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]

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].

Group 1: Baia Co., Ltd. - Douyin remains a crucial platform for brand exposure and customer acquisition, with increased investment in Xiaohongshu showing positive trends [1] - Instant retail is growing rapidly, becoming a significant emerging channel with potential for new industry dividends [1] - The company reported over 100% revenue growth in the first three quarters, with a potential increase in net profit margin due to channel cost dilution [1] Group 2: Jiao Cheng Ultrasonic - The company provides comprehensive solutions in the power semiconductor field, including ultrasonic welding machines and scanning microscopes, with bulk shipments already made [2] - Ultrasonic detection offers irreplaceable advantages in wafer and advanced packaging defect detection, complementing X-ray detection [2] - The company is expanding into solid-state battery equipment and has received orders for ultrasonic solid crystal machines, highlighting its competitive edge in low-temperature and efficient solutions [2] Group 3: Siyuan Electric - The company is confident in achieving its annual target, with a 25% growth in orders, and progress is on track as of September [3] - Overseas orders are growing faster than average, while domestic orders in systems, renewable energy, and energy storage are also meeting expectations [3] - The company is collaborating on the IGCT project with Huairou Laboratory to advance industrialization, although new products will have a limited short-term revenue impact [3]

Group 1: Company Insights - iFlytek has accumulated over 50TB of industry corpus and over 1 billion daily user interactions, enhancing its data quality and multi-modal capabilities with the upgrade of its "Xunfei Spark Model" to version 4.0, which competes with GPT-4 Turbo [1] - Baiya Co. has seen over 100% revenue growth in the first three quarters, with a significant contribution from its health product series, which accounts for over 50% of revenue, and is expanding its product scale and upgrades [2] - Tunan Co. reported a decrease in net profit due to increased production but delayed revenue recognition, with a current order backlog corresponding to approximately 1.75 billion yuan [3] - Jiao Cheng Ultrasonic is advancing in the power semiconductor field with a range of welding machines and is developing equipment for solid-state batteries, benefiting from the electric and intelligent development trends [4] - Ben Gang Steel is focusing on high-value product development and efficiency improvements, with its automotive steel recognized as a benchmark in the industry [5] Group 2: Fund Insights - Quan Guo Fund, established in 2022, has an asset management scale of 22.384 billion yuan, ranking 119th among 210 public funds, with its best-performing product showing a 35.14% growth over the past year [5]

Group 1: Company Insights - Keda Xunfei has accumulated over 50TB of industry corpus and over 1 billion daily user interactions, enhancing its data collection and cleaning capabilities [1] - The "Xunfei Spark Model" has been upgraded to version 4.0, which significantly improves its multimodal and intelligent capabilities, comparable to GPT-4 Turbo [1] - Tunan Co. reported a decline in net profit for Q3 2025 due to increased production but delayed revenue recognition, leading to higher operational costs [2] - Tunan's inventory increased by 48% since the beginning of the year due to order-based stocking, with a backlog of orders corresponding to approximately 1.75 billion yuan [2] - Jiao Cheng Ultrasonic provides comprehensive solutions in power semiconductor fields and has begun mass shipments, focusing on advanced packaging and defect detection [3] - The company is developing ultrasonic bonding machines and has received orders for its ultrasonic solid-state bonding machines, which offer low-temperature and high-efficiency advantages [3] Group 2: Industry Trends - The semiconductor industry is seeing advancements in ultrasonic detection methods, which complement traditional X-ray detection in identifying defects [3] - The demand for automation in manufacturing, particularly in the aerospace and energy sectors, is driving growth for companies like Tunan and Jiao Cheng [2][3] - The electric vehicle and energy storage sectors are benefiting from innovations in welding equipment and battery technology, indicating a trend towards electrification and smart technology [3] Group 3: Fund Management Insights - Zhongyin Fund has an asset management scale of 676.016 billion yuan, ranking 18th among 210 firms, with a focus on public funds [4] - The fund's best-performing product in the past year is the Zhongyin Hong Kong Stock Connect Medical Mixed Fund A, which has grown by 72.27% [4] - The latest fund launched by Zhongyin is the Zhongyin CSI Robot Index C, which is an index-type stock fund with a subscription period from October 13 to October 24, 2025 [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].

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]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 55.65 CNY, indicating a potential upside from the current price of 49.55 CNY [5]. Core Views - The company has shown a strong performance in Q1 2025 with revenue of 148 million CNY, a year-on-year increase of 22.35%, and a net profit of 24 million CNY, reflecting a significant year-on-year growth of 2152.47% [1][2]. - The company is focusing on expanding its ultrasonic technology platform into new sectors such as automotive wiring harnesses and semiconductors, which is expected to drive revenue growth in the coming years [2]. - Short-term recovery in lithium battery utilization rates is anticipated to boost order volumes, while stable contributions from consumables will support performance [2]. Financial Performance - In Q1 2025, the company's gross margin was 64.91%, an increase of 9.30 percentage points year-on-year, and the net profit margin was 15.78%, up by 14.96 percentage points year-on-year [10]. - The company has seen a continuous improvement in contract liabilities, which stood at 37.62 million CNY at the end of Q1 2025, indicating a positive trend for sustained revenue growth [11]. - Revenue projections for 2025-2027 are estimated at 760 million CNY, 1.017 billion CNY, and 1.394 billion CNY, with corresponding year-on-year growth rates of 30%, 34%, and 37% [12]. Product and Market Development - The company is optimizing its product structure, with significant growth in automotive wiring harnesses and semiconductors, which are beginning to show volume increases [3]. - In 2024, revenue from the automotive wiring harness segment reached 81 million CNY, a year-on-year increase of 352.37%, while semiconductor revenue was 47 million CNY, up by 195.66% [8]. - The consumables segment generated 1.84 billion CNY in revenue in 2024, reflecting a growth of 70.45% year-on-year, driven by increased market demand and higher utilization rates from lithium battery customers [8].