报告期内，公司营业收入自2025年第二季度始逐季增长，全年创成立以来的历史新高；主要原因：一方 面，部分品类延续2024年旺盛的测试需求和部分存量客户终端需求好转；另一方面，新拓展客户和新产 品陆续导入并实现量产测试；综上使得相关芯片的测试收入同比大幅增长（如高算力、存储、汽车电 子、工业控制、特种芯片等）。 格隆汇2月27日丨利扬芯片(688135.SH)公布2025年度业绩快报，2025年公司实现营业收入为61,839.44万 元，较上年同期增长26.69%；实现归属于母公司所有者的净利润为-919.83万元；实现归属于母公司所 有者的扣除非经常性损益的净利润为-1,162.47万元。 ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 503.08 | 488.13 | 629.78 | 792.52 | 964.95 | | 同比（%） | 11.19 | (2.97) | 29.02 | 25.84 | 21.76 | | 归母净利润（百万元） | 21.72 | (61.62) | (6.44) | 18.97 | 36.09 | | 同比（%） | (32.16) | (383.69) | 89.56 | 394.71 | 90.29 | | EPS-最新摊薄（元/股） | 0.11 | (0.30) | (0.03) | 0.09 | 0.18 | | P/E（现价&最新摊薄） | 330.18 | (116.39) | (1,114.38) | 378.12 | 198.70 | [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 23 日 证券研究报告·公司深 ...

Group 1 - The core viewpoint of the news highlights the recent fluctuations in the stock price of Liyang Chip (688135), which has shown an upward trend with significant trading volumes and varying turnover rates [1][2] - On February 12, the stock price increased by 3.66% to 34.24 yuan, with a trading volume of 408 million yuan and a turnover rate of 5.89% [1] - On February 13, the stock price further rose by 2.95% to 35.25 yuan, with trading volume increasing to 455 million yuan and a turnover rate of 6.27% [1] Group 2 - The company announced an annual performance forecast on January 30, 2026, predicting a net loss of 8.5 million to 11.5 million yuan for 2025, which represents a significant narrowing of losses compared to 2024 [2] - The increase in operating revenue is expected to begin from the second quarter, reaching new highs each quarter [2] - The company plans to raise up to 970 million yuan through a private placement of A-shares to fund integrated circuit testing projects and technology research and development, which may impact its long-term business strategy [2] - Recent share reductions by the company's actual controller indicate a need to monitor shareholder movements [2]

Meeting Overview - The first extraordinary general meeting of Guangdong Liyang Chip Testing Co., Ltd. was held on February 11, 2026, at the company's conference hall in Dongguan, Guangdong Province [2] - The meeting was convened by the board of directors and chaired by Chairman Huang Jiang, utilizing a combination of on-site and online voting methods [2][3] Attendance and Voting - All 9 current directors attended the meeting, along with the general manager and the board secretary [3] - The voting procedures complied with the Company Law, Securities Law, and the company's articles of association [2] Resolutions Passed - The following key resolutions were approved during the meeting: - Approval of the proposal regarding the company's compliance for issuing A-shares to specific targets [4] - Approval of the detailed plan for the issuance of A-shares, including types, methods, pricing, and subscription details [5][6] - Approval of the total amount and use of raised funds, confirming that the funds will be directed towards technology innovation [6][7] - Approval of the company's dividend return plan for the next three years (2026-2028) [7] - Authorization for the board to handle matters related to the issuance of A-shares [7] Independent Director Election - The company completed the election of independent directors Liu Ziyu and Xu Jianming, following the expiration of the terms of previous independent directors [13] - The new independent directors will serve until the end of the current board's term [13] Committee Adjustments - Adjustments were made to the board's specialized committees, with Liu Ziyu appointed as the chair of the nomination committee and Xu Jianming as the chair of the remuneration and assessment committee [14]

Core Viewpoint - The company has confirmed that it is experiencing tight testing capacity in some product lines, leading to potential price increases for certain customers who are requesting them [1] Group 1 - The company has been asked about its collaboration with Huawei's Ascend chips, indicating interest in partnerships within the industry [1] - The company stated that it will decide on price increases based on its strategic development, suggesting a proactive approach to market demand [1]

