研报掘金丨中邮证券：首予宇晶股份“增持”评级，二季度业绩环比改善明显

Core Viewpoint - The report from Zhongyou Securities indicates that Yujing Co., Ltd. experienced a significant decline in net profit for the first half of 2025, but showed a strong recovery in the second quarter, driven by innovations in consumer electronics and a favorable industry outlook [1] Financial Performance - In H1 2025, the company achieved a net profit attributable to shareholders of 0.12 million, representing a year-on-year decrease of 74.72% [1] - In Q2 2025, the net profit attributable to shareholders was 0.51 million, reflecting a year-on-year increase of 212.31% and a quarter-on-quarter increase of 229.82% [1] Industry Trends - The recovery in the industry is attributed to the surge in innovation in consumer electronics driven by AI technology and changes in product design and processes from downstream customers [1] - The domestic substitution of SiC cutting and grinding equipment is expected to accelerate, positioning the company favorably in the market [1] Product Development - The company has achieved bulk sales of high-precision CNC cutting, grinding, and polishing equipment for 6-8 inch silicon carbide substrate processing, becoming one of the main suppliers in this segment [1] - The development of high-precision multi-wire cutting equipment for 12-inch silicon wafers is progressing smoothly [1] Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1]