Q1 Report for Qiangyi Co. Expected to Increase by Over 6 Times; Semiconductor Equipment Industry Booming

Securities Times reporter Chen Jianan

On the evening of April 3, Qiangyi Co., Ltd. disclosed its 2026 Q1 performance guidance, expecting to achieve attributable net profit of RMB 106 million to RMB 121 million, up 654.79% to 761.60% year over year; adjusted non-recurring net profit is expected to be RMB 105 million to RMB 120 million, up 735.64% to 855.13%.

Regarding the sharp rise in performance, Qiangyi Co., Ltd. said the increase is mainly driven by the joint effect of the company’s core business and the upward trend in industry sentiment. The specific reasons include three aspects: first, an explosion in AI compute capacity demand, combined with the industry’s cycle of improvement, has led to ongoing volume expansion of orders for mature products; second, orders that had been shipped earlier but had not been recognized as revenue are recognized in the current period; and third, customer mix optimization and scale effects have started to show.

Qiangyi Co., Ltd. focuses on the R&D, design, production, and sales of wafer test core hardware probe cards. It is understood that the company’s probe cards are mainly used in the wafer testing stage of semiconductors, and belong to key consumables in the back-end testing process. In the view of industry insiders, the surge in Qiangyi Co., Ltd.’s performance also indirectly validates the strong momentum in the semiconductor industry—especially the chip testing sector.

In a research report, Huayuan Securities stated that, as semiconductor process nodes iterate and the complexity of AI chips themselves increases, the test time for each individual chip grows significantly. This will cause demand for chip testing to grow at a pace faster than the shipment volume of AI chips themselves, thereby bringing “quantity inflation” in demand across the entire testing industry chain. At the same time, the increase in testing complexity per chip and the rise in power consumption per chip also impose higher requirements on hardware across the related industrial chain, which leads to “price inflation” in testing demand. As a result, the performance of relevant companies is expected to continue accelerating.

In the A-share market, individual stocks in the chip testing industry chain are mainly concentrated in the semiconductor equipment sector, and the number of high-quality listed companies in the latter is relatively small—meaning that individual stocks in the chip testing industry chain are comparatively more scarce. According to institutional research reports, stocks such as Weice Technology, LianDong Technology, Jinhaitong, and others are involved in related businesses.

China Aviation Securities stated that Weice Technology is a leading domestic independent third-party IC testing service provider. Its core businesses include full-process wafer testing (CP) and finished product testing (FT). As an independent third-party testing leader in domestic capital, the company consistently practices a high-end strategy, expands high-end testing capacity, and has deeply benefited from the return of domestic compute capacity and self-controllable orders, with strong growth momentum.

China Post Securities stated that LianDong Technology is fully pushing forward the R&D and verification of new products in the large-scale digital SoC-type integrated circuit testing field. Because of the high technical complexity of the products, the verification cycle is relatively long. Currently, the domestic localization rate of high-end SoC test machines remains at a relatively low level. Against the backdrop of a clearly defined trend of domestic substitution and self-controllable capability, together with the demand to optimize testing costs and the rapid development of AI data center compute capacity and on-device AI applications, the certainty of market opportunities in this area is highlighted. The company will continue to increase R&D and market investment to seize the dividends of industry development.

The strong performance cycle across the entire semiconductor equipment industry is also worth looking forward to. Data from Wind’s consensus predictions show that, among semiconductor equipment stocks with broker ratings, the expected net profit forecast growth this year is above 20% for all such stocks. Among them, stocks such as Fuchuang Precision, SinoChip Flight Test, Jingsheng Shares, and Xinyuan Micro all have forecast net profit growth rates above 100%.

CITIC Securities pointed out that Fuchuang Precision is a leading domestic enterprise in semiconductor precision components. By building core competitive advantages through a platform-based layout, the company’s products cover key categories such as mechanical and electromechanical components, gas transmission systems, and others. Its customers have been expanded to domestic and international mainstream equipment manufacturers such as Northern Huachuang, AMEC, and Tokyo Electron. In the context of accelerating domestic substitution across the semiconductor industry chain, the gradual release of the company’s capacity is expected to bring continuous incremental performance, with relatively high growth certainty.

（Data for this issue is provided by the Securities Times Center database）