2025 年 04 月 29 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 72 期 观点精粹: 最新报告摘要 铝行业周报：关税压力缓和，政策定调积极--行业 PPT 报告 2025Q1 营收同比+41%，IDC 项目持续交付--奥飞数据/通信服务(300738/217301) 公司点评 金属铬、聚合 MDI、烯草酮价格上涨，重视铬盐大周期--行业周报 供需阶段性错配公司业绩承压，深入布局下游高附加值产品矩阵--合盛硅业/化学制品(603260/212203) 公司 点评 一季度业绩同比大幅提升，矿建加速推进--亚钾国际/农化制品(000893/212208) 公司点评 500kV 订单持续落地，盈利能力有望提升--东方电缆/电网设备(603606/216308) 公司点评 Q1 业绩超市场预期，盈利能力大幅回升--新强联/风电设备(300850/216306) 公司点评 2024 年煤电产销量均同比提升，2025Q1 业绩有韧性--陕西煤业/煤炭开采(601225/217401) 公司点 ...

2025 年 04 月 28 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 张钰莹 S0350524100004 zhangyy03@ghzq.com.cn [Table_Title] 多业务共振向上，2025 年有望开启丰收之年 ——骄成超声（688392）2024 年报及 2025 一季 | 相对沪深 | 300 | 表现 | | 2025/04/25 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 骄成超声 | | -4.4% | 27.5% | 5.3% | | 沪深 300 | | -3.7% | -1.2% | 7.3% | | 市场数据 | 2025/04/25 | | --- | --- | | 当前价格（元） | 49.65 | | 52 周价格区间（元） | 27.78-61.50 | | 总市值（百万） | 5,699.82 | | 流通市值（百万） | 3,466.50 | | 总股本（万股） | 11,480.00 | | 流通股本（万股） | 6,981.88 | | 日均成交额（百万） | ...

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]