伟测科技(688372)：算力占比持续提升

Core Insights - The company reported strong performance in the first three quarters of 2025, with revenue reaching 1.083 billion yuan, a year-on-year increase of 46.22%, and net profit attributable to shareholders of 202 million yuan, up 226% [1] - The revenue from computing power-related products increased from 9% in the first half of the year to approximately 13.5% in the first three quarters, indicating a significant growth in this segment [2] - The company is focusing on high-end wafer and product testing, particularly in the fields of industrial-grade, automotive-grade, and high-computing power products, which is expected to benefit from the domestic computing power development [2] Financial Performance - In Q3 2025, the company achieved revenue of 448 million yuan, a quarter-on-quarter increase of 28%, and net profit of 101 million yuan, up 35% quarter-on-quarter [1] - The comprehensive gross margin improved from 35.99% in Q2 to 44.59% in Q3, driven by the growth of high-margin high-end businesses [1] - The company’s capital expenditure in the first three quarters reached approximately 1.8 billion yuan, exceeding initial plans due to strong customer demand, particularly in computing power and automotive electronics [2] Future Outlook - The company is projected to achieve revenues of 1.57 billion yuan, 2.12 billion yuan, and 2.72 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 300 million yuan, 410 million yuan, and 560 million yuan [3]