中科飞测(688361)：扩大研发投入 新产品加速推出

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, which were generally in line with expectations, showing significant revenue growth but a decline in net profit [1] Group 1: Financial Performance - In 2024, the company's revenue reached 1.38 billion, representing a year-on-year increase of 54.9%. However, the non-recurring net profit was -124 million, compared to 32 million in 2023, and the net profit attributable to shareholders was -12 million, down from 140 million in 2023 [1] - For Q1 2025, the company reported revenue of 294 million, a year-on-year growth of 24.9%. The net profit attributable to shareholders was -15 million, compared to 34 million in the same period last year, and the non-recurring net profit was -43 million, down from 8 million year-on-year [1] Group 2: Research and Development - In Q1 2025, the company significantly increased its R&D investment, with expenses reaching 120 million, a year-on-year increase of 64%. The R&D expense ratio was 40.9%, up by 4.8 percentage points from the full year of 2024 [1] - The company’s products include nine series of equipment, covering 66% of the market space for defect detection equipment, and the increased R&D spending is expected to accelerate domestic substitution in a broad market [1] Group 3: Product Development and Market Position - The company has delivered over 300 units of its non-pattern wafer defect detection equipment, covering more than 100 customer production lines. The new generation of equipment has been validated by several leading domestic logic and memory customers [2] - In the logic chip sector, the equipment utilizes deep ultraviolet imaging scanning technology and is capable of mass supply to all major domestic customers. In the memory chip sector, the products can detect surface particle defects, effectively addressing contamination and defect monitoring during manufacturing processes [2] - The company is actively advancing the development of higher sensitivity equipment in the logic chip sector and has made significant progress in developing more advanced models. In the memory chip sector, the products can perform high-precision inspections of the three-dimensional structure of memory chips [2] Group 4: Investment Analysis - The investment analysis suggests a slight downward adjustment in profit forecasts while maintaining a "buy" rating. The company is expected to see revenues of 1.87 billion, 2.38 billion, and 2.86 billion for 2025 to 2027, with year-on-year growth rates of 35.4%, 27.1%, and 20.2% respectively [3] - The net profit attributable to shareholders is projected to be 178 million, 277 million, and 520 million for the same period, with corresponding year-on-year growth rates indicating a return to profitability and significant increases thereafter [3] - The dynamic price-to-earnings ratios are expected to be 148, 95, and 51 times for 2025 to 2027, reflecting the anticipated improvement in product coverage and process levels due to increased R&D investment [3]