截至发稿，刘畅畅累计任职时间5年278天，现任基金资产总规模66.42亿元，任职期间最佳基金回报 246.26%， 任职期间最差基金回报15.58%。 数据显示，华安基金旗下1只基金重仓伟测科技。华安智能装备主题股票A（001072）二季度持有股数 50.33万股，占基金净值比例为3.26%，位居第七大重仓股。根据测算，今日浮亏损失约221.96万元。 华安智能装备主题股票A（001072）成立日期2015年4月24日，最新规模8.51亿。今年以来收益 50.77%，同类排名891/4220；近一年收益48.28%，同类排名906/3852；成立以来收益258.87%。 华安智能装备主题股票A（001072）基金经理为刘畅畅。 10月10日，伟测科技跌5%，截至发稿，报83.71元/股，成交3.19亿元，换手率3.64%，总市值124.68亿 元。 资料显示，上海伟测半导体科技股份有限公司位于上海市浦东新区东胜路38号D区1栋，成立日期2016 年5月6日，上市日期2022年10月26日，公司主营业务涉及晶圆测试、芯片成品测试以及与集成电路测试 相关的配套服务。主营业务收入构成为：晶圆测试55.40%，芯片成 ...

数据显示，德邦基金旗下1只基金位居伟测科技十大流通股东。德邦半导体产业混合发起式A （014319）二季度新进十大流通股东，持有股数143.23万股，占流通股的比例为1.39%。根据测算，今 日浮亏损失约627.36万元。 德邦半导体产业混合发起式A（014319）成立日期2021年12月28日，最新规模3.58亿。今年以来收益 77.2%，同类排名265/8171；近一年收益147.6%，同类排名108/8004；成立以来收益91.47%。 资料显示，上海伟测半导体科技股份有限公司位于上海市浦东新区东胜路38号D区1栋，成立日期2016 年5月6日，上市日期2022年10月26日，公司主营业务涉及晶圆测试、芯片成品测试以及与集成电路测试 相关的配套服务。主营业务收入构成为：晶圆测试55.40%，芯片成品测试40.09%，其他4.51%。 从伟测科技十大流通股东角度 9月26日，伟测科技跌5%，截至发稿，报83.18元/股，成交6.09亿元，换手率6.96%，总市值123.89亿 元。 德邦半导体产业混合发起式A（014319）基金经理为雷涛。 责任编辑：小浪快报 风险提示：市场有风险，投资需谨慎。本文为AI ...

Group 1 - The core viewpoint of the news is that Shanghai Weicai Semiconductor Technology Co., Ltd. has seen a significant stock price increase of 5.22%, reaching 75.16 CNY per share, with a total market capitalization of 11.195 billion CNY [1] - The company was established on May 6, 2016, and went public on October 26, 2022. Its main business includes wafer testing, chip finished product testing, and related integrated circuit testing services [1] - The revenue composition of the company is as follows: wafer testing accounts for 55.40%, chip finished product testing for 40.09%, and other services for 4.51% [1] Group 2 - According to the data, Debon Fund's Debon Semiconductor Industry Mixed Initiation A (014319) has entered the top ten circulating shareholders of Weicai Technology, holding 1.4323 million shares, which is 1.39% of the circulating shares [2] - The fund has achieved a year-to-date return of 42.68%, ranking 960 out of 8175 in its category, and a one-year return of 104.14%, ranking 301 out of 7982 [2] - The fund manager, Lei Tao, has been in position for 3 years and 259 days, with the fund's total asset size at 3.689 billion CNY and a best return of 199.87% during his tenure [3]

