Company Performance - Weicai Technology's stock price reached a historical high, increasing by 5.43% to 106.99 yuan, with a trading volume of 2.8576 million shares and a transaction amount of 298 million yuan, resulting in a turnover rate of 1.92% [2] - The company reported a revenue of 1.083 billion yuan for the first three quarters, representing a year-on-year growth of 46.22%, and a net profit of 202 million yuan, reflecting a year-on-year increase of 226.41% [2] - The basic earnings per share were 1.3700 yuan, with a weighted average return on equity of 7.41% [2] Industry Overview - The electronic industry, to which Weicai Technology belongs, experienced an overall increase of 1.61%, with 302 stocks rising, including notable gainers such as Purun Co., Zhishang Technology, and Xinyin Electronics, which rose by 15.11%, 10.71%, and 9.16% respectively [2] - Conversely, 175 stocks in the industry saw declines, with the largest drop recorded by Ruineng Technology, Zhongfu Circuit, and Kesen Technology, which fell by 7.19%, 5.58%, and 5.48% respectively [2] Margin Trading Data - As of December 8, the margin trading balance for Weicai Technology was 645 million yuan, with a financing balance of 644 million yuan, showing an increase of 40.9281 million yuan over the past 10 days, which is a 6.79% increase [2]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3] Core Viewpoints - The report highlights that AI is driving advanced packaging demand, with significant growth in storage-related businesses [2][4] - The semiconductor packaging sector experienced a slight decline in gross margin in Q3 2025, but year-on-year comparisons show growth [11][12] - The report emphasizes the importance of advanced packaging technologies in enhancing chip performance and integration, particularly with the ongoing development of Chiplet packaging concepts [4][5] Summary by Sections Overview - In Q3 2025, the semiconductor packaging sector's gross margin slightly decreased, with a gross margin of 21.09%, which is higher than the average of 15.79% for leading packaging companies [11][12] OSAT (Outsourced Semiconductor Assembly and Test) - AI is significantly boosting demand for advanced packaging, with notable growth in the storage sector [17] - Major companies like ASE achieved revenues of 22.63 billion RMB in Q3 2025, reflecting an 8.34% quarter-on-quarter increase and a 16.90% year-on-year increase [18][19] - Advanced packaging services are expected to continue driving growth, particularly in AI-related applications [19][20] Testing - AI-related business growth is notable, with companies like Jingyuan Electronics reporting a revenue increase of 31.99% year-on-year in Q3 2025 [5][41] - Wei Ce Technology's revenue for the first three quarters of 2025 reached 10.83 billion RMB, a 46.22% year-on-year increase, driven by strong demand in computing and automotive electronics [5][41] Equipment - The report indicates that AI growth is leading to a continuous increase in orders, with companies like Besi reporting a 36.5% quarter-on-quarter increase in new orders [5][41] - ASMPT's revenue in Q3 2025 was 33.13 billion RMB, a 7.6% quarter-on-quarter increase, driven by growth in SMT business [5][41] Investment Recommendations - The report suggests focusing on companies benefiting from AI-driven demand, including packaging companies like ASE, Tongfu Microelectronics, and Changdian Technology, as well as testing companies like Jingyuan Electronics and Wei Ce Technology [5][41]

| 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-095 | | --- | --- | --- | | 转债代码：118055 | 转债简称：伟测转债 | | 上海伟测半导体科技股份有限公司 关于向不特定对象发行可转换公司债券募投项目结项 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海伟测半导体科技股份有限公司（以下简称"公司"）向不特定对象发行 可转换公司债券募集资金投资项目"伟测半导体无锡集成电路测试基地项目"、 "伟测集成电路芯片晶圆级及成品测试基地项目"和"偿还银行贷款及补充流动 资金"均已完成投入或达到预定可使用状态，公司决定将全部募投项目结项并注 销相应募集资金专户。根据《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关规定，本次募投项目结项无需董事会审议，亦无需保荐 机构发表意见。现将相关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海伟测半导体科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕 ...

