文章转自2025年09月03日电子团队报告，作者： 张世杰/ 罗平 投资要点 持续深耕精密电子组装和半导体封装领域，依托技术创新与产业协同布局新赛道。 公司创立于1993年，是一家专业的智能装备供应商，致力于为精密电子组装&半导 体封装领域提供成套装备解决方案，公司的主要产品包括：智能制造成套设备、精密焊接装联设备、机器视觉制程设备、固晶键合封装设备。 聚焦半导体封装、新能 源汽车电动化和智能化、智能终端智能穿戴、精密电子（医疗电子、数据通信）等多个行业应用领域 ，持续创新为客户提供专业的解决方案，推动工业数字化、智能 化升级。 | 公CAGR 司概高达况：17.00% | 公司创立于1993年，是一家专业的智能装备供应商，2015-2024年营收由2.30亿元增长至9.45亿元， | 焊接设公司的主要产品包括：智能制造成套设备、精密焊接 | 备细分龙头，扩展产品品类及应用布局。 | 行联业设应备用、领机域器。视近觉年制来程，设公备司、积固极晶把键握合AI 封装智设能备硬。件聚产焦品半带导来体的AOI 封市场装机器视觉设备实现增长。 | 机、会新，能加源大汽技车术电创动新化和国智际能化布、局智，能深终度端布智 ...

Group 1 - The core viewpoint of the news is that 快克智能 (Kuaike Intelligent) has seen a stock price increase of 5.44%, reaching 34.50 CNY per share, with a total market capitalization of 8.751 billion CNY [1] - 快克智能 specializes in providing intelligent equipment solutions in the fields of precision electronic assembly, micro-assembly, and semiconductor packaging testing, with its main revenue sources being precision welding assembly equipment (73.86%), machine vision process equipment (14.54%), and intelligent manufacturing complete equipment (8.82%) [1] - The company is located in Wujin High-tech Industrial Development Zone, Jiangsu Province, and was established on June 28, 2006, with its listing date on November 8, 2016 [1] Group 2 - According to data from the top ten heavy stocks of funds, 银华基金 (Yinhua Fund) holds a significant position in 快克智能, with its fund "Yinhua Specialized and New Quantitative Selected Stock Initiation A" (014668) owning 15,700 shares, accounting for 0.72% of the fund's net value [2] - The fund has achieved a return of 42.78% this year, ranking 889 out of 4220 in its category, and a return of 100.37% over the past year, ranking 568 out of 3814 [2] - The fund manager, 杨腾 (Yang Teng), has been in position for 3 years and 301 days, with the fund's total asset size at 1.592 billion CNY [3]

Group 1 - The core viewpoint of the news is that 快克智能 (Quick Intelligent) has seen a stock price increase of 5.19%, reaching 33.86 CNY per share, with a trading volume of 1.57 billion CNY and a turnover rate of 1.90%, resulting in a total market capitalization of 85.89 billion CNY [1] - 快克智能 specializes in providing intelligent equipment solutions in the fields of precision electronic assembly, micro-assembly, and semiconductor packaging testing, with its main business revenue composition being: precision welding assembly equipment 73.86%, machine vision process equipment 14.54%, intelligent manufacturing complete equipment 8.82%, die bonding packaging equipment 2.76%, and others 0.02% [1] Group 2 - 华夏中证机器人ETF (Huaxia CSI Robotics ETF) is one of the top ten circulating shareholders of 快克智能, having increased its holdings by 400,900 shares in the second quarter, bringing its total to 2,232,900 shares, which accounts for 0.9% of the circulating shares [2] - The fund has achieved a year-to-date return of 37.46%, ranking 1110 out of 4222 in its category, and a one-year return of 90.44%, ranking 698 out of 3813 [2] Group 3 - The fund manager of 华夏中证机器人ETF is 华龙, who has been in the position for 3 years and 33 days, managing a total fund asset size of 429.26 billion CNY, with the best fund return during the tenure being 96.93% and the worst being -15.08% [3]