9月5日，伟测科技涨1.95%，成交额5.39亿元。两融数据显示，当日伟测科技获融资买入额4571.72万 元，融资偿还4729.02万元，融资净买入-157.29万元。截至9月5日，伟测科技融资融券余额合计3.94亿 元。 截至6月30日，伟测科技股东户数1.25万，较上期增加18.36%；人均流通股8217股，较上期增加 10.29%。2025年1月-6月，伟测科技实现营业收入6.34亿元，同比增长47.53%；归母净利润1.01亿元，同 比增长831.03%。 分红方面，伟测科技A股上市后累计派现1.49亿元。 机构持仓方面，截止2025年6月30日，伟测科技十大流通股东中，南方科创板3年定开混合（506000）位 居第四大流通股东，持股160.14万股，相比上期增加65.38万股。德邦半导体产业混合发起式A （014319）位居第五大流通股东，持股143.23万股，为新进股东。香港中央结算有限公司位居第六大流 通股东，持股122.33万股，相比上期增加53.89万股。南方中证1000ETF（512100）位居第八大流通股 东，持股97.74万股，为新进股东。信澳新能源产业股票A（001410）位居第九 ...

Company Overview - Liyang Chip Testing Co., Ltd. is located in Dongguan, Guangdong Province, established on February 10, 2010, and listed on November 11, 2020. The company specializes in integrated circuit testing solutions, wafer testing services, finished chip testing services, and related supporting services [1]. Financial Performance - As of September 4, Liyang Chip's stock price decreased by 5.33%, trading at 28.43 CNY per share, with a total transaction volume of 168 million CNY and a turnover rate of 2.85%. The company's total market capitalization is 5.772 billion CNY [1]. - The revenue composition of Liyang Chip includes finished chip testing (53.99%), wafer testing (38.27%), other services (6.00%), and wafer dicing (1.74%) [1]. Fund Holdings - According to data, one fund under Nuoan Fund holds a significant position in Liyang Chip. The Nuoan Research Optimal Mixed A Fund (008185) held 132,200 shares in the second quarter, accounting for 3.7% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 211,600 CNY [2]. - The Nuoan Research Optimal Mixed A Fund was established on May 9, 2020, with a current scale of 71.2857 million CNY. Year-to-date, it has achieved a return of 39.21%, ranking 1227 out of 8180 in its category. Over the past year, the return is 39.7%, ranking 3420 out of 7978, and since inception, the return is 3.32% [2]. Fund Management - The fund manager of Nuoan Research Optimal Mixed A Fund is Deng Xinyi, who has been in the position for 3 years and 62 days. The total asset size of the fund is 2.009 billion CNY, with the best return during the tenure being 26.48% and the worst return being -16% [3].

Core Viewpoint - Huayu Electronics is facing significant challenges in its IPO process, with concerns regarding business innovation, fundraising rationale, and financial authenticity, leading to uncertainty about its ability to successfully list again [1][4]. Company Overview - Huayu Electronics specializes in integrated circuit packaging and testing, primarily serving sectors such as 5G communications, automotive electronics, industrial control, and consumer electronics [3][4]. - The company is recognized as a national-level specialized and innovative "little giant" enterprise [3]. Business Performance - The company has a low proportion of high-end business, resulting in a significant decline in gross profit margins, with margins dropping from 28.56% in 2022 to an expected 21.18% in 2024 [5]. - The gross profit margin for packaging testing (including standalone packaging) is projected to decrease from 21.98% in 2022 to 10.84% in 2024 [5]. Market Position - Huayu Electronics has a weak competitive position in the high-end packaging testing market, primarily relying on conventional packaging and mid-range professional testing products for revenue [4][5]. - The advanced packaging market in mainland China is expected to grow significantly, with a projected market size of approximately 400 billion yuan in 2024, and advanced packaging is anticipated to account for 36% of this market [4]. Financial Concerns - The company's profits have been questioned due to potential "inflation" from government subsidies and tax reductions, with total profits reported as 85.85 million yuan in 2022, 43.17 million yuan in 2023, and 59.90 million yuan in 2024 [7][9]. - A significant portion of the company's profits is derived from government subsidies, which accounted for 24.47% of total profits in 2022, raising concerns about sustainability [9]. R&D and Talent Issues - The company has been criticized for its low R&D expenditure relative to industry averages, with R&D expenses as a percentage of revenue being 5.96% in 2022, compared to the industry average of 8.74% [10]. - The educational background of the R&D staff is concerning, with only 0.26% holding a master's degree or higher, which may jeopardize the company's high-tech enterprise certification [10][11]. Capacity Utilization and Expansion Plans - As of 2024, the capacity utilization rates for packaging testing, chip finished testing, and wafer testing are 77.56%, 70.12%, and 75.20%, respectively, indicating underutilization [13][14]. - Despite low utilization rates, the company plans to raise 400 million yuan for expansion projects, raising questions about the rationale behind expanding capacity when current capacity is underused [12][15].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [5]. Core Insights - The company achieved record-high revenue in Q2 2025, driven by strong downstream demand from the smart driving and AI sectors, alongside proactive capacity expansion [2][3]. - The significant increase in net profit growth (831.03% YoY) outpaced revenue growth (47.53% YoY), showcasing operational leverage [2]. - The gross margin improved to 34.50%, up 5.94 percentage points YoY, primarily due to enhanced capacity utilization, which currently stands at 90% [2]. - The company is strategically investing in advanced packaging and testing capabilities to meet the rising demand for chip testing, particularly in 2.5D/3D and Chiplet technologies [3]. Financial Summary - For H1 2025, the company reported revenue of 634 million yuan and a net profit of 101 million yuan, with Q2 revenue reaching 349 million yuan [1]. - The revenue breakdown for different business segments includes wafer testing (355 million yuan), chip product testing (254 million yuan), and other businesses (29 million yuan), with respective YoY growth rates of 49.32%, 71.57%, and -38.36% [2]. - The company forecasts net profits of 274 million yuan, 373 million yuan, and 506 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 44, 32, and 24 [3].

