Core Insights - The article discusses the recent research conducted by QuanGuo Fund on the listed company JiaoCheng Ultrasonic, highlighting the fund's performance and the company's competitive advantages in the ultrasonic technology sector. Group 1: Fund Performance - QuanGuo Fund was established on February 8, 2022, and currently manages assets totaling 23.787 billion yuan across six funds with five fund managers [1] - The best-performing fund in the past year is QuanGuo XuYuan Three-Year Holding Mixed A (016709), achieving a return of 31.08% [1] - Other notable fund performances include: - QuanGuo XuYuan Three-Year Holding Mixed C (30.56%) - QuanGuo Consumer Opportunity Mixed Initiation A (25.79%) - QuanGuo SiYuan Three-Year Holding Mixed A (24.23%) - QuanGuo JiaYuan Three-Year Holding Mixed A (20.47%) [1] Group 2: Company Product Applications - The company’s ultrasonic technology encompasses both power ultrasound and detection ultrasound, with applications in new energy batteries, wiring connectors, and semiconductors [1] - The ultrasonic equipment varies significantly in frequency, power, and precision, indicating a wide range of technical challenges [1] Group 3: R&D Advantages - The company possesses the capability to independently produce core components of ultrasonic systems, giving it a competitive edge in technology innovation and talent resources [2] - Close collaboration with well-known clients allows the company to anticipate market demands and focus on developing new technologies and products [2] Group 4: Semiconductor Sector Competition - The company offers a full range of ultrasonic solutions, including ultrasonic terminal welding machines and ultrasonic scanning microscopes, and has established partnerships with major enterprises [3] - The domestic market for core ultrasonic equipment in semiconductor packaging remains underdeveloped, with a high market share held by imported equipment [3] - The company is gradually increasing its market share by leveraging its technological expertise to challenge foreign competitors [3] Group 5: Profitability Metrics - For the fiscal year 2024, the gross profit margin for the company's semiconductor ultrasonic equipment is projected to be 56.65% [4] - Continuous optimization of product structure and operational efficiency is aimed at enhancing overall competitiveness [4] Group 6: Technical Barriers - The application of ultrasonic technology involves multiple disciplines, creating significant technical barriers due to the complexity of maintaining ideal resonance states and minimizing operational losses [5] Group 7: Academic Collaborations - The company has signed an agreement with Shanghai Jiao Tong University to establish a joint laboratory focused on advanced semiconductor packaging and intelligent robotics [6] - This collaboration aims to advance research in ultrasonic precision detection technology and promote talent development and technology transfer [6]

