Core Viewpoint - Wuhan Jingce Electronic Group Co., Ltd. has signed contracts totaling 433 million yuan for semiconductor testing equipment, which is expected to positively impact the company's operational results [1][2][3]. Group 1: Contract Details - The contracts were signed by Shanghai Jingce Semiconductor Technology Co., Ltd., a subsidiary of Wuhan Jingce, with the same client over a twelve-month period, covering sales of film thickness products, optical critical dimension (OCD) equipment, and electron beam equipment [2]. - The total contract amount reached 433 million yuan, primarily for semiconductor measurement equipment used in advanced storage and high bandwidth memory (HBM) applications [2]. Group 2: Market Implications - HBM is a critical storage component for AI computing chips, requiring high precision in wafer stacking thickness, critical dimensions, and defect control during manufacturing [2]. - The signed contracts reflect the client's high recognition of the company's semiconductor measurement equipment, which is crucial for meeting the high-precision and high-efficiency quality control demands in this field [3]. - Successful execution of these contracts is anticipated to enhance the company's brand influence and market competitiveness [3].

连斩多笔大单，精测电子（300567）(300567.SZ)在高端半导体检测设备市场持续突破。 12月9日晚间，精测电子公告，公司控股子公司上海精测及公司其他合并范围内子公司连续12个月内与 客户签订了多份销售合同，累计金额达到4.33亿元。 长江商报记者注意到，近年来，精测电子抢抓市场机遇，大力推动新业务拓展，不断向半导体、新能源 行业的测试领域渗透，打造新的增长极。2025年前三季度，公司实现营收22.71亿元，同比增长 24.04%；归母净利润1亿元，同比增长21.7%。 截至10月底，精测电子取得在手订单金额总计约34.46亿元，其中半导体领域在手订单约17.91亿元、显 示领域在手订单约12.41亿元、新能源领域在手订单约4.14亿元，半导体业务已成为公司经营业绩的重要 支撑。 检测设备获客户认可 公开资料显示，精测电子成立于2006年，以平板显示检测系统起家，是国家认可的细分市场龙头企业。 公司于2016年在深交所创业板挂牌上市，主要从事半导体、显示及新能源检测系统的研发、生产与销 售。 2018年，精测电子通过前瞻性入局半导体和新能源检测领域，形成了"平板显示+半导体+新能源"三位 一体矩阵。尤 ...

点评报告 2025 年 12 月 10 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 6 证券研究报告 一、宏观经济组： 根据新闻，美国 SpaceX 正推进 IPO 计划，拟募资远超 300 亿美元。该公司目标整 体估值约 1.5 万亿美元，并计划最快于 2026 年中后期上市。SpaceX 预计将利用部 分 IPO 募资开发太空数据中包括购买运行所需芯片。我们认为今年上半年 SpaceX 的融资估值才 4 千亿美元，如果真的按 1.5 万亿美元 IPO 成功则将对 A 股的商业航 天领域带来较大的正面刺激。因为无论是 AI、还是人形机器人等，都是美国市场 估值的大幅上涨然后带动国内产业链和资本市场跟随，因此我们继续看好国内商业 航天板块的投资机会。 精测电子(300567.SZ）近日公告称，子公司上海精测及公司其他合并范围内子公司 连续十二月内与同一客户签订了多份销售合同，主要向客户出售膜厚系列产品、OCD 设备、电子束设备等半导体量检测设备，应用场景主要为先进存储和 HBM 等相关领 域，合同累计金额达到 4.33 亿元。而今年上半年精测电子的半导体板块收入总体 才有 5. ...

Core Viewpoint - The announcement by Jingce Electronics indicates that its subsidiary, Shanghai Jingce Semiconductor Technology Co., Ltd., has signed multiple sales contracts with a single counterparty, totaling approximately 432.57 million yuan, primarily for semiconductor measurement equipment [1][3]. Group 1: Contract Details - The contracts include products such as film thickness series, OCD equipment, and electron beam equipment, mainly used in advanced storage and HBM-related fields [3]. - The total contract amount is 432,574,120.24 yuan, and the contracts will take effect upon signing by both parties [3]. - The company states that these contracts are part of routine business operations and do not constitute related party transactions or significant asset restructuring as per regulations [3][4]. Group 2: Customer and Risk Assessment - The customer involved has a good credit status and the ability to fulfill the contract, with controllable performance risks, and there is no related party relationship between the customer and the company [3][4]. - The signing of these contracts reflects a deepening cooperation based on a solid existing relationship, enhancing the customer's recognition of the company's product performance and service capabilities [4]. Group 3: Business Impact - Successful execution of these contracts is expected to strengthen the company's market position in the semiconductor measurement equipment sector and contribute to the performance of related product lines [3][4]. - The company emphasizes that the fulfillment of these contracts will not affect its business independence and will not create dependency on a single customer [4].

