Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Insights - The company achieved a revenue of 753 million yuan in the first three quarters of 2025, representing a year-on-year growth of 33%. However, the net profit attributable to shareholders decreased by 19.29% to 41.47 million yuan [3][4]. - The semiconductor testing machine business continues to show high growth, with a 220% year-on-year increase in sales [4][5]. - The company successfully delivered its first high-speed testing machine, enhancing its core competitiveness and establishing a full-site service capability [4][5]. - R&D investment has increased significantly, reaching 105 million yuan in the first three quarters of 2025, a growth of 34.82% year-on-year [5]. Financial Performance Summary - For the first three quarters of 2025, the company reported: - Revenue: 753 million yuan, up 33% year-on-year - Net profit: 41.47 million yuan, down 19.29% year-on-year - Non-recurring net profit: 37.76 million yuan, down 8.80% year-on-year - Q3 revenue: 309 million yuan, up 51.23% year-on-year [3][4]. - The company forecasts EPS for 2025, 2026, and 2027 to be 1.92 yuan, 2.88 yuan, and 3.80 yuan respectively [5][13]. Business Development - The company is a leading enterprise in the new display detection equipment and semiconductor storage testing equipment industry, with expected continued growth in performance [5]. - The company has made substantial progress in its semiconductor business, with ongoing R&D investments aimed at enhancing product development and technology [5].

Core Viewpoint - The company, Jingzhida (688627.SH), announced the completion of a share reduction plan by its major shareholders, which involved a total reduction of 939,607 shares, representing 1% of the company's total share capital [1][3][5]. Shareholder Reduction Details - The shareholders involved in the reduction are Shenzhen Yuanchuangli Qingyuan Venture Capital Partnership, Changzhou Qingyuan Angel Venture Capital Partnership, Suzhou Xinlin Phase II Venture Capital, and Shanghai Lihua Qingyuan Venture Capital, collectively holding 7,094,655 shares, or 7.55% of the total shares [1][2]. - The reduction was executed through centralized bidding from April 28, 2025, to June 23, 2025, with a total reduction of 939,607 shares at a price range of 71.38 to 83.30 CNY per share, amounting to a total of 73,060,503.64 CNY [3][4]. Current Shareholding Status - After the reduction, the remaining shares held by the shareholders are 6,155,048, which is 6.55% of the total share capital [5]. - The original plan allowed for a maximum reduction of 940,118 shares, indicating that the plan was nearly fully executed with only 511 shares remaining untransacted [5]. Company IPO and Fundraising - Jingzhida was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 18, 2023, with an initial public offering of 23,502,939 shares at a price of 46.77 CNY per share, raising a total of 109,923.25 million CNY [5]. - The net proceeds from the offering, after deducting issuance costs, amounted to 98,656.46 million CNY, exceeding the original fundraising target by 38,656.46 million CNY [5]. Underwriter Participation - The underwriter, CITIC Securities, participated in the offering with a follow-on investment of approximately 4% of the total shares issued, amounting to 940,118 shares, with an investment of 43,969,318.86 CNY, subject to a 24-month lock-up period [6].

