丨证券研究报告丨 公司研究丨点评报告丨骄成超声（688392.SH） [Table_Title] 骄成超声：半导体及液冷等新领域持续突破，构 建多元成长曲线 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 骄成超声深耕超声波技术，在新能源、半导体、医疗等领域持续发力，且有望开拓更多市场， 平台化能力强，长期成长空间足；此外，设备+耗材模式更优，盈利能力强。看好公司平台化发 展和"设备+耗材"商业模式。 分析师及联系人 [Table_Author] 赵智勇 倪蕤 屈奇 杨文建 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524070003 SAC：S0490525070003 SFC：BRP550 骄成超声（688392.SH） cjzqdt11111 [Table_Title 骄成超声：半导体及液冷等新领域持续突破，构 2] 建多元成长曲线 [Table_Summary2] 事件描述 《科创板日报》10 日讯，据证监会官网，长鑫科技已发布 IPO 辅导工作完成报告。 事件 ...

Core Insights - The report highlights the significant growth in revenue and profitability for various companies in the technology and energy sectors, indicating a positive trend in their respective markets [6][23][15]. Industry Overview - The non-bank financial sector is experiencing a resurgence, with a focus on investment value as half-year reports are being released [5]. - The semiconductor and advanced packaging industries are seeing increased demand, driven by technological advancements and market expansion [8][11]. Company Analysis - **Stone Technology (688169.SH)**: The company reported a revenue of 7.903 billion, a year-on-year increase of 78.96%, but a decline in net profit by 39.55% [6]. - **Jiaocheng Ultrasonic (688392.SH)**: The company experienced a significant improvement in profitability, with a focus on scaling its advanced packaging business [8]. - **Green's Harmonics (688017.SH)**: The company achieved a revenue growth of 45.8% in the first half of 2025, driven by a recovery in the industrial robot market [15]. - **Hongyuan Co., Ltd. (920018.BJ)**: Recognized as a national champion in the electromagnetic wire industry, the company is leveraging its advantages in the ultra-high voltage sector [14]. - **JianTou Energy (000600.SZ)**: The company reported a substantial increase in net profit by 169.37% in the first half of 2025, attributed to effective cost management and stable power generation performance [23][24]. Financial Performance - **Stone Technology**: The company’s H1 revenue reached 7.903 billion, with a net profit of 678 million, reflecting a significant year-on-year revenue increase [6]. - **Jiaocheng Ultrasonic**: The company’s H1 gross margin was 44.56%, with a net margin of 8.57%, indicating improved profitability [8]. - **Green's Harmonics**: The company’s Q2 revenue grew by 69.5%, with a net profit increase of 101% [15]. - **JianTou Energy**: The company’s H1 revenue was 111.13 billion, with a net profit of 8.97 billion, showcasing strong financial health [23]. Investment Recommendations - The report suggests a "Buy-A" rating for companies like Stone Technology and Jiaocheng Ultrasonic, indicating strong future growth potential [8][11]. - JianTou Energy is also recommended for investment due to its robust financial performance and strategic project developments [23][26].

Group 1 - The company achieved a revenue of 323 million yuan in the first half of 2025, representing a year-on-year growth of 32.50% [2] - The net profit attributable to shareholders reached 58.04 million yuan, with a significant year-on-year increase of 1005.12% [2] - The growth in revenue is primarily driven by increased sales of ultrasonic equipment for new energy batteries, connector ultrasonic equipment, and related accessories [2] Group 2 - The company reported a non-recurring net profit of 46.27 million yuan, attributed to the increase in main business income and a higher proportion of high-margin products [2] - The company has strengthened its operational management, leading to improved efficiency and profitability [2] - Research and development investment amounted to 75.58 million yuan, a 5.46% increase year-on-year, accounting for 23.41% of the revenue during the reporting period [2] Group 3 - The company specializes in providing ultrasonic technology and application solutions, focusing on the research, design, production, and sales of ultrasonic welding, cutting, and testing equipment [3] - The company is actively exploring applications of ultrasonic technology in the semiconductor sector while leveraging its technological advantages in high-end industrial applications [2][3]

Core Viewpoint - The company has shown significant growth in its accessory segment, particularly in ultrasonic equipment related to new energy batteries, and is expanding its product offerings in advanced packaging and semiconductor fields [2] Group 1: Financial Performance - In 2024, the company's accessory revenue reached 184 million yuan, representing a 70.45% increase year-on-year [2] - The company has achieved substantial revenue growth in the wire harness connector and semiconductor ultrasonic equipment sectors due to long-term validation of its technology and product performance [2] Group 2: Product Development and Market Position - The company has received verification orders for its advanced wafer ultrasonic scanning microscope from well-known industry clients, positioning it against competitors like Germany's PVA [2] - The company is actively developing ultrasonic equipment for advanced packaging, including ultrasonic die bonding machines, and is focused on expanding its product range in response to market demand [2] Group 3: Capacity Expansion and Future Plans - The company plans to expand its production capacity by acquiring precision manufacturing equipment based on order conditions [2] - Future investments will focus on the semiconductor and medical fields, particularly in advanced packaging ultrasonic equipment and new ultrasonic medical device development [2] Group 4: Technological Innovation - The company has built a unified technology platform that integrates various technical resources, enabling rapid expansion into different product series for new energy, semiconductor, and medical applications [2]