截至发稿，刘畅畅累计任职时间5年278天，现任基金资产总规模66.42亿元，任职期间最佳基金回报 246.26%， 任职期间最差基金回报15.58%。 数据显示，华安基金旗下1只基金重仓伟测科技。华安智能装备主题股票A（001072）二季度持有股数 50.33万股，占基金净值比例为3.26%，位居第七大重仓股。根据测算，今日浮亏损失约221.96万元。 华安智能装备主题股票A（001072）成立日期2015年4月24日，最新规模8.51亿。今年以来收益 50.77%，同类排名891/4220；近一年收益48.28%，同类排名906/3852；成立以来收益258.87%。 华安智能装备主题股票A（001072）基金经理为刘畅畅。 10月10日，伟测科技跌5%，截至发稿，报83.71元/股，成交3.19亿元，换手率3.64%，总市值124.68亿 元。 资料显示，上海伟测半导体科技股份有限公司位于上海市浦东新区东胜路38号D区1栋，成立日期2016 年5月6日，上市日期2022年10月26日，公司主营业务涉及晶圆测试、芯片成品测试以及与集成电路测试 相关的配套服务。主营业务收入构成为：晶圆测试55.40%，芯片成 ...

Core Viewpoint - The company, 精测 (6510), reported strong revenue growth in September and the third quarter, driven by increased orders for next-generation smartphone flagship chips and HPC applications [1] Revenue Performance - September revenue reached NT$4.18 billion, representing a month-over-month increase of 1.1% and a year-over-year increase of 31.8% [1] - Third-quarter consolidated revenue was NT$12.42 billion, showing a quarter-over-quarter increase of 2.2% and a year-over-year increase of 35.5% [1] - Cumulative revenue for the first three quarters amounted to NT$36.1 billion, reflecting a year-over-year growth of 55.9% [1] Key Drivers - The revenue from probe cards accounted for 30% of the third-quarter revenue, which was a key driver of performance [1] - The global semiconductor industry is accelerating towards high-frequency, high-current, and high-density developments, increasing the demand for advanced wafer processing and packaging testing technologies [1] Market Outlook - The company is optimistic about the growth in the market driven by AI advancements, data centers, and GPU applications, which are rapidly increasing computational power demands [1] - As advanced process technologies evolve and process nodes continue to shrink, the number of transistors is expected to increase exponentially, presenting challenges related to high current and high temperature [1] Technological Innovations - The company has developed a heat dissipation technology for lead frames to address the challenges posed by high current and temperature [1] - This comprehensive testing solution not only enhances the mean time between failures for customer products but also significantly shortens the time from design validation to mass production [1]

法人指出，颖崴向来聚焦高频高速、高端市场，在5G手机APU、服务器、HPC、GPU、CPU等高复杂 度产品线测试界面皆已布局。今年以来，垂直探针卡产品营收占比达双位数，MEMS产能持续提升，为 今年运营增长重要动能之一。为满足客户需求，颖崴稳定提高探针自制率，探针产能今年目标从去年 300万提升至450万针。法人预期，颖崴随AI相关大客户新品上市，加上新产能持续开出，下半年营收 有望逐季向上，并优于去年同期。 旺硅来自国际大客户需求强劲，旗下高端探针卡接单大爆满且稼动率满载，公司连续两年大扩产，去年 底垂直式探针卡（VPC）月产能达约90万针、MEMS探针卡月产能约40万针，今年第二季度VPC月产能 已突破120万针，MEMS更目标在今年底挑战100万针规模。 精测推动更多HPC、AI、车用等新专案，且在北美客户市占率持续扩大，美系GPU客户，精测主要供应 晶圆测试、成品测试所需测试载板、PCB等零组件，近期都通过新一代产品验证。 半导体技术持续突破，推动芯片性能与能耗表现进入另一阶段，在这波技术革新中，相关测试与封装扮 演不可或缺角色，其中探针卡是确保芯片品质与性能核心关键，测试界面"千金股"颖崴、旺硅、精 ...

丨证券研究报告丨 公司研究丨点评报告丨伟测科技（688372.SH） [Table_Title] 伟测科技 2025 年中报点评：2025Q2 业绩高增， 需求来临+高稼动率+高速扩产筑长期成长通道 报告要点 杨洋 钟智铧 SAC：S0490517070012 SAC：S0490522060001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 8 月 20 日，伟测科技公告 2025 年中期业绩，2025H1 公司实现营收 6.34 亿元，同比+47.53%， 实现归母净利润 1.01 亿元，较去年同期大幅增长 831.03%，扣非归母净利润 0.54 亿元，同比 +1173.61%；其中，2025Q2 公司单季度实现营收 3.49 亿元，同比+41.68%，环比+22.38%， 实现归母净利润 0.75 亿元，同比+573.34%，环比大增 189.99%，扣非归母净利润 0.4 亿元， 同比+373.96%，环比+178.94%，季度收入创公司历史新高，公司已然进入高增通道。 分析师及联系人 [Tabl ...

