Performance Summary - The company expects a net profit attributable to shareholders of 160 million to 210 million yuan for 2025, representing an increase of 81.5185 million to 135 million yuan, or a year-on-year growth of 103.87% to 167.58% [1] - The expected net profit after deducting non-recurring items is projected to be 155 million to 205 million yuan, an increase of 87.2635 million to 137 million yuan, or a year-on-year growth of 128.83% to 202.64% [1] Operational Analysis - Strong demand for high-end sorting machines has led to rapid growth in performance, driven by the expanding demand in the semiconductor packaging and testing equipment sector [2] - The company has enhanced its core competitiveness through continuous product innovation and technological upgrades, with a significant shift towards high-end product offerings [2] - Specialized testing and sorting platforms for MEMS, silicon carbide (SiC), IGBT, and advanced packaging are in deep verification stages with major clients, indicating potential market share growth in power semiconductors and advanced packaging [2] Global Strategy Implementation - The successful launch of the "Malaysia Production and Operations Center" in the first half of 2025 has improved order response speed and service agility in overseas markets [3] - The company is actively expanding its customer base and deepening existing client relationships, enhancing its customer service capabilities [3] Profit Forecast, Valuation, and Rating - Revenue projections for 2025-2027 are 716 million, 1.226 billion, and 1.816 billion yuan, with year-on-year growth rates of 76.18%, 71.08%, and 48.16% respectively [4] - Net profit forecasts for the same period are 196 million, 375 million, and 580 million yuan, with year-on-year growth rates of 149.46%, 91.49%, and 54.61% respectively [4] - Corresponding EPS is expected to be 3.3, 6.2, and 9.7 yuan, with P/E ratios of 61, 32, and 20 times, maintaining a "buy" rating [4]

Group 1 - Over 40 A-share companies disclosed their 2025 performance forecasts or reports on January 14, including popular stocks like Jiamei Packaging and Haige Communication [2] - Jin Haitong is expected to have the highest growth among the disclosed companies, forecasting a net profit of 160 million to 210 million yuan, representing a year-on-year increase of 103.87% to 167.58% [3] - Yonghe Co. anticipates a net profit of 530 million to 630 million yuan for 2025, with a year-on-year growth of 110.87% to 150.66% [3] Group 2 - Shengnong Development expects a net profit of 1.37 billion to 1.43 billion yuan for 2025, reflecting a year-on-year increase of 89.16% to 97.44% [4] - Companies like Siwei Tuxin and Jinyu Jidong forecast net profit growth exceeding 100% for 2025, while CITIC Securities expects over 30% growth [5] Group 3 - Jiamei Packaging forecasts a net profit of 85.4371 million to 104 million yuan for 2025, a decline of 43.02% to 53.38% year-on-year, attributed to a "small year" in the beverage industry [6] - Despite the profit decline, Jiamei Packaging's stock price has surged, with a cumulative increase of 323.46% since its resumption of trading on December 17, 2025 [6] - Haige Communication anticipates a negative net profit for 2025 due to industry client adjustments and increased investment in innovative businesses [7]

Core Viewpoint - The company, Tianjin Jinhaitong Semiconductor Equipment Co., Ltd., forecasts a significant increase in net profit for the year 2025, with expectations of a rise between 103.87% and 167.58% compared to the previous year [2][4]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of the parent company between 160 million and 210 million yuan for the year 2025, representing an increase of 81.5185 million to 131.5185 million yuan year-on-year [4]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between 155 million and 205 million yuan, reflecting a year-on-year increase of 87.2635 million to 137.2635 million yuan [4]. Group 2: Previous Year’s Performance - For the year 2024, the company reported a total profit of 84.8510 million yuan, with a net profit attributable to shareholders of the parent company at 78.4815 million yuan [5]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 67.7365 million yuan [5]. Group 3: Reasons for Performance Increase - The growth in the semiconductor packaging and testing equipment sector is driving demand, alongside the company's ongoing investment in technology research and product iteration [7]. - The sales volume of testing and sorting machines, particularly the three-temperature testing sorting machine and large platform multi-station testing sorting machine, is expected to see significant growth, contributing to the overall performance increase in 2025 [7].

