中科飞测(688361)：收入维持高速增长 新产品验证顺利

Core Insights - The company reported a significant increase in revenue for 2024, achieving 1.38 billion yuan, a year-on-year growth of 54.94%, but faced a net loss of 12 million yuan, a decline of 108.21% compared to the previous year [1] - In Q1 2025, the company generated revenue of 294 million yuan, up 24.89% year-on-year, but also reported a net loss of 15 million yuan, a decrease of 143.69% [1] - The decline in profitability is attributed to increased R&D expenses and stock incentive costs, with total R&D expenses for 2024 reaching 498 million yuan, a year-on-year increase of 118.17% [1] Financial Performance - The overall gross margin for 2024 was 48.9%, down 3.72 percentage points year-on-year [1] - The net profit margin stood at -0.83%, reflecting a year-on-year decline of 16.59 percentage points [1] - The expense ratios for sales, management, and R&D were 7.66%, 11.78%, and 36.07%, showing a decrease of 3.72 percentage points, an increase of 1.85 percentage points, and an increase of 10.45 percentage points respectively [1] Product Delivery and Market Position - The company has delivered over 300 units of non-graphical wafer defect detection equipment, covering more than 100 customer production lines by the end of 2024 [2] - The graphical wafer defect detection equipment has also seen widespread application, with over 300 units delivered to over 50 customer production lines [2] - The 3D AOI equipment, used in advanced packaging fields, has been validated by leading domestic customers, contributing to a steady increase in orders [3] - The company has delivered approximately 200 units of 3D morphology measurement equipment, covering nearly 50 customer production lines, with a significant market share in wafer-level advanced packaging [3] Future Projections - Revenue projections for 2025-2027 are estimated at 2.071 billion yuan, 3.023 billion yuan, and 4.202 billion yuan respectively, with net profits expected to be 249 million yuan, 453 million yuan, and 636 million yuan [4] - A price-to-sales (PS) valuation method suggests a target price of 97.06 yuan per share for 2025, reflecting the company's high growth potential in the semiconductor measurement equipment sector [4]