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].

事件描述 公司披露2025 年半年度报告：报告期内，公司实现营收3.23 亿元，同比增长32.50%；归母净利润0.58 亿元，同比增长1005.12%；扣非后归母净利润0.46 亿元，同比增长320.56%。2025Q2，公司实现营收 1.75 亿元，同比增长42.46%；归母净利润为0.34 亿元，同比增长718.65%；扣非后归母净利润0.26 亿 元，同比增长239.94%。业绩基本符合预期。 投资建议 毛利率和整体盈利能力大幅提升，主要受益于毛利率水平较高的产品收入占比持续提升，以及公司加强 经营管理、运营管理效率不断提高。2025H1，公司毛利率同比增加15.41pct 至65.25% ， 净利率同比增 加14.97pct 至17.03%；期间费用率同比下降9.44pct 至45.75%，其中，销售费用率13.48%（ yoy-2.24pct ）、管理费用率9.80% （ yoy-3.07pct ）、财务费用率-0.94%（yoy+1.88pct）、研发费用率23.41% （yoy-6.01pct）。 先进封装相关业务持续突破技术与市场边界，加速向规模化应用迈进。 报告期内超声波扫描显微镜、超声波 ...

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].

在非金属领域，骄成超声推出的15kHz~40kHz不同类型的非金属超声焊接、检测设备，可以满足下游客 户对复合纤维材料、中高端塑料、无纺布等应用的需求。 在医疗领域，骄成超声控股子公司上海贝斡医疗科技有限公司已取得超声波口腔医疗器械注册证4项， 相关产品落地进程持续加速。 技术壁垒持续巩固盈利能力显著提升 8月18日晚，骄成超声(688392)发布2025年半年度业绩报告。报告显示，骄成超声2025年上半年实现营 业收入3.23亿元，同比增长32.50%；归属于上市公司股东的净利润达5803.69万元，同比增长 1005.12%。数据显示，骄成超声持续深耕超声波技术平台，在新能源电池、半导体、线束连接器等领 域实现业务快速增长，同时积极拓展医疗等应用场景，展现出强劲的发展势头。 核心业务稳健增长，多领域市场拓展成效显著 骄成超声作为国内领先的超声波技术解决方案提供商，依托自主研发的核心技术，持续优化产品结构， 深化市场布局。2025年上半年，骄成超声在新能源电池领域继续保持领先优势，超声波焊接振动监控系 统、激光焊接质量监控系统、超声波除尘及检测设备等产品实现批量出货，助力客户提升产线质量与效 率。 在线束连 ...

下简称"行动方案"）。公司根据行动方案内容，积极开展和落实各项工作，现将 一、 稳健经营、创新发展，不断提升核心竞争力的实施情况 (一)专注主营业务，加快市场拓展和产品布局的实施情况 公司专注于超声波设备的研发、设计、生产与销售，致力于为客户提供专业 的超声波应用及智能装备解决方案。公司依靠以超声波技术为核心的基础研发技 术和创新技术，向新能源电池、半导体、医疗等行业进行应用拓展。报告期内， 公司紧密围绕战略发展规划和年度目标，通过优化产品结构、加强供应链管理、 工艺技术创新等方式，切实推进各业务板块提质增效工作，持续提升经营管理效 率。2025 年上半年，公司整体经营持续向好，实现营业收入 32,279.33 万元，同 比增长 32.50%，归属于上市公司股东的净利润 5,803.69 万元，同比增长 1,005.12%。 在新能源电池领域，公司依托自主研发的核心技术，结合市场需求、行业技 术趋势以及客户反馈，通过持续迭代产品、优化核心工艺、加大新产品推广等措 施，进一步扩大市场份额，巩固了公司在新能源电池领域的领先优势。报告期内， 公司超声波焊接振动监控系统、激光焊接质量监控系统、超声波除尘设备、超声 波 ...