Core Viewpoint - The company, Tianjin Jinhaitong Semiconductor Equipment Co., Ltd., anticipates a significant increase in net profit for the year 2025, projecting a rise of over 100% compared to the previous year [2][4]. Group 1: Performance Forecast - The company expects to achieve a net profit attributable to shareholders of the parent company between 160 million yuan and 210 million yuan for the year 2025, representing a year-on-year increase of 103.87% to 167.58% [2][4]. - The projected net profit, excluding non-recurring gains and losses, is estimated to be between 155 million yuan and 205 million yuan, indicating a year-on-year increase of 128.83% to 202.64% [2][4]. Group 2: Previous Year’s Performance - In 2024, the company reported a total profit of 84.85 million yuan, with a net profit attributable to shareholders of the parent company at 78.48 million yuan, and a net profit excluding non-recurring gains and losses of 67.74 million yuan [5]. Group 3: Reasons for Performance Increase - The growth in the semiconductor packaging and testing equipment sector is driving demand, alongside the company's ongoing investment in technology research and product iteration, particularly in high-efficiency testing and sorting machines [7].

Group 1: Earnings Forecasts - Over 40 A-share companies disclosed their earnings forecasts or reports for 2025 on January 14, including popular stocks like Jiamei Packaging and Haige Communication [1] - Jinhaitong is expected to achieve a net profit of 160 million to 210 million yuan in 2025, representing a year-on-year increase of 103.87% to 167.58% [1] - Yonghe Co. anticipates a net profit of 530 million to 630 million yuan, with a year-on-year growth of 110.87% to 150.66% [2] Group 2: Industry Trends - The refrigerant industry is expected to maintain a high level of prosperity in 2025, with smooth production and sales connections, leading to increased revenue and gross margin [2] - The semiconductor packaging and testing equipment sector is experiencing sustained demand growth, contributing to Jinhaitong's performance [1] Group 3: Performance Declines - Jiamei Packaging forecasts a net profit of 85.437 million to 104 million yuan for 2025, a decline of 43.02% to 53.38% year-on-year, attributed to a "small year" in the beverage industry [3] - Haige Communication expects to report a net loss for 2025 due to industry client adjustments and increased investment in innovative businesses [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company anticipates a significant increase in net profit for 2025, projecting a range of CNY 160 million to CNY 210 million, which represents a year-on-year increase of 103.87% to 167.58% [2]. - The demand for high-end sorting machines is strong, leading to rapid growth in performance, supported by ongoing technological research and product iteration [3]. - The company is focusing on product innovation and upgrading technology, with a notable shift towards high-end products, which is expected to enhance its competitive edge [3]. - The establishment of the "Malaysia Production and Operations Center" is expected to accelerate the company's globalization strategy and support long-term growth by improving responsiveness to international customers [4]. Financial Forecasts - Revenue projections for 2025-2027 are CNY 716 million, CNY 1.226 billion, and CNY 1.816 billion, reflecting year-on-year growth rates of 76.18%, 71.08%, and 48.16% respectively [5]. - The expected net profit for the same period is CNY 196 million, CNY 375 million, and CNY 580 million, with growth rates of 149.46%, 91.49%, and 54.61% respectively [5]. - The earnings per share (EPS) are projected to be CNY 3.3, CNY 6.2, and CNY 9.7 for 2025, 2026, and 2027, respectively [5].