Core Points - Weicai Technology's stock increased by 5.32%, reaching 95.50 CNY per share, with a trading volume of 249 million CNY and a turnover rate of 1.78%, resulting in a total market capitalization of 14.235 billion CNY [1] - The company, established on May 6, 2016, and listed on October 26, 2022, specializes in wafer testing, chip finished product testing, and related integrated circuit testing services [1] - The revenue composition of Weicai Technology includes wafer testing at 55.40%, chip finished product testing at 40.09%, and other services at 4.51% [1] Fund Holdings - Guotou Ruijin Fund holds a significant position in Weicai Technology, with its fund "Guotou Ruijin Specialized and New Quantitative Stock Mixed A" (015842) owning 16,700 shares, accounting for 1.41% of the fund's net value, making it the third-largest holding [2] - The fund, established on December 5, 2022, has a latest scale of 58.1859 million CNY and has achieved a year-to-date return of 43.63%, ranking 1094 out of 8130 in its category [2] - The fund manager, Zhao Jian, has a tenure of 12 years and 66 days, with the fund's total asset scale at 7.612 billion CNY, achieving a best return of 172.91% and a worst return of -88.73% during his management [2]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、可转债配售情况 经中国证券监督管理委员会《关于同意上海伟测半导体科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕158 号）同意， 上海伟测半导体科技股份有限公司（以下简称"公司"）向不特定对象发行 117,500.00 万元的可转换公司债券，期限 6 年，每张面值为人民币 100 元，发行 数量为 1,175,000 手（11,750,000 张）。 经上海证券交易所自律监管决定书〔2025〕97 号文同意，公司本次可转换 公司债券已于 2025 年 4 月 30 日起在上海证券交易所上市交易，债券简称"伟测 转债"，债券代码"118055"。 公司控股股东上海蕊测半导体科技有限公司（以下简称"蕊测半导体"）配 售"伟测转债" 3,627,080 张，约占可转债发行总量的 30.87%。 二、可转债持有变动情况 | 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-094 | | --- | --- | --- | ...

Core Viewpoint - The announcement from Weicet Technology indicates a significant reduction in the holdings of its convertible bonds by its controlling shareholder, which may impact investor sentiment and the company's market position [2] Summary by Relevant Sections - **Shareholder Activity** - The controlling shareholder, Shanghai Ruicet Semiconductor Technology Co., Ltd., has reduced its holdings of "Weicet Convertible Bonds" by 1,402,870 units, which represents 11.94% of the total issuance [2]

Group 1 - The core point of the article is that Shanghai Weicai Semiconductor Technology Co., Ltd. announced a significant reduction in its convertible bonds by its controlling shareholder, Shanghai Ruicai Semiconductor Technology Co., Ltd. [1] - The reduction occurred through block trading, with a total of 1,402,870 convertible bonds sold, which represents 11.94% of the total issuance [1]

Core Viewpoint - The company WeiCe Technology (688372.SH) has received a notification from bondholder RuiCe Semiconductor regarding a significant reduction in its holdings of WeiCe convertible bonds [1] Group 1 - RuiCe Semiconductor has reduced its holdings of WeiCe convertible bonds by 1.4029 million units, which accounts for 11.94% of the total issuance [1]

Core Points - Weicai Technology (688372.SH) announced that it received a notice from bondholder Ruicai Semiconductor on November 14, 2025, regarding a reduction in holdings of "Weicai Convertible Bonds" [1] - From October 27, 2025, to November 14, 2025, Ruicai Semiconductor reduced its holdings by 1.4029 million bonds, accounting for 11.94% of the total issuance [1]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company reported strong revenue and profit growth in Q3 2025, with revenue reaching 448 million yuan (up 44.40% year-on-year) and net profit attributable to shareholders at 101 million yuan (up 98.11% year-on-year) [1] - The growth in revenue and net profit is attributed to the surge in testing demand in the AI sector, increased penetration of smart driving, recovery in consumer electronics, and the acceleration of domestic substitution driving local testing demand [1][2] - The company has optimized its business structure, with high-end business accounting for 75% of Q3 revenue, leading to an increase in overall gross margin to 44.59% [2] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.083 billion yuan (up 46.22% year-on-year) and a net profit of 202 million yuan (up 226.41% year-on-year) [1] - The company has increased its capital expenditure to approximately 1.8 billion yuan in the first three quarters, driven by strong customer demand, particularly in computing power and automotive electronics [2] - The company expects to maintain high capacity utilization in Q4 2025, supported by the operational efficiency of its four testing bases [2] Financial Projections - The revenue forecast for 2025-2027 has been adjusted upwards, with expected revenues of 1.56 billion yuan, 2.08 billion yuan, and 2.69 billion yuan for 2025, 2026, and 2027 respectively [3] - The net profit forecast for the same period has also been revised, with expected net profits of 289 million yuan, 409 million yuan, and 568 million yuan for 2025, 2026, and 2027 respectively [3] - The company’s earnings per share (EPS) is projected to increase from 1.94 yuan in 2025 to 3.81 yuan in 2027 [3]