Core Viewpoint - The company, Weicet Technology (688372), reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational momentum and capacity utilization. Financial Performance - The company's main revenue for the first half of 2025 reached 634 million yuan, a year-on-year increase of 47.53% [17] - The net profit attributable to shareholders was 101 million yuan, up 831.03% year-on-year [17] - The second quarter alone saw a revenue of 349 million yuan, reflecting a 41.68% increase year-on-year [17] Capacity Utilization - As of June 2025, the overall capacity utilization rate was approximately 90%, expected to approach full capacity by September [2] - The mid-range and Shanghai plants are operating at near full capacity, while there is still some room for improvement in high-end and Wuxi plants [2] Investment Projects - As of June 2025, the funding progress for the Wuxi and Nanjing projects reached 89.19% and 97.18%, respectively [3] Depreciation Impact - The fixed asset depreciation for the first half of 2025 was 207 million yuan, with equipment depreciation nearing 200 million yuan [4] - The total expected depreciation for the year is approximately 480 million yuan [4] Revenue Segmentation - The computing power business accounted for about 9% to 10% of total revenue in the first half of 2025, with expectations for this segment to double by year-end [5] - The revenue contribution from consumer electronics decreased from over 60% last year to over 50% in the first half of 2025, although absolute values increased [14] Future Outlook - The company anticipates continued revenue growth in both CP (Chip Production) and FT (Final Test) segments, with CP accounting for 58% and FT for 42% of revenue in the first half of 2025 [8] - The company plans capital expenditures of approximately 1.3 to 1.4 billion yuan for equipment this year [10] Market Position - The Wuxi plant is the largest testing base, contributing 51% of revenue in the first half of 2025, with Shanghai and Nanjing plants contributing 24% and 22%, respectively [13] - The company is strategically positioned to serve local clients in the Yangtze River Delta and Western regions through its various projects [15][16]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][26] Core Views - The company achieved a revenue growth of 47.5% year-on-year in the first half of 2025, driven by increased penetration of smart driving, rising demand for data centers and AI computing power, and accelerated domestic substitution [1][2] - The company is expected to benefit from the demand for "high-end testing" and "high reliability testing" driven by chip localization [3] - The overall capacity utilization rate has reached over 90%, with ongoing expansion plans and significant investments in high-end testing equipment [2][3] Financial Performance Summary - In the first half of 2025, the company reported a revenue of 634 million yuan, a year-on-year increase of 47.53%, and a net profit attributable to the parent company of 101 million yuan, reflecting a year-on-year increase of 831% [1] - The gross profit margin improved by 5.9 percentage points to 34.50% in the first half of 2025 [1] - The company plans to invest 13 billion yuan in the second phase of its integrated circuit chip testing base project and 9.87 billion yuan in the Shanghai headquarters project to enhance market competitiveness [2][3] Earnings Forecast and Financial Indicators - Revenue projections for 2025 are set at 1,492 million yuan, with a year-on-year growth of 38.6% [4] - The net profit attributable to the parent company is forecasted to reach 217 million yuan in 2025, representing a year-on-year increase of 69.5% [4] - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 49, 38, and 28 times, respectively [3][4]

