Analysis of Jingce Electronics (300567) Strong Performance: Leading Semiconductor Testing Equipment Player Sought After by Capital

This analysis is based on market data and company announcements as of January 16, 2026. Jingce Electronics (300567.SZ), a leading semiconductor testing equipment stock listed on the Shenzhen ChiNext Board, performed strongly on the day and entered the strong stock pool, becoming one of the 224 abnormal stocks that attracted significant capital attention [5].

Item	Data
Current Price	¥135.90
Daily Increase	+14.20% (+¥16.90)
52-Week Price Range	¥55.00 - ¥138.80
Daily Trading Volume	244,000 shares (2.75x the average of 88,800 shares) [0]
Price-to-Earnings Ratio (PE)	-438.39x (due to negative net profit)
Market Capitalization	Approximately ¥38 Billion

Jingce Electronics recently signed a

sales contract for front-end semiconductor metrology and testing equipment with a client, all of which are applied to advanced process nodes [1]. This is one of the largest single contracts in the company’s history, directly verifying its market competitiveness in the semiconductor testing equipment field. The signing of this contract not only provides certainty for the company’s future performance, but more importantly, reflects downstream customers’ recognition of the company’s technical strength.

Data for the first half of 2025 shows that the company’s semiconductor segment revenue achieved a

, net profit increased by more than 23 times year-on-year, and the semiconductor segment’s outstanding orders accounted for more than 50% of total orders [2]. This growth is mainly driven by the dual factors of expansion demand from domestic major memory manufacturers (including ChangXin Memory Technologies, Yangtze Memory Technologies) and the trend of domestic substitution. The company’s layout in the semiconductor testing equipment field has entered the harvest period, and business structure optimization has brought about improved profitability.

The company’s technological breakthroughs in front-end testing are the core of its long-term competitiveness: products for 7nm process nodes have been delivered, accepted, and entered mass production; 14nm bright-field defect inspection equipment has been officially delivered; and 28nm equipment has passed acceptance [3]. The company’s core products such as film thickness measurement, OCD, electron beam, bright-field, and stress measurement are all in a leading position in China, forming a relatively complete product portfolio.

Wuhan Jinghong, a subsidiary of Jingce Electronics, completed a capital increase and share expansion, increasing its registered capital to RMB 100 million, which enhanced its competitiveness in the memory testing and burn-in fields, and secured bulk orders, driving the continuous volume growth of backend and advanced packaging businesses [4].

In the A-share market on January 16, 2026, the semiconductor industry chain ranked among the top in gains, becoming the most cohesive market theme [5]. The memory sector (BIWIN Storage +17.19%, Longsys +13.48%) led the gains, while the equipment segment (including China Core Testing, Jingce Electronics) rose sharply. Institutional capital and main capital participated jointly, and the stocks hitting the daily limit included companies with a market capitalization of over RMB 10 billion, presenting a pattern where “the strong stay strong” and “low-priced stocks catch up” coexist.

Indicator	Value	Technical Significance
20-Day Moving Average	¥97.20	Short-term moving average forms support below
50-Day Moving Average	¥81.38	Medium-term trend is clearly upward
200-Day Moving Average	¥68.84	Long-term trend is upward
Current Price / 20-Day Moving Average	139.8%	Significantly deviates from the short-term moving average
52-Week Increase	+156.37%	Substantial annual increase

The stock price hit a 52-week high of ¥138.80, with short-term, medium-term, and long-term moving averages showing a typical bullish arrangement, and the continuous expansion of trading volume indicates high capital attention.

The 14-day RSI is close to the overbought zone, the stock price has deviated significantly from the short-term moving average (+39.8%), and the cumulative increase of over 156% has brought profit-taking pressure. Technical patterns indicate short-term adjustment needs.

The daily trading volume of 24.4 million shares represented a

compared to the historical average of 8.88 million shares, showing a typical pattern of price increase accompanied by volume expansion. However, the high turnover rate (about 6-7%) also shows that some chips are loosening, and investors need to be alert to the risk of short-term profit-taking.

Based on internal analysis data [7], DCF valuation of the company was conducted under different scenarios:

Scenario	Valuation	Premium/Discount vs Current Price
Conservative Scenario	¥62.22	-54.2%
Neutral Scenario	¥84.19	-38.1%
Optimistic Scenario	¥146.21	+7.6%
Probability-Weighted Valuation	¥97.54	-28.2%

The current stock price of ¥135.90 is approximately

compared to the probability-weighted valuation, indicating that market sentiment has fully priced in optimistic expectations, and there is room for valuation pullback.