Investment Performance - The January stock portfolio achieved a return of +15.42%, outperforming the Shanghai Composite Index and CSI 300 Index by 13.77 percentage points and 8.31 percentage points respectively [2] - The portfolio included one Hong Kong stock with a return of 11.04%, while the Hang Seng Index rose by 6.85% [2] - The top-performing sectors included non-ferrous metals (+23%), media (+18%), and oil and petrochemicals (+16%) [2] February Investment Strategy Outlook - The A-share market has seen increased volatility since late January, influenced by valuation levels and external factors such as precious metals and the US dollar index [3] - The strategy suggests selecting stocks with solid fundamentals and low implied expectations, while maintaining a balanced portfolio to avoid overexposure to any single sector [3] - Key indicators to monitor include the trends in precious metals, the US dollar index, and A-share market trading volume [3] February Stock Recommendations Power Equipment and New Energy - Zhongtian Technology (600522.SH) is recommended due to its leadership in optical fiber and expected benefits from increased demand driven by AI investments and a significant investment plan from the State Grid [5][6] Electronics - Helin Micro-Nano (688661.SH) is favored for its potential growth in the chip testing market, driven by increased complexity and demand for FT probes [7] Robotics - Amperelong (301413.SZ) is highlighted for its expansion in automotive sensor products and its role in the emerging field of humanoid robots [9][10] Media - Alibaba-W (09988.HK) is recommended due to its rapid growth in cloud services and AI-related products, with a significant market share in China's public cloud IaaS market [12][13] Transportation - Southern Airlines (600029.SH) is positioned to benefit from high capacity and operational efficiency, with a projected increase in passenger volume [14] New Materials - Huafeng Aluminum (601702.SH) is expected to benefit from the demand for aluminum materials in the new energy vehicle sector and the trend of "aluminum replacing copper" [16] Building Materials - China Jushi (600176.SH) is recommended as it is positioned to benefit from a market shift in electronic fabrics and the ongoing demand for fiberglass [17] Real Estate - China Merchants Shekou (001979.SZ) is favored for its strong asset structure optimization and focus on core cities, which positions it well in the current market environment [18] Non-Banking Financials - China Life (601628.SH) is expected to perform well in 2026, with strong sales and investment returns [19] North Exchange - Haixi Communications (920405.BJ) is recommended due to its expanding energy storage business and stable traditional operations [22]

Core Viewpoint - Liyang Chip (688135.SH) is expected to report a loss in 2025, with a net profit attributable to the parent company projected to be between -11.5 million and -8.5 million yuan, indicating a reduction in loss compared to the previous year [1] Financial Performance - The anticipated net profit excluding non-recurring gains and losses for 2025 is expected to be between -13.5 million and -9.5 million yuan, which represents a decrease in loss of 52.18 million to 56.18 million yuan compared to the previous year [1] - The company's revenue is expected to reach historical highs starting from the second quarter of 2025, driven by strong demand in certain product categories and improved demand from existing customers [1] Revenue Drivers - The increase in revenue is attributed to sustained testing demand from last year and the introduction of new products from newly acquired clients, leading to significant growth in testing revenue for various chip categories, including high-performance computing, storage, automotive electronics, industrial control, and specialty chips [1] Cost Factors - The rise in operating costs is due to the release of production capacity, resulting in increased fixed costs such as depreciation, amortization, labor, electricity, and facility expenses [1] - The financial expenses have increased compared to the previous year due to the ongoing issuance of convertible bonds [1]

Core Viewpoint - Liyang Chip (688135.SH) is expected to report a loss in 2025, with a net profit attributable to the parent company projected to be between -11.5 million and -8.5 million yuan, indicating a reduction in losses compared to the previous year [1] Financial Performance - The anticipated net profit excluding non-recurring gains and losses for 2025 is expected to be between -13.5 million and -9.5 million yuan, which represents a decrease in losses of 52.18 million to 56.18 million yuan compared to the previous year [1] - The company's revenue is expected to reach historical highs starting from the second quarter of 2025, driven by strong demand in certain product categories and improved demand from existing customers [1] Revenue Drivers - The increase in revenue is attributed to sustained testing demand from last year and the introduction of new products from newly acquired customers, leading to significant growth in testing revenue for various chip categories, including high-performance computing, storage, automotive electronics, industrial control, and specialty chips [1] Cost Factors - The rise in operating costs is due to the gradual release of production capacity, resulting in increased fixed costs such as depreciation, amortization, labor, electricity, and facility expenses [1] - The financial expenses have increased compared to the previous year due to the ongoing issuance of convertible bonds [1]