Group 1 - The core viewpoint of the news is that 快克智能 (Kuaike Intelligent) has seen a stock price increase of 5.19%, reaching 33.86 CNY per share, with a trading volume of 1.57 billion CNY and a turnover rate of 1.90%, resulting in a total market capitalization of 85.89 billion CNY [1] - 快克智能 specializes in providing intelligent equipment solutions in the fields of precision electronic assembly, micro-assembly, and semiconductor packaging testing, with its main business revenue composition being: precision welding assembly equipment 73.86%, machine vision process equipment 14.54%, intelligent manufacturing complete equipment 8.82%, and die bonding packaging equipment 2.76% [1] Group 2 - From the perspective of major fund holdings, 银华基金 (Yinhua Fund) has a fund that heavily invests in 快克智能, specifically the 银华专精特新量化优选股票发起式A (014668), which holds 15,700 shares, accounting for 0.72% of the fund's net value, ranking as the fourth largest holding [2] - The 银华专精特新量化优选股票发起式A fund has a total scale of 31.88 million CNY and has achieved a return of 42.86% this year, ranking 798 out of 4222 in its category, with a one-year return of 98.4%, ranking 510 out of 3813 [2]

Company Overview - Kuaike Intelligent Equipment Co., Ltd. is located in Wujin High-tech Industrial Development Zone, Jiangsu Province, established on June 28, 2006, and listed on November 8, 2016 [2] - The company specializes in providing intelligent equipment solutions for precision electronic assembly, micro-assembly, and semiconductor packaging testing [2] - The revenue composition includes: precision welding assembly equipment 73.86%, machine vision process equipment 14.54%, complete intelligent manufacturing equipment 8.82%, die bonding packaging equipment 2.76%, and others 0.02% [2] Stock Performance - As of September 5, Kuaike's stock price increased by 2.07% to 30.12 CNY per share, with a market capitalization of 7.64 billion CNY [1] - Year-to-date, the stock price has risen by 34.63%, with a recent decline of 2.81% over the last five trading days [2] - Over the past 20 days, the stock price increased by 7.46%, and over the past 60 days, it rose by 34.93% [2] Financial Performance - For the first half of 2025, Kuaike achieved operating revenue of 504 million CNY, representing a year-on-year growth of 11.85% [2] - The net profit attributable to shareholders for the same period was 133 million CNY, also reflecting a year-on-year increase of 11.84% [2] - Cumulatively, the company has distributed 1.095 billion CNY in dividends since its A-share listing, with 560 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 13,400, up by 0.77% from the previous period [2] - The average circulating shares per person decreased by 0.76% to 18,615 shares [2] - Among the top ten circulating shareholders, Huaxia CSI Robot ETF holds 2.2329 million shares, an increase of 400,900 shares compared to the previous period [3]

