金海通2025年前三季度业绩大超预期，净利润同比增长178.18%

Core Insights - The company reported strong performance in the first three quarters of 2025, with revenue increasing by 87.88% to 482 million yuan and net profit rising by 178.18% to 125 million yuan, driven by a recovery in semiconductor packaging and testing equipment demand [1] - The company's gross margin reached 51.95%, up 3.22 percentage points year-on-year, and net margin was 25.95%, an increase of 8.42 percentage points compared to the previous year, indicating significant improvement in profitability [1] - The net cash flow from operating activities was 49.95 million yuan, a year-on-year increase of 122.70%, providing strong cash support for future business expansion and R&D investment [1] Industry Context - The company is benefiting from the rapid growth in demand for semiconductor testing equipment and the acceleration of domestic substitution processes, with over 80% of its product structure consisting of testing sorters, which play a crucial role in the semiconductor backend packaging testing segment [2] - Given the favorable industry conditions and the company's excellent performance in the first three quarters, it is expected to achieve high growth in annual performance for 2025 [2] - The company is poised to continue expanding its market share and enhancing product technology content, solidifying its leading position in the semiconductor testing equipment sector amid the ongoing global economic recovery and the push for technological self-sufficiency in China [2]