【私募调研记录】星石投资调研伟测科技

Group 1 - Star Stone Investment conducted research on Weicet Technology, which has achieved a 90% overall capacity utilization rate in the first half of 2025, expected to reach near full capacity by September [1] - The company has made significant progress on its fundraising projects in Wuxi and Nanjing, with equipment investment nearly completed [1] - The fixed asset depreciation for the first half of the year was 207 million, with an expected annual depreciation of 480 million [1] Group 2 - The computing power business accounted for 9% to 10% of total revenue in the first half of the year, with expectations for it to double by the end of the year [1] - The gross profit margin is influenced by pricing, capacity utilization, and business structure, with expectations for a sequential increase in the second half of the year [1] - The revenue from CP and FT is expected to continue increasing in absolute terms, with FT growth potentially accelerating [1] Group 3 - Government subsidies in the second half of the year are expected to be several million, with minimal equipment disposal [1] - The capital expenditure plan for equipment this year is between 1.3 billion to 1.4 billion, with stable pricing [1] - Revenue distribution shows Wuxi plant contributing 51%, Shanghai plant 24%, Nanjing plant 22%, and Shenzhen and Tianjin 2.5% to 3% [1] Group 4 - The consumer electronics business accounted for over 60% last year, dropping to over 50% in the first half of this year, although the absolute value has increased [1] - The Shanghai headquarters serves clients in the Yangtze River Delta, while the second phase in Nanjing supports local industry, and the Chengdu project covers the western market [1]