公司研究丨深度报告丨骄成超声（688392.SH） [Table_Title] 骄成超声：国内超声波设备龙头，平台化布局打 开多元成长曲线 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司深耕超声波技术，逐步扩展应用领域，看好公司平台化布局及新业务增量。公司成立于 2007 年，成立初期主要从事橡胶轮胎的超声波裁切；2015-2017 年切入新能源动力电池领域，研发 超声波焊接设备；2020 年以来，业务拓展至无纺布、线束、半导体等领域。当前已具备完善的 产品矩阵，可覆盖各行业多种细分需求。电池业务作为压舱石，线束/半导体/耗材业务高速增 长。总体上，公司通过平台化布局正在逐步打开多元成长曲线。 分析师及联系人 [Table_Author] SFC：BRP550 请阅读最后评级说明和重要声明 2 / 34 %% %% %% %% research.95579.com 2 赵智勇 倪蕤 屈奇 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524070003 骄成超声（688392.S ...

公司报告 | 年报点评报告 骄成超声（688392） 证券研究报告 配件+线束基本盘向上，半导体封测突破 财务数据 24 年：主营收入 5.85 亿元，同比+11.3%；归母净利 0.86 亿元，同比+29%； 扣非归母净利 0.4 亿元，同比+11.9%；毛利率 56.89%，同比-0.09pct；净利 率 14.52%，同比+2.24pct。受益于配件/线束连接器/半导体设备放量。 24 年 Q4：主营收入 1.76 亿元，环比+7%；归母净利 0.65 亿元，环比+330%； 扣非归母净利 0.53 亿元，环比+589%；毛利率 69.7%，环比+16pct；净利 率 36.8%，环比+27.7pct。Q4 受益于配件交付量显著放量。 25 年 Q1：收入 1.48 亿元，同比+22%，环比-16%；归母净利润 0.24 亿元， 同比大增（24 年 Q1 仅 0.01 亿），扣非净利润 0.2 亿元，同比扭亏；毛利率 64.9%，同比+9.3pct，环比-4.7pct；净利率 15.8%，同比+15pct，环比-21pct。 公司净利润超预期。 2024 年业务拆分 1）配件业务实现收入 1.84 亿元 ...

公司报告 | 年报点评报告 骄成超声（688392） 证券研究报告 配件+线束基本盘向上，半导体封测突破 2024 年业务拆分 1）配件业务实现收入 1.84 亿元，同比增长 70.45%，毛利率 75.93%，同比 +13.61pct；主要系市场上存量的公司设备增多+新能源客户稼动率回升。 针对焊头、底模、裁刀等进行工艺改进和成本管控，毛利率进一步提升。 2）线束连接器超声波设备业务实现收入 0.81 亿元，同比+352.37%，毛利 率 59.71%，同比+11.41pct，公司快速抢占新能源汽车高低压线束、充电桩 等市场，与安费诺、中航光电、沪光等国内外知名客户良好合作。 3）半导体超声波设备实现收入 0.47 亿元，同比+195.66%，毛利率 56.65%， 同比-2.08pct。24 年在功率半导体封测实现突破，与英飞凌等良好合作。 其他：新能源电池超声波收入 1.51 亿元，同比-53.48%，毛利率 48.43%， 同比-8.34pct，下游锂电扩产放缓；非金属超声波设备收入 0.12 亿元，同 比+11.61%，毛利率 44.66%，同比-11.87pct。服务及其他收入 1.08 亿元， ...

Core Viewpoint - The company, Jiao Cheng Ultrasonic (688392), has shown significant growth in its first quarter of 2025, with a notable increase in revenue and net profit, driven by a favorable product mix and strategic market expansions. Financial Performance - In Q1 2025, the company reported a revenue of 148 million yuan, representing a year-on-year increase of 22.35% [12] - The net profit attributable to shareholders reached 23.63 million yuan, a staggering increase of 2152.47% year-on-year [12] - The gross profit margin for the first quarter was 64.91% [12] Product and Market Insights - The increase in gross margin is attributed to a shift in product mix, with higher-margin products like wire harness connectors and semiconductor equipment gaining a larger share of revenue [2] - The primary revenue sources in Q1 2025 were ultrasonic equipment for wire harness connectors, new energy battery applications, and accessory business [3] - The company is optimistic about the wire harness connector and semiconductor sectors, expecting continued high demand due to established technology and market presence [4] Advanced Packaging and Medical Sector Developments - The company has made progress in the advanced packaging sector, with its advanced wafer ultrasonic scanning microscope receiving validation orders from well-known industry clients [5] - In the medical field, the company is advancing its ultrasonic dental equipment, which is expected to achieve sales within the year [6] Production Capacity and Expansion Plans - The company is currently operating at full capacity and is expanding production through the acquisition of precision manufacturing equipment [7] - Plans for overseas market expansion are underway, particularly targeting Europe with established products like ultrasonic equipment for wire harnesses and semiconductors [8] Strategic Collaborations - The company has signed a cooperation agreement with Shanghai Jiao Tong University to establish a joint laboratory focusing on advanced packaging and intelligent robotics, aiming to break foreign technology monopolies [11] Market Outlook - The company’s ultrasonic welding equipment in the power semiconductor sector is projected to see an annual market demand increase of approximately 500 to 1,000 million yuan [10] - The company is also exploring new applications for ultrasonic technology in aerospace and composite materials [11]