Core Viewpoint - The announcement of government subsidies totaling 25.2 million yuan will positively impact the company's operating performance in 2025 [1]. Group 1: Company Overview - Shanghai Jingce Semiconductor Technology Co., Ltd. was established in 2018, focusing on the research, production, and sales of semiconductor testing equipment, as well as some testing equipment for display and new energy fields [2]. - Jingce Electronics primarily engages in the research, production, and sales of testing systems for displays, semiconductors, and new energy [2]. Group 2: Product and Market Performance - The main products in the display sector include testing equipment for various display devices such as LCD, OLED, Mini LED, Micro OLED, and Micro LED, including electrical measurement and debugging systems, pre-process AOI equipment, and automated equipment integration products [2]. - The self-developed Seal series TGV testing equipment was successfully delivered in bulk last November, with applications in Mini/Micro LED direct display, advanced semiconductor packaging substrates, and other precision devices [2]. Group 3: Financial Performance - In Q1 2025, Jingce Electronics achieved revenue of 689 million yuan, a year-on-year increase of 64.92%, and turned a profit with a net profit attributable to shareholders [2]. - The semiconductor segment generated sales revenue of 212 million yuan, up 63.71% year-on-year, while the display segment achieved sales revenue of 382 million yuan, a growth of 42.46% [2]. - In the new energy sector, the company reported sales revenue of 77.57 million yuan, a significant increase of 429.71% year-on-year [2].

Group 1: Company Performance - In 2024, the company achieved a revenue of 256,507.30 million yuan, a year-on-year increase of 5.59% [5] - The net profit attributable to shareholders was -9,759.85 million yuan, a year-on-year decrease of 165.02% [6] - Total assets at the end of the reporting period were 1,007,630.68 million yuan, an increase of 9.27% compared to the beginning of the year [6] - The net assets attributable to shareholders decreased by 6.52% to 346,381.68 million yuan [6] - R&D investment in 2024 was 73,061.77 million yuan, a year-on-year increase of 10.78% [6] Group 2: Market Position and Product Development - The company is a leading enterprise in the domestic semiconductor testing equipment sector, particularly in front-end measurement [6] - Core products in the front-end measurement field are in a leading position domestically, with significant competitive advantages [6] - As of April 25, 2025, the company had approximately 16.68 billion yuan in hand orders in the semiconductor field [8] Group 3: International Business and Strategic Investments - In 2024, overseas revenue totaled 264,074,809.90 yuan, accounting for 10.30% of total revenue, primarily from display and new energy detection equipment [2] - The company plans to acquire a 4.825% stake in Shanghai Jingce Semiconductor Technology Co., Ltd. to optimize its business structure and enhance its semiconductor measurement business [2] Group 4: Shareholder Engagement and Market Management - The company has implemented share buybacks in 2022 and 2024, totaling approximately 300 million yuan, to manage market value and enhance shareholder returns [4] - Cumulative cash dividends over the past three fiscal years amounted to about 436 million yuan [4] Group 5: Future Plans and Strategic Focus - The company aims to optimize its business structure, focusing on semiconductor and display sectors, while enhancing R&D efforts and expanding domestic and international markets [9] - Plans to increase collaboration with leading strategic customers in the semiconductor field and promote domestic substitution of high-end detection equipment currently dominated by foreign manufacturers [9]