The company is still in a loss-making state (TTM EPS is -¥0.31), with free cash flow of -¥230 million, reflecting that the company is in a period of high-speed investment [0][7]. Although high R&D investment and capital expenditures affect short-term profits, they lay the foundation for long-term competitiveness.

E Fund CSI 500 Enhanced Strategy ETF has included Jingce Electronics in its top 10 heavy holdings (position market value of approximately ¥23,800) [6], reflecting institutional investors’ long-term optimism about the semiconductor equipment track and providing liquidity support for the stock price.

The current price is 28% premium compared to the DCF valuation, with a negative PE ratio, showing obvious characteristics of market sentiment-driven. Against the background that performance has not been fully released, the risk of valuation pullback deserves attention.

The 52-week increase exceeds 156%, with a high short-term pullback risk. The stock price has deviated significantly from the moving average system, and historical data shows that such situations are often accompanied by phased adjustments.

Abnormal volume expansion may be accompanied by profit-taking, and investors need to pay attention to changes in margin trading and short selling positions as well as the risk of short covering.

If AI computing power demand falls short of expectations, wafer fabs may reduce capital expenditures, which will affect semiconductor equipment demand [2].

The RMB 571 million contract on hand provides guarantee for performance in the next 1-2 years.

Driven by domestic memory expansion and independent and controllable policies, the company, as a technologically leading enterprise, is expected to continue to benefit.

7nm products have entered mass production, with first-mover advantage, and technical barriers are difficult to replicate quickly.

Heavy holding by public offering funds ensures liquidity.

Volatility will intensify, and the stock price may surge and then pull back. Today’s 14.2% increase with volume expansion shows strong bullish momentum, but the excessive deviation from the moving average and overbought RSI indicate short-term adjustment needs. If it can hold the gap area of ¥120-¥105, it is expected to continue to rise in the future.

It is expected to continue to rise after oscillating and consolidating. The semiconductor equipment industry remains prosperous, the logic of domestic substitution remains unchanged, and the RMB 571 million contract provides performance support, but it is necessary to wait for the valuation to return to a reasonable range.

The track is high-quality, but it is necessary to lay out on dips. Semiconductor testing equipment is a “bottleneck” field with broad domestic substitution space, and the company’s technological leadership is expected to continue to benefit from industry growth. The current valuation is on the high side, and it is recommended to wait for a pullback to the ¥80-¥90 range to lay out positions.

Price Type	Price	Technical Significance
Immediate Resistance Level	¥138.80	52-week high, needs volume expansion to break through
First Support Level	¥120.00	Previous high level, may pull back if breakthrough fails
Second Support Level	¥105.50	Upper edge of today’s gap up
Strong Support Level	¥97.20	20-day moving average position

Investor Type	Suggested Strategy
Holders	May continue to hold, set ¥100 as the stop-loss level to protect profits
Wait-and-See Investors	Wait for a pullback to the ¥110-¥120 range before considering entering
Short-term Traders	Pay attention to the ¥138.80 resistance level; if it breaks through with volume expansion, you can chase the rise, and set stop-loss if it falls below ¥120
Low-Risk Preference Investors	Wait and see for the time being, wait for the valuation to return to a reasonable range

Jingce Electronics (300567) entered the strong stock pool today as a result of multiple factors resonating: catalysis of major orders, strong fundamental growth, technical breakthroughs, and drive from sector effects. From a fundamental perspective, as a leading semiconductor testing equipment firm, the company benefits from the general trend of domestic substitution, and positive factors such as mass production of 7nm products and the RMB 571 million contract provide solid performance support for it.

However, the current stock price is about 28% premium compared to the reasonable valuation, and the cumulative 52-week increase exceeds 156%, resulting in high risk of chasing highs in the short term. Technically, the stock price has deviated significantly from the moving average system, and the RSI is close to the overbought zone, indicating short-term adjustment needs. It is recommended that investors remain rational and wait for a pullback to lay out positions on dips. For existing holders, it is advisable to set reasonable take-profit and stop-loss levels to protect existing profits.