Group 1 - Jinggong Technology signed a sales contract with Hubei Yuchuang worth 729 million yuan, accounting for 42.16% of the company's audited revenue for 2024 [1] - Heshun Electric is expected to win a bid for a State Grid procurement project worth 107 million yuan, representing 24.97% of the company's 2024 revenue [2] - Yongmaotai plans to invest approximately 400 million yuan in a new intelligent manufacturing project for magnesium-aluminum alloy materials [3] Group 2 - Longi Green Energy announced the termination of its plan to issue global depositary receipts abroad, stating it will not significantly impact its operations [4] - Bai Ao Intelligent is expected to win bids for projects totaling 27.5 million yuan [5] - Lian Biological is planning a change of control and asset purchase, leading to a temporary suspension of its stock [6] Group 3 - Bo Rui Communication intends to acquire 51% of Meijing Technology for 66.49 million yuan [7] - Huitai Medical plans to repurchase shares worth 200 to 250 million yuan for employee stock ownership plans [8] - Yifang Biological is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] Group 4 - Jiuqiang Biological's shareholders signed an agreement for the transfer of 5% of the company's shares to China National Pharmaceutical Investment [11] - Songcheng Performing Arts plans to repurchase shares worth 100 to 200 million yuan for capital reduction [12] - Zhonghong Medical's subsidiary is expected to be selected for a centralized procurement project in Jiangxi Province [13] Group 5 - Xingfu Electronics plans to invest 480 million yuan in a new electronic-grade phosphoric acid project [14] - Jiaao Environmental Protection's stock will be subject to risk warnings due to an administrative penalty [15] - ST Nuotai received a drug registration certificate for a new injection [16] Group 6 - Haimo Technology plans to sell its controlling subsidiary, Xian Sitian Instrument, for 370 million yuan [17] - Jingce Electronics signed multiple sales contracts with a single customer totaling 433 million yuan [18] - Donghua Testing's controlling shareholder plans to reduce its stake by up to 1.99% [19][20] Group 7 - Xingqi Eye Medicine completed the first subject enrollment for a Phase II clinical trial of its eye drop product [21] - Kute Intelligent's controlling shareholder plans to reduce its stake by up to 2% [22] - Dongcheng Pharmaceutical's subsidiary received approval for a new specification of a heparin sodium injection [23] Group 8 - Zhaoyi Innovation is in the process of issuing H-shares and has received regulatory approval [24] - Aokang International's shareholder plans to reduce its stake by up to 3% [25] - Jiamei Packaging's controlling shareholder is planning a change of control, leading to a temporary stock suspension [26] Group 9 - ST Kevin's stock will have its risk warning lifted and will resume trading [27] - Zaiseng Technology's controlling shareholder plans to transfer 6.04% of the company's shares [28] - Lide New Energy's shareholder plans to reduce its stake by up to 1% [29] Group 10 - Srypu terminated its plan to acquire shares and will resume trading [30] - Longjiang Transportation's subsidiary plans to invest 2.679 billion yuan in a graphite mining project [31] - Haowei Group's controlling shareholder has not reduced its stake and has terminated the reduction plan [32] Group 11 - Huilun Crystal received an administrative penalty notice for information disclosure violations [33] - Haiguang Information terminated a major asset restructuring plan [34] - Zhongke Shuguang announced a cash dividend plan [35] Group 12 - Fushuo Technology's share purchase plan was approved by the Shenzhen Stock Exchange [36] - Dongbai Group's shareholder reduced its stake by 25.95 million shares [38]

格隆汇12月9日丨精测电子(300567.SZ)公布，截至本公告披露日，公司控股子公司上海精测及公司其他 合并范围内子公司连续十二月内与客户签订了多份销售合同，主要向客户出售膜厚系列产品、OCD设 备、电子束设备等半导体量检测设备，应用场景主要为先进存储和HBM等相关领域，合同累计金额达 到432,574,120.24元。 ...

精测电子公告称，截至本公告披露日，公司控股子公司上海精测及公司其他合并范围内子公司连续十二 月内与同一客户签订了多份销售合同，主要向客户出售膜厚系列产品、OCD设备、电子束设备等半导 体量检测设备，应用场景主要为先进存储和HBM等相关领域，合同累计金额达到4.33亿元。本批次合 同的顺利履行预计将会对公司经营成果产生积极影响。 ...

精测电子公告，公司控股子公司上海精测及公司其他合并范围内子公司连续十二月内与客户签订了多份 销售合同，主要向客户出售膜厚系列产品、OCD设备、电子束设备等半导体量检测设备，应用场景主 要为先进存储和HBM等相关领域，合同累计金额达到4.33亿元。 ...

格隆汇12月5日｜东方证券研报指出，精测电子持续推动先进制程前道量测设备突破，打开成长空间。 目前，公司14nm先进制程工艺节点的明场缺陷检测设备已正式交付，目前验收等相关工作进展顺利。 半导体前道量测领域膜厚系列产品、OCD设备、电子束设备等部分主力产品已完成7nm先进制程的交付 及验收，目前更加先进制程的产品正在验证中。展望未来，先进制程前道量测设备占公司整体营收和订 单的比例有望不断增加，成为公司业绩的核心驱动力之一。公司推进半导体后道电测领域布局，子公司 武汉精鸿拟实施增资扩股；受益OLED产线投资持续，显示检测业务有望稳步发展。根据DCF估值法， 给予75.39元目标价，维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with revenue reaching 890 million yuan, a year-on-year growth of 25.37%, and a net profit attributable to shareholders of 72 million yuan, up 123.44% [2][4]. - The company has a robust order backlog totaling approximately 3.446 billion yuan, with 1.791 billion yuan in the semiconductor sector, indicating strong future revenue potential [10]. - The semiconductor business has achieved profitability, with revenue from this segment growing by 48.67% year-on-year [10]. Financial Performance Summary - For Q1-Q3 2025, the company achieved total revenue of 2.271 billion yuan, a 24.04% increase year-on-year, and a net profit of 100 million yuan, reflecting a 21.70% growth [2][4]. - The gross margin for Q3 2025 was reported at 48.55%, an increase of 4.58 percentage points compared to the previous year [2][4]. - The company anticipates net profits of 196 million yuan, 321 million yuan, and 596 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 107x, 65x, and 35x [10].