Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in its lithium battery and wiring harness businesses, with notable progress in its semiconductor operations [9] - The revenue for the first half of 2025 reached 3.2 billion yuan, representing a year-on-year increase of 32.5%, while the net profit attributable to shareholders was 580 million yuan, up 1005.1% year-on-year [9] - The semiconductor business is expected to double its revenue in 2025, with a focus on the advanced packaging market, which has a potential space exceeding 10 billion yuan [9] Financial Performance - Total revenue projections for 2023A to 2027E are as follows: 525.19 million yuan (2023A), 584.55 million yuan (2024A), 784.99 million yuan (2025E), 1,206.07 million yuan (2026E), and 1,807.81 million yuan (2027E) [1] - The net profit attributable to shareholders is projected to grow from 66.54 million yuan in 2023A to 503.04 million yuan in 2027E, with a year-on-year growth rate of 76% in 2025E [1] - The latest diluted EPS is expected to increase from 0.57 yuan in 2023A to 4.35 yuan in 2027E [1] Business Segments - The lithium battery segment is experiencing high demand, with expected revenue growth of over 50% for consumables and a 30% increase in equipment revenue [9] - The wiring harness segment is projected to double its revenue to 1.6 billion yuan [9] - The semiconductor segment is anticipated to secure around 200 million yuan in orders, with significant growth expected in the coming years [9] Cost and Efficiency - The company has seen a decrease in expense ratios, with the expense ratio for the first half of 2025 at 45.8%, down 9.4 percentage points year-on-year [9] - Operating cash flow for the first half of 2025 was 20 million yuan, showing significant improvement [9]

Core Viewpoint - The company, Jiao Cheng Ultrasonic, reported significant growth in revenue and profit for the first half of 2025, driven by increased sales in ultrasonic equipment for new energy batteries and connector applications [1][2]. Financial Performance - The company achieved operating revenue of 323 million yuan, a year-on-year increase of 32.50% [1]. - Profit before tax reached 60.71 million yuan, with net profit attributable to shareholders at 58.04 million yuan, reflecting a substantial year-on-year growth of 1005.12% [1]. Business Development - The revenue growth was attributed to the increase in sales of ultrasonic welding equipment and components, particularly in the new energy and semiconductor sectors [1][3]. - The company has been actively promoting ultrasonic welding monitoring systems to address challenges in battery welding, with related equipment achieving bulk shipments during the reporting period [1]. Product Innovation - Jiao Cheng Ultrasonic launched a vibration monitoring system for terminal welding quality in the connector field, addressing shortcomings in traditional quality management [2]. - The company received formal orders for advanced ultrasonic scanning microscopes and ultrasonic die bonding machines in the semiconductor advanced packaging sector [2]. Research and Development - R&D investment amounted to 75.58 million yuan, a 5.46% increase year-on-year, representing 23.41% of the operating revenue [2]. - The company increased its R&D personnel to 318, accounting for 37.54% of total employees, with a 10.03% increase in new R&D staff compared to the previous year [2]. Incentive Mechanism - The company completed the grant of reserved restricted stock to incentive objects under the 2024 restricted stock incentive plan, with a grant date set for March 31, 2025, for up to 645,300 shares [2].

在线束连接器领域，骄成超声推出的线束端子焊接质量振动在线监控系统，能精准捕捉因设备故障或材 料异常等因素导致的焊接异常现象，弥补了传统焊接参数质量管理的不足。"应用于连接器的大功率超 声波扭矩焊接机打破国外垄断并获得客户正式订单。"骄成超声在半年报中表示。 骄成超声(688392)8月18日晚间披露2025年半年报，公司上半年实现营业收入3.23亿元，同比增长 32.50%。对此，骄成超声称，主要系新能源电池超声波设备、线束连接器超声波设备以及配件销售收 入增加所致。 据骄成超声半年报，本报告期，公司实现利润总额6070.81万元，归母净利润5803.69万元，同比增长 1005.12%，主要系主营业务收入增加且毛利率水平较高的产品收入占比持续提升，以及公司加强经营 管理，不断提高运营管理效率，毛利率和整体盈利能力进一步提升所致。 资料显示，骄成超声是专业提供超声波技术及应用解决方案的供应商，主要从事超声波焊接、裁切及检 测设备和配件的研发、设计、生产与销售，并为客户提供配套自动化解决方案。公司产品主要应用于新 能源、半导体等领域，包括新能源电池超声波焊接设备、线束连接器超声波焊接设备等。 在新能源电池领域， ...