新股市场较为活跃，月内共上市 6 只新股 2025 年 7 月 2 日 策略研究/定期报告 新股研究 新股月报（2025 年 6 月） 投资要点： 6 月共上市新股 6 只，新股市场较为活跃 近端已上市重点新股： 请务必阅读最后股票评级说明和免责声明 1 6 月新股市场共上市新股 6 只。6 月新股市场较为活跃，近 6 个月上市新股月内共有 33 只股票录得正涨幅(占比 71.74%)。 科创板：6 月科创板影石创新上市。海博思创、胜科纳米录得月涨幅超 20%，影石创新、 汉邦科技录得月跌幅超-4%。 创业板：6 月创业板优优绿能、新恒汇上市。宏工科技、新恒汇录得月涨幅分别超 50%、 40%，恒鑫生活、弘景光电录得月跌幅分别超-16%、-13%。 沪深主板：6 月沪深主板中策橡胶、海阳科技、华之杰上市。江南新材录得月涨幅超 19%， 海阳科技录得月跌幅超-43%。 新股周期：6 月份科创板影石创新、创业板优优绿能/新恒汇、主板中策橡胶/海阳科技/ 华之杰上市，科创板/创业板新股首日涨幅和开板估值均提升，主板新股首日涨幅提升而 开板估值下降。 山西证券新股研究团队 投资建议： 叶中正 执业登记编码：S0760 ...

证券研究报告 东京电子 (8035 JP) 华泰研究 首次覆盖 投资评级(首评): 买入 目标价(日元): 32,000.00 黄乐平，PhD 研究员 SAC No. S0570521050001 SFC No. AUZ066 huangleping@htsc.com +(852) 3658 6000 陈旭东 研究员 SAC No. S0570521070004 SFC No. BPH392 chenxudong@htsc.com 于可熠 研究员 SAC No. S0570525030001 SFC No. BVF938 yukeyi@htsc.com +(86) 21 2897 2228 受益中美先进工艺投资机会 基本数据 | 目标价 (日元) | 32,000.00 | | --- | --- | | 收盘价 (日元 截至 6 月 30 日) | 27,680 | | 市值 (日元百万) | 12,681,045 | | 6 个月平均日成交额 (日元百万) | 91,426 | | 52 周价格范围 (日元) | 16,560.00-37,964.28 | | BVPS (日元) | 3,902 | 股价 ...

点击招商研究小程序查看PDF报告原文 公司是国内产品覆盖度最全的探针台设备龙头，主要产品和客户来自半导体和LED光电芯片领域。2024年全球和国内探针台设备市场规模预计分别为超 10亿美金和约30亿人民币，公司国内市占率仅为15%，考虑到公司技术实力国内领先且持续进行产品迭代，未来晶圆探针台有望在更多客户实现突破，从 而持续受益于国产替代趋势，另外公司积极布局分选机、AOI检测机等多项新品，面向的市场空间有望进一步打开。 国内探针台设备龙头，客户和产品覆盖半导体及LED等领域。 矽电股份成立于2003年，公司主营半导体探针台设备，用于IC、光电芯片、分立器件、第 三代化合物半导体等领域，目前已成长为中国大陆规模最大的探针台设备龙头，客户覆盖士兰微、比亚迪半导体、燕东微、华天科技、三安光电、光迅科 技、歌尔微等厂商。公司收入从2020年的1.88亿元增长至2024年的5.08亿元，CAGR为28.2%；公司2024年收入中晶粒探针台和晶圆探针台分别占比55%和 36%，目前仍以晶粒探针台为主要收入来源，但近三年来晶圆探针台占比持续提升；另外公司晶圆探针台中12英寸高精度产品占比亦逐渐提升，从2021年 的7.6 ...