Group 1: Real Estate Sector - Recent performance of AH real estate stocks has outperformed market indices, with the Hong Kong real estate index rising by 7.3% and the A-share real estate index increasing by 5.5% from January 19 to 29 [2] - The valuation recovery of real estate stocks is driven by low valuations and multiple factors, including improved liquidity in Hong Kong and expectations of marginal improvement in the real estate fundamentals [2] - The period until March is seen as a window for policy and market recovery, which may support continued valuation recovery for real estate stocks [2] Group 2: Consumer Services - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on six key areas and three potential sectors [3] - The plan aims to enhance service consumption, which is expected to drive a shift from online to offline spending, benefiting related industries such as dining, tourism, and retail [3] - The long-term outlook for service consumption in China is positive, with significant growth potential as consumer demand continues to evolve [3] Group 3: Fixed Income and Convertible Bonds - The convertible bond market has seen a resurgence, with a 7.69% increase in the convertible bond index, outperforming major stock indices [4] - The market is benefiting from seasonal stock market trends and inflows into "fixed income plus" products, indicating a strong trading environment for convertible bonds [4] - The focus is shifting towards trading attributes as the investment value in convertible bonds diminishes [4] Group 4: Utilities Sector - The demand for natural gas in China's manufacturing sector is expected to grow moderately, with a 2% annual growth rate from 2026 to 2028, but with significant structural differentiation [6] - Emerging manufacturing sectors are projected to see the highest demand growth, while traditional high-energy-consuming industries are expected to decline [6] - The transformation of the city gas industry towards comprehensive energy services presents core opportunities for companies capable of adapting to these changes [6] Group 5: Pharmaceutical Sector - Zai Lab is recognized as a leading player in the T-cell engager (TCE) field, with its product ZG006 expected to achieve significant domestic and international sales [7] - The company has four innovative drugs already on the market, providing a sustainable cash flow to support ongoing research and development [7] - The target price for Zai Lab is set at 166.16 yuan, reflecting strong growth potential in the TCE market [7] Group 6: Electric Equipment and New Energy - TBEA is expected to benefit from a favorable market environment in 2026, with multiple business segments entering a growth phase [8] - The company is projected to see increased demand for its power transmission and transformation equipment due to global shortages [8] - The target price for TBEA is set at 33.31 yuan, indicating strong earnings potential in the coming years [8] Group 7: Social Media Sector - Meta's Q4 2025 revenue grew by 24% year-on-year to $59.9 billion, driven by significant improvements in advertising efficiency due to AI [9] - The company expects Q1 2026 revenue to reach between $53.5 billion and $56.5 billion, exceeding market expectations [9] - The introduction of new AI-driven products is anticipated to further enhance revenue growth in 2026 [9] Group 8: Education Sector - TAL Education reported a 27% year-on-year revenue increase in Q3 FY26, driven by strong growth in its K12 business [11] - The company has maintained a high operating profit margin, significantly exceeding market expectations [11] - The outlook for TAL Education remains positive, with continued growth anticipated in its educational services [11] Group 9: Agriculture Sector - Shennong Group is expected to face a decline in net profit for 2025 due to falling pig prices, but maintains a strong growth outlook due to cost advantages [10] - The company is positioned as a rare growth and financially stable entity within the current pig cycle [10] - The target price for Shennong Group remains favorable, reflecting its potential for recovery and growth [10]

Core Viewpoint - Liyang Chip aims to establish a strategic layout characterized by a "one body, two wings" approach, focusing on various technical services related to chip testing and applications in autonomous driving and robotics [2] Group 1: Strategic Focus - The company emphasizes independent third-party wafer testing and finished chip testing as its main service [2] - It also offers technical services such as wafer laser grooving, dicing, and thinning, which are part of its left wing strategy [2] - The right wing of the strategy focuses on all-weather ultra-wide spectrum layered image sensor chips for applications in autonomous driving and robotics [2]