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: Key Insights on Jiao Cheng Ultrasonic (688392.SH) - The company is expected to benefit from the domestic advanced packaging wave, leveraging its core ultrasonic technology across various sectors including tires, new energy, and semiconductors [1][5] - In 2024, the revenue breakdown includes 31% from accessories, 26% from power battery ultrasonic welding equipment, and 14% from semiconductor ultrasonic equipment, indicating a diversified revenue stream [5] - The semiconductor business is anticipated to grow significantly, with 2024 revenue from power semiconductors at 46.93 million yuan, and the company has secured major domestic clients in the advanced packaging sector [5][6] Group 2: Key Insights on Kingsoft Office (688111.SH) - For Q3 2025, Kingsoft Office reported a revenue of 4.31 billion yuan, a year-on-year increase of 35.42%, and a net profit of 1.78 billion yuan, reflecting strong growth in its core business [9][10] - The company’s WPS personal business returned to double-digit growth, with a revenue of 899 million yuan, up 11.18% year-on-year, driven by AI product launches and refined market operations [10] - The company is expected to achieve revenues of 6 billion yuan in 2025, with net profits projected at 1.9 billion yuan, indicating robust growth potential [10] Group 3: Key Insights on Zhi Xing Technology (1274.HK) - Zhi Xing Technology launched the iRC100 controller, marking the beginning of its second growth curve, with projected revenues of 1.79 billion yuan in 2025, growing at 43% year-on-year [12][13] - The company has made significant advancements in robotics and autonomous driving systems, showcasing its commitment to technological innovation [12] - The establishment of a new 5G smart manufacturing base is expected to enhance production capabilities and drive future revenue growth [13] Group 4: Key Insights on Zhong Wang Software (688083.SH) - Zhong Wang Software's revenue for the first three quarters of 2025 reached 538 million yuan, with a year-on-year increase of 5%, driven by strong overseas market performance [14][15] - The company is focusing on 3D CAD product development, with expectations of significant revenue growth in the coming years, projecting revenues of 9.55 million yuan in 2025 [15] - The firm maintains a high R&D investment ratio, exceeding 60%, to support its ongoing product innovations [15] Group 5: Key Insights on Yiwei Lithium Energy (300014.SZ) - Yiwei Lithium Energy reported a revenue of 16.83 billion yuan for Q3 2025, a year-on-year increase of 35.85%, with a net profit of 1.21 billion yuan [24][25] - The company anticipates a significant increase in battery shipments, projecting 50 GWh for power batteries and 70-75 GWh for energy storage batteries in 2025 [25] - The firm is preparing for an H-share listing, which is expected to enhance its market valuation and liquidity [25][26] Group 6: Key Insights on Southern Airlines (600029.SH) - Southern Airlines achieved a revenue of 137.67 billion yuan in the first three quarters of 2025, with a net profit of 2.31 billion yuan, indicating a recovery in profitability [28][29] - The company reported a passenger load factor of 85.62%, reflecting strong demand in the aviation sector [29] - Future earnings per share are projected to grow significantly, with estimates of 0.09 yuan in 2025 [29] Group 7: Key Insights on Longda Co., Ltd. (688231.SH) - Longda Co., Ltd. reported a revenue of 1.31 billion yuan for the first three quarters of 2025, a year-on-year increase of 25.1%, driven by high-temperature alloy sales [32][33] - The company expects to achieve revenues of 1.81 billion yuan in 2025, with a projected net profit of 100 million yuan, indicating strong growth potential [33] - The firm is focusing on maintaining its competitive edge through technological innovation and expanding its product offerings [33] Group 8: Key Insights on Giant Star Agriculture (603477) - Giant Star Agriculture reported a revenue of 563.9 million yuan for the first three quarters of 2025, with a significant increase in pig sales volume [35][36] - Despite a decline in profits due to low pig prices, the company is expected to maintain stable growth in production volume [36] - The firm is adjusting its profit forecasts, projecting a net profit of 1.21 billion yuan in 2025, reflecting a long-term growth outlook [36] Group 9: Key Insights on Inner Mongolia First Machinery Group (600967.SH) - Inner Mongolia First Machinery Group achieved a revenue of 7.89 billion yuan in the first three quarters of 2025, with a net profit of 386 million yuan [40][41] - The company reported improved profitability in Q3 2025, with a gross margin of 14.77%, indicating operational efficiency [41] - Future revenue projections suggest steady growth, with expected revenues of 11.1 billion yuan in 2025 [41] Group 10: Key Insights on China Coal Energy (601898.SH) - China Coal Energy reported a revenue of 110.58 billion yuan for the first three quarters of 2025, with a net profit of 12.49 billion yuan [47][48] - The company is focusing on maintaining stable production levels while managing costs effectively [48] - Future earnings projections remain stable, with expected net profits of 16.15 billion yuan in 2025 [48]

Group 1 - Mindray Medical received the highest number of institutional surveys, with 184 institutions participating, including 14 fund companies, 8 securities companies, 7 private equity firms, 7 insurance companies, and 124 overseas institutions [1] - The company aims to enhance its international influence, align with its global development strategy, attract talent, and optimize shareholder structure and liquidity through its overseas listing [1] - Mindray expects a year-on-year revenue growth by Q3 2025, with a trend of quarterly improvement in revenue, particularly in international markets, which are anticipated to accelerate growth starting from Q3 [1] Group 2 - Rongbai Technology has made significant progress in developing overseas clients, including major companies like Panasonic, and has a robust overseas customer structure [2] - Dike Co. announced a cash acquisition of 62.5% of Jiangsu Jinkai Semiconductor Technology Co., which will become a subsidiary and contribute to the company's consolidated financial statements [2] - Jiangsu Jinkai focuses on storage chip packaging and testing services, with a current capacity of 3KK/month for packaging and 2.5KK/month for testing, planning to expand to 4KK/month [2] Group 3 - Huicheng Environmental has seen a dramatic increase in stock price, nearly 30 times since its low in 2022, with a recent weekly increase of over 20% [3] - The company successfully launched its 20,000 tons/year mixed waste plastic resource utilization project, with stable production following technical upgrades [3] - Jiao Cheng Ultrasonic is increasing its market share in the semiconductor packaging sector by leveraging its technology to compete against foreign equipment manufacturers [3] Group 4 - Hotgen Biotech's affiliate, ShunJing Pharmaceutical, is progressing well with its innovative drug SGC001, having completed Phase I clinical trials and preparing to initiate Phase II trials [4] - Initial results from the trials indicate that the drug's efficacy aligns with expectations, with further statistical analysis underway [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].