Group 1 - Weicai Technology achieved a net profit of 101 million yuan in the first half of 2025, a year-on-year increase of 831.03% [1] - The company reported an operating income of 634 million yuan, up 47.53% year-on-year, with a basic earnings per share of 0.68 yuan [1] - Weicai Technology specializes in wafer testing, chip finished product testing, and related integrated circuit testing services [1] Group 2 - Changhua Group received a project development notification from a domestic automotive company, with an expected total sales amount of approximately 190 million yuan over an 8-year lifecycle [2] - The project is set to begin mass production in the third quarter of 2026 [2] - Changhua Group focuses on the research, production, and sales of automotive metal components [2][3] Group 3 - Junhe Co. reported a net profit of 30.99 million yuan in the first half of 2025, a year-on-year decrease of 19.53% [3] - The company achieved an operating income of 578 million yuan, up 5.53% year-on-year, with a basic earnings per share of 0.08 yuan [3][4] - Junhe Co. specializes in the research, design, manufacturing, and sales of household water pumps and their accessories [4] Group 4 - Tonghua Jinma reported a net profit of 16.80 million yuan in the first half of 2025, a year-on-year increase of 34.77% [5] - The company achieved an operating income of 650 million yuan, a slight increase of 0.12% year-on-year, with a basic earnings per share of 0.0174 yuan [5] - Tonghua Jinma focuses on the research, production, and sales of pharmaceutical products [5][6] Group 5 - Xing Shuai reported a net profit of 122 million yuan in the first half of 2025, a year-on-year increase of 31.79% [8] - The company achieved an operating income of 1.132 billion yuan, up 8.59% year-on-year, with a basic earnings per share of 0.37 yuan [8] - Xing Shuai specializes in the research, production, and sales of various types of refrigeration compressor thermal protectors, starters, and temperature controllers [8] Group 6 - Ice Wheel Environment reported a net profit of 266 million yuan in the first half of 2025, a year-on-year decrease of 19.71% [9] - The company achieved an operating income of 3.118 billion yuan, down 6.92% year-on-year, with a basic earnings per share of 0.27 yuan [9] - Ice Wheel Environment focuses on the research, design, and sales of artificial environment control technology and energy comprehensive utilization technology [9][10] Group 7 - Jiangsu Huachen reported a net profit of 47.27 million yuan in the first half of 2025, a year-on-year increase of 18.37% [18] - The company achieved an operating income of 938 million yuan, up 40.46% year-on-year, with a basic earnings per share of 0.2901 yuan [18] - Jiangsu Huachen specializes in the research, production, and sales of energy-saving transformers and smart electrical equipment [18] Group 8 - Hanma Technology reported a net profit of 27.73 million yuan in the first half of 2025, reversing from a loss of 153 million yuan in the same period last year [18] - The company achieved an operating income of 2.847 billion yuan, a year-on-year increase of 50.03% [18] - Hanma Technology focuses on the production, research, and sales of heavy trucks, special vehicles, and automotive components [18] Group 9 - Tianyue Advanced announced the listing of its H-shares on the Hong Kong Stock Exchange, raising approximately 1.938 billion HKD [19] - The global offering consisted of 47.7457 million shares, with a price of 42.80 HKD per share [19] - Tianyue Advanced specializes in the research, production, and sales of silicon carbide semiconductor materials [19][20] Group 10 - Kesi Technology signed a sales framework contract worth up to 401 million yuan with Beijing Tianyuan Innovation Technology Co., Ltd. [21] - The contract is valid for two years and involves a comprehensive information integration service project [21] - Kesi Technology focuses on the research, development, manufacturing, and sales of electronic information equipment [21][22]