [3][24].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][9][17]. Core Views - The company has demonstrated significant revenue growth in H1 2025, with a revenue increase of 113.06% year-on-year, reaching 839.39 billion yuan, and a net profit increase of 46.30% year-on-year, amounting to 18.89 billion yuan [1][2][9]. - The company's multi-product strategy, referred to as the "3+N+3" strategy, has led to substantial growth across various business lines, particularly in high-performance computing and smart terminal products [2][3][9]. - The data business is expected to continue driving growth, with projected revenue exceeding 40 billion yuan for the year 2025 [3][9]. Financial Summary - Revenue projections for the company show a steady increase from 85.34 billion yuan in 2023 to 223.63 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 16% [1][10]. - The net profit is expected to grow from 2.71 billion yuan in 2023 to 6.05 billion yuan in 2027, reflecting a strong growth trajectory [1][10]. - The company's earnings per share (EPS) is projected to rise from 2.66 yuan in 2023 to 5.95 yuan in 2027, indicating robust profitability [1][10]. Product Performance - High-performance computing products saw a revenue increase of 128.22% year-on-year, contributing 506.29 billion yuan to total revenue [2][3]. - Smart terminal products also experienced significant growth, with a revenue increase of 116.44%, reaching 268.02 billion yuan [2][3]. - The AIoT and other products generated 33.15 billion yuan in revenue, marking a 79.89% increase year-on-year [2][3]. Market Position - The company is positioned as a leader in the ODM sector, benefiting from strong demand in the consumer electronics and data center markets [9][10]. - The report highlights the company's competitive edge in product development and market share expansion, particularly in the PC and automotive electronics sectors [3][8][9].

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]

Investment Rating - The report maintains an "Increase" rating for the company [4] Core Viewpoints - The company has shown improvement in profit margins with a reduction in losses year-on-year, attributed to operational cost optimization and an increase in the sales proportion of high-value products, leading to an overall gross margin increase to 35.59% [2] - The company is actively expanding its AI edge business in response to rising demand for AI devices, aiming to create a comprehensive solution that integrates chips, algorithms, scenarios, apps, and AI [9][10] - The company continues to strengthen its position in the HarmonyOS ecosystem, successfully integrating over 300 HarmonyOS projects and achieving significant product shipments [8] Financial Summary - Revenue projections show a recovery trend, with expected revenues of 433 million in 2023, increasing to 1,513 million by 2027, reflecting a compound annual growth rate [1] - The company is expected to achieve a net profit of -0.10 million in 2025, turning positive with 0.30 million in 2026 and 0.91 million in 2027, indicating a gradual improvement in profitability [10] - The gross margin is projected to improve from 28.3% in 2023 to 42.0% by 2027, while the net margin is expected to shift from -33.0% to 6.0% over the same period [12]

从调研重点看，记者梳理发现，机构除了围绕公司业务进行提问，还高度关注其赴港上市计划、分红、市值管理等情况。例如，7月上旬向港交所递表 的澜起科技，被问及H股上市目的以及进展情况。 汇川技术月内吸引百家外资调研 行业分布上，电子、计算机、机械设备等备受机构青睐。股价表现上，上述被调研的千余家A股公司，超五成月内股价实现正增长，香农芯创 （300475.SZ）、沃尔德（688028.SH）本月股价均涨超七成。 从调研形式上看，在上月底中报披露收官后，本月初，多家公司召开业绩说明会或电话会议。 工控行业龙头汇川技术正成为机构的"心头好"。披露显示，本月至今，该公司累计被调研了22次，调研机构家数达320家。其中，近半数（157家）是 外资，此外，基金公司和私募合计近百家。 本月以来，市场虽出现震荡回调，机构调研热情却丝毫未减。 Wind统计显示，9月至今，已有超1200家A股公司迎来机构调研，数量已接近8月整体规模。科技股仍是机构的最爱，汇川技术（300124.SZ）月内被调 研22次，参与机构超300家，其中包括黑石集团（Blackstone）、安本投资(Aberdeen Investments)等逾百家外资机构 ...

证券研究报告 | 公司动态点评 2025 年 09 月 17 日 广立微（301095.SZ） 25H1 营收实现同比高增，收购 LUCEDA 深化硅光芯片布局 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 478 | 547 | 745 | 970 | 1,236 | | 增长率 yoy（%） | 34.3 | 14.5 | 36.3 | 30.2 | 27.4 | | 归母净利润（百万元） | 129 | 80 | 137 | 184 | 265 | | 增长率 yoy（%） | 5.3 | -37.7 | 70.2 | 34.5 | 43.9 | | ROE（%） | 4.0 | 2.7 | 4.3 | 5.6 | 7.6 | | EPS 最新摊薄（元） | 0.64 | 0.40 | 0.68 | 0.92 | 1.32 | | P/E（倍） | 121.5 | 195.0 | 114.6 | 85.2 | 59.2 | | P/B（倍） | 4. ...

- The A-share industry rotation model is constructed using six factors: capital, valuation, sentiment, momentum, overbought/oversold, and profitability[4][19] - The capital factor is based on the net inflow rate of industry funds, valuation is based on the industry's valuation percentile over the past year, sentiment is based on the proportion of rising constituent stocks, momentum uses the MACD indicator, overbought/oversold uses the RSI indicator, and profitability uses the consensus forecast EPS percentile over the past year[19] - The industry rotation model results show that steel, building materials, and computers have high comprehensive scores, while petroleum and petrochemicals, power equipment, and banks have low scores[4][20] - The consensus stock selection model is based on momentum and price factors, combined with high-frequency capital flow trends and stock price similarity[5][22] - The consensus stock selection model results for this period include stocks such as Shenghong Technology, Xiechuang Data, and Industrial Fulian[5][23] Model Backtest Results - A-share industry rotation model, steel industry score: 10, building materials industry score: 6, computer industry score: 5[21] - Consensus stock selection model, selected stocks: Shenghong Technology, Xiechuang Data, Industrial Fulian, etc.[23]