Company Overview - The company is a leading player in the welding equipment sector, expanding its product categories and application layouts. Founded in 1993, it is a specialized intelligent equipment supplier, with revenue projected to grow from 230 million to 945 million yuan from 2015 to 2024, reflecting a CAGR of 17.00%. The main products include intelligent manufacturing equipment, precision welding assembly equipment, machine vision process equipment, and die bonding packaging equipment. The company focuses on multiple industry applications, including semiconductor packaging, new energy vehicle electrification, intelligent terminals, and precision electronics [1]. Industry Trends - The company benefits from the innovation in 3C products, automation, and the trend of going global, which supports rapid growth in its main business. In the consumer electronics sector, the AI-driven transformation is accelerating, with a faster iteration of hardware terminal intelligence. The company has effectively seized opportunities in the structural upgrade of AI consumer electronics, achieving breakthroughs in technology innovation and business expansion [2]. - In the industrial inspection field, the demand for machine vision as a core technology continues to grow with the acceleration of smart manufacturing. The company focuses on standardized inspection in the SMT process, full inspection in intelligent terminals and wearables, and various detection needs in AI servers, optical modules, and semiconductor packaging [2]. Semiconductor Business - The semiconductor business is centered around power layout and has established partnerships with major clients, entering a volume growth cycle. The global semiconductor packaging equipment market is expanding due to AI and new energy, with SEMI predicting a 7.7% increase in global packaging equipment sales to reach 5.4 billion USD by 2025. The company has made breakthroughs in carbon silicon and discrete device packaging equipment, collaborating with leading companies such as Huichuan, CRRC, BYD, and others [3]. - The company is actively entering the CoWos advanced packaging field, with TCB equipment development progressing smoothly, and is expected to complete R&D and initiate customer sampling by 2025, indicating promising future prospects [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [5][73]. Core Insights - The company, Quick Intelligent (603203), is a leading player in the welding equipment sector, focusing on expanding its product categories and application layouts. Founded in 1993, it has seen revenue growth from 230 million to 945 million yuan from 2015 to 2024, with a CAGR of 17% [3][27]. - The company is benefiting from trends in 3C product innovation, automation, and international expansion, which are driving rapid growth in its core business. It has successfully integrated its products into major clients like Xiaomi and Nvidia [3][37]. - The semiconductor business is entering a growth phase, with the company binding major clients and expanding into advanced packaging technologies, which are expected to yield significant future returns [3][62]. Summary by Sections Section 1: Company Overview - Quick Intelligent is a specialized supplier of intelligent equipment, focusing on precision electronic assembly and semiconductor packaging. Its main products include intelligent manufacturing systems, precision welding equipment, machine vision process equipment, and die bonding packaging equipment [3][12]. - The company has strategically positioned itself in various industries, including semiconductor packaging, new energy vehicles, smart terminals, and precision electronics [3][12]. Section 2: Growth Drivers - The acceleration of AI in consumer electronics is significantly driving the demand for precision welding. The company has capitalized on this trend by developing advanced welding equipment for AI-enabled devices, which has been adopted by leading companies [37][39]. - The AI server market is experiencing explosive growth, leading to increased demand for high-speed connectors and precision assembly equipment. The company has successfully entered the supply chains of major players in this sector [42][45]. - The company is actively pursuing international expansion, establishing a wholly-owned subsidiary in Vietnam and building a global service network in countries like India, Mexico, and Turkey [49][50]. Section 3: Semiconductor Business - The global semiconductor packaging equipment market is expanding, driven by AI and new energy. The company is well-positioned to benefit from this growth, with significant orders from major clients in the power semiconductor sector [62][64]. - The company is making strides in advanced packaging technologies, particularly in CoWoS and TCB equipment, with expectations to complete development and start customer sampling by 2025 [66][67]. Financial Forecast - The company is projected to achieve revenues of 1.15 billion, 1.33 billion, and 1.49 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 267 million, 315 million, and 381 million yuan [5][74].

Core Viewpoint - The report highlights the financial performance and operational achievements of Quick Intelligent Equipment Co., Ltd. for the first half of 2025, showcasing growth in revenue and profit driven by advancements in precision electronic assembly and semiconductor packaging sectors. Financial Performance - The company reported a revenue of 504.31 million RMB, an increase of 11.85% compared to the same period last year [3] - Total profit reached 150.45 million RMB, reflecting an 18.48% year-on-year growth [3] - Net profit attributable to shareholders was 132.90 million RMB, up by 11.84% from the previous year [3] - The net cash flow from operating activities surged by 155.56% to 175.56 million RMB [3] Industry Overview - The company operates within the specialized equipment manufacturing industry, focusing on intelligent manufacturing equipment [4] - It provides comprehensive solutions for precision electronic assembly and semiconductor packaging, targeting sectors such as electric vehicles, AI servers, and smart wearable devices [4][5] - The global AI server market is projected to reach 366 billion USD in 2025, with a year-on-year growth of 44.6%, driving demand for high-speed connectors [5] Product and Technology Development - The company has made significant advancements in precision welding equipment, driven by the rising demand for AI consumer electronics [6] - It has successfully penetrated the supply chains of major clients like Meta, Xiaomi, and OPPO with its laser welding technology [6] - The company’s high-speed connector welding equipment has been adopted by several core suppliers of NVIDIA, indicating strong market demand [6] Market Trends - The demand for precision welding equipment is expected to increase due to the growing adoption of laser radar in electric vehicles, with projections indicating a 65% market share by 2025 [7] - The machine vision market in China is anticipated to exceed 21 billion RMB in 2025, with a growth rate of over 14% [5] - The global semiconductor packaging equipment market is expected to reach 5.4 billion USD in 2025, driven by the demand for power semiconductor packaging [8] Strategic Initiatives - The company is enhancing its global presence by establishing subsidiaries in countries like Vietnam and building a service network in regions such as Mexico and Turkey [12] - It focuses on customer-centric strategies, including understanding client needs and providing tailored solutions to enhance customer satisfaction [12] - The company has been recognized as a leading player in intelligent manufacturing, receiving various accolades for its technological advancements and market position [12]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [5]. Core Insights - The company achieved a revenue of 945.09 million yuan in 2024, representing a year-on-year growth of 19.24%. The net profit attributable to the parent company was 212.20 million yuan, up 11.10% year-on-year [1][4]. - In Q4 2024, the company reported a revenue of 262 million yuan, a year-on-year increase of 31.47%, and a net profit of 49 million yuan, reflecting a year-on-year growth of 41.43% [1]. - The company is experiencing growth in its 3C equipment segment and has initiated a new growth curve in semiconductor equipment, particularly in the fields of precision welding and advanced packaging [1][4]. Financial Performance Summary - For 2024, the company reported a gross margin of 48.57%, a slight increase of 1.27 percentage points year-on-year. The net profit margin was 22.45%, down 1.65 percentage points year-on-year [1]. - The company’s revenue is projected to grow to 1,195.83 million yuan in 2025, with a growth rate of 26.53% [4][10]. - The earnings per share (EPS) for 2024 is estimated at 0.85 yuan, with a projected increase to 1.01 yuan in 2025 [10]. Business Segmentation - In 2024, the revenue from precision welding equipment reached 698.06 million yuan, a year-on-year increase of 32.25%. The machine vision process equipment generated 137.42 million yuan, up 37.00% year-on-year [2]. - The company has made significant inroads in the automotive electronics sector, particularly in the new energy vehicle market, with a notable increase in orders for core components [3]. - In the semiconductor field, the company has developed a series of silver sintering equipment and has established partnerships with major international and domestic players [4].

