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 ...

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]

Core Insights - The report highlights the significant growth in revenue and profitability for various companies in the technology and energy sectors, indicating a positive trend in their respective markets [6][23][15]. Industry Overview - The non-bank financial sector is experiencing a resurgence, with a focus on investment value as half-year reports are being released [5]. - The semiconductor and advanced packaging industries are seeing increased demand, driven by technological advancements and market expansion [8][11]. Company Analysis - **Stone Technology (688169.SH)**: The company reported a revenue of 7.903 billion, a year-on-year increase of 78.96%, but a decline in net profit by 39.55% [6]. - **Jiaocheng Ultrasonic (688392.SH)**: The company experienced a significant improvement in profitability, with a focus on scaling its advanced packaging business [8]. - **Green's Harmonics (688017.SH)**: The company achieved a revenue growth of 45.8% in the first half of 2025, driven by a recovery in the industrial robot market [15]. - **Hongyuan Co., Ltd. (920018.BJ)**: Recognized as a national champion in the electromagnetic wire industry, the company is leveraging its advantages in the ultra-high voltage sector [14]. - **JianTou Energy (000600.SZ)**: The company reported a substantial increase in net profit by 169.37% in the first half of 2025, attributed to effective cost management and stable power generation performance [23][24]. Financial Performance - **Stone Technology**: The company’s H1 revenue reached 7.903 billion, with a net profit of 678 million, reflecting a significant year-on-year revenue increase [6]. - **Jiaocheng Ultrasonic**: The company’s H1 gross margin was 44.56%, with a net margin of 8.57%, indicating improved profitability [8]. - **Green's Harmonics**: The company’s Q2 revenue grew by 69.5%, with a net profit increase of 101% [15]. - **JianTou Energy**: The company’s H1 revenue was 111.13 billion, with a net profit of 8.97 billion, showcasing strong financial health [23]. Investment Recommendations - The report suggests a "Buy-A" rating for companies like Stone Technology and Jiaocheng Ultrasonic, indicating strong future growth potential [8][11]. - JianTou Energy is also recommended for investment due to its robust financial performance and strategic project developments [23][26].

Core Viewpoint - The company reported significant revenue and profit growth in the first half of 2025, driven by increased sales in ultrasonic equipment for new energy batteries and connector applications [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 323 million yuan, a year-on-year increase of 32.50%, and a net profit attributable to shareholders of 58 million yuan, up 1005.12% [1]. - In Q2 2025, revenue reached 175 million yuan, reflecting a year-on-year growth of 42.46%, while net profit was 34 million yuan, increasing by 718.65% [1][2]. - The gross margin improved significantly, rising by 15.41 percentage points to 65.25%, and the net margin increased by 14.97 percentage points to 17.03% [3]. Product and Market Development - The company has seen a notable increase in sales of ultrasonic welding equipment and related products, contributing to the revenue growth [2]. - New products, including ultrasonic welding vibration monitoring systems and laser welding quality monitoring systems, have been successfully launched and are in mass production [2][4]. - The company has broken foreign monopolies in the connector field with its high-power ultrasonic torque welding machines, securing formal orders from clients [2]. Strategic Outlook - The company is focused on expanding its ultrasonic technology applications across various sectors, including new energy batteries, connectors, and semiconductors, which are expected to drive future growth [5]. - The anticipated recovery in lithium battery business and the growth in automotive and semiconductor sectors are expected to positively impact the company's performance in 2025-2026 [5]. - Forecasted net profits for 2025-2027 are 130 million, 200 million, and 290 million yuan, representing year-on-year growth rates of 54.9%, 52.9%, and 42.2% respectively [5].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for the stock's performance in the near term [1][8]. Core Insights - The company's profitability has significantly improved in the first half of 2025, with a revenue increase of 32.50% year-on-year, reaching 323 million yuan, and a staggering net profit growth of 1005.12%, amounting to 58 million yuan [4][5]. - The advanced packaging business is progressing towards large-scale applications, with new products such as ultrasonic scanning microscopes and ultrasonic die bonding machines receiving formal orders [6][7]. Financial Performance - In Q2 2025, the company achieved a revenue of 175 million yuan, reflecting a year-on-year growth of 42.46% and a quarter-on-quarter increase of 18.76% [5]. - The gross margin improved by 15.41 percentage points to 65.25%, while the net margin increased by 14.97 percentage points to 17.03% in the first half of 2025 [6]. - The company expects continued strong performance in 2025-2027, with projected net profits of 130 million, 200 million, and 290 million yuan, respectively, representing year-on-year growth rates of 54.9%, 52.9%, and 42.2% [8][10]. Market Position and Growth Potential - The company is expanding its applications of ultrasonic technology across various sectors, including new energy batteries, connector harnesses, and semiconductors, which are expected to benefit from the growth of downstream industries and increased domestic production rates [7][8]. - The successful entry into the connector market with high-power ultrasonic torque welding machines has broken foreign monopolies and secured formal orders from clients [5][6].

