Core Viewpoint - The A-share market is experiencing significant interest in high bandwidth memory (HBM) concepts, with related stocks seeing substantial capital inflow and price increases. SK Hynix and NVIDIA have finalized an HBM4 supply agreement, with a price increase of over 50% compared to HBM3E, and predictions of operating profits exceeding 70 trillion KRW by 2025 [1]. Group 1: Company Developments in HBM - Zhongtian Precision has a 6.71% indirect stake in Visionary Storage and is focused on HBM technology, with HBM2/2e products in final testing and HBM3/3e in development, targeting applications in AI and edge devices [1]. - Unisoc's HBM products are still in the R&D phase, with future iterations planned based on user needs, particularly for specialized industry applications [2]. - Jingce Electronics has aging testing equipment for HBM chips and has received orders for related products, benefiting from the demand surge due to AI developments [3]. - Longxin Technology is collaborating with industry partners on HBM R&D, aiming to enhance bandwidth and reduce latency for future GPGPU needs [4]. - Aisen Co. has developed advanced packaging materials applicable to HBM storage chips [5]. - Kuaike Intelligent is advancing TCB equipment for HBM packaging, which is crucial for the process [6]. - Sanxiang New Materials is focusing on electronic-grade zirconium and hafnium materials, which are essential for HBM and other high-performance storage chips, with some products already sent to semiconductor clients [6]. Group 2: Market Trends and Predictions - The HBM4 high premium is currently benefiting overseas oligopolies, while domestic companies are primarily focused on thematic trading, necessitating close monitoring of certification progress and DRAM price increases for valuation flexibility [1]. - The demand for large-capacity, high-performance storage chips is rising, leading to tighter supply of core materials [6].

Core Insights - The front-end measurement and inspection equipment is a crucial segment of the semiconductor equipment market, accounting for approximately 13% of the total market size [1][5][11] - The global semiconductor measurement and inspection equipment market is projected to reach $15.22 billion in 2024, reflecting a year-on-year growth of 18.7% [1][7] - The market for front-end measurement and inspection equipment in mainland China is experiencing rapid growth, with an average annual compound growth rate of 30% from 2020 to 2024, reaching a market size of 43.8 billion yuan in 2024 [1][9] Group 1: Industry Overview - Front-end measurement is essential for quality control in semiconductor manufacturing, involving the measurement of parameters such as film thickness and surface defects [2][4] - The global semiconductor equipment market is expected to rebound in 2024, achieving a historical sales high of $117 billion, with significant contributions from China, South Korea, and Taiwan [4][5] Group 2: Market Dynamics - The front-end measurement equipment market is dominated by a few international leaders, with KLA holding over 50% market share, indicating a highly concentrated supply market [1][11] - Domestic companies like Zhongke Feimeasure and Shanghai Precision Measurement are emerging as suppliers of front-end measurement equipment, driven by the rapid development of China's semiconductor industry [1][12] Group 3: Future Trends - The domestic market share of front-end measurement equipment is expected to increase as local companies enhance their understanding of technology and manufacturing processes [1][13] - There is a growing demand for improved performance in measurement and inspection equipment, focusing on sensitivity, accuracy, stability, and throughput to ensure high yield rates in semiconductor production [1][14]

Group 1 - The core event involves a block trade of 250,000 shares of Jingce Electronics, with a transaction value of 18.475 million yuan, accounting for 3.7% of the total trading volume on that day [1] - The transaction price was 73.9 yuan, which represents a discount of 3.25% compared to the market closing price of 76.38 yuan [1]

Core Viewpoint - Jingce Electronics announced a change in the business scope of its subsidiary Beijing Jingyi Optoelectronics Technology Co., Ltd. to meet actual development needs [1] Group 1 - The company has completed the necessary business registration changes and obtained a new business license from the Beijing Economic and Technological Development Zone Market Supervision Administration [1]

关于控股孙公司完成工商变更登记并换发营业执照的公告 证券代码：300567 证券简称：精测电子 公告编号：2025-133 武汉精测电子集团股份有限公司 1、统一社会信用代码：91110302MA01WBP879 2、名称：北京精亦光电科技有限公司 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 武汉精测电子集团股份有限公司（以下简称"公司"）控股孙公司北京精亦 光电科技有限公司（以下简称"北京精亦"）根据实际发展需要，对其经营范围 进行了变更。 近日，北京精亦完成了上述事宜的工商变更登记手续，并取得北京经济技术 开发区市场监督管理局换发的《营业执照》。北京精亦新换发的《营业执照》相 关信息如下： 8、住所：北京市北京经济技术开发区荣昌东街甲 5 号 3 号楼 2 层 201-5 备查文件 3、类型：其他有限责任公司 4、法定代表人：吴涛 5、经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、技 术转让、技术推广；货物进出口；技术进出口；电气设备销售；机械电气设备销 售；机械电气设备制造；电子产品销售；机械设备研发；普通机械设备安装服务； 电子专用设备 ...