Group 1 - The core viewpoint of the news is that Shanghai Weicai Semiconductor Technology Co., Ltd. has seen a significant stock price increase of 5.22%, reaching 75.16 CNY per share, with a total market capitalization of 11.195 billion CNY [1] - The company was established on May 6, 2016, and went public on October 26, 2022. Its main business includes wafer testing, chip finished product testing, and related integrated circuit testing services [1] - The revenue composition of the company is as follows: wafer testing accounts for 55.40%, chip finished product testing for 40.09%, and other services for 4.51% [1] Group 2 - According to the data, Debon Fund's Debon Semiconductor Industry Mixed Initiation A (014319) has entered the top ten circulating shareholders of Weicai Technology, holding 1.4323 million shares, which is 1.39% of the circulating shares [2] - The fund has achieved a year-to-date return of 42.68%, ranking 960 out of 8175 in its category, and a one-year return of 104.14%, ranking 301 out of 7982 [2] - The fund manager, Lei Tao, has been in position for 3 years and 259 days, with the fund's total asset size at 3.689 billion CNY and a best return of 199.87% during his tenure [3]

Investment Rating - The report maintains a "Recommended" rating for the company [2][7]. Core Insights - The company has shown impressive growth in the semiconductor testing sector, with a revenue increase of 22.68% year-on-year, reaching 444 million yuan in the first half of 2025. However, the net profit attributable to shareholders decreased by 19.94% to 30.59 million yuan due to increased salary expenses [3][4]. - The semiconductor testing equipment segment experienced significant growth, with revenue soaring by 376.52% to 313 million yuan, driven by strong demand in the global storage and AI sectors [4][5]. - The company has secured major orders exceeding 300 million yuan, marking a validation of its testing machine systems in the market [4][5]. - R&D expenditures reached 60.99 million yuan, accounting for 13.75% of revenue, reflecting the company's commitment to innovation [4][5]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 292 million yuan, a year-on-year increase of 4.65%, while net profit was 47 million yuan, down 11.1% [4]. - The gross margin for Q2 was 40.40%, showing a 12.69 percentage point increase quarter-on-quarter but a 2.81 percentage point decrease year-on-year [4]. Business Segments - The new display detection equipment segment has seen a notable increase in gross margin, with significant orders in the G8.6 AMOLED production line [4][5]. - The company is actively collaborating with leading manufacturers in the Micro LED and Micro OLED sectors, with demand for detection equipment growing in tandem with performance [4][5]. R&D and Innovation - The company has made substantial progress in R&D, with several projects yielding orders, including a high-resolution imaging colorimeter and advanced packaging MEMS probe cards [4][5]. - The company is focusing on enhancing its testing and packaging solutions, with a total investment of nearly 300 million yuan in advanced packaging equipment [5][7]. Future Outlook - The company is projected to achieve earnings per share (EPS) of 1.92 yuan, 2.88 yuan, and 3.80 yuan for 2025, 2026, and 2027, respectively, indicating a strong growth trajectory [7][11].

Group 1: Weicai Technology - The overall capacity utilization rate of Weicai Technology reached 90% in the first half of 2025, expected to approach full production by September [1] - The company anticipates a doubling of revenue from computing power business for the entire year, with gross margin expected to rise in the second half due to price, capacity utilization, and business structure [1] - The company plans to invest 1.3 to 1.4 billion yuan in capital expenditures for equipment this year, with stable pricing [1] Group 2: Beixin Building Materials - The domestic gypsum board industry is facing a decline in demand and increased competition in the first half of 2025 [2] - Beixin Building Materials aims to enhance product competitiveness and focus on niche markets while expanding its international presence in regions such as Southeast Asia and Central Asia [2] - The company is pursuing mergers and acquisitions to achieve value integration and has successfully restructured partnerships with Jia Baoli Paint and Zhejiang Daqiao [2] Group 3: Huayang Group - Huayang Group is intensifying efforts to expand its international brand client base in the automotive electronics sector, securing multiple projects with international car manufacturers [3] - The company has achieved mass production of advanced HUD products and expects continued high growth in this segment [3] - There is significant growth in orders for magnesium alloy die-casting products and rapid revenue growth in optical communication module components [3]

