In-depth Analysis of Guosheng Technology (603778) Strong Performance: Driving Factors and Outlook Assessment

As a dual-track target in semiconductors and new energy, Guosheng Technology (603778) recent strong performance stems from multiple factors: On one hand, the semiconductor industry has a clear trend of localization substitution, with increased policy support [4]; On the other hand, the new energy track (photovoltaic equipment, solid-state batteries, energy storage) ushered in valuation repair in the second half of 2025, and the company’s subsidiary plans to invest 230 million yuan to build a 10GWh solid-state battery project, which aligns with industry hotspots [0]. Technically, the company’s stock price rose significantly in July 2025, hitting the daily limit (up 9.96%) on November 14 [0], but fell 3.16% on November 18, with a net outflow of 58.4796 million yuan from main funds [6], indicating intensified short-term volatility. Fundamentally, revenue and net profit declined in the 2025 Q3 report, but cash flow conditions improved [2], and long-term growth potential remains.

1. Dual-track Synergy Effect
   : The company simultaneously布局 semiconductors (intelligent monitoring, memory chips) and new energy (photovoltaics, solid-state batteries) fields, benefiting from policy dividends and market demand of the two high-boom tracks [0][4][7].
2. Short-term Capital Pressure
   : Despite the strong stock price, there has been a significant net outflow of main funds recently [6], which may reflect profit-taking by some investors, and short-term correction risks need to be vigilant.
3. Industry Cycle Resonance
   : The new energy track is in the valuation repair period in 2025 [7], and semiconductor localization substitution is accelerating [4]. The resonance of the two provides valuation improvement space for the company, but attention should be paid to the pressure brought by intensified industry competition.

• Financial aspect: Revenue and net profit declined in the 2025 Q3 report [2], short-term performance is under pressure;
• Capital aspect: Recent net outflow of main funds [6], short-term stock price volatility risk;
• Operational aspect: High customer concentration [0], risk of relying on the top five customers.

• Policy opportunities: Policy support for semiconductor localization substitution and new energy industry [4][7];
• Business expansion: Investment in solid-state battery projects [0], opening up new growth space;
• Valuation repair: The valuation of the new energy sector is at a relatively low historical level [7], with repair potential.

Guosheng Technology (603778)'s strong performance is the result of the combined effect of industry trends and policy support, but it faces short-term pressure from capital outflows and performance decline. In the long run, dual-track layout and business expansion provide growth momentum for the company, but attention should be paid to industry competition, customer concentration and changes in capital conditions. Investors should combine their own risk preferences and comprehensively consider short-term volatility and long-term potential.