Q1 earnings forecast increased by over 6 times, semiconductor equipment industry is experiencing high prosperity

On the evening of April 3, Qiangyi Co., Ltd. released a performance forecast for the first quarter of 2026. It is expected to achieve attributable net profit of RMB 106 million to RMB 121 million, a year-on-year increase of 654.79% to 761.60%. Non-recurring profit and loss (excluding non-recurring items) net profit is expected to be RMB 105 million to RMB 120 million, a year-on-year increase of 735.64% to 855.13%.

Regarding the sharp increase in performance, Qiangyi Co., Ltd. stated that it is mainly due to the combined effect of the company’s main business being driven by factors and the industry’s improving business cycle. The specific reasons include three aspects: first, an explosion in AI computing power demand, together with the industry’s cyclical upswing, has continued to drive volume growth of orders for mature products; second, orders for goods already delivered in the earlier period but not yet recognized as revenue will be recognized in the current period; third, customer structure optimization and the emergence of scale effects.

Qiangyi Co., Ltd. focuses on the research, design, production, and sales of probe cards—core hardware for wafer testing. It is understood that the company’s probe cards are mainly used for the “semiconductor wafer testing stage,” and they are key consumables in back-end testing. In the view of industry insiders, Qiangyi Co., Ltd.’s surge in performance also indirectly verifies the high level of business momentum in the semiconductor industry, especially the chip testing sector.

A report from Huayuan Securities said that, with the iteration of semiconductor process nodes and the increasing complexity of AI chips themselves, the testing time for a single chip has grown significantly. This means demand for chip testing will increase at a speed faster than the growth rate of AI chip shipments themselves, which brings about “quantity” inflation across the entire testing industry chain. At the same time, the rising testing complexity per chip and the increased power consumption per chip also put higher requirements on the related industry chain hardware, leading to “price” inflation in testing demand. The performance of related companies is expected to continue accelerating.

In China’s A-share market, chip testing industry-chain individual stocks are mainly concentrated in the semiconductor equipment sector, where there are fewer high-quality listed companies—meaning chip testing industry-chain stocks are relatively more scarce. According to institutional research reports, companies including Weice Technology, Liandong Technology, and Jinhaitong are involved in related businesses.

CICC Securities (CITIC Securities) stated that Weice Technology is a leading domestic independent third-party IC testing service provider. Its core business includes the full process of wafer testing (CP) and finished product testing (FT). As a domestic independent third-party testing industry leader, the company continues to implement a high-end strategy—expanding high-end testing capacity—and has deeply benefited from the return of domestic computing power and independently controllable orders, with strong growth momentum.

China Post Securities stated that Liandong Technology is fully advancing the research and development and verification of new products in the large-scale digital SoC-type integrated circuit testing field. Because the product technology is complex, the verification cycle is relatively long. Currently, the domestic localization rate of high-end SoC test equipment remains at a relatively low level. Against the clear background of domestic substitution and independently controllable trends, combined with the demand for optimized testing costs and the rapid development of AI data center computing power and on-device AI applications, prominent market opportunities with high certainty have emerged in this area. The company will continue to increase R&D and market investment to seize the industry’s development dividends.

The overall high level of business momentum in the semiconductor equipment industry is also worth expecting. Wind’s consensus forecast data shows that, among semiconductor equipment stocks with analyst ratings, the projected growth rate of net profit this year is all above 20%. Among them, companies such as Fusion Precision, Sinocryo F-Flight? (C?C?—), Jingsheng Co., Ltd., and Xinyuan Micro have projected net profit growth rates all exceeding 100%.

Guotou Securities pointed out that Fusion Precision is a leading domestic enterprise in precision semiconductor components. By building core competitive advantages through a platform-based layout, the company’s products cover key categories such as mechanical and electromechanical components, as well as gas transmission systems. Its customers have expanded to domestic and international mainstream equipment manufacturers including North Huachuang (002371), Microunity (688012), and Tokyo Electron. In the context of accelerating domestic substitution across the semiconductor industry chain, as the company’s production capacity gradually releases, it is expected to bring sustained incremental performance, with relatively high growth certainty.

(Responsible Editor: Zhang Yan)

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