精测电子（300567）：显示业务走出周期底部，半导体业务先进制程加速推进

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Views - The company reported a revenue of 2.565 billion yuan for 2024, an increase of 5.59% year-on-year, but a net profit attributable to shareholders of -98 million yuan, a decrease of 165.02% year-on-year. In Q1 2025, the company achieved a revenue of 689 million yuan, a year-on-year increase of 64.92%, and a net profit of 38 million yuan, a year-on-year increase of 336.06% [2][6] - The display and semiconductor businesses are showing signs of recovery, with the semiconductor sector advancing rapidly. In 2024, the display, semiconductor, and new energy businesses generated revenues of 1.591 billion yuan, 768 million yuan, and 167 million yuan, with year-on-year growth rates of -8.98%, +94.65%, and -30.71% respectively [13] - The company has a strong order backlog totaling approximately 2.844 billion yuan, with 764 million yuan in the display sector, 1.668 billion yuan in the semiconductor sector, and 412 million yuan in the new energy sector as of Q1 2025 [13] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 2.565 billion yuan and a net profit of -98 million yuan. For Q1 2025, revenue was 689 million yuan with a net profit of 38 million yuan [2][6] - The company’s R&D expenses were 724 million yuan in 2024 and 152 million yuan in Q1 2025, accounting for 28.23% and 22.02% of revenue respectively [13] Business Segments - The display business is gradually recovering, while the semiconductor business is experiencing rapid growth. The semiconductor business is expected to be a core driver of future performance [13] - The company has made significant advancements in its semiconductor products, including the delivery of 14nm advanced process defect detection equipment and ongoing validation of more advanced products [13] Future Outlook - The company forecasts net profits of 131 million yuan, 225 million yuan, and 413 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 130x, 76x, and 41x [13]