中科飞测（688361）：在手订单充裕，先进制程产品占比提升

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9] Core Views - The company has a robust order backlog and an increasing proportion of advanced process products [6] - In 2024, the company achieved revenue of 1.38 billion yuan, a year-on-year increase of 54.94%, while the net profit attributable to shareholders was -12 million yuan, a year-on-year decrease of 108.21% [2][6] - For Q1 2025, the company reported revenue of 294 million yuan, a year-on-year increase of 24.89%, with a net profit attributable to shareholders of -15 million yuan, a year-on-year decrease of 143.69% [2][6] Summary by Sections Revenue and Profitability - In 2024, the company's testing and measurement equipment generated revenues of 985 million yuan and 361 million yuan, with year-on-year growth rates of 50.47% and 62.85% respectively [12] - The overall R&D expenses increased to 498 million yuan in 2024, a year-on-year increase of 118.17%, impacting profit performance [12] Product Development - The company has enriched its product types, covering nine major product series, with seven types of equipment already in mass production, accounting for 38.7% of the global market size [12] - The company has also launched two types of advanced defect detection equipment, which have been shipped to several leading domestic clients for process validation and application development, representing 27.9% of the global market size [12] Financing and Future Growth - The company plans to raise up to 2.5 billion yuan through a private placement to enhance R&D and upgrade its headquarters and R&D center [12] - The high-end semiconductor equipment R&D project is expected to generate annual revenue of 835 million yuan upon reaching full production [12] Market Position - The company is positioned as a leading domestic enterprise in measurement and detection, benefiting from the ongoing trend of domestic substitution and the increasing demand for advanced process measurement equipment [12] - The company anticipates achieving net profits of 155 million yuan, 390 million yuan, and 668 million yuan from 2025 to 2027, with corresponding P/E ratios of 161x, 64x, and 37x [12]