Core Viewpoint - The company, Changchuan Technology, is experiencing explosive growth in its performance, with a projected profit of 360 million to 420 million yuan for the first half of the year, representing a year-on-year increase of 67.54% to 95.46% [1] Group 1: Financial Performance - In 2024, the company reported a revenue of 3.642 billion yuan, a year-on-year increase of 105.15% [5] - The net profit attributable to shareholders reached 458 million yuan, showing a staggering year-on-year growth of 915.14% [5] - In the first quarter of this year, net profit surged by 2623.82% to 111 million yuan, attributed to strong market demand and effective cost control [6] Group 2: Industry Position and Challenges - Changchuan Technology is a leading enterprise in China's integrated circuit testing equipment sector, focusing on the R&D, production, and sales of specialized equipment [4] - The company aims to promote technological upgrades and import substitution in the domestic semiconductor equipment industry [4] - Despite strong performance, the company faces challenges such as project delays, regulatory warnings, and a low domestic semiconductor equipment localization rate of only 13.6% [2][7] Group 3: R&D Investment and Future Plans - The company plans to invest 3.84 billion yuan in a semiconductor equipment R&D project focusing on the iteration of testing machines and AOI equipment, with a long implementation period of five years [7] - R&D investment has significantly increased from 25 million yuan in 2016 to 967 million yuan in 2024, with R&D accounting for 28.14% of revenue [10] - The company has over 1,000 authorized patents, including more than 350 invention patents, and its products are integrated into the supply chains of major domestic and international companies [10] Group 4: Previous Project Delays and Regulatory Issues - The company has faced delays in previous fundraising projects, particularly a 260 million yuan project for probe station R&D, which has been postponed twice [9][11] - The Zhejiang Securities Regulatory Bureau issued a warning letter to the company for issues related to premature revenue recognition, improper management of raised funds, and inadequate sales internal controls [11]

Core Viewpoint - Hangzhou Changchuan Technology Co., Ltd. has announced its largest refinancing plan since its listing, aiming to raise no more than 3.132 billion yuan, with significant investments directed towards semiconductor equipment R&D and working capital [1][10]. Group 1: Financial Performance - The company expects a profit of 360 million to 420 million yuan for the first half of the year, representing a year-on-year growth of 67.54% to 95.46% [2]. - In 2024, the company reported a revenue of 3.642 billion yuan, a year-on-year increase of 105.15%, and a net profit of 458 million yuan, up 915.14% [7]. - In Q1 of this year, net profit surged by 2623.82% to 111 million yuan, attributed to strong market demand and effective cost control [9]. Group 2: R&D and Market Position - Changchuan Technology is a leading player in China's integrated circuit testing equipment sector, focusing on the R&D, production, and sales of specialized equipment [6]. - The company has significantly increased its R&D investment from 25 million yuan in 2016 to 967 million yuan in 2024, a nearly 40-fold increase, with R&D accounting for 28.14% of revenue in 2024 [13]. - The company holds over 1,000 authorized patents, including more than 350 invention patents, and its products are integrated into the supply chains of major domestic and international companies [13]. Group 3: Challenges and Regulatory Issues - Despite impressive financial results, the company faces challenges, including delays in previous fundraising projects and a low domestic semiconductor equipment localization rate of 13.6% [3][10]. - The company has encountered regulatory warnings due to issues such as premature revenue recognition and mismanagement of raised funds, leading to warnings issued to top executives [14].

Core Viewpoint - Changchuan Technology (300604.SZ) is expected to see significant growth in its net profit for the first half of 2025, with estimates ranging from 360 million to 420 million yuan, indicating a year-on-year increase of 67.54% to 95.46% [3][4]. Financial Performance - The projected net profit for the first half of 2025 is close to the total net profit for the entire year of 2024, suggesting that Changchuan Technology is on track to achieve a historical high in net profit for 2025 [6]. - The company's first-quarter growth rate exceeded 2,500%, although this was influenced by a low base from the previous year [5]. Industry Context - The semiconductor testing equipment industry has shown sustained growth since 2024, with Changchuan Technology being a key player in the domestic market [7][9]. - The company has successfully supplied its products to major integrated circuit firms, contributing to the import substitution of testing machines and sorting machines [15]. Product and Market Position - Changchuan Technology's core business focuses on sample and finished product testing, with approximately 90% of its revenue in 2024 coming from testing machines and sorting machines [13]. - The company is also attempting to make breakthroughs in the probe station sector, although progress has been slow, with project timelines extended to the end of 2025 [16]. Competitive Landscape - The high-end testing machine market is still dominated by foreign companies, with major players holding over 66% market share in 2024 [15]. - Other domestic competitors in the testing machine sector include Huafeng Measurement Control and Liandong Technology, both of which have also reported significant growth in net profit [19][20]. Future Outlook - The overall outlook for domestic semiconductor testing equipment companies remains positive, with many expected to achieve record highs in performance within the year [28].

