2025年12月25日，骄成超声披露接待调研公告，公司于12月23日至12月24日接待淡水泉、天风证券、陆 家嘴信托、国泰基金、华泰保兴基金、上银基金等44家机构调研。 调研情况显示，今年以来下游锂电领域景气度显著回升，骄成超声与众多核心客户建立长期稳定合作， 紧跟客户产品升级与设备更新需求以强化产品竞争力，叠加储能市场快速增长、行业技术迭代等因素驱 动，行业景气度有望持续；公司密切关注新能源领域前沿技术发展趋势，在固态电池领域推出超声波极 耳焊接、超声波检测等多款设备，积极延伸超声技术应用场景。 在功率半导体领域，公司拥有超声波端子焊接机、超声波PIN针焊接机、超声波键合机、超声波扫描显 微镜等全工序超声波解决方案并均已实现批量出货；先进封装领域，其可应用于半导体晶圆级封装、 2．5D／3D封装、面板级封装等产品检测的先进超声波扫描显微镜成功获得国内知名客户正式订单并完 成交付，超声波固晶机（超声热压焊机）也已获得客户正式订单，相关业务正持续突破技术与市场边 界。此外，公司自主研发的超声波扫描显微镜已广泛应用于液冷板等关键工件的内部缺陷检测。 2024年度，公司新能源电池设备毛利率为48．43％，线束连接器 ...

Core Viewpoint - The company has not confirmed the production of AMOLED flexible display modules and does not currently produce them, nor does it utilize them in its production processes [1] Group 1 - The company responded to investor inquiries regarding the mass production of AMOLED flexible display modules, stating that it does not currently produce these modules [1] - There is no production of ultrasonic solid crystal machines in the company's instrument business [1] - The company expressed uncertainty regarding the specific product related to the copper-clad laminate research and sample delivery mentioned by the investor [1]

Core Viewpoint - The company, Ultrasonic Electronics (000823.SZ), confirmed that it does not currently produce AMOLED flexible display modules and has not utilized them in its production process [1] Group 1 - The company stated that it does not manufacture AMOLED flexible display modules [1] - The production process of the company does not involve the use of AMOLED flexible display modules [1] - The company's instrumentation business currently does not produce ultrasonic solid crystal machines [1]

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational efficiency and market demand [1]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 521 million yuan, a year-on-year increase of 28% [1]. - The net profit attributable to shareholders reached 94 million yuan, up 360% year-on-year [1]. - The non-recurring net profit was 76 million yuan, reflecting a 673% increase year-on-year [1]. - The gross margin was 65.05%, an increase of 14 percentage points year-on-year [1]. - The net profit margin stood at 16.71%, up 12 percentage points year-on-year [1]. - In Q3 alone, the company reported revenue of 198 million yuan, a 20% increase year-on-year and a 13% increase quarter-on-quarter [1]. - The Q3 net profit attributable to shareholders was 36 million yuan, a 137% increase year-on-year and a 5% increase quarter-on-quarter [1]. - The Q3 non-recurring net profit was 30 million yuan, up 289% year-on-year and 13% quarter-on-quarter [1]. - The Q3 gross margin was 64.74%, an 11 percentage point increase year-on-year but a 1 percentage point decrease quarter-on-quarter [1]. - The Q3 net profit margin was 16.18%, a 7 percentage point increase year-on-year but a 2 percentage point decrease quarter-on-quarter [1]. Product Development and Market Position - The company successfully shipped its 2.5D/3D advanced packaging ultrasonic scanning microscope, breaking the technology monopoly in Europe and the US [2]. - The new Wafer400 series ultrasonic scanning microscope can detect 6, 8, and 12-inch wafers, offering various solutions to meet customer needs, with performance metrics comparable to leading international brands [2]. - In the semiconductor equipment sector, the company has established a dual layout in power semiconductors and advanced packaging, with a full range of ultrasonic solutions already in mass production [3]. - The company is actively promoting new products in the advanced packaging sector, including ultrasonic scanning microscopes and ultrasonic bonding machines, with successful orders from well-known domestic clients [3]. - The company is focusing on the solid-state battery sector, launching ultrasonic welding and detection equipment to meet the growing demand in the lithium battery market [3]. Business Model and Future Outlook - The "equipment + accessories" business model continues to support the company's performance, with an increasing revenue share from accessory sales [4]. - The company expects to achieve revenues of 866 million yuan, 1.198 billion yuan, and 2.368 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 134 million yuan, 250 million yuan, and 469 million yuan [4]. - The corresponding price-to-earnings ratios are projected to be 92.54, 49.63, and 26.45 for the years 2025, 2026, and 2027, respectively [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company benefits from the growth in downstream demand from lithium batteries, wiring harnesses, and semiconductors, leading to a year-on-year revenue increase. The optimization of product structure and continuous improvement in quality and efficiency have resulted in sustained profit release, aligning with expectations. The company is deeply engaged in ultrasonic technology across new energy, semiconductors, and medical fields, with strong platform capabilities and long-term growth potential. Additionally, the equipment and consumables model is superior, enhancing profitability. The report is optimistic about the company's platform development and the "equipment + consumables" business model [2][12]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved revenue of 521 million yuan, a year-on-year increase of 27.53%. The net profit attributable to the parent company was 94 million yuan, up 359.81%. In Q3 2025, revenue reached 198 million yuan, growing by 20.16%, with a net profit of 36 million yuan, an increase of 136.81% [6][12]. Business Segments - The traditional lithium battery segment shows significant recovery, with strong growth expectations for new orders. The semiconductor business is thriving, with multiple models of advanced ultrasonic scanning microscopes achieving order deliveries, breaking foreign monopolies. The company has also developed ultrasonic welding and additive manufacturing equipment for aerospace applications and high-precision ultrasonic detection equipment for liquid cooling plates, enhancing its market presence [12][12]. Future Projections - The company is expected to achieve net profits of 146 million yuan and 240 million yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 92 and 56 times. The long-term growth potential remains strong due to the company's focus on ultrasonic technology and its ability to expand into new markets [12][12].

