证券日报网讯1月29日，华测检测（300012）在互动平台回答投资者提问时表示，国家对半导体与算力 产业的扶持政策，为行业发展营造了良好环境，公司作为第三方检测龙头，将积极把握行业发展机遇， 依托现有半导体检测相关技术积累与实验室布局，持续服务相关产业发展。相关业务需求受行业发展、 市场环境等多重因素影响。未来，公司将结合行业发展趋势、市场需求及自身经营规划，合理规划研发 与产能投入，稳步推进相关领域业务布局，努力提升公司核心竞争力与经营业绩，切实维护投资者权 益。 ...

证券日报网讯1月29日，华测检测（300012）在互动平台回答投资者提问时表示，收购蔚思博及金桥芯 片实验基地开业后，公司进一步整合了半导体检测资源、完善了实验室布局，提升了在半导体检测领域 的技术服务能力与响应效率，可更好适配相关芯片检测需求，助力客户产品合规与性能提升。 ...

Core Viewpoint - The listing of semiconductor testing company Victory Nano on the Shanghai Stock Exchange's Sci-Tech Innovation Board highlights the importance of institutional participation in determining stock price movements, rather than just the presence of positive news [1][10]. Group 1: Company Overview - Victory Nano is the 700th A-share listed company in Jiangsu, known as a "chip general hospital" that operates across the entire semiconductor testing industry, including failure analysis and material reliability testing [1]. - The company has developed a cross-province drone logistics line from Shanghai to Suzhou, reducing logistics time by half, and is integrating AI into its testing and R&D processes [1]. Group 2: Market Dynamics - The misconception that positive news directly correlates with stock price increases is addressed, emphasizing that institutional involvement is crucial for stock performance [2]. - For instance, despite a significant price increase in vitamin D3 from 56 yuan/kg to 265 yuan/kg (over 3 times), 23 out of 73 related stocks saw price declines, indicating that not all stocks benefit from positive news [2]. Group 3: Institutional Participation - Stocks that experience early price increases often have institutional funds already involved before positive news is announced, as seen in the vitamin sector where institutions acted on supply-demand signals [5][6]. - The presence of institutional funds is a key indicator of a stock's potential for sustained price increases; without ongoing institutional interest, price gains may not hold [8][10].

Group 1 - Gree Electric Appliances established Zhuhai Gree Electronic Components Co., Ltd. in 2022, focusing on third-generation semiconductor silicon carbide (SiC) wafer manufacturing, power device packaging testing, and semiconductor testing services [1] - The company currently collaborates with over 20 chip design companies, primarily operating under a wafer foundry business model while also providing packaging and testing services [1] - Gree is actively promoting the application of domestic silicon carbide chips in various scenarios, aiming for replacement applications [1]

Core Viewpoint - The company plans to invest approximately 500 million yuan in the "Qingdao Testing and Analysis Capability Enhancement Project" to expand its semiconductor testing and analysis capabilities through the establishment of a new third-party testing laboratory in Qingdao [1] Investment Details - Total investment for the project is around 500 million yuan, which includes costs for building facilities and purchasing equipment [1] - Funding sources will include the company's own funds and bank loans [1] - The investment has been approved by the board of directors and does not require shareholder approval [1] Project Status - The project is subject to government department filing or approval, which may involve risks such as delays, changes, suspension, or termination [1]

Core Viewpoint - The company is not developing a semiconductor business but is expanding its operations in the semiconductor testing field [1] Group 1 - The company clarified its focus on the semiconductor testing sector rather than entering the broader semiconductor market [1]

Core Viewpoint - The report indicates that Shengke Nano (688757) has shown significant growth in revenue and net profit for the first half of 2025, highlighting its strong position in the semiconductor testing and analysis industry [1] Financial Performance - In the first half of 2025, Shengke Nano achieved a revenue of approximately 239 million yuan, representing a year-on-year increase of 29.03% [1] - The net profit attributable to shareholders for the same period was approximately 33.37 million yuan, reflecting a year-on-year growth of 11.48% [1] Company Overview - Shengke Nano operates as a third-party testing and analysis laboratory for the semiconductor industry, providing services that support the research and development phases for semiconductor clients [1] - The company offers specialized and efficient testing services, including sample failure analysis, material analysis, and reliability analysis, catering to clients across the entire semiconductor supply chain [1]

