精智达（688627）：半导体业务爆发，新型显示业务再突破

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Insights - The company achieved a revenue of 803 million yuan in 2024, representing a year-on-year growth of 23.83%. However, the net profit attributable to shareholders decreased by 30.71% to 80.16 million yuan [2][3] - The semiconductor business is experiencing strong growth, with revenue from this segment increasing by 199% year-on-year to 249 million yuan, accounting for over 30% of total revenue [3][4] - The gross margin for the company was 32.82%, down 7.55 percentage points year-on-year, primarily due to strategic adjustments in revenue structure [3] Business Performance Summary - The revenue from new display device testing decreased by 2.09% to 553 million yuan, with a gross margin of 32.93%, down 6.50 percentage points [3] - The company has strengthened its market position in the semiconductor testing equipment sector, with significant increases in the shipment of DRAM aging test repair equipment and MEMS probe cards [4] - The global sales of memory testing equipment reached 1.5 billion USD in 2024, a growth of 36.4%, and is expected to rise to 1.9 billion USD in 2025, with a compound annual growth rate of 26.7% [4] Customer and Market Developments - The company has secured key orders in the AMOLED and micro-display sectors, including orders for critical testing equipment for domestic AMOLED G8.6 generation lines and Micro LED testing equipment [5] - The company has made significant progress in expanding its overseas market presence, including obtaining orders from leading AR/VR terminal manufacturers [5] Financial Forecast - The company is projected to achieve earnings per share (EPS) of 1.92 yuan, 2.89 yuan, and 3.84 yuan for the years 2025, 2026, and 2027, respectively [5] - Revenue is expected to grow significantly, with forecasts of 1.2 billion yuan in 2025, 1.65 billion yuan in 2026, and 2.07 billion yuan in 2027, reflecting growth rates of 49.80%, 37.37%, and 24.99% respectively [12][13]