Market Overview - The large fund concept sector experienced a decline of 0.73% on November 5, with Shengke Communication leading the drop [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Notable gainers in the large fund concept sector included: - Xingfa Group (600141) with a closing price of 28.89, up 5.02% and a trading volume of 325,000 shares, totaling 920 million yuan [1] - Baiwei Storage (688525) closed at 124.90, up 2.44% with a trading volume of 212,800 shares, totaling 2.558 billion yuan [1] - Tuojing Technology (688072) closed at 310.20, up 1.77% with a trading volume of 72,900 shares, totaling 2.219 billion yuan [1] - Major decliners included: - Shengke Communication (688702) closed at 110.25, down 3.73% with a trading volume of 43,500 shares, totaling 482 million yuan [2] - Guoxin Technology (688262) closed at 30.34, down 3.10% with a trading volume of 131,100 shares [2] - Huahong Company (688347) closed at 120.97, down 2.58% with a trading volume of 213,600 shares, totaling 2.594 billion yuan [2] Capital Flow - The large fund concept sector saw a net outflow of 2.352 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.305 billion yuan [2] - Notable capital flows included: - Tuo Jing Technology (688072) with a net inflow of 156 million yuan from institutional investors [3] - Deep South Circuit (002916) with a net inflow of 116 million yuan from institutional investors [3] - Zhongwei Company (688012) with a net inflow of 83.21 million yuan from institutional investors [3]

Core Points - The company, Jingce Electronics (300567), announced on the evening of November 4 that it and its subsidiaries have no overdue external guarantee matters [1] - There are no guarantees involved in lawsuits or guarantees that the company would be liable for due to losing a judgment [1]

证券代码：300567 证券简称：精测电子 公告编号：2025-132 武汉精测电子集团股份有限公司 关于为子公司向银行申请授信提供担保的进展公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、担保情况概述 武汉精测电子集团股份有限公司（以下简称"公司"）分别于 2025 年 4 月 23 日、2025 年 5 月 19 日召开第五届董事会第二次会议、2024 年度股东大会， 审议通过《关于为子公司向银行申请授信额度提供担保的议案》，为保证公司及 下属各子公司的正常生产经营，拓宽资金渠道，公司或子公司拟对子公司 2025 年度向银行申请综合授信提供保证担保，担保总额不超过 37.8 亿元人民币；其 中，公司拟对子公司常州精测新能源技术有限公司（以下简称"常州精测"）向 银行申请授信提供最高担保额度人民币 2.1 亿元，拟对子公司武汉精立电子技术 有限公司（以下简称"武汉精立"）向银行申请授信提供最高担保额度人民币 8 亿元，授信品种：流动资金贷款、银行承兑汇票、保函、国内信用证、票据贴现、 票据池、商业保理以及其他方式最终以各家银行实际审批的授信额度及授信 ...

证券代码：300567 证券简称：精测电子 公告编号：2025-131 武汉精测电子集团股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 武汉精测电子集团股份有限公司（以下简称"公司"或"精测电子"）于 2025 年 4 月 23 日分别召开了第五届董事会第二次会议、第五届监事会第二次会议， 审议通过了《关于公司及子公司使用部分闲置募集资金进行现金管理的议案》， 同意公司在确保不影响募集资金投资项目建设、募集资金使用和不改变募集资金 用途的情况下，使用额度不超过 4 亿元人民币暂时闲置募集资金进行现金管理， 购买安全性高、流动性好、低风险的理财产品。期限自公司董事会审议通过之日 起十二个月内有效，在决议有效期内，上述额度可循环使用。公司监事会、保荐 机构均发表了明确同意的意见。具体内容详见公司于 2025 年 4 月 25 日在巨潮资 讯网（http://www.cninfo.com.cn）披露的《武汉精测电子集团股份有限公司关 于公司及子公司使用部分闲置募集资金进行现金管理的公告》（公告编号： 202 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with revenue reaching 890 million yuan, a year-on-year growth of 25.37%, and a net profit attributable to shareholders of 72 million yuan, up 123.44% [2][4]. - The company has a robust order backlog totaling approximately 3.446 billion yuan, with 1.791 billion yuan in the semiconductor sector, indicating strong future revenue potential [10]. - The semiconductor business has achieved profitability, with revenue from this segment growing by 48.67% year-on-year [10]. Financial Performance Summary - For Q1-Q3 2025, the company achieved total revenue of 2.271 billion yuan, a 24.04% increase year-on-year, and a net profit of 100 million yuan, reflecting a 21.70% growth [2][4]. - The gross margin for Q3 2025 was reported at 48.55%, an increase of 4.58 percentage points compared to the previous year [2][4]. - The company anticipates net profits of 196 million yuan, 321 million yuan, and 596 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 107x, 65x, and 35x [10].