Surging performance, 688809, Huawei Hubble equity stake! Chip testing volume and prices are rising simultaneously, high-quality concept stocks are scarce (list attached)

The semiconductor industry is entering a period of earnings兑现（兑现）.

Qiangyi Co., Ltd. (强一股份) sees a surge in performance

On the evening of April 3, Qiangyi Co., Ltd. (688809) released its 2026 first-quarter performance guidance. The company expects that in the first quarter of 2026, its net profit attributable to shareholders will be between RMB 106 million and RMB 121 million, representing year-on-year growth of 654.79% to 761.60%. It also expects non-recurring items adjusted net profit of between RMB 105 million and RMB 120 million, representing year-on-year growth of 735.64% to 855.13%.

Regarding the sharp increase in performance, Qiangyi Co., Ltd. said that it is mainly driven by the company’s core business as well as the rising industry momentum. Specifically, the reasons include three aspects: first, an explosion in AI compute power demand, combined with the industry’s cyclical upturn, has led to steady volume ramp-up of orders for mature products; second, orders for goods already shipped but not recognized as revenue in the prior period are recognized in the current period; and third, improved customer mix and the emergence of economies of scale.

According to available information, Qiangyi Co., Ltd. is a high-tech enterprise focused on serving semiconductor design and manufacturing. The company concentrates on the R&D, design, production, and sales of core hardware needle/probe cards for wafer testing. The company has professional design capabilities for probe cards and their core components, and is among the very few manufacturers in China that possess independent MEMS probe manufacturing technology and can batch-produce and sell MEMS probe cards.

Worth noting is that Qiangyi Co., Ltd. has also received indirect participation from Huawei. Data show that Huawei’s wholly owned subsidiary, Hubble Technology Venture Capital Co., Ltd. (hereinafter referred to as “Hubble Investment”), holds 6.22M shares of Qiangyi Co., Ltd., with a shareholding ratio of 4.8%.

What other stakes does Huawei have in A-shares? Wind data show that among the top 10 shareholders or top 10 tradable shareholders lists, 10 companies have the keyword “Hubble” in them.

Judging by stock price performance, the average gain of the above 10 stocks within the year is close to 14%, far exceeding the performance of major indices over the same period. Among them, Changguang Huaxin surged by more than 89% within the year to take the top spot; Qiangyi Co., Ltd., Jiehualet, Huafeng Technology, and others all rose by more than 10% against the market trend.

From the perspective of institutional attention, Huafeng Technology has 11 institutional ratings, the highest among the group. In a research report, Northeast Securities noted that the company, as Huawei’s “core supplier of printed circuit board connectors and high-speed backplane connectors,” has formed a deep cooperation relationship with Huawei characterized by “core supplier + coordinated R&D + capital linkage.” Huawei’s Hubble strategic stake is about 2.95%, and the two sides have signed a long-term strategic cooperation framework agreement, jointly carrying out early R&D of cutting-edge technologies. The company is deeply involved in Huawei Ascend AI server and Atlas compute cluster supply chains. The continued expansion of Huawei Ascend’s ecosystem provides the company with a clear growth space for its high-speed connector business.

Chip testing will see both volume and price rise

It is understood that Qiangyi Co., Ltd.’s probe cards are mainly used in the semiconductor wafer testing process. They are key consumables in back-end testing, connecting test equipment and wafers to enable transmission of electrical signals and detection of chip functions. In the view of industry insiders, the sharp surge in Qiangyi Co., Ltd.’s performance also indirectly validates the high level of industry momentum in semiconductors—especially the chip testing sector.

In a prior research report, Huayuan Securities said that, based on how the semiconductor industry evolves both vertically and horizontally, as semiconductor process nodes iterate and the complexity of AI chips themselves increases, the test time for a single chip rises significantly. This leads to demand for chip testing growing at a pace faster than the shipment volume of AI chips themselves, which in turn brings about “volume 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 in the related industrial chain, resulting in “price inflation” in testing demand. The performance of relevant companies is expected to continue accelerating and releasing. With the development of China’s AI industry and technological progress, it is expected that the chip testing industry chain will enter an industry upcycle characterized by “both volume and price rising,” and investment opportunities in related segments are promising.

Scarce high-quality thematic stocks

In China’s A-share market, the chip testing industry chain’s listed companies are mainly concentrated in the semiconductor equipment sector. The number of high-quality listed companies in that sector is relatively small, which also means 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, Jinai Tong, and others are involved in related businesses.

China Aviation Securities stated that Weice Technology is a leading independent third-party IC testing service provider in China. Its core businesses include the full-process wafer testing (CP) and finished product testing (FT), mainly focusing on CP, with revenue contribution of more than 55%. As a domestic independent third-party testing leader, the company continuously implements a high-endization strategy, expands high-end testing capacity, and benefits deeply from the return of domestic compute power and self-controllable orders. It has strong growth momentum.

Postal Securities stated that Liandong Technology is fully pushing the R&D and verification work for new products in large-scale digital SoC integrated circuit testing. Because product technical complexity is high, the verification cycle is relatively long. At present, the localization rate of high-end SoC test machines domestically remains relatively low. Against the background of clear trends in domestic substitution and self-controllable capability, along with the need to optimize testing costs and the rapid development of AI data center compute power and on-device AI applications, the certainty of market opportunities in this field is highlighted. The company will continue to increase R&D and market investment to seize the industry’s development dividends.

The broader semiconductor equipment industry’s strong momentum is also worth expecting. Data show that among semiconductor equipment stocks with institutional ratings, institutional consensus predicts that this year’s net profit growth rate for all will exceed 20%. Net profit growth rates for stocks such as Fuchuang Precision, SinoProbe Testing, Jingsheng Co., Ltd., and Hainit Micro, among others, are all over 100%.

CITIC Securities pointed out that Fuchuang Precision is a leading enterprise in China’s 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 and gas transmission systems. Its customers have expanded to domestic and international mainstream equipment manufacturers such as North Huachuang, AMTC, and Tokyo Electron. In the context of accelerating domestic substitution across the semiconductor industry chain, the gradual release of the company’s production capacity is expected to bring sustained incremental performance, with relatively high growth certainty.