精测电子（300567）：半导体量检测产品布局多维强化，25Q1业绩改善明显

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown significant improvement in its performance in Q1 2025, with a notable increase in net profit compared to the previous year despite a decline in revenue [6] - The semiconductor segment has seen substantial growth, with sales revenue increasing by 94.65% year-on-year, indicating strong demand and successful product development [7] - The company is actively expanding its product lines and enhancing its R&D efforts, particularly in the semiconductor field, which is expected to drive future growth [8] Financial Performance Summary - In 2024, the company achieved operating revenue of 2.565 billion yuan, a year-on-year increase of 5.59%, while the net profit attributable to the parent company was -98 million yuan, a decline of 165.02% [5] - The gross margin for 2024 was 39.97%, down 8.98 percentage points year-on-year, and the net profit margin was -8.69%, a decrease of 12.37 percentage points [5] - For Q1 2025, the company reported operating revenue of 689 million yuan, a year-on-year decrease of 64.92%, but the net profit attributable to the parent company increased by 336.06% to 38 million yuan [6] Revenue and Profit Forecast - The forecast for operating revenue from 2025 to 2027 is 3.039 billion yuan, 3.554 billion yuan, and 4.369 billion yuan, respectively, with corresponding net profits of 194 million yuan, 308 million yuan, and 521 million yuan [11] - The projected diluted EPS for the same period is 0.69 yuan, 1.10 yuan, and 1.86 yuan, respectively [11] Market Position and Strategy - The company is focusing on expanding its presence in the semiconductor testing equipment market, with a strategic partnership and investment in related companies to enhance its competitive edge [8] - The company is also diversifying its product offerings in the display and new energy sectors, although these segments are currently facing challenges [9][10]