First Read: Hangzhou Changchuan Technology "Q226 prelim results beat estimates"

研报英文原文证据摘录

First Read: Hangzhou Changchuan Technology "Q226 prelim results beat estimates"

Global Research

22 June 2026abc

First Read

EquitiesHangzhou Changchuan Technology

Q226 prelim results beat estimates China

Semiconductors

12-month rating Buy

Among the first listcos to pre-announce results

On the evening of 22 June, Changchuan released H126 prelim results; it projects net 12m price target Rmb310.00

profit to shareholders of Rmb0.9-1bn, and Rmb855-955m on a recurring basis. The Prior : Rmb280.00

midpoint-implied NP to shareholders in Q226 is Rmb597m, +89% YoY/+69% QoQ and

Price (22 Jun 2026) Rmb268.49

20% above prior UBS-Se of Rmb499m. We expect a positive market reaction.

RIC: 300604.SZ BBG: 300604 CS

High-end SoC testers as the main growth driver Trading data and key metrics

As per its prelim results, during the reporting period, Changchuan posted strong sales 52-wk range Rmb268.49-42.46

growth across multiple product lines including digital testers, driven by a significant Market cap. Rmb170b/US$25.1b

demand ramp in high-end downstream markets. This, coupled with the economies of

Shares o/s 634m (ORDA)

scale, has helped fuel robust earnings growth. In our previous update note, we pointed

Free float 50%

out that demand for domestic GPUs could strengthen, underpinned by improved

Avg. daily volume ('000) 26,599

domestic GPU performance and increasing token consumption from AI agents. Given

increasing testing intensity due to more complex GPU architectures and Changchuan's Avg. daily value (m) Rmb5,153.4

position as the sole domestic tester vendor with mass-shipment capability, we think it Common s/h equity (12/26E) Rmb6.49b

could be the key beneficiary of a domestic GPU ramp. We expect its high-end SoC P/BV (12/26E) 26.2x

testers to generate a 65% sales CAGR in 2026-28.