Group 1: New Dairy Industry (002946) - The company reported a revenue of 10.665 billion yuan in 2024, a year-on-year decrease of 2.93%, while the net profit attributable to shareholders was 538 million yuan, an increase of 24.8% [6] - In Q1 2025, the company achieved a revenue of 2.625 billion yuan, a year-on-year increase of 0.42%, and a net profit of 133 million yuan, a year-on-year increase of 48.46% [6] - The company experienced strong growth in low-temperature products, with high-end fresh milk and low-temperature yogurt achieving double-digit growth [7] - The company's net profit margin improved to 5.25% in Q1 2025, up 1.68 percentage points year-on-year, driven by a decline in milk prices and an optimized product mix [8] - The company plans to enhance its "Fresh Cube Strategy" focusing on low-temperature products and DTC channels, with adjusted profit forecasts for 2025-2027 [9] Group 2: Guoxuan High-Tech (002074) - The company reported a revenue of 35.39 billion yuan in 2024, a year-on-year increase of 12.0%, and a net profit of 1.21 billion yuan, a year-on-year increase of 28.6% [11] - In Q1 2025, the company achieved a revenue of 9.06 billion yuan, a year-on-year increase of 20.6%, and a net profit of 100 million yuan, a year-on-year increase of 45.6% [11] - The company benefited from the global growth in power battery installations, with a significant increase in market share, particularly in the lithium iron phosphate battery segment [12] - The company has established a comprehensive lithium battery supply chain, enhancing its ability to mitigate cost fluctuations [13] - Revenue forecasts for 2025-2027 are adjusted to 45.35 billion yuan, 59.65 billion yuan, and 73.47 billion yuan, respectively, with a maintained "buy" rating [14] Group 3: Quick Intelligent (603203) - The company reported a revenue of 945 million yuan in 2024, a year-on-year increase of 19.24%, and a net profit of 212 million yuan, a year-on-year increase of 11.10% [16] - In Q1 2025, the company achieved a revenue of 250 million yuan, a year-on-year increase of 11.16%, and a net profit of 66.36 million yuan, a year-on-year increase of 10.95% [17] - The company is expanding its international strategy, with export revenue increasing by 29.06% in 2024, now accounting for 18.21% of total revenue [18] - The company is focusing on R&D in semiconductor packaging and has established partnerships with major clients in the automotive electronics sector [19] - Profit forecasts for 2025-2027 are adjusted to 246 million yuan, 299 million yuan, and 367 million yuan, respectively, with a maintained "buy" rating [20]