Group 1: Baia Co., Ltd. - Douyin remains a crucial platform for brand exposure and customer acquisition, with increased investment in Xiaohongshu showing positive trends [1] - Instant retail is growing rapidly, becoming a significant emerging channel with potential for new industry dividends [1] - The company reported over 100% revenue growth in the first three quarters, with a potential increase in net profit margin due to channel cost dilution [1] Group 2: Jiao Cheng Ultrasonic - The company provides comprehensive solutions in the power semiconductor field, including ultrasonic welding machines and scanning microscopes, with bulk shipments already made [2] - Ultrasonic detection offers irreplaceable advantages in wafer and advanced packaging defect detection, complementing X-ray detection [2] - The company is expanding into solid-state battery equipment and has received orders for ultrasonic solid crystal machines, highlighting its competitive edge in low-temperature and efficient solutions [2] Group 3: Siyuan Electric - The company is confident in achieving its annual target, with a 25% growth in orders, and progress is on track as of September [3] - Overseas orders are growing faster than average, while domestic orders in systems, renewable energy, and energy storage are also meeting expectations [3] - The company is collaborating on the IGCT project with Huairou Laboratory to advance industrialization, although new products will have a limited short-term revenue impact [3]

Group 1: Company Insights - Keda Xunfei has accumulated over 50TB of industry corpus and over 1 billion daily user interactions, enhancing its data collection and cleaning capabilities [1] - The "Xunfei Spark Model" has been upgraded to version 4.0, which significantly improves its multimodal and intelligent capabilities, comparable to GPT-4 Turbo [1] - Tunan Co. reported a decline in net profit for Q3 2025 due to increased production but delayed revenue recognition, leading to higher operational costs [2] - Tunan's inventory increased by 48% since the beginning of the year due to order-based stocking, with a backlog of orders corresponding to approximately 1.75 billion yuan [2] - Jiao Cheng Ultrasonic provides comprehensive solutions in power semiconductor fields and has begun mass shipments, focusing on advanced packaging and defect detection [3] - The company is developing ultrasonic bonding machines and has received orders for its ultrasonic solid-state bonding machines, which offer low-temperature and high-efficiency advantages [3] Group 2: Industry Trends - The semiconductor industry is seeing advancements in ultrasonic detection methods, which complement traditional X-ray detection in identifying defects [3] - The demand for automation in manufacturing, particularly in the aerospace and energy sectors, is driving growth for companies like Tunan and Jiao Cheng [2][3] - The electric vehicle and energy storage sectors are benefiting from innovations in welding equipment and battery technology, indicating a trend towards electrification and smart technology [3] Group 3: Fund Management Insights - Zhongyin Fund has an asset management scale of 676.016 billion yuan, ranking 18th among 210 firms, with a focus on public funds [4] - The fund's best-performing product in the past year is the Zhongyin Hong Kong Stock Connect Medical Mixed Fund A, which has grown by 72.27% [4] - The latest fund launched by Zhongyin is the Zhongyin CSI Robot Index C, which is an index-type stock fund with a subscription period from October 13 to October 24, 2025 [4]

