Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown a significant recovery in Q1 2025, with revenue growth driven primarily by the semiconductor sector, which has seen a year-on-year increase of 63.71% [3][5] - The company is expected to benefit from a strong order backlog in the semiconductor sector, with total orders amounting to approximately 2.844 billion yuan, indicating a positive outlook for revenue growth in the coming years [3][7] Summary by Sections Financial Performance - In 2024, the company's revenue was 2.565 billion yuan, a year-on-year increase of 5.59%, with the semiconductor segment achieving a remarkable 94.65% growth [3] - The net profit attributable to the parent company for 2024 was -97.6 million yuan, reflecting a significant decline of 165% year-on-year, primarily due to losses in the new energy sector [4] - For Q1 2025, the company reported a net profit of 37.6 million yuan, a substantial increase of 336% year-on-year, indicating a recovery in profitability [5] Revenue and Profit Forecast - The revenue forecast for 2025 has been adjusted to 3.247 billion yuan, representing a year-on-year growth of 26.6%, while the net profit is projected to be 233 million yuan, reflecting a significant recovery [7] - The company is expected to achieve a net profit of 728 million yuan by 2027, with a corresponding EPS of 2.60 yuan [7] Market Position and Strategy - The company is focusing on expanding its presence in the advanced packaging sector, driven by the growth of data centers and AI industries, which is expected to enhance its competitive advantage [6] - The semiconductor measurement equipment market is characterized by low domestic penetration and high profitability, positioning the company favorably for future growth [6]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 87.80 RMB [7][8]. Core Views - The company's semiconductor business has become a major growth pillar, with advanced process technology continuing to improve. The 14nm defect detection equipment has been delivered to customers, and the 7nm products have completed delivery and acceptance [1][3]. - The display business faced challenges in 2024 due to industry conditions but is expected to recover in 2025, with ongoing demand for capacity expansion from downstream [1][3]. - The new energy business is actively expanding with new products and customers, showing significant growth potential [1][3]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 25.65 billion RMB, a year-on-year increase of 5.59%, but a net loss of 975.98 million RMB, a decline of 165.02% year-on-year. The gross margin was 39.97% [1][2]. - For Q1 2025, the company achieved revenue of 6.9 billion RMB, a year-on-year increase of 64.9%, and a net profit of 38 million RMB, marking a turnaround from losses [1][3]. Revenue Breakdown - In 2024, display product revenue was 15.9 billion RMB (62.0% of total revenue), down 9.0% year-on-year, while semiconductor product revenue was 7.7 billion RMB (29.9% of total revenue), up 94.6% year-on-year. New energy product revenue was 1.7 billion RMB (6.5% of total revenue), down 30.7% year-on-year [2][3]. - In Q1 2025, semiconductor revenue was 2.7 billion RMB, up 63.7% year-on-year, while display revenue was 3.8 billion RMB, up 42.5% year-on-year, and new energy revenue was 0.78 billion RMB, up 429.7% year-on-year [3]. Future Outlook - The company forecasts revenue of 34.6 billion RMB for 2025 and 43.1 billion RMB for 2026, with adjusted net profit estimates of 2.2 billion RMB for 2025 and 4.1 billion RMB for 2026 [4][12]. - The target price is based on a price-to-sales ratio of 7.1 for 2025, reflecting the company's revenue structure and short-term profit pressures [4][14].

