报告期，公司新能源电池超声波设备、线束连接器超声波设备以及配件销售收入增加。 智通财经APP讯，骄成超声(688392.SH)发布2025年半年度报告，该公司营业收入为3.23亿元，同比增长 32.50%。归属于上市公司股东的净利润为5803.69万元，同比增长1005.12%。归属于上市公司股东的扣 除非经常性损益的净利润为4627.22万元。基本每股收益为0.52元。 ...

Key Insights - The aluminum industry is experiencing a favorable macroeconomic environment with reduced tariff pressures and positive policy signals from both the US and China [4][10] - The demand for aluminum products is showing structural recovery, driven by new orders leading to increased inventory needs ahead of the May holiday [6][7] - The supply of electrolytic aluminum remains stable, with production costs slightly increasing, while inventory levels are decreasing [5][10] - The prices of key materials such as metal chromium, polymer MDI, and acetamide are on the rise, indicating a potential boom in the chromium salt cycle [18][27] - The chemical industry is expected to enter a replenishment cycle in 2025, driven by low inventory levels and improving profitability among leading companies [22][23] Company Summaries Aluminum Industry - The average cost of electrolytic aluminum is approximately 16,582 RMB/ton, with a slight week-on-week increase [5] - Domestic aluminum ingot inventory has decreased to 658,000 tons, reflecting a 3.1% drop week-on-week [5] - The aluminum processing sector is witnessing a notable increase in inventory depletion rates, with a current inventory of aluminum rods at 177,800 tons [7] Chemical Industry - The chemical sector is seeing a tightening supply of phosphorous ore, with companies like Baitian Co. expanding production capacity significantly [21] - The chemical industry is projected to benefit from a replenishment cycle in 2025, with major companies expected to see improved performance due to cost advantages and market share growth [22][23] - The prices of key chemical products, including metal chromium and polymer MDI, have increased significantly, indicating strong demand and supply constraints [27][28] Data Center Services - Aofei Data reported a 62.18% year-on-year revenue increase in 2024, with Q1 2025 revenue up 40.62% year-on-year [11][12] - The company is expanding its IDC services, with over 43,000 operational cabinets, benefiting from increased capital expenditure in the internet sector [14][16] - The projected revenue for Aofei Data for 2025-2027 is expected to grow significantly, with a "buy" rating assigned based on its market position and growth potential [16]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [1][7]. Core Insights - The company is expected to experience a fruitful year in 2025, driven by multiple business segments resonating positively [1]. - The report highlights significant growth in various business areas, particularly in the automotive and semiconductor sectors, while acknowledging short-term challenges in lithium battery equipment [5][6]. Financial Performance Summary - In 2024, the company achieved revenue of 585 million, a year-on-year increase of 11.3%, and a net profit of 86 million, up 29% [4]. - The fourth quarter of 2024 confirmed a performance turnaround with revenue of 176 million, a year-on-year increase of 153%, and a net profit of 65 million, marking a significant recovery [4]. - For Q1 2025, the company reported revenue of 148 million, a year-on-year increase of 22%, and a net profit of 24 million, reflecting a substantial improvement of 2152% [4]. Business Segment Analysis - **New Energy Battery Equipment**: Revenue expected to decline by 53.48% in 2024 due to slower expansion in the lithium battery sector [5]. - **Wire Harness Equipment**: Revenue projected to grow by 352% in 2024, driven by opportunities in the new energy vehicle market [5]. - **Semiconductor Equipment**: Revenue anticipated to increase by 196% in 2024, showcasing strong growth in this segment [5]. - **Accessories**: Revenue expected to rise by 70% in 2024, supported by increased utilization of existing equipment [5]. - **Services and Others**: Revenue projected to grow by 129% in 2024, reflecting rapid growth in automation solutions [5]. Future Outlook - The company is poised for recovery in its lithium battery equipment business in 2025, with continued high growth in wire harness and accessories [6]. - The report anticipates significant revenue growth from 2025 to 2027, with projected revenues of 767 million, 1.074 billion, and 1.439 billion respectively, alongside net profits of 186 million, 275 million, and 375 million [8][9]. - The company is expected to benefit from advancements in semiconductor packaging and medical device sectors, positioning itself as a leading ultrasonic technology platform [6][7].