Core Viewpoint - Shenzhen Jingzhida Technology Co., Ltd. successfully completed its public offering of 23.502939 million shares at a price of RMB 46.77 per share, raising a total of RMB 1.0992325 billion, with a net amount of RMB 986.5646 million after deducting issuance costs [1]. Group 1: Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision work system, formulating corresponding work plans for specific supervision tasks [2]. - A continuous supervision agreement has been signed between the sponsor and Jingzhida, clarifying the rights and obligations of both parties during the supervision period [2]. - The sponsor conducts continuous supervision through daily communication, regular visits, on-site inspections, and due diligence to understand the operational status of Jingzhida [3]. Group 2: Financial Performance - For the fiscal year 2024, the company reported operating income of RMB 803.1297 million, an increase of 23.83% compared to RMB 648.5633 million in 2023 [15]. - The net profit attributable to shareholders decreased by 30.71% to RMB 80.1602 million from RMB 115.6848 million in the previous year [15]. - The company's total assets increased by 1.70% to RMB 2.0303548 billion at the end of 2024, compared to RMB 1.9964875 billion at the end of 2023 [15]. Group 3: Core Competitiveness - The company has developed a comprehensive core technology system across multiple technical fields, which is crucial for establishing a competitive market advantage [10]. - In the semiconductor storage device testing field, the company has accumulated rich experience and developed a full range of products for post-process testing, including wafer testers and aging test equipment [16]. - The company has established strong relationships with international manufacturers and universities, facilitating rapid technological accumulation and a complete industrial chain layout [18]. Group 4: Research and Development - The company's R&D expenditure for 2024 was RMB 109.6877 million, a 52.66% increase from RMB 71.85 million in 2023, representing 13.66% of operating income [20]. - The company holds a total of 413 intellectual property rights, including 84 invention patents, as of the end of 2024 [20]. - Continuous expansion of the R&D team and increased investment in new technologies and products have led to a significant rise in R&D expenses [20]. Group 5: Risk Factors - The company faces core competitiveness risks due to potential leakage of key technologies during external collaborations [10]. - High customer concentration is a concern, with the top five customers accounting for 67.49% of total revenue, which could adversely affect operations if any of these customers experience difficulties [11]. - Financial risks are present with accounts receivable amounting to RMB 440.0131 million, which could lead to bad debt risks if customer payment capabilities decline [12].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Insights - The company achieved a revenue of 803 million yuan in 2024, representing a year-on-year growth of 23.83%. However, the net profit attributable to shareholders decreased by 30.71% to 80.16 million yuan [2][3] - The semiconductor business is experiencing strong growth, with revenue from this segment increasing by 199% year-on-year to 249 million yuan, accounting for over 30% of total revenue [3][4] - The gross margin for the company was 32.82%, down 7.55 percentage points year-on-year, primarily due to strategic adjustments in revenue structure [3] Business Performance Summary - The revenue from new display device testing decreased by 2.09% to 553 million yuan, with a gross margin of 32.93%, down 6.50 percentage points [3] - The company has strengthened its market position in the semiconductor testing equipment sector, with significant increases in the shipment of DRAM aging test repair equipment and MEMS probe cards [4] - The global sales of memory testing equipment reached 1.5 billion USD in 2024, a growth of 36.4%, and is expected to rise to 1.9 billion USD in 2025, with a compound annual growth rate of 26.7% [4] Customer and Market Developments - The company has secured key orders in the AMOLED and micro-display sectors, including orders for critical testing equipment for domestic AMOLED G8.6 generation lines and Micro LED testing equipment [5] - The company has made significant progress in expanding its overseas market presence, including obtaining orders from leading AR/VR terminal manufacturers [5] Financial Forecast - The company is projected to achieve earnings per share (EPS) of 1.92 yuan, 2.89 yuan, and 3.84 yuan for the years 2025, 2026, and 2027, respectively [5] - Revenue is expected to grow significantly, with forecasts of 1.2 billion yuan in 2025, 1.65 billion yuan in 2026, and 2.07 billion yuan in 2027, reflecting growth rates of 49.80%, 37.37%, and 24.99% respectively [12][13]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company achieved a revenue of 803 million yuan in 2024, representing a year-on-year growth of 23.83%. However, the net profit attributable to shareholders decreased by 30.71% to 80.16 million yuan [2][3] - The semiconductor business is showing strong growth, with revenue from this segment increasing by 199% year-on-year to 249 million yuan, accounting for over 30% of total revenue [3][4] - The gross margin for the company was 32.82%, down 7.55 percentage points year-on-year, primarily due to strategic adjustments in revenue structure [3] - The company is a leading provider of testing equipment for new display devices and semiconductor storage devices, with significant orders from key clients in the AMOLED and Micro LED sectors [5][6] Financial Performance Summary - In 2024, the company reported a revenue of 803 million yuan, with a growth rate of 23.83%. The net profit attributable to shareholders was 80.16 million yuan, down 30.71% [2][12] - The company forecasts earnings per share (EPS) of 1.92 yuan, 2.89 yuan, and 3.84 yuan for the years 2025, 2026, and 2027 respectively [5][12] - The projected revenue for 2025 is 1.203 billion yuan, with an expected growth rate of 49.80% [12] Business Segment Analysis - The new display device testing segment generated revenue of 553 million yuan, a decrease of 2.09% year-on-year, with a gross margin of 32.93% [3] - The semiconductor testing equipment market is expected to grow significantly, with global sales projected to reach 1.5 billion USD in 2024, up 36.4% year-on-year, and further increase to 1.9 billion USD in 2025 [4] - The company has successfully developed and marketed high-resolution imaging colorimeters, expanding its product offerings in the new display device sector [5] Market Position and Future Outlook - The company is recognized as a national-level "specialized and innovative" enterprise, indicating strong industry recognition and technological capabilities [6] - The report highlights the potential for continued growth in the semiconductor testing equipment sector, driven by new orders and market demand [5][6]

