国内半导体测试设备领域迎来一家新的上市后备军。12月30日，证监会官网披露，深圳市辰卓科技有限公司（以下简称"辰卓科 技"）已在深圳证监局办理上市辅导备案登记，正式启动A股IPO进程，辅导机构为中信建投证券。 辰卓科技成立于2013年5月，是一家专注于以SoC（系统级芯片）测试机为核心的半导体测试设备供应商。公司主营业务包括 CIS（图像传感器）测试机、通用数字测试机、DDIC（显示驱动芯片）测试机等设备的研发、生产、销售与技术服务。2024 年，公司凭借其技术实力和市场表现，成功获评国家级专精特新"小巨人"企业。 成立至今，辰卓科技已累计服务超过200家国内外芯片客户，其中包括多家行业龙头企业。2024年，其SoC测试机在客户端实现 稳定量产运行超过400台，在半导体测试领域积累的知识产权已超过100项，展现出扎实的技术功底与市场竞争力。 目前，公司已实现CIS测试机与通用数字测试机的规模量产与商用，并推出了应用于显示驱动芯片测试的高性能DDIC测试机。 面向未来，辰卓科技计划进一步推出适用于AI、CPU、GPU、FPGA及通信等复杂SoC芯片测试的高端测试设备，持续拓展产品 线。 公开信息显示，辰卓科技已 ...

Core Insights - Haiguang Information released its first Q3 2025 performance report, showing significant revenue and profit growth, with a revenue of 9.49 billion and a net profit of 1.961 billion, marking year-on-year increases of 54.65% and 28.56% respectively [1] - The company attributed its growth to deepened collaborations with OEMs and ecosystem partners, accelerating client adoption and expanding the market for high-end processors [1] - Other semiconductor companies are also expected to report growth, with seven companies having disclosed performance forecasts, indicating a positive trend in the semiconductor sector [1][2] Company Performance - Haiguang Information's Q3 revenue reached 4.026 billion, a 69.6% year-on-year increase, with a net profit of 760 million, up 13.04% [1] - Among other semiconductor companies, TaiLing Micro reported a revenue of 766 million with a 30% increase, and JuXin Technology reported 721 million with a 54.5% increase [2] - ChangChuan Technology noted strong demand in the semiconductor market, leading to significant revenue growth and profit increases [2] AI Market Impact - Several companies, including TaiLing Micro and JuXin Technology, highlighted the impact of the edge AI market on their performance, with TaiLing Micro's edge AI chip shipments exceeding expectations [3] - The rapid penetration of AI applications in various sectors, such as automotive electronics and industrial applications, is driving revenue growth for companies like RuiXin Micro [3] - The trend of large models and generative AI moving from cloud to consumer devices is expected to boost the demand for edge AI chips [3] Industry Outlook - The semiconductor industry is experiencing a "strong demand, weak supply" situation, particularly in advanced manufacturing and packaging [4] - There is significant room for improvement in the localization of advanced processes, storage, packaging, and core equipment materials within the domestic semiconductor industry [4] - The upcoming consumer electronics season and the release of new edge AI products are expected to positively influence the electronic industry's fundamentals [3][4]

Core Viewpoint - The company reported a net profit attributable to shareholders of 427 million yuan for the first half of 2025, representing a year-on-year increase of 98.73%, indicating strong growth driven by the expansion of mid-to-high-end products [1] Investment Highlights - The company maintains an "Overweight" rating with a target price of 56.75 yuan per share, supported by the expected ramp-up of CIS testing machines and storage testing machines in 2025-2026, leading to upward adjustments in EPS forecasts for 2025-2027, with EPS projected at 1.62, 2.08, and 2.64 yuan respectively, reflecting growth rates of 122.98%, 28.32%, and 26.82% [2] - The company focuses on integrated circuit testing equipment, expanding its product line to include digital testing equipment and various high-end applications, resulting in a revenue of 2.167 billion yuan for the first half of 2025, a year-on-year increase of 41.80% [2][3] - The company’s R&D investment for the first half of 2025 reached 577 million yuan, accounting for 26.65% of revenue, with a year-on-year increase of 35.38%, indicating a strong commitment to innovation [3] Product Performance - In the first half of 2025, the testing machine segment generated revenue of 1.250 billion yuan, a year-on-year increase of 34.30%, while the sorting machine segment achieved revenue of 709 million yuan, up 50.36% [3] - The company has developed new products in the AOI measurement system field, including the NanoX-6000 and NanoX-8000 series, which cater to critical measurement needs in the semiconductor and PCB sectors, respectively [3]