Investment Rating - The report gives a "Buy" rating for the company [14]. Core Views - The company is a leader in ultrasonic equipment in China, gradually expanding its application fields and is optimistic about its platform-based layout and new business increments [2][8]. - The company has a comprehensive product matrix that covers various industry needs, with battery business as a cornerstone and rapid growth in harness, semiconductor, and consumable businesses [2][8]. Summary by Sections Company Overview - Established in 2007, the company initially focused on ultrasonic cutting for rubber tires and has since expanded into the new energy battery sector, non-woven fabrics, harnesses, and semiconductors [2][8]. - The company has developed a complete ultrasonic technology platform, providing solutions across various industries, including new energy batteries, rubber tires, non-woven fabrics, automotive harnesses, and power semiconductors [25][31]. Financial Performance - The company is expected to achieve revenue of 585 million yuan in 2024, representing a year-on-year increase of 11.30%, with significant growth in harness, semiconductor, and consumable businesses [8][41]. - The gross profit margin for Q1 2025 is reported at 64.91%, an increase of 9.30 percentage points year-on-year [8]. Business Segments - **Battery Segment**: The ultrasonic welding technology is crucial for the ear welding stage in lithium batteries, with increasing demand driven by the growth of new energy vehicle sales [9][52]. - **Semiconductor Segment**: The company has secured bulk orders in the semiconductor field, particularly for advanced packaging and testing ultrasonic equipment, benefiting from the rapid growth of IGBT [10][41]. - **Harness Segment**: The demand for high-voltage harnesses in electric vehicles has opened up the welding market, with the company leading in market share and technology [11][41]. Research and Development - The company invests heavily in R&D, with a research expense ratio exceeding 20%, and has developed six core self-researched technologies that meet international standards [12][41]. - The high-margin consumable business is growing rapidly, providing stable cash flow for the company [12][41]. Market Position - The company is positioned as a market leader with strong customer resources and has established partnerships with major players in the industry [12][41]. - The competitive landscape shows the company gradually increasing its market share against domestic competitors [9][10].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to benefit from the growth in accessory and harness businesses, with semiconductor contributions providing additional growth. The accessory business is entering a replacement cycle, while the semiconductor segment is expanding into wafer-level packaging and panel-level packaging [3][4] - The financial forecasts have been adjusted upwards, with expected net profits for 2025-2027 revised to 1.5 billion, 2.2 billion, and 3.8 billion respectively, reflecting a strong growth trajectory [3] Financial Data Summary - For 2024, the main revenue is projected to be 5.8455 billion yuan, a year-on-year increase of 11.3%, with a net profit of 858.7 million yuan, up 29% [1] - In Q4 2024, the main revenue reached 1.76 billion yuan, a quarter-on-quarter increase of 7%, with a net profit of 650 million yuan, a significant quarter-on-quarter increase of 330% [1] - The first quarter of 2025 shows a revenue of 1.48 billion yuan, a year-on-year increase of 22%, with a net profit of 240 million yuan, marking a substantial increase from the previous year [1] Business Segment Performance - The accessory business generated 1.84 billion yuan in revenue for 2024, a year-on-year increase of 70.45%, with a gross margin of 75.93% [2] - The harness connector ultrasonic equipment business achieved 0.81 billion yuan in revenue, a remarkable year-on-year increase of 352.37%, with a gross margin of 59.71% [2] - The semiconductor ultrasonic equipment segment reported 0.47 billion yuan in revenue, a year-on-year increase of 195.66%, with a gross margin of 56.65% [2] Valuation Metrics - The projected earnings per share (EPS) for 2025 is 1.27 yuan, with a price-to-earnings (P/E) ratio of 39.82 [4] - The company’s market capitalization is approximately 5.81 billion yuan, with a price-to-book (P/B) ratio of 3.46 [6][4] - The expected revenue growth rates for the years 2025 to 2027 are 47.43%, 41.89%, and 39.65% respectively [4]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to see growth driven by its accessory and harness businesses, with semiconductor contributions providing additional growth. The accessory business benefits from a consumable nature entering an iterative cycle, while the semiconductor segment is expanding into wafer, 2.5D/3D packaging, and panel-level packaging products. Successful validation orders for ultrasonic scanning microscopes from well-known clients have been achieved [3][4]. Financial Data Summary - For 2024, the main revenue is projected to be 585 million yuan, a year-on-year increase of 11.3%. The net profit attributable to the parent company is expected to be 86 million yuan, up 29% year-on-year. The gross margin is forecasted at 56.89%, a slight decrease of 0.09 percentage points [1][4]. - In Q4 2024, the main revenue is expected to reach 176 million yuan, a quarter-on-quarter increase of 7%. The net profit attributable to the parent company is projected to be 65 million yuan, a significant quarter-on-quarter increase of 330% [1]. - For Q1 2025, the revenue is anticipated to be 148 million yuan, a year-on-year increase of 22%, while the net profit is expected to be 24 million yuan, a substantial increase compared to only 1 million yuan in Q1 2024 [1]. Business Segment Performance - The accessory business is expected to generate revenue of 184 million yuan in 2024, a year-on-year increase of 70.45%, with a gross margin of 75.93% [2]. - The harness connector ultrasonic equipment business is projected to achieve revenue of 81 million yuan, a year-on-year increase of 352.37%, with a gross margin of 59.71% [2]. - The semiconductor ultrasonic equipment segment is expected to generate revenue of 47 million yuan, a year-on-year increase of 195.66%, with a gross margin of 56.65% [2]. Profit Forecast - The profit forecast for the company has been revised upwards, with expected net profits for 2025, 2026, and 2027 being 150 million yuan, 220 million yuan, and 380 million yuan respectively, compared to previous estimates of 90 million yuan, 130 million yuan, and 0 [3][4].