精测电子：在手订单充足，半导体进展顺利-20250428

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company has sufficient orders on hand and is making steady progress in the semiconductor sector. In 2024, the company achieved revenue of 2.565 billion yuan, a year-on-year increase of 5.59%, but reported a net profit attributable to shareholders of -98 million yuan, a decline of 165.02% year-on-year [3][6] - The company is focusing on continuous R&D investment, with a total order amount of approximately 2.844 billion yuan as of the annual report, including 764 million yuan in the display sector, 1.668 billion yuan in the semiconductor sector, and 412 million yuan in the new energy sector [6][7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.565 billion yuan, with a gross margin of 39.97% and a net margin of -8.69%. The first quarter of 2025 saw a revenue of 689 million yuan, a year-on-year increase of 64.92% [6][8] - The company’s revenue projections for 2025 to 2027 are 3.335 billion yuan, 4.168 billion yuan, and 5.210 billion yuan, respectively, with corresponding net profits of 230 million yuan, 354 million yuan, and 495 million yuan [5][9] Business Segments - In the display sector, the company achieved sales revenue of 1.591 billion yuan in 2024, a decrease of 8.98% year-on-year. The gross margin for this segment was 38.36% [6][7] - The semiconductor sector showed significant growth, with revenue of 768 million yuan in 2024, an increase of 94.65% year-on-year. The company is heavily investing in R&D for this sector, with expenditures of 358 million yuan, a growth of 32.76% [6][7] - In the new energy sector, revenue was 167 million yuan in 2024, a decline of 30.71% year-on-year [6] Order Backlog - The company has a robust order backlog, with total orders amounting to approximately 2.844 billion yuan, which provides a solid foundation for future revenue [6][7] Market Position - The company is one of the few listed firms capable of producing front-end measurement equipment in the semiconductor testing equipment sector, which is characterized by low domestic supply rates [7][8]