证券代码：300567 证券简称：精测电子 公告编号：2025-078 武汉精测电子集团股份有限公司 关于控股股东、实际控制人部分股权质押的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 武汉精测电子集团股份有限公司（以下简称"公司"）近日接到公司控股股 东、实际控制人彭骞先生的通知，彭骞先生将其直接持有的公司部分股权办理了 质押登记手续，具体情况如下： 一、股东股份质押的基本情况 | | 是否为控 | 本次 | 占其 直接 | 占公 | | 是否 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股股东或 | | | 司总 | 是否 | | | | | | 股东 | | 质押 | 所持 | | | 为补 | 质押起始 | 质押到期 | | | 名称 | 第一大股 | 数量 | 股份 | 股本 | 为限 | 充质 | 日 | 日 | 质权人 | | | 东及其一 | | | 比例 | 售股 | | | | | | | | （股） | 比例 | | | 押 | ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is expected to see a performance turning point in Q1 2025, driven by advancements in measurement equipment [1] - The semiconductor measurement business has shown significant growth, with Q1 2025 revenue expected to increase by 64.9% year-on-year [7] - The report expresses optimism regarding the rapid development of the semiconductor business, leading to a maintained "Accumulate" rating despite adjustments to profit forecasts for 2025 and 2026 [1][7] Financial Summary - Total revenue for 2023 is projected at 2,429 million, with a year-on-year decline of 11.03%, while 2024 revenue is expected to rise to 2,565 million, reflecting a growth of 5.59% [1] - The net profit attributable to shareholders is forecasted to be -97.6 million in 2024, a significant drop of 165.02% compared to the previous year, but is expected to rebound to 219.71 million in 2025, marking a growth of 325.11% [1] - The earnings per share (EPS) is projected to be -0.35 in 2024, improving to 0.79 in 2025 [1] - The company’s gross margin for 2024 is estimated at 40.0%, down 9.0 percentage points year-on-year, while the net margin is expected to be -8.7% [7] - The company’s operating cash flow for 2024 is projected at 197 million, with a significant increase in cash flow expected in 2025 [8] Business Performance - The semiconductor measurement business revenue for Q1 2025 is expected to reach 2.12 billion, a year-on-year increase of 63.7%, while the display measurement business is projected to generate 3.82 billion, up 42.5% [7] - The company has secured domestic advanced process orders for its semiconductor equipment, with significant contributions expected from the semiconductor measurement equipment [7] - The report highlights that the display measurement equipment sector is anticipated to recover as the industry emerges from a cyclical low, with ongoing investments in large-size LCDs and OLED screens [7]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is expected to see a performance turning point in Q1 2025, driven by advancements in measurement equipment [1] - The semiconductor measurement business has shown significant growth, with Q1 2025 revenue expected to increase by 64.9% year-on-year [7] - The report highlights the company's strong order backlog in the semiconductor sector, which is crucial for future performance [7] Financial Performance Summary - Total revenue for 2023 is reported at 2,429 million, with a projected increase to 2,565 million in 2024, and further growth to 3,356 million in 2025, reflecting a year-on-year growth of 30.84% [1][8] - The net profit attributable to the parent company is forecasted to recover from a loss of 97.6 million in 2024 to a profit of 219.71 million in 2025, marking a significant turnaround [1][8] - The earnings per share (EPS) is expected to improve from -0.35 yuan in 2024 to 0.79 yuan in 2025 [1][8] Business Segment Insights - The semiconductor measurement business revenue is projected to reach 7.7 billion in 2024, a year-on-year increase of 94.65% [7] - The flat panel display testing business is expected to recover as the industry emerges from a cyclical low, with continued investment demand anticipated [7] - The company has successfully delivered advanced process equipment, which is expected to contribute significantly to revenue growth [7] Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 1.97 billion in 2024, a substantial increase of 721.7% year-on-year [7] - The report indicates a healthy order backlog of 28.4 billion, with 16.67 billion attributed to the semiconductor sector [7] - The company's total assets are projected to grow from 10,076 million in 2024 to 11,872 million by 2027 [8]

