Investment Rating - The report maintains a "Buy" rating for the company [7][6]. Core Views - The industry cycle has reached its bottom, and the company's diversified layout is expected to yield results in the future [4]. - In Q1 2025, the company reported a revenue of 3.138 billion yuan, a year-on-year decrease of 30% but a quarter-on-quarter increase of 1% [2][4]. - The net profit attributable to the parent company was 573 million yuan, down 46% year-on-year but showing a turnaround from the previous quarter [2][4]. Financial Performance Summary - Q1 2025 gross margin was 27.6%, a year-on-year decline of 16.0 percentage points but a quarter-on-quarter increase of 4.6 percentage points, indicating signs of stabilization [12]. - The company expects a net profit of 2.5 billion yuan for 2025, corresponding to a PE ratio of 14 times [6]. - The company is actively capturing the domestic substitution market in the semiconductor equipment sector, with leading market shares in various equipment categories [12]. Business Outlook - The semiconductor equipment market is anticipated to maintain double-digit growth, with the company developing advanced equipment for chip manufacturing and packaging [12]. - The sapphire material segment is expected to benefit from the high demand for LED lighting replacements, while the silicon carbide substrate is transitioning to 8-inch production [12]. - The company has achieved technological and scale leadership in quartz crucible products, enhancing its collaborative supply capabilities in semiconductor consumables [12].
晶盛机电（300316）：行业周期底部已至，多元布局静待花开