Group 1: Weicai Technology - The overall capacity utilization rate of Weicai Technology reached 90% in the first half of 2025, expected to approach full production by September [1] - The company has made smooth progress in its fundraising projects in Wuxi and Nanjing, with equipment investment nearly completed [1] - The fixed asset depreciation for the first half of the year was 207 million, with an expected total depreciation of 480 million for the year [1] - The computing power business accounted for 9% to 10% of total revenue in the first half, with an expected doubling of growth for the year [1] - The gross profit margin is influenced by price, capacity utilization, and business structure, with an anticipated quarter-on-quarter increase in the second half [1] - Revenue from high-end testing, including wafer and chip testing, is expected to continue increasing in absolute terms in the second half, with faster growth in FT revenue [1] - Government subsidies in the second half are expected to be several million, with minimal equipment disposal [1] - The capital expenditure plan for equipment this year is 1.3 to 1.4 billion, with stable pricing [1] - Revenue distribution: Wuxi plant 51%, Shanghai plant 24%, Nanjing plant 22%, Shenzhen and Tianjin 2.5% to 3% [1] - The consumer electronics business accounted for over 60% last year, over 50% in the first half of this year, with an increase in absolute value but a decrease in proportion [1] - The Shanghai headquarters covers customers in the Yangtze River Delta, while the Nanjing Phase II project serves the local industrial ecosystem, and the Chengdu project covers the western market [1] Group 2: Beixin Building Materials - In the first half of 2025, the domestic gypsum board industry faced a decline in demand and intensified competition [2] - Beixin Building Materials plans to flexibly adjust strategies, increase new product development, and promote high-end, green, and digital transformation [2] - The company's "two wings" business still has room for market share improvement, focusing on enhancing product competitiveness in niche markets [2] - The international business has made initial entries into Tanzania, Uzbekistan, and Thailand, with plans to expand into Southeast Asia, Central Asia, Africa, Europe, and the Mediterranean [2] - The company adheres to the "one body, two wings" strategy for external mergers and acquisitions, aiming for dual empowerment and value integration [2] - Beixin has successfully initiated the restructuring of Jiaboli Paint and Zhejiang Bridge, with smooth integration efforts [2] - In response to market competition, the company is deepening reforms, improving governance systems, and advancing long-term incentives and market-oriented operational mechanism reforms [2]

Group 1 - Star Stone Investment conducted research on Weicet Technology, which has achieved a 90% overall capacity utilization rate in the first half of 2025, expected to reach near full capacity by September [1] - The company has made significant progress on its fundraising projects in Wuxi and Nanjing, with equipment investment nearly completed [1] - The fixed asset depreciation for the first half of the year was 207 million, with an expected annual depreciation of 480 million [1] Group 2 - The computing power business accounted for 9% to 10% of total revenue in the first half of the year, with expectations for it to double by the end of the year [1] - The gross profit margin is influenced by pricing, capacity utilization, and business structure, with expectations for a sequential increase in the second half of the year [1] - The revenue from CP and FT is expected to continue increasing in absolute terms, with FT growth potentially accelerating [1] Group 3 - Government subsidies in the second half of the year are expected to be several million, with minimal equipment disposal [1] - The capital expenditure plan for equipment this year is between 1.3 billion to 1.4 billion, with stable pricing [1] - Revenue distribution shows Wuxi plant contributing 51%, Shanghai plant 24%, Nanjing plant 22%, and Shenzhen and Tianjin 2.5% to 3% [1] Group 4 - The consumer electronics business accounted for over 60% last year, dropping to over 50% in the first half of this year, although the absolute value has increased [1] - The Shanghai headquarters serves clients in the Yangtze River Delta, while the second phase in Nanjing supports local industry, and the Chengdu project covers the western market [1]

Group 1: Company Performance - Xiaogoods City reported optimistic expectations for export growth in the second half of the year, with commercial leasing and apartment rental preparations underway [1] - Babi Food achieved a revenue of 835 million yuan in the first half of 2025, a year-on-year increase of 9.31%, and a net profit of 132 million yuan, up 18.08% [2] - OptoTech's revenue reached 682.56 million yuan in the first half of 2025, growing by 30.68%, with a net profit of 145.99 million yuan, up 28.80% [3] - Weicai Technology's overall capacity utilization reached 90% in the first half of 2025, with expectations of near full production by September [4] - Zhongmin Resources reported a revenue of 3.27 billion yuan in the first half of 2025, a 34.89% increase, but net profit fell by 81.16% to 89.13 million yuan [5] Group 2: Industry Trends - The Mini LED industry is experiencing increased penetration due to stable market demand and significant cost reductions, benefiting companies like Xinyi Chang [6] - The machine vision industry is projected to exceed 21 billion yuan in market size by 2025, with a compound annual growth rate of approximately 20% from 2024 to 2028 [7] - The AI computing demand is rapidly growing, driven by investments in AI, with companies like Hongxin Electronics actively participating in this trend [8] Group 3: Strategic Developments - Babi Food is expanding its business through store model optimization, mergers and acquisitions, and group meal business development [2] - OptoTech is actively exploring overseas markets and establishing partnerships to enhance its market presence [3] - Zhongmin Resources is focusing on deepening its resource and cost advantages in the lithium battery new energy sector [5]