但令人遗憾的是，上次定增项目中的探针台研发及产业化项目在推进过程中并不顺利，已两次延期。先 是在 2024 年 4 月，公司发布公告称将该项目预计达到可使用状态时间延长至 2024年12 月31日，同时调 减该项目拟使用募集资金金额，并将剩余部分资金变更用于其他项目。到了 2024 年 12 月，公司再度发 布公告，将该项目预计达到可使用状态时间进一步延长至2025年12 月31日。项目的一再延期，不仅反 映出公司在项目管理与执行方面可能存在问题，也让投资者对公司募集资金的使用效率产生了较大质 疑。 在资本市场的舞台上，每一次融资举动都如同投入湖面的巨石，激起层层涟漪，引发投资者与市场的密 切关注。近日，长川科技（维权）（抛出的一项规模高达31.32亿元的定增计划，创下公司上市以来最 大融资纪录。然而，诸多问题也随之浮出水面，有待解答。 长川科技于6月24日晚间发布的定增预案显示，此次拟定增募集资金总额不超过31.32亿元。其中，21.92 亿元将用于半导体设备研发项目，占比约七成；剩余 9.4亿元则用于补充流动资金。从发行对象来看， 不超过35名投资者。定价基准日为发行期首日，发行价格不低于定价基准日前20 ...

Fundraising Overview - The company raised a total of RMB 364.71 million through a private placement in 2021, with a net amount of RMB 362.46 million after deducting various fees [1][6][18] - In 2023, the company issued 8,415,450 shares at RMB 32.88 per share, raising RMB 276.70 million, with a net amount of RMB 266.45 million after fees [4][6][18] Fund Allocation and Usage - As of March 31, 2025, the company had RMB 362.06 million in its fundraising account, with RMB 19.34 million allocated for temporary working capital [2][3][5] - The company has used RMB 102.44 million for working capital and has a remaining balance of RMB 17.32 million from the 2021 fundraising [14][18] Project Updates - The probe station R&D and industrialization project has been delayed, with the expected completion date extended to December 31, 2025, and the budget reduced to RMB 210.27 million [8][9][10] - The company has decided to redirect RMB 50 million from the probe station project to the high-end smart manufacturing base project, which aims to enhance production capacity [8][9][10] Financial Performance - The probe station project has reported a cumulative loss of RMB 7.10 million as of March 31, 2025, falling short of the expected profit of RMB 44.68 million [14][19] - The company has not made any performance commitments for the acquisition of Changyi Technology, which is now fully owned [16][19] Idle Funds Management - The company has utilized idle funds for temporary working capital, with a total of RMB 69.92 million used as of March 31, 2025, and all funds returned to the special account within the stipulated time [18][19]

新股研究 新股周报（2025.06.09-2025.06.13） 新股市场活跃度下降，影石创新和海阳科技上市 2025 年 6 月 16 日 策略研究/定期报告 投资要点： 新股市场活跃度下降，影石创新和海阳科技上市 周内新股市场活跃度下降，近 6 个月上市新股周内共有 24 只股票录得正涨幅(占比 50.00%，前值 66.67%)。 科创板：上周科创板影石创新上市。周内海博思创录得周涨幅超 11%，汉邦科技录得周 跌幅超-5%。 创业板：上周创业板无新股上市。周内宏工科技录得周涨幅超 30%，弘景光电录得周跌 幅超-10%。 沪深主板：上周沪深主板海阳科技上市。周内天和磁材录得周涨幅超 12%，海阳科技录 得周跌幅超-31%。 新股周期：6 月份科创板影石创新、创业板优优绿能、主板中策橡胶/海阳科技上市，科 创板新股首日涨幅和开板估值提升，创业板/主板新股首日涨幅和开板估值均下降。 投资建议： 近端已上市重点新股： 2025/06：影石创新（全景相机/运动相机） 分析师： 2025/03：矽电股份（半导体探针台设备）、弘景光电（运动相机/车载光学镜头及摄像模 组）、胜科纳米（半导体第三方检测分析实验室） ...

我们不是资讯的搬运工 而是有态度的发现者 万和财富早班车 2025年6月13日 ● 国内金融市场 ● 股指期货 · | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 上证指数 | 3402.66 | 0.01% | 上证当月连续 | 2682.2 | 0.02% | | 深证成指 | 10234.33 | -0.11% | 沪深当月连续 | 3883.6 | 0.06% | | 创业板指 | 2067.15 | 0.26% | 恒生期货指数 | 31013.11 | -1.2% | 宏观消息汇总 1. 央行、外汇局:进一步加大金融支持海峡两岸融合发展力度, 为两岸融合发展示范区建设提供有力的金融支撑 三、上市公司聚焦 1。 矽电股份(301629)：公司是国内首家实现12吋晶圆探针台产业 化应用的设备厂商 2 南极光(300940)：公司是目前唯一通过任天堂认证的LCD背光 模组供应商,在Switch 2背光模组中的供应商地位较为稳固 3. 金现代(300830)：目前公司的轻骑兵低代码开发平台已经适配 Deep ...