骄成超声 20251029 摘要 交城公司 2025 年半导体设备订单预计不低于 2 亿元，合同负债第三季 度同比增长近 1.5 倍，显示强劲增长势头，尽管验收周期较长，但半导 体业务正快速放量，未来增长潜力巨大。 公司整体毛利率维持高位，第三季度达 65%，锂电设备毛利率超 50%，耗材产品超 70%。与上市初期相比，盈利能力显著提升，主要 得益于产品替代进口及技术优势。 2025 年锂电设备收入预计不低于 2.2 亿元，已实现 1.6 亿元。头部锂 电池厂扩产带动订单增长，预计 2026 年传统产线仍有扩产机会，新技 术产能将成下一轮增长点。 传统锂电领域，每新增 1GW 产能对应约 120 万元设备收入和 20 万元 耗材收入，公司占据 70-80%市场份额。存量市场替换更新构成长期增 长逻辑，每年约 20%的替换量。 2025 年汽车线束营收同比增长三倍，国内高压线束市场占有率约 20%，逐步替代进口品牌。铜改铝技术推动超声波焊接需求，线束市场 份额有望持续提升。 Q&A 交城公司在 2025 年第三季度的整体表现如何？ 交城公司在 2025 年第三季度的利润同比和环比均呈上升趋势。锂电设备、半 导体 ...

Core Viewpoint - Chongqing Xishan Technology Co., Ltd. is involved in arbitration matters, with the arbitration tribunal having accepted the case but not yet convened. The company is one of the respondents and may bear joint liability for compensation [1] Group 1: Arbitration Details - The company has received materials related to two arbitration cases from the Beijing Arbitration Commission, with the claimants being China National Pharmaceutical Group United Medical Devices Co., Ltd. (referred to as "Guoyao United") and China National Pharmaceutical Group Beijing United Meidi Medical Devices Co., Ltd. (referred to as "Guoyao Beijing United Meidi") [2] - In the first arbitration case, Guoyao United claims that it is not at fault for the pricing issues related to medical supplies delivered to 301 Hospital, which were found to exceed the national minimum price, and seeks joint compensation of 20.300398 million yuan and legal fees of 630,000 yuan from the respondents [2] - In the second arbitration case, Guoyao Beijing United Meidi similarly claims it is not responsible for the pricing issues and seeks joint compensation of 14.2746 million yuan and legal fees of 509,400 yuan from the respondents [2] Group 2: Company Response - The company's board has begun organizing defense materials and has hired a professional legal team to actively respond to the arbitration [3] - The company asserts that the pricing of the medical supplies in question was in line with commercial practices and found no evidence of inflated prices [3] - Initial legal consultations suggest that the arbitration cases are not expected to have a significant impact on the company's daily operations [3]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown continuous improvement in revenue quarter-on-quarter, with significant growth in the US and European markets. The inventory destocking cycle in the US has ended, and the European market has begun to enter mainstream medical insurance markets. Domestic market adjustments are showing initial results, leading to dual growth in revenue and profit in Q2 2025 [2][4] - The company’s new noise-reducing cotton ventilator has been launched in the US market, with expectations for increased volume in the second half of the year. The company is deepening its localization strategy overseas, enhancing its global competitiveness [2][3] Financial Performance - In H1 2025, the company achieved operating revenue of 544 million yuan, a year-on-year increase of 42.30%, and a net profit attributable to the parent company of 131 million yuan, also up 42.19%. In Q2 2025, revenue reached 279 million yuan, growing 46.54% year-on-year, with a net profit of 59.41 million yuan, up 39.92% [1][4] - The company’s gross margin in Q2 2025 was 54.64%, an increase of 2.98 percentage points year-on-year. The sales expense ratio decreased by 1.82 percentage points to 12.75%, while the management expense ratio fell by 3.20 percentage points to 6.65% [2] Business Segments - The company’s main business lines showed strong growth in H1 2025: - Home respiratory therapy products generated revenue of 349 million yuan, up 51.49% year-on-year, with a gross margin of 45.02% - Consumables generated revenue of 178 million yuan, up 30.26%, with a gross margin of 65.83% - Medical products generated revenue of 16.56 million yuan, up 12.96%, with a gross margin of 55.77% [3] - Domestic revenue reached 191 million yuan in H1 2025, a year-on-year increase of 16.87%, while overseas revenue was 353 million yuan, up 61.33% [4] Market Outlook - The company is expected to see revenue growth of 27.7%, 22.6%, and 21.2% for the years 2025, 2026, and 2027, respectively, with net profits projected to grow by 76.0%, 31.5%, and 23.0% in the same years [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a recovery in revenue growth quarter by quarter, with a significant increase in the proportion of consumables in its business [2] - The company is increasing its R&D investment and optimizing its supply chain, which is expected to enhance profitability [2] - Revenue forecasts for 2025-2027 indicate a positive growth trajectory, with expected revenues of 10.58 billion, 13.14 billion, and 16.21 billion respectively, and corresponding net profits of 2.06 billion, 2.69 billion, and 3.43 billion [2] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 843 million (down 24.85% YoY) and a net profit of 155 million (down 47.74% YoY) [3] - The revenue for Q4 2024 was 241 million (up 36.29% YoY), with a net profit of 30 million (up 12.65% YoY) [3] - The company’s gross margin improved to 48.3% in 2024, with a projected gross margin of 49.3% in 2025 [3] Revenue Breakdown - The company’s consumables revenue reached 284 million in 2024, representing a 46.22% increase YoY, and accounted for 33.72% of total revenue [2] - The revenue from home respiratory therapy products was 527 million (down 38.15% YoY), primarily due to inventory destocking in overseas markets [2] Profitability Metrics - The sales expense ratio increased to 13.36% (up 4.06 percentage points YoY), while the management expense ratio rose to 7.29% (up 3.70 percentage points YoY) [2] - The net profit margin for 2024 was 18.80% (down 7.91 percentage points YoY) [2] Future Projections - Expected revenue growth rates for 2025, 2026, and 2027 are 25.4%, 24.2%, and 23.4% respectively [2] - The projected net profit growth rates for the same period are 32.4%, 30.6%, and 27.7% respectively [2]