Core Viewpoint - The company, Jiao Cheng Ultrasonic (688392), has shown significant growth in its first quarter of 2025, with a notable increase in revenue and net profit, driven by a favorable product mix and strategic market expansions. Financial Performance - In Q1 2025, the company reported a revenue of 148 million yuan, representing a year-on-year increase of 22.35% [12] - The net profit attributable to shareholders reached 23.63 million yuan, a staggering increase of 2152.47% year-on-year [12] - The gross profit margin for the first quarter was 64.91% [12] Product and Market Insights - The increase in gross margin is attributed to a shift in product mix, with higher-margin products like wire harness connectors and semiconductor equipment gaining a larger share of revenue [2] - The primary revenue sources in Q1 2025 were ultrasonic equipment for wire harness connectors, new energy battery applications, and accessory business [3] - The company is optimistic about the wire harness connector and semiconductor sectors, expecting continued high demand due to established technology and market presence [4] Advanced Packaging and Medical Sector Developments - The company has made progress in the advanced packaging sector, with its advanced wafer ultrasonic scanning microscope receiving validation orders from well-known industry clients [5] - In the medical field, the company is advancing its ultrasonic dental equipment, which is expected to achieve sales within the year [6] Production Capacity and Expansion Plans - The company is currently operating at full capacity and is expanding production through the acquisition of precision manufacturing equipment [7] - Plans for overseas market expansion are underway, particularly targeting Europe with established products like ultrasonic equipment for wire harnesses and semiconductors [8] Strategic Collaborations - The company has signed a cooperation agreement with Shanghai Jiao Tong University to establish a joint laboratory focusing on advanced packaging and intelligent robotics, aiming to break foreign technology monopolies [11] Market Outlook - The company’s ultrasonic welding equipment in the power semiconductor sector is projected to see an annual market demand increase of approximately 500 to 1,000 million yuan [10] - The company is also exploring new applications for ultrasonic technology in aerospace and composite materials [11]

Investment Rating - The report initiates coverage with an OUTPERFORM rating for the company, indicating expected performance above the market average over the next 12-18 months [19][28]. Core Insights - The company is experiencing a performance turnaround, with significant growth in emerging business sectors such as IGBT, wiring harness, and semiconductor applications. The lithium battery business is also recovering, leading to a positive outlook for future earnings growth [5][19]. - The target price is set at RMB 52.26, based on a 50x price-to-earnings (PE) ratio for 2025, which is higher than the industry average [5][7]. Financial Summary - The company’s revenue is projected to grow from RMB 525 million in 2023 to RMB 1,318 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.7% [4]. - Net profit is expected to increase from RMB 67 million in 2023 to RMB 249 million in 2027, with a notable recovery in profit margins [4]. - The earnings per share (EPS) forecast for 2025, 2026, and 2027 is RMB 1.05, RMB 1.80, and RMB 2.17 respectively [5][19]. Business Performance - In Q4 2024, the company reported a revenue of RMB 585 million, a year-on-year increase of 11.3%, and a net profit of RMB 86 million, up 29.04% year-on-year [20]. - The revenue from power battery ultrasonic welding equipment decreased significantly by 53.48% year-on-year, while parts business revenue increased by 70.45% [5][20]. - New business segments, including wiring harness connectors and semiconductor ultrasonic equipment, contributed 21.95% to total revenue [20]. Research and Development - The company maintains a high R&D investment rate of 21.65%, focusing on new product development and customer adoption in various sectors [5][20]. - The R&D efforts have led to breakthroughs in ultrasonic applications across multiple industries, including automotive, medical devices, and consumer electronics [5][17].