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 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].