Summary of the Conference Call for Jingce Electronics Company Overview - **Company**: Jingce Electronics - **Date of Report**: April 24, 2025 Key Points Financial Performance - In 2024, Jingce Electronics reported a significant net profit decline of 165.02% due to global economic conditions and cyclical industry challenges, with estimated losses of approximately 100 million in the display sector and 89 million in the new energy sector [2][6][4] - The company achieved a revenue of 2.5 billion yuan in 2024, a year-on-year increase of 5.59%, but reported a net loss of 97.6 million yuan [4] - For Q1 2025, revenue surged to 600.9 million yuan, reflecting a 64.92% year-on-year growth, with a net profit of 37.6 million yuan, up 336.06% [4] Research and Development - R&D investment in 2024 increased by 10.78% to 730.6 million yuan, accounting for 28.48% of revenue [2][7] - The semiconductor sector's R&D investment surpassed 50% for the first time, growing by 32.76% [2][7] - In Q1 2025, overall R&D investment rose by 11.40%, with semiconductor R&D increasing by 32.31% [7] Order Backlog - As of the report date, the total order backlog was 2.844 billion yuan, with the semiconductor sector contributing the largest share at 1.668 billion yuan [2][8] Profit Margins - In 2024, the gross margin for the display business decreased by approximately 9 percentage points to 38.36%, while the new energy sector's margin fell by about 5.35 percentage points to 30.81% [2][9] - The semiconductor business maintained a gross margin of 45.75% [9] - In Q1 2025, gross margins improved across all business segments [9] Business Segments - **Display Sector**: Faced significant pressure due to cyclical industry challenges, with a revenue decline of 8.98% [10] - **Semiconductor Sector**: Achieved remarkable growth, with a revenue increase of 94.65% in 2024, accounting for 29.94% of total revenue [12] - **New Energy Sector**: Experienced revenue decline due to market demand slowdown, with a focus on lithium battery production testing equipment [14] Strategic Focus - The company plans to increase R&D investment in the semiconductor sector and optimize its business structure to focus on high-potential areas [15] - There is optimism regarding the semiconductor sector's growth due to favorable market conditions and increased domestic demand [15][33] Market Outlook - The company is confident about the 2025 market demand, particularly in the semiconductor industry, and anticipates significant order growth [15][16] - The display sector is expected to recover as OLED technology matures and demand increases [11][33] Competitive Landscape - The display industry is undergoing consolidation, with some companies reducing their investments, which may present opportunities for Jingce Electronics [31] Challenges and Responses - The company is addressing challenges in the new energy sector by enhancing operational efficiency and seeking international partnerships [14][28] - The impact of tariff policies on the display, semiconductor, and new energy sectors is being managed through proactive communication with suppliers and customers [26] Future Development - Jingce Electronics aims to maintain high R&D investment levels and adapt its product structure to capitalize on emerging market opportunities [11][33] - The company is focused on reducing losses in the new energy sector while leveraging its strengths in the semiconductor and display sectors for future growth [33][34]

