Group 1 - The company achieved operating revenue of 1 billion yuan in Q2 2025, a year-on-year increase of 20% and a quarter-on-quarter increase of 26% [1] - The net profit attributable to shareholders was 34.43 million yuan, a year-on-year decrease of 44% but a quarter-on-quarter increase of 255% [1] - The semiconductor equipment precision components business experienced rapid growth, with major customers' orders increasing by 74% and 236% year-on-year [1] Group 2 - The company successfully broke through overseas technical barriers with its metal heating plate and became a major supplier to domestic mainstream customers [2] - The customer structure has been further optimized, with the top five customers accounting for over 75% of revenue during the reporting period [2] - The gas transmission business orders grew by 53% year-on-year, with revenue increasing by 21% [2] Group 3 - The company expects net profits attributable to shareholders to be 325 million yuan, 439 million yuan, and 644 million yuan for 2025-2027, with corresponding EPS of 1.06, 1.43, and 2.10 yuan [3] - The latest closing price corresponds to PE ratios of 68x, 50x, and 34x for the respective years [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科创板股票上市规则》等有关 法律、法规的规定，华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作为江苏先锋 精密科技股份有限公司（以下简称"先锋精科""公司"）首次公开发行股票并在科创板上市的保荐人，对 先锋精科进行持续督导，并出具本持续督导跟踪报告： 一、保荐人和保荐代表人发现的问题及整改情况 无。 二、重大风险事项 公司目前面临的风险因素主要如下： （一）技术风险 1、无法跟随技术升级迭代的风险 公司所处的半导体设备精密零部件行业属于技术密集型行业，随着芯片制程的不断升级，半导体设备及 半导体设备零部件厂商必须紧跟晶圆制造等产业链下游厂商的需求不断提高工艺水平以及产品性能，从 而对公司的研发能力、工艺水平不断提出更高要求。此外，对于同一代工艺制程，半导体设备企业也会 不断升级优化，提升效率及良品率，公司必须及时研发相匹配的精密零部件产品以应对下游厂商不断提 升的技术要求。 若公司产品不能紧跟和满足客户产品的更新迭代需求，公司的行业地位和未来经营业绩将受到不利影 响。 2、技术人 ...

Core Viewpoint - Jiangsu Pioneer Precision Technology Co., Ltd. reported a steady growth in sales revenue and performance scale, benefiting from the continuous advancement of domestic semiconductor equipment localization [5][9]. Financial Performance - The company achieved operating revenue of 654.52 million yuan in the first half of 2025, a year-on-year increase of 19.52% compared to 547.61 million yuan in the same period last year [4]. - Total profit for the period was 123.44 million yuan, down 3.81% from 128.33 million yuan year-on-year [4]. - Net profit attributable to shareholders was 106.19 million yuan, a decrease of 5.39% from 112.24 million yuan in the previous year [4]. - The company's net assets increased by 4.87% to 1.55 billion yuan compared to the end of the previous year [4]. Industry Overview - The semiconductor equipment industry is crucial, with the technology directly impacting chip manufacturing precision and efficiency [9]. - According to SEMI, global semiconductor manufacturing equipment shipments reached a historical high of 117.1 billion USD in 2024, a 10% increase from 2023 [9]. - The domestic semiconductor equipment market continues to grow, with China maintaining its position as the largest market for semiconductor equipment [9]. Business Operations - The company specializes in precision metal components for semiconductor etching and deposition equipment, characterized by small batch, multi-batch, and customization [9][10]. - The company has established a strong technical barrier through accumulated precision manufacturing technology and surface treatment technology [10][11]. - The company has a direct sales model, negotiating prices based on production costs and market conditions [11]. Research and Development - The company increased R&D investment to 34.49 million yuan, a year-on-year growth of 7.29%, accounting for 5.27% of operating revenue [10][12]. - As of June 30, 2025, the company holds 108 approved patents, including 36 invention patents [10][12]. - The company focuses on advanced process research to enhance the core performance of domestically produced products and achieve import substitution [10][12]. Strategic Development - The company is expanding its strategic business segments into medical, aerospace, and module products, creating new profit growth points [10][12]. - The company has established deep cooperation with leading domestic semiconductor equipment manufacturers, enhancing its market position [10][12]. - The company is committed to improving its internal governance structure and enhancing information disclosure management [12].

Core Viewpoint - The company reported steady growth in sales revenue and performance in the first half of 2025, benefiting from the increasing demand in the domestic semiconductor market, with total operating revenue reaching 655 million yuan, a year-on-year increase of 19.52% [1] Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of 106 million yuan in the first half of 2025, slightly down from the same period last year, primarily due to capacity expansion efforts that have not yet fully materialized [1] - The company’s revenue growth is supported by ongoing investments in production capacity, including new production lines and upgrades [1] Group 2: Capacity Expansion and Projects - The new production line at the second processing center (Jiangsu Xianjie) has been successfully put into operation, contributing positively to production capabilities [1] - The second precision manufacturing plant, covering an area of 30,000 square meters, is on track for completion in September 2025, which will significantly enhance the company's production capacity for precision components [1] - The Wuxi Xianyan fundraising project commenced construction in the first quarter of this year and is expected to be completed in 2026, further strengthening the company's overall manufacturing capabilities [1] Group 3: Strategic Acquisitions and R&D - In March 2025, the company completed the acquisition of 100% equity in Wuxi Zhichen for 12 million yuan through its wholly-owned subsidiary, effectively enhancing its core capabilities in surface treatment [1] - The company continues to deepen its focus on the semiconductor equipment components sector while exploring new products in medical and aerospace fields, actively pursuing a second growth curve [2] - The company has invested 34.49 million yuan in R&D during the reporting period, a year-on-year increase of 7.29%, with new projects including the development of semiconductor module assembly processes and precision components for semiconductor lithography equipment [2] Group 4: Industry Position and Collaborations - The company is recognized as one of the influential players in the domestic semiconductor equipment precision components industry and is among the few manufacturers capable of mass-producing key components for 7nm and below domestic etching equipment [2] - In the first half of 2025, the company continued to deepen collaborations with leading domestic semiconductor equipment firms such as Zhongwei and Beifang Huachuang, receiving high recognition from major clients for its products [2]

Core Viewpoint - 富创精密 is a leading domestic semiconductor equipment precision components manufacturer, focusing on technological innovation and market expansion, with a strategic emphasis on global collaboration and vertical integration [1][2][3][4] Group 1: Company Overview - 富创精密 specializes in providing precision components for semiconductor equipment, particularly for 7nm process technology, and has established a comprehensive technical system for precision manufacturing [1] - The company has developed over 70 gas cabinet design solutions for domestic leading clients, most of which are in mass production [1] Group 2: Financial Performance and Market Expansion - The company has successfully expanded its international market presence, achieving over 40% year-on-year revenue growth from key overseas clients [2] - A strategic investment was made to acquire a stake in 浙江镨芯, which holds a significant share in the international gas transmission system manufacturer Compart, enhancing the company's global supply chain capabilities [2] Group 3: Product Development and Innovation - 富创精密 has completed the development of new generation products, including complex structures like heated gas distribution plates, and has achieved small batch production capabilities [3] - The company aims to localize the supply of critical components like vacuum valves, reducing dependency on international manufacturers [3] Group 4: Future Strategy - The company plans to implement a "1+2+N strategic deployment" framework, focusing on technological innovation, resource integration, and global collaboration to enhance its competitive edge [4] - Future efforts will include strengthening support capabilities for domestic semiconductor equipment companies and accelerating the expansion into advanced overseas markets [4]