Group 1 - CITIC Securities is projected to achieve revenue of 74.83 billion yuan and a net profit of 30.05 billion yuan in 2025, reflecting a year-on-year growth of 28.75% and 38.46% respectively [4] - Yipin Hong expects a net loss of 313 million to 442 million yuan in 2025, an improvement from a loss of 540 million yuan in the previous year, due to a decline in product sales and gross margin [2] - Jiamai Packaging anticipates a net profit of 85.44 million to 104 million yuan in 2025, a decrease of 43.02% to 53.38% compared to the previous year, attributed to fewer days in the peak season for the beverage industry [3] Group 2 - Jin Haitong forecasts a net profit of 160 million to 210 million yuan in 2025, representing a significant increase of 103.87% to 167.58% year-on-year, driven by growing demand in the semiconductor packaging and testing equipment sector [3] - Jinyu Group expects a net loss of 900 million to 1.2 billion yuan in 2025, widening from a loss of 555 million yuan in the previous year, as both its building materials and real estate businesses are in a downturn [3] - Beichen Real Estate anticipates a net loss of 2.68 billion to 3.31 billion yuan in 2025, primarily due to underperformance in real estate project sales [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][14]. Core Insights - The company has experienced significant revenue growth, with a 67.86% year-on-year increase in revenue for the first half of 2025, reaching 307 million yuan, and a 91.56% increase in net profit attributable to shareholders, amounting to 76.01 million yuan [3][4]. - The demand for high-end products has rebounded, particularly in the semiconductor packaging and testing equipment sector, contributing to the company's strong performance [4]. - The sales revenue from the EXCEED-9000 series products has increased significantly, accounting for 51.37% of total sales revenue in the first half of 2025, up from 25.80% in 2024 [4]. Financial Projections - The company is projected to achieve revenues of 688 million yuan, 886 million yuan, and 1.12 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 192.90 million yuan, 275.43 million yuan, and 375.33 million yuan [6][10]. - The expected growth rates for revenue are 69.29% in 2025, 28.74% in 2026, and 26.53% in 2027 [10][11]. - The earnings per share (EPS) are forecasted to be 3.21 yuan, 4.59 yuan, and 6.26 yuan for the years 2025, 2026, and 2027, respectively [10].

Core Viewpoint - The company has approved an adjustment to the internal investment structure of its fundraising project for the "Semiconductor Testing Equipment Intelligent Manufacturing and Innovation R&D Center Phase I" without changing the total investment amount or the direction of the raised funds [1][4]. Fundraising Basic Situation - The company raised a total of RMB 878.7 million by issuing 15 million shares at a price of RMB 58.58 per share in February 2023, with the funds received after deducting issuance costs [1]. - The funds are stored in a dedicated account, and a regulatory agreement has been signed with the bank and sponsor [1]. Fundraising Usage Situation - As of June 30, 2025, the cumulative investment in the semiconductor testing equipment project was RMB 74.68 million, with RMB 49.53 million already utilized [2]. - The project for producing 1,000 sets of semiconductor testing sorting machines has been terminated due to slower-than-expected progress influenced by external economic factors [3]. Adjustment of Internal Investment Structure - The adjustment is based on the evolving needs of the company as it continues to upgrade its products and respond to industry trends, ensuring efficient use of raised funds [4][5]. - The total investment amount for the project remains unchanged, with a focus on optimizing resource allocation [5]. Impact of the Adjustment - The adjustment is seen as a prudent decision that will not affect the normal implementation of the fundraising project and aligns with the company's long-term interests [5][6]. - The company aims to enhance the efficiency of fund usage and ensure the successful implementation of the investment project [5]. Review Procedures and Opinions - The adjustment has been reviewed and approved by the company's board and supervisory committee, following necessary approval procedures [6]. - The supervisory committee and sponsor have expressed no objections to the adjustment, confirming compliance with relevant regulations [6].

Core Viewpoint - The company is adjusting the internal investment structure of certain fundraising projects to enhance the efficiency of fund utilization and align with its strategic development needs [1][6] Fundraising Basic Situation - The company raised a net amount of approximately RMB 746.81 million from its initial public offering (IPO) of 15 million shares at a price of RMB 131.89 million [1] Fundraising Usage Situation - As of June 30, 2025, the cumulative investment in the semiconductor testing equipment project is approximately RMB 746.81 million, with a total investment of RMB 746.81 million planned for the project [2][3] Adjustment Reasons - The adjustment is based on the evolving needs of the company due to advancements in technology and product upgrades, necessitating a reevaluation of the investment structure for the "Semiconductor Testing Equipment Intelligent Manufacturing and Innovation R&D Center Phase I Project" [4][5] Adjustment Details - The total planned investment amount remains unchanged at RMB 43.62 million, with no alteration in the project implementation entity or the total investment amount [5] Impact of Adjustment - The adjustment is expected to improve the efficiency of fund utilization and resource allocation, ensuring the smooth implementation of fundraising projects without harming the interests of the company or its shareholders [5][6] Review Procedures - The adjustment has been approved by the company's board of directors and supervisory board, following necessary review procedures [6][7]