Financial Performance - In 2024, the company achieved operating revenue of CNY 256.51 million, a year-on-year increase of 5.59% [2] - The net profit attributable to shareholders was CNY -97.60 million, a decline of 165.02% compared to the previous year [2] - As of the end of the reporting period, total assets amounted to CNY 1,007.63 million, up 9.27% from the beginning of the year [2] - The net assets attributable to shareholders decreased by 6.52% to CNY 346.38 million [2] R&D Investment - In 2024, R&D investment totaled CNY 73.06 million, representing 28.48% of operating revenue, with a year-on-year increase of 10.78% [4] - Semiconductor testing R&D investment was CNY 35.80 million, up 32.76% year-on-year [4] - Display testing R&D investment was CNY 31.53 million, a 4.23% increase [4] - New energy sector R&D investment decreased by 34.38% to CNY 5.74 million [4] Order Status - As of the latest report, the company had total orders on hand amounting to approximately CNY 2.84 billion, with semiconductor orders constituting over 90% of this figure [3] - Orders in the semiconductor sector were approximately CNY 1.67 billion, accounting for 58.65% of total orders [9] - Display sector orders on hand were about CNY 764 million [10] - New energy sector orders on hand were approximately CNY 412 million [13] Profit Margins - In 2024, the gross margin for the display sector was 38.36%, down 9.02% year-on-year [6] - The semiconductor sector's gross margin was 45.75%, a decrease of 6.18% [6] - The gross margin for the new energy sector was 30.81%, down 4.54% [6] Market Challenges - The display sector faced significant challenges due to global economic instability and increased competition, leading to a decrease in revenue by 8.98% to CNY 1.59 billion [10] - The new energy sector experienced a revenue decline of 30.71% to CNY 16.70 million due to market saturation and increased competition [13] Strategic Focus - The company aims to enhance its core competitiveness through continuous R&D investment and innovation in semiconductor testing equipment [4] - It is also focusing on expanding its presence in the AR/VR market by developing comprehensive testing solutions [12]

证券代码：300567 证券简称：精测电子 公告编号：2025-073 授权董事会根据《中华人民共和国公司法》《中华人民共和国证券法》《注 册管理办法》等法律、法规、规范性文件以及《公司章程》的规定，对公司目前 实际情况及相关事项进行自查论证，并确认公司是否符合以简易程序向特定对象 发行股票的条件。 2、发行股票的种类、数量和面值 向特定对象发行融资总额不超过人民币3亿元且不超过最近一年末净资产20% 的中国境内上市的人民币普通股（A股），每股面值人民币1.00元。发行数量按 照募集资金总额除以发行价格确定，不超过发行前公司股本总数的30%。 关于提请股东大会授权董事会办理以简易程序 向特定对象发行股票的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 武汉精测电子集团股份有限公司（以下简称"公司"）于2025年4月23日召 开第五届董事会第二次会议，审议通过了《关于提请股东大会授权董事会办理以 简易程序向特定对象发行股票的议案》。根据中国证券监督管理委员会《上市公 司证券发行注册管理办法》（以下简称"《注册管理办法》"）等相关规定，公 司董事会提请股东大会 ...

证券代码：300567 证券简称：精测电子 公告编号：2025-060 武汉精测电子集团股份有限公司 关于2024年度证券与衍生品投资情况的专项说明 一、证券与衍生品投资审议批准情况 （一）证券投资 根据公司《证券投资与衍生品交易管理制度》《对外投资管理制度》规定， 证券投资金额占公司最近一期经审计的净资产10%以上且绝对金额超过1,000万 元的，应在投资之前经董事会审议批准并及时履行信息披露义务；证券投资金额 占公司最近一期经审计净资产50%以上且绝对金额超过5,000万元的，在投资之前 除按照前述规定及时披露外，还应当提交股东大会审议。报告期内，公司存续的 证券投资已按照相关制度规定履行了审批程序。 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 （二）衍生品投资 根据《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规 范运作》《深圳证券交易所创业板上市公司自律监管指南第1号——业务办理》 等有关规定的要求，武汉精测电子集团股份有限公司（以下简称"公司"）董事 会对公司2024年度证券与衍生品投资情况进行了核查，现将相关情况说明如下： 2024 ...

关于公司及子公司使用自有闲置资金进行委托理财的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 武汉精测电子集团股份有限公司（以下简称"公司"）于2025年4月23日分别 召开了第五届董事会第二次会议、第五届监事会第二次会议，审议通过了《关于 公司及子公司使用自有闲置资金进行委托理财的议案》，同意公司及子公司使用 不超过人民币8亿元自有闲置资金进行委托理财。根据《深圳证券交易所创业板 股票上市规则》《深圳证券交易所上市公司自律监管指引第2号——创业板上市公 司规范运作》《武汉精测电子集团股份有限公司委托理财管理制度》等有关规定， 该事项在董事会审批权限内，无需提交股东大会审议。相关情况公告如下： 一、公司及子公司进行委托理财概况 1、投资目的：为提高公司资金使用效率、合理利用闲置资金，在不影响公 司及子公司正常经营的情况下，利用自有闲置资金进行委托理财，增加公司收益。 证券代码：300567 证券简称：精测电子 公告编号：2025-065 武汉精测电子集团股份有限公司 9、投资风险：尽管委托理财的产品均属于低风险投资品种，但金融市场受 宏观经济的影响较大，不 ...