Earnings surge: 688809, Huawei Hubble holds a stake! Chip testing volume and pricing rise together—high-quality concept stocks are scarce (with list attached)

The semiconductor industry is seeing a rush to兑现 performance results.

Strong One shares’ performance soars

On the evening of April 3, Strong One shares (688809) released its 2026 Q1 performance forecast. The company expects that in Q1 2026, net profit attributable to the parent company will be RMB 106 million to RMB 121 million, representing an increase of 654.79% to 761.60%; it also expects that non-recurring profit and loss excluded net profit in Q1 will be RMB 105 million to RMB 120 million, representing an increase of 735.64% to 855.13%.

Regarding the sharp growth in performance, Strong One shares stated that it is mainly driven by the company’s core business and the upward movement of industry cyclical conditions operating together. The specific reasons include three aspects: first, the outbreak of AI compute capacity demand, together with the industry’s business-cycle upturn, has led to continued 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; third, customer structure optimization and the emergence of scale effects.

According to available information, Strong One shares is a high-tech company focused on serving semiconductor design and manufacturing. The company concentrates on the R&D, design, production, and sales of probe cards, the core hardware for wafer testing. The company has professional design capabilities for probe cards and their core components. It is one of the very few companies in mainland China that possesses independent MEMS probe manufacturing technology and can produce and sell MEMS probe cards in batches.

Notably, Strong One shares has also received indirect participation and shareholding by 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 Strong One shares, with a shareholding ratio of 4.8%.

What other shareholdings does Huawei have listed on the A-share market? Wind data show that among 10 companies, the keyword “Hubble” appears in their lists of top ten shareholders or top ten circulating shareholders.

Judging by share-price performance, the average gain of the above-mentioned 10 stocks over the past 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% over the past year, ranking first; Strong One shares, Jiewa Te, Huafeng Technology, and others all rose by more than 10% against the market trend.

Judging by institutional attention, Huafeng Technology has 11 institutional ratings, the highest among them. A research report from Northeast Securities notes that, as Huawei’s “core supplier of PCB connectors and high-speed backplane connectors,” the company has formed a deep cooperation relationship with Huawei characterized by “core supply + coordinated R&D + capital linkage”—Huawei Hubble’s strategic shareholding is about 2.95%. The two sides signed a long-term strategic cooperation framework agreement and jointly carry out preliminary research and development on frontier technologies. The company has deeply involved itself in Huawei Ascend AI server and Atlas compute cluster supply chains. Huawei Ascend ecosystem’s continued expansion provides certain room for growth for the company’s high-speed connector business.

Chip testing is set for both volume and price to rise

It is reported that Strong One shares’ probe cards are mainly used in the semiconductor wafer testing process, and are key consumables in the downstream testing stage. They connect the testing machines and the wafers to enable the transmission of electrical signals and the detection of chip functionality. In the view of industry insiders, the company’s surge in performance also indirectly verifies the high level of business momentum in the semiconductor industry—especially the chip testing industry.

In a previous research report, Huayuan Securities said that, based on the semiconductor industry’s vertical and horizontal development, as semiconductor manufacturing processes iterate and the complexity of AI chips themselves increases, the test time for a single chip grows significantly. This leads to chip testing demand increasing at a pace faster than the shipment volume of AI chips themselves, thereby bringing “inflation” in the “quantity” of demand across the entire testing industry chain. At the same time, the increase in testing complexity per chip and the higher power consumption per chip also impose higher requirements on the hardware in the relevant industry chain, leading to “inflation” in the “price” of testing demand. Related companies’ earnings are expected to continue to accelerate their release. With the development and technological progress of China’s AI industry, it is expected that the chip testing industry chain will also enter an industry upcycle characterized by “both volume and price rising,” and the investment opportunities in related industry-chain segments are promising.

Scarcity of high-quality concept stocks

In the A-share market, individual stocks in the chip testing industry chain mainly concentrate in the semiconductor equipment sector. There are relatively few high-quality listed companies in that sector, which also means that individual stocks in the chip testing industry chain are comparatively more scarce. According to institutional research reports, companies including Weice Technology, Liandong Technology, Jinai Tong, and others are involved in related businesses.

CITIC Aviation Securities stated that Weice Technology is a leading independent third-party IC testing services provider in China. Its core businesses include the full process of wafer testing (CP) and finished product testing (FT), with CP as the main focus, accounting for more than 55% of revenue. As a domestic independent third-party testing leader, the company continues to implement a high-end strategy, expands high-end testing capacity, and benefits deeply from the return of domestically developed compute power and self-controlled orders. It has 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 integrated-circuit testing field. Because product technical complexity is high, the verification cycle is relatively long. Currently, the localization rate of domestic high-end SoC testing equipment remains at a relatively low level. Against the backdrop of clear trends toward domestic substitution and self-control, combined with the demand for optimizing testing costs and the rapid development of AI data-center compute power 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 industry development dividends.

The overall high-cycle momentum in the semiconductor equipment industry is also worth期待. Data show that for semiconductor equipment stocks with institutional ratings, the consensus forecast for their net profit growth rate this year is all above 20%. Stocks such as Fuchuang Precision, Zk飞测, Jingsheng Co., Ltd., and Xinyuan Micro, among others, all have net profit growth rates above 100%.

Guotou Securities pointed out that Fuchuang Precision is a leading domestic enterprise in precision semiconductor components. It builds 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 expanded to domestic and international mainstream equipment manufacturers such as Northern Huachuang, NVision, and Tokyo Electron. Under the background of accelerating domestic substitution in the semiconductor industry chain, as the company’s capacity is gradually released, it is expected to bring sustained incremental earnings, with relatively high growth certainty.

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责任编辑：Wu Sinan