Core Viewpoint - The company, Jiao Cheng Ultrasonic (688392), is actively advancing its product offerings in the semiconductor advanced packaging sector, focusing on ultrasonic solutions and establishing significant partnerships with well-known enterprises in the industry [1][3]. Group 1: Product Development and Market Position - The company has developed a comprehensive range of ultrasonic solutions for power semiconductors, including ultrasonic terminal welding machines and ultrasonic bonding machines, which have achieved mass production [1]. - In the advanced packaging field, the company is promoting new products such as advanced ultrasonic scanning microscopes and ultrasonic die bonders, successfully securing formal orders from reputable domestic clients [1][3]. - The company is also making strides in the IC packaging sector, focusing on high-end ultrasonic die bonders and ball bonding machines to break the long-standing monopoly of foreign manufacturers [3][4]. Group 2: Technology Advantages - Ultrasonic detection technology offers significant advantages over optical and X-ray detection methods, particularly in its ability to penetrate materials and quantify internal interface defects without causing damage [2]. - The ultrasonic bonding technology enhances the reliability and efficiency of packaging processes by utilizing ultrasonic energy to facilitate atomic diffusion at the interface, resulting in stronger metal bonds compared to traditional methods [4]. Group 3: Financial Performance - For the first half of 2025, the company reported a main revenue of 323 million yuan, a year-on-year increase of 32.5%, and a net profit attributable to shareholders of 58.04 million yuan, reflecting a substantial year-on-year growth of 1005.12% [6]. - The second quarter of 2025 saw a main revenue of 175 million yuan, up 42.46% year-on-year, with a net profit of 34.40 million yuan, marking a significant increase of 718.65% [6]. Group 4: Client Base and Industry Applications - In the wire harness connector sector, the company's ultrasonic welding machines are utilized in applications such as new energy vehicles and charging stations, collaborating with notable clients like BYD and Amphenol [5]. - The company is also expanding its product offerings in the medical field, having obtained five registration certificates for ultrasonic dental medical devices, with plans for further development in mid-to-high-end applications [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Viewpoints - The company is deeply engaged in ultrasonic technology and is making continuous breakthroughs in new fields such as semiconductors and liquid cooling, which is expected to create a diversified growth curve [2][12]. - The company has a strong platform capability and a superior "equipment + consumables" business model, indicating robust profitability and long-term growth potential [2][12]. Summary by Relevant Sections Company Overview - The company focuses on ultrasonic technology applications in various sectors including new energy, semiconductors, and medical fields, with plans to explore more markets [2][12]. - The company has successfully received formal orders from well-known domestic clients for advanced ultrasonic scanning microscopes and ultrasonic die bonding machines in the semiconductor advanced packaging sector [12]. Financial Projections - The company is projected to achieve a net profit attributable to the parent company of 150 million and 242 million yuan in 2025 and 2026, respectively, corresponding to P/E ratios of 71 and 44 times [12][18]. Market Performance - The company has shown a significant market performance compared to the CSI 300 index, with a notable increase in stock price over the past 12 months [12].

Mergers and Acquisitions - Dalong Real Estate's controlling subsidiary plans to acquire 60% equity of Beijing Chengzhu Real Estate Development Co., Ltd [1] Share Buybacks - China Jushi intends to repurchase 30 million to 40 million shares of its own stock [2] - Newpoint Software plans to repurchase shares worth 30 million to 50 million yuan [2] Investment Cooperation and Operational Status - Jingzhida has delivered its first high-speed testing machine to key domestic clients, primarily used in semiconductor memory testing [3] - Tasly Pharmaceutical's subsidiary has received approval for clinical trials of TSL2109 capsule, with no similar dual-target drugs currently in clinical trials domestically or internationally [3] - Shangwei New Materials' affiliated company Zhiyuan Hengyue plans to make a tender offer to acquire 37% of shares at a price of 7.78 yuan per share [3] - Changying Precision has delivered humanoid robot structural components valued over 80 million yuan, with over 400 part numbers supplied to clients [3] - Heng Rui Medicine has signed a licensing agreement for the project of Rykon Trastuzumab, eligible for milestone payments up to 1.093 billion USD [4] - Jiao Cheng Ultrasound is advancing the development and promotion of new products like advanced ultrasound scanning microscopes and ultrasonic bonding machines, successfully obtaining formal orders from well-known domestic clients [4] Performance Changes - Wanwei High-tech expects net profit attributable to shareholders to be between 340 million and 420 million yuan for the first three quarters of 2025, representing a year-on-year increase of 69.81% to 109.77% [5]