Core Viewpoint - The company, Jiao Cheng Ultrasonic, reported significant growth in revenue and profit for the first half of 2025, driven by increased sales in ultrasonic equipment for new energy batteries and connector applications [1][2]. Financial Performance - The company achieved operating revenue of 323 million yuan, a year-on-year increase of 32.50% [1]. - Profit before tax reached 60.71 million yuan, with net profit attributable to shareholders at 58.04 million yuan, reflecting a substantial year-on-year growth of 1005.12% [1]. Business Development - The revenue growth was attributed to the increase in sales of ultrasonic welding equipment and components, particularly in the new energy and semiconductor sectors [1][3]. - The company has been actively promoting ultrasonic welding monitoring systems to address challenges in battery welding, with related equipment achieving bulk shipments during the reporting period [1]. Product Innovation - Jiao Cheng Ultrasonic launched a vibration monitoring system for terminal welding quality in the connector field, addressing shortcomings in traditional quality management [2]. - The company received formal orders for advanced ultrasonic scanning microscopes and ultrasonic die bonding machines in the semiconductor advanced packaging sector [2]. Research and Development - R&D investment amounted to 75.58 million yuan, a 5.46% increase year-on-year, representing 23.41% of the operating revenue [2]. - The company increased its R&D personnel to 318, accounting for 37.54% of total employees, with a 10.03% increase in new R&D staff compared to the previous year [2]. Incentive Mechanism - The company completed the grant of reserved restricted stock to incentive objects under the 2024 restricted stock incentive plan, with a grant date set for March 31, 2025, for up to 645,300 shares [2].

Core Viewpoint - The company, Jiao Cheng Ultrasonic, reported significant growth in revenue and net profit for the first half of 2025, driven by increased sales in ultrasonic equipment for the new energy battery and connector sectors. Financial Performance - The company achieved operating revenue of 323 million yuan, a year-on-year increase of 32.50% [1] - The total profit reached 60.71 million yuan, with a net profit attributable to shareholders of 58.04 million yuan, reflecting a remarkable year-on-year growth of 1005.12% [1] Business Operations - Jiao Cheng Ultrasonic specializes in ultrasonic technology solutions, focusing on the research, design, production, and sales of ultrasonic welding, cutting, and testing equipment [1] - The company’s products are primarily used in the new energy and semiconductor sectors, including ultrasonic welding equipment for new energy batteries and connector welding [1] Product Development and Innovation - The company has enhanced its ultrasonic welding vibration monitoring systems and laser welding quality monitoring systems to address challenges in new energy battery welding [1] - In the connector field, the company introduced a vibration monitoring system for terminal welding, which addresses shortcomings in traditional quality management [2] - The company successfully delivered advanced ultrasonic scanning microscopes for semiconductor packaging and received formal orders for ultrasonic bonding machines [2] Research and Development - Research and development expenditures amounted to 75.58 million yuan, representing a 5.46% increase year-on-year and accounting for 23.41% of operating revenue [2] - The company has been actively recruiting high-end professionals in the semiconductor field, with R&D personnel now comprising 37.54% of the total workforce [2] Incentive Mechanism - The company completed the grant of reserved restricted stock under the 2024 incentive plan, with a grant date set for March 31, 2025, for up to 60 individuals [3] Market Opportunities - The company is leveraging the recovery in demand within the lithium battery industry and is expanding its business in the connector and semiconductor sectors [3]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 323 million yuan, a year-on-year growth of 32.50%, and net profit of 58.04 million yuan, a remarkable increase of 1005.12% [2] Group 1: Business Performance - The company continues to excel in the ultrasonic technology sector, achieving rapid growth in various fields such as new energy batteries, semiconductors, and connector harnesses [2][3] - In the new energy battery sector, the company maintains a leading position with products like ultrasonic welding vibration monitoring systems and laser welding quality monitoring systems achieving bulk shipments [3] - The company has expanded its market share in the connector harness sector by collaborating with well-known clients in the electric vehicle and energy storage markets [3] Group 2: Technological Advancements - The company has made significant breakthroughs in the semiconductor field, successfully replacing imported equipment with its own ultrasonic scanning microscope for defect detection [4] - The company is focusing on advanced packaging technologies, with successful deliveries of ultrasonic scanning microscopes and orders for ultrasonic die bonders [4] - The company has introduced various ultrasonic welding and detection equipment for non-metal applications, catering to customer needs in composite materials and high-end plastics [4] Group 3: Research and Development - The company invested 75.58 million yuan in R&D in the first half of 2025, accounting for 23.41% of its revenue, and has a total of 336 authorized patents [5] - The R&D team has grown to 318 members, representing 37.54% of total employees, providing strong technical support for business expansion [5] Group 4: Financial Performance - The company's gross profit margin improved to 65.25%, an increase of 15.40 percentage points year-on-year, attributed to product structure optimization and cost control [6] - The company completed a cash dividend of 39.49 million yuan for the 2024 fiscal year and has established a shareholder return plan for the next three years [6]

Core Viewpoint - The company has shown significant growth in its accessory segment, particularly in ultrasonic equipment related to new energy batteries, and is expanding its product offerings in advanced packaging and semiconductor fields [2] Group 1: Financial Performance - In 2024, the company's accessory revenue reached 184 million yuan, representing a 70.45% increase year-on-year [2] - The company has achieved substantial revenue growth in the wire harness connector and semiconductor ultrasonic equipment sectors due to long-term validation of its technology and product performance [2] Group 2: Product Development and Market Position - The company has received verification orders for its advanced wafer ultrasonic scanning microscope from well-known industry clients, positioning it against competitors like Germany's PVA [2] - The company is actively developing ultrasonic equipment for advanced packaging, including ultrasonic die bonding machines, and is focused on expanding its product range in response to market demand [2] Group 3: Capacity Expansion and Future Plans - The company plans to expand its production capacity by acquiring precision manufacturing equipment based on order conditions [2] - Future investments will focus on the semiconductor and medical fields, particularly in advanced packaging ultrasonic equipment and new ultrasonic medical device development [2] Group 4: Technological Innovation - The company has built a unified technology platform that integrates various technical resources, enabling rapid expansion into different product series for new energy, semiconductor, and medical applications [2]