丨证券研究报告丨 公司研究丨点评报告丨骄成超声（688392.SH） [Table_Title] 骄成超声：半导体及液冷等新领域持续突破，构 建多元成长曲线 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 骄成超声深耕超声波技术，在新能源、半导体、医疗等领域持续发力，且有望开拓更多市场， 平台化能力强，长期成长空间足；此外，设备+耗材模式更优，盈利能力强。看好公司平台化发 展和"设备+耗材"商业模式。 分析师及联系人 [Table_Author] 赵智勇 倪蕤 屈奇 杨文建 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524070003 SAC：S0490525070003 SFC：BRP550 骄成超声（688392.SH） cjzqdt11111 [Table_Title 骄成超声：半导体及液冷等新领域持续突破，构 2] 建多元成长曲线 [Table_Summary2] 事件描述 《科创板日报》10 日讯，据证监会官网，长鑫科技已发布 IPO 辅导工作完成报告。 事件 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 55.65 CNY, indicating a potential upside from the current price of 49.55 CNY [5]. Core Views - The company has shown a strong performance in Q1 2025 with revenue of 148 million CNY, a year-on-year increase of 22.35%, and a net profit of 24 million CNY, reflecting a significant year-on-year growth of 2152.47% [1][2]. - The company is focusing on expanding its ultrasonic technology platform into new sectors such as automotive wiring harnesses and semiconductors, which is expected to drive revenue growth in the coming years [2]. - Short-term recovery in lithium battery utilization rates is anticipated to boost order volumes, while stable contributions from consumables will support performance [2]. Financial Performance - In Q1 2025, the company's gross margin was 64.91%, an increase of 9.30 percentage points year-on-year, and the net profit margin was 15.78%, up by 14.96 percentage points year-on-year [10]. - The company has seen a continuous improvement in contract liabilities, which stood at 37.62 million CNY at the end of Q1 2025, indicating a positive trend for sustained revenue growth [11]. - Revenue projections for 2025-2027 are estimated at 760 million CNY, 1.017 billion CNY, and 1.394 billion CNY, with corresponding year-on-year growth rates of 30%, 34%, and 37% [12]. Product and Market Development - The company is optimizing its product structure, with significant growth in automotive wiring harnesses and semiconductors, which are beginning to show volume increases [3]. - In 2024, revenue from the automotive wiring harness segment reached 81 million CNY, a year-on-year increase of 352.37%, while semiconductor revenue was 47 million CNY, up by 195.66% [8]. - The consumables segment generated 1.84 billion CNY in revenue in 2024, reflecting a growth of 70.45% year-on-year, driven by increased market demand and higher utilization rates from lithium battery customers [8].