【WitsView整理】 4月29日， 深圳精智达技术股份有限公司 （ 下文简称"精智达" ） 发布公告 称，公司于近日与京东方 下属公司成都京东方显示技术有限公司、成都京东方光电科技有限公司 签订了一系列合同，合同累计总金额为人民币2.5294亿元（含税）。 据了解，成都京东方显示技术有限公司系京东方控股子公司（持股52.63%），成都京东方光电科 技有限公司系京东方全资子公司（持股100%）。后者在成都负责一条4.5代TFT-LCD生产线以及一 条第6代柔性AMOLED生产线的运营。 精智达表示，本次签订的一系列合同属于公司日常经营行为。合同的履行预计将对公司2025、 2026年度经营业绩产生积极影响，公司将根据具体合同的相关规定以及公司收入确认原则在相应 的会计期间确认收入。 #显示设备 #京东方 #精智达 #LCD #OLED 【WitsView面板产业交流群】 TrendForce 集 邦 咨 询 面板产业链市场供需及价格报告 面板产业市况季度报告 面板价格"Plus"和市况更新月度报告 · 面板价格预测月度报告 面板出货追踪月度报告 · · 市场供需季度分析报告 季度面板产能状况季度报告 。 面 ...

Core Viewpoint - The significant reduction in shareholding by major shareholders of Jingzhida (688627.SH) raises concerns about the company's future prospects, especially in light of its recent performance challenges and the competitive landscape in the semiconductor testing equipment industry [3][4][5]. Shareholder Reduction and Buyback - Multiple shareholders plan to reduce their holdings by up to 2.82 million shares, representing a maximum of 3% of the total share capital, within three months following the announcement [3][4]. - The company has only repurchased 20,000 shares, which is a mere 0.02% of its total share capital, indicating a lack of confidence in the buyback's impact compared to the scale of the shareholder reduction [3][6]. Financial Performance - In 2024, the company reported a revenue increase of 23.83% year-on-year, reaching 803 million yuan, but the net profit attributable to shareholders decreased by 28.93% to approximately 82.22 million yuan, and the net profit after deducting non-recurring gains and losses fell by 19.61% to about 67.80 million yuan [8][9]. - The company faces operational pressures, with a significant reliance on a few major clients, as the top five clients accounted for 86.76% of total revenue in 2023 [9][10]. Market and Operational Risks - The company operates in a technology-intensive industry with long R&D cycles, and it has increased R&D spending by 57.60% year-on-year to approximately 77.58 million yuan, which constitutes 12.28% of its revenue [9][10]. - High customer concentration poses a risk, as losing a major client could severely impact revenue and increase operational risks [9][10]. Cash Flow and Financial Health - The company reported a negative net cash flow from operating activities of 115 million yuan for the first three quarters of 2024, indicating potential challenges in daily operations and funding [10]. - Accounts receivable and contract assets combined represent 24.71% of total assets, which could affect profitability and cash flow if clients face financial difficulties [10].

深圳精智达技术股份有限公司 Shenzhen SEICHI Technologies Co., Ltd. （深圳市龙华区龙华街道富安娜公司 1 号 101 工业园 D 栋 1 楼东） 首次公开发行股票科创板 上市公告书 （北京市朝阳区安立路 66 号 4 号楼） 股票代码：688627 股票简称：精智达 保荐人（主承销商） 二〇二三年七月十七日 深圳精智达技术股份有限公司 上市公告书 特别提示 深圳精智达技术股份有限公司（以下简称"精智达""发行人""本公 司"或"公司"）股票将于 2023 年 7 月 18 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股 上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中使用的简称或名词释义与《深圳精智达技 术股份有限公司首次公开发行股票并在科创板上市招股说明书》（以下简称"招 股说明书"）一致。本上市公告书中所引用数据，如合计数与各分项数直接相加 之和存在差异，或小数点后尾数与原始数据存在差异，主要系精确位数不同或 四舍五入形成所致。 1 深圳精智达技术股份有限公司 上市公告书 第一节 ...

大的市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险 因素，审慎作出投资决定。 深圳精智达技术股份有限公司 Shenzhen SEICHI Technologies Co., Ltd. （深圳市龙华区龙华街道富安娜公司 1 号 101 工业园 D 栋 1 楼东） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司 具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 深圳精智达技术股份有限公司 招股说明书 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明其对 注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人 自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依 法发行后因发行人经营与收益变化或者股票价格变动引致的 ...

大的市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险 因素，审慎作出投资决定。 深圳精智达技术股份有限公司 Shenzhen SEICHI Technologies Co., Ltd. （深圳市龙华区龙华街道富安娜公司 1 号 101 工业园 D 栋 1 楼东） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司 具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 深圳精智达技术股份有限公司 招股意向书 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明其对 注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人 自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依 法发行后因发行人经营与收益变化或者股票价格变动引致的 ...