精测电子2025年中报简析：增收不增利，盈利能力上升

Core Viewpoint - The financial performance of Jingce Electronics (300567) for the first half of 2025 shows a significant increase in revenue but a notable decline in net profit, indicating mixed operational results and challenges in certain business segments [1][7]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.381 billion yuan, a year-on-year increase of 23.2% [1]. - Net profit attributable to shareholders was 27.67 million yuan, down 44.48% year-on-year [1]. - The gross margin improved to 44.05%, up 8.1% year-on-year, while the net margin increased by 88.95% to 7.44% [1]. - Total operating expenses were 281 million yuan, accounting for 20.36% of revenue, a decrease of 6.78% year-on-year [1]. - Earnings per share decreased to 0.1 yuan, down 44.44% year-on-year [1]. Cash Flow and Debt Analysis - The net cash flow from operating activities decreased by 132.54%, primarily due to increased cash outflows for purchasing goods [3]. - The company’s cash and cash equivalents decreased by 19.68% to 1.108 billion yuan [1]. - Interest-bearing liabilities increased by 3.04% to 3.608 billion yuan, with a debt-to-asset ratio of 36.01% [4]. Business Segment Performance - The semiconductor testing segment is a key growth area, with the company maintaining a leading position in the domestic market [11][12]. - The display sector faced challenges, with sales revenue declining by 13.54% to 670.71 million yuan, and net profit down 66.08% [14]. - The new energy equipment sector saw revenue growth of 27.32% to 119.73 million yuan, despite ongoing market competition [17]. R&D and Strategic Initiatives - R&D investment for the first half of 2025 was 319.99 million yuan, representing 23.17% of revenue, with a focus on semiconductor and display technologies [10]. - The company is actively expanding its strategic partnerships in advanced packaging technology, enhancing its capabilities in the semiconductor manufacturing supply chain [13]. Market Position and Investor Sentiment - The company is held by prominent fund managers, with increased positions noted, indicating positive investor sentiment [5][6]. - Analysts project a performance of 213 million yuan for 2025, with an average earnings per share estimate of 0.77 yuan [4].