[Tianfeng Electronics] Jinhaitong Mid-Year Report Pre-increase Comment: High Growth Performance Realized, AI Test and Sorting Equipment Entering Accelerated Ramp-up Period

English summary

Event: Jinhaitong issued a mid-year report pre-increase, expecting 2026H1 net profit attributable to parent of 160-190 million yuan, +110.51%-149.98% YoY; net profit excluding non-recurring items of 157-187 million yuan, +112.70%-153.34% YoY. The company's high growth performance is mainly benefited from downstream demand in AI, high-performance computing, new energy vehicles, etc., continuous growth in demand for packaging and testing equipment, while the global layout gradually reflects, overseas market orders have good growth, and test sorting machine sales achieved a large increase. 1. AI large chips pull up the value of test sorting equipment. After AI chips enter the high power consumption, large size, multi-die, high-value packaging stage, test sorting is no longer just ordinary back-end supporting, but an important link for yield, grading, and delivery efficiency. Especially computing chips need more complex temperature control, cooling curves, tri-temperature testing, and high-reliability sorting, the value of a single equipment and customer stickiness are expected to improve. 2. ...