Investment Rating - The report maintains a "Recommendation" rating for the semiconductor testing industry, highlighting its growth potential due to increasing demand and specialization in the industry [7][8]. Core Insights - The semiconductor testing segment is crucial throughout the semiconductor industry chain, with integrated circuit testing being essential for design, manufacturing yield, and quality control [7][15]. - The industry is shifting towards a specialized division of labor, with third-party testing services gaining prominence due to increased R&D investments and advanced process requirements [8][20]. - The global semiconductor testing services market is projected to reach USD 21.02 billion by 2031, with a CAGR of 6.9% from 2025 to 2031 [8][30]. Summary by Sections Semiconductor Testing Across the Industry Chain - The semiconductor testing analysis industry chain includes upstream manufacturers of testing equipment and chemicals, midstream testing analysis firms, and downstream users such as chip design and manufacturing companies [13][15]. Specialization in Integrated Circuit Industry - The integrated circuit industry is evolving from the IDM model to a Fabless+Foundry+OSAT model, promoting specialization and efficiency [20][21]. - The transition from In-House Labs to Labless models is driven by the need for cost control, expertise, and economic efficiency [22][23]. Key Players in Third-Party Semiconductor Testing - Notable companies in the third-party testing space include: 1. **Victory Nano**: Established in 2012, focusing on failure analysis and reliability testing [8][29]. 2. **Sutest**: Entered the semiconductor testing field in 2019, with significant revenue growth [8][29]. 3. **Guangdian Measurement**: Focuses on integrated circuit testing and analysis, showing strong revenue growth [8][29]. 4. **HuaTest**: Expanded into semiconductor testing through acquisitions, enhancing its service offerings [8][29]. Growth Drivers for Third-Party Testing Demand - The demand for third-party testing is closely linked to the growth of emerging industries, increased R&D investments, and the complexity of advanced semiconductor processes [30][32]. - The global semiconductor market is expected to reach USD 700.9 billion in 2025, with a growth rate of 11.2% year-on-year [30][32]. Market Size and Projections - The semiconductor third-party laboratory testing market is projected to grow from USD 4.431 billion in 2024 to USD 10.92 billion by 2031, with a CAGR of 14% [30][35]. - The domestic semiconductor testing market in China is expected to exceed RMB 10 billion by 2024, with significant growth anticipated through 2027 [47][48].

Summary of Conference Call Records Company and Industry Overview - The company operates in the semiconductor industry, providing third-party testing services to a diverse range of clients, including over 2,000 global customers such as Qualcomm and Broadcom, as well as domestic firms and major foundries like TSMC and ASE [1][2][3] Key Points and Arguments - The semiconductor testing market is divided into two main types: third-party testing laboratories and in-house testing facilities. Third-party testing is noted for its higher economic efficiency due to lower capital investment in high-end equipment [2][3] - The global semiconductor third-party testing market is experiencing growth, with China's market size for material analysis estimated at approximately 14 billion and reliability testing at around 28 billion, contributing to an overall third-party testing market size of 60-70 billion in 2023 [4][5] - The company has a market share of approximately 4.23% in the mainland semiconductor third-party laboratory market, with a 7.9% share in the more technically demanding areas of reliability and material analysis [5][6] - The company is expanding its operations, with new laboratories established in Shenzhen and Qingdao, indicating confidence in future growth and the ability to serve new clients such as ZTE and BYD [6][7] - The company is also diversifying into new sectors such as aerospace and biomedicine, with established collaborations with major players in these fields [7][8] Financial Performance - The company's revenue is projected to grow from 290 million in 2022 to 420 million in 2024, with a forecasted net profit increase of around 40% in Q1 2025 [8][9] - The company faces potential risks from major clients establishing in-house laboratories, international trade disputes, and cyclical fluctuations in the semiconductor market [9][10] Competitive Landscape - The company is a leading domestic supplier of semiconductor probe test equipment, with a market share of 25.7% in mainland China as of 2023. The overall market for probe test equipment is valued at approximately 3.27 billion USD, with a projected growth rate of 20% [10][11] - The company has successfully broken the overseas monopoly in probe test equipment, with a strong technical team and historical expertise in semiconductor development [12][13] Product Development and Innovation - The company is focusing on developing advanced testing equipment for integrated circuits and is the first in mainland China to produce 12-inch wafer probe test equipment, which is crucial for the domestic semiconductor industry [13][14] - The company is also expanding its product line to include sorting machines and automated optical inspection devices, enhancing its capabilities in semiconductor manufacturing [14][15] Risks and Challenges - The company must navigate a competitive landscape dominated by international firms, particularly in the integrated circuit sector, where domestic market penetration remains low [15][16] - The company is also monitoring supply-demand dynamics and price volatility in the semiconductor equipment market, which could impact future performance [20][21] This summary encapsulates the key insights from the conference call, highlighting the company's position in the semiconductor testing industry, its growth strategies, financial outlook, and potential risks.