Core Viewpoint - The leading company in display panel testing equipment, Jingce Electronics, is actively expanding its semiconductor business, evidenced by its recent acquisition of a 4.825% stake in Shanghai Jingce Semiconductor Technology Co., Ltd. from the National Integrated Circuit Industry Investment Fund [1][3] Group 1: Company Strategy and Developments - Jingce Electronics plans to enhance its semiconductor measurement business by acquiring additional shares in Shanghai Jingce, which focuses on semiconductor front-end measurement equipment [1][3] - The company has strategically shifted towards the semiconductor and new energy sectors, establishing a comprehensive layout in semiconductor testing [1][4] - As of April 2024, Jingce Electronics has secured semiconductor orders totaling approximately 16.68 billion yuan, indicating the significance of this sector to the company's overall performance [1][5] Group 2: Financial Performance - In 2024, Jingce Electronics reported a revenue of 25.65 billion yuan, a year-on-year increase of 5.59%, but faced a significant net profit decline of 165.02%, resulting in a loss of 97.6 million yuan [4] - The semiconductor sector showed remarkable growth, with revenues reaching 7.68 billion yuan in 2024, marking a 94.65% increase year-on-year [4][5] - The company’s R&D investment in the semiconductor field reached 3.58 billion yuan in 2024, reflecting a 32.76% increase, as it continues to focus on high-tech product development [4][5] Group 3: Market Position and Future Outlook - Jingce Electronics has successfully delivered and accepted products for advanced 7nm processes, with ongoing validation for even more advanced products [5] - The company is optimistic about the semiconductor industry's growth and its own position within it, planning to further optimize its business structure to focus on semiconductor advantages [5] - As of the first quarter of 2025, Jingce Electronics achieved a revenue of 6.89 billion yuan, a 64.92% increase year-on-year, and turned a profit with a net income of 37.6 million yuan [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][64]. Core Views - The company is undergoing a transformation from its traditional waterproof materials business to the display panel and semiconductor testing equipment sectors, which are expected to provide significant growth opportunities [2][13]. - The acquisition of Suzhou Jiazhi Technology is anticipated to enhance the company's performance, with a commitment to achieve a cumulative net profit of no less than 240 million yuan from 2025 to 2027 [1][51]. - The report highlights the potential for a turnaround in the company's main business after reaching a low point, alongside the expected growth in the newly acquired testing equipment business [64]. Summary by Sections Company Overview - The company has historically focused on waterproof materials but is now shifting towards the display panel and semiconductor testing equipment markets, with a diversified shareholding structure [2][13][16]. - The company has faced challenges in its waterproof business since 2021, with a projected loss of 540 million yuan in 2024 [2][18]. Jiazhi Technology - Jiazhi Technology, established in 2017, is positioned in the second tier of the panel testing equipment market and has begun sales in semiconductor testing equipment [3][32]. - The market for panel testing equipment is expected to recover gradually, with a projected demand of 9.6 billion yuan in 2024 [39][40]. Financial Projections - The company's revenue from waterproof materials is projected to reach 2.4 billion yuan in 2025, with a growth rate of 4% [63]. - Jiazhi Technology's revenue is expected to grow significantly, reaching 511 million yuan by 2027, with a compound annual growth rate of 34% [64][51]. Market Dynamics - The report notes that the display panel testing equipment market is currently dominated by two leading companies, with Jiazhi holding approximately 6% market share [47]. - The semiconductor testing equipment segment is still in the early stages, with limited volume production expected in the short term but significant long-term potential [50].

Core Viewpoint - The article provides an overview of the financing events in the primary market, highlighting an increase in both the number of financing events and the total financing amount compared to the previous week, indicating a positive trend in investment activity. Financing Overview - As of March 28, 2025, there were 75 financing events this week (excluding mergers and acquisitions), an increase of 12 events from last week, with a total financing amount of approximately 8.745 billion yuan, up by 4.742 billion yuan from the previous week [4]. - Among these events, 24 had financing amounts of 100 million yuan or more, an increase of 10 events from last week [4]. - There were 35 public exit cases this week, a decrease of 5 from last week [4]. Financing Amount Distribution - This week, 53 financing events disclosed their amounts, an increase of 9 from last week. The distribution of financing amounts shows a clear shift towards larger amounts compared to the previous week [5]. - The breakdown of financing events by amount is as follows: - 4 events under 5 million yuan (unchanged) - 14 events between 5 million and 10 million yuan (down by 2) - 8 events between 10 million and 50 million yuan (up by 1) - 17 events between 50 million and 100 million yuan (up by 6) - 5 events between 100 million and 500 million yuan (up by 1) - 4 events between 500 million and 1 billion yuan (up by 2) - 1 event over 1 billion yuan (new this week) [5]. Notable Investment Events - **Medical Equipment**: On March 25, Ruiqiao Dingke completed over 1 billion yuan in Series A financing, led by Kangqiao Capital, to enhance its product matrix in chronic disease treatment [7]. - **Semiconductor Equipment**: On March 25, Jingce Electronics' subsidiary completed 844 million yuan in Series B financing to boost R&D in semiconductor testing equipment [8]. - **New Energy Vehicles**: On March 24, Haipote raised 450 million yuan in Series A financing to accelerate the development of hydrogen fuel cell commercial vehicles [8]. - **Robotics**: On March 25, ELU.AI completed several hundred million yuan in Pre-A financing to enhance its AI decision-making systems [9]. Industry Distribution - The financing events this week spanned 11 industries, with the top five being: - Equipment Manufacturing: 17 events - Information Technology: 12 events - Medical Health: 12 events - Electronics: 10 events - Consumer Goods and Services: 8 events - These five industries accounted for 76% of all financing events, indicating a slight decrease in industry concentration compared to last week [13]. Regional Distribution - The top five regions for financing events were: - Shanghai: 15 events - Jiangsu: 14 events - Guangdong: 9 events - Beijing: 7 events - Zhejiang: 6 events - These regions accounted for 68% of all financing events, showing a slight decrease in regional concentration compared to last week [18]. Financing Round Distribution - The A round was the most active this week with 23 events, followed closely by the angel round with 22 events. Early-stage financing (A round and earlier) accounted for 62.67% of total events [23]. Investment Institutions - A total of 99 investment institutions participated this week, with 109 actions taken. Notably active institutions included Guangzhou Chuantou, Qiming Venture Partners, and Xiaomi Technology, each participating in multiple events [26]. Exit Situation - There were 35 public exit cases this week, a decrease of 5 from last week, with the electronics, materials, and equipment manufacturing sectors having the highest number of exits [31][32].