Core Viewpoint - The company has established a comprehensive ultrasonic solution in the power semiconductor field, with successful mass production of various ultrasonic welding machines and equipment [1] Group 1: Product Offerings - The company offers a full range of ultrasonic solutions including ultrasonic terminal welding machines, ultrasonic PIN needle welding machines, ultrasonic bonders, and ultrasonic scanning microscopes [1] - All products have achieved mass production, indicating strong operational capabilities [1] Group 2: Partnerships - The company maintains good cooperation with well-known enterprises such as SAIC Infineon, CRRC Times, Zhenhua Technology, Hongwei Technology, Silan Microelectronics, and Chiplink Integration [1]

Market Overview - On September 24, the Shanghai Composite Index rose by 0.83%, the CSI 300 increased by 1.02%, the STAR 50 surged by 3.49%, the CSI 1000 climbed by 1.7%, the ChiNext Index went up by 2.28%, and the Hang Seng Index gained 1.37% [3][4] - The best-performing sectors on September 24 were Power Equipment (+2.88%), Electronics (+2.76%), Media (+2.59%), Computers (+2.52%), and Real Estate (+2.25%). The worst-performing sectors included Banking (-0.36%), Coal (-0.29%), Telecommunications (-0.01%), Food & Beverage (+0.08%), and Composite (+0.27%) [3][4] - The total trading volume for the A-share market on September 24 was 23,471.54 billion yuan, with a net inflow of 13.705 billion HKD from southbound funds [3][4] Key Recommendations - The report highlights the company "Jiao Cheng Ultrasound" (688392) with a focus on advanced packaging breakthroughs and the emergence of a platform layout [2][5] - The recommendation logic is based on the accelerated breakthroughs in advanced packaging, with the order acquisition speed and volume for ultrasonic scanning microscopes exceeding expectations [5] - Revenue projections for the company from 2025 to 2027 are estimated at 742.54 million yuan, 1,045.22 million yuan, and 1,424.44 million yuan, with growth rates of 27.03%, 40.76%, and 36.28% respectively. Net profit is projected to be 152.61 million yuan, 242.40 million yuan, and 357.18 million yuan, with growth rates of 77.72%, 58.84%, and 47.35% respectively [5] - Earnings per share are forecasted to be 1.32 yuan, 2.09 yuan, and 3.09 yuan, with price-to-earnings ratios of 67.34, 42.40, and 28.77 [5] - Catalysts for growth include successful delivery of current orders for ultrasonic scanning microscopes, acquisition of new customer orders, and breakthroughs in orders from solid-state batteries, high-level HDI, and liquid cooling sectors [5]

Macro Strategy Insights - There is a divergence in the market regarding the overseas computing power sector, with active equity funds showing signs of potential reduction in holdings [1] - From April to June, the overseas computing power market began to emerge, accelerating in July and August, with September revealing some funds adjusting their positions [1] - In September, about one-third of funds heavily invested in overseas computing power showed significant deviations from estimated theoretical returns, indicating notable rebalancing actions [1] - The total holdings of active equity funds in overseas computing power amount to 11.448 billion, which is less than 1% of the total market capitalization of the overseas computing power index constituents [1] Industry Tracking - The demand for testing equipment is on the rise due to the increasing complexity of consumer electronics driven by AI applications, exemplified by the upcoming Meta Ray-Ban Display [2] - The electronic sector is experiencing a dual boom in testing equipment due to the convergence of consumer electronics and advanced packaging, with AI driving the expansion of testing needs [2] - The core testing technologies in optical, electrical, and RF domains are highly interchangeable, allowing equipment manufacturers to leverage their expertise across different high-growth areas [2] - In the semiconductor manufacturing sector, advanced packaging technologies such as 2.5D/3D and panel-level packaging are increasingly adopted to meet the demands of high-performance computing chips, leading to expanded capacity [3] - The acceptance and purchasing willingness for domestic equipment among downstream customers in the semiconductor industry are on the rise, with products like ultrasonic scanning microscopes and semiconductor dicing machines entering the market [3]

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].