长川科技（300604）：中报业绩再超预期，看好全年利润弹性释放

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a strong performance in the first half of 2025, with revenue reaching 2.167 billion yuan, a year-on-year increase of 41.80%, slightly exceeding expectations [3] - The net profit attributable to the parent company for the first half of 2025 was 427 million yuan, representing a year-on-year growth of 98.73%, indicating a significant improvement in profitability [4] - The semiconductor testing equipment market is expected to grow significantly, driven by demand from AI and HBM, with the company positioned to benefit from this trend [5] Summary by Sections Event Overview - The company released its semi-annual performance announcement for 2025 [2] Revenue Performance - In H1 2025, the company's revenue was 2.167 billion yuan, with Q2 revenue at 1.352 billion yuan, showing a growth of 39.52% year-on-year [3] - Revenue from testing machines was 1.250 billion yuan, up 34.30% year-on-year, driven by the rapid release of new products [3] - The sorting machine revenue reached 709 million yuan, a year-on-year increase of 50.36% [3] Profitability - The company's net profit for H1 2025 was 427 million yuan, with a net profit margin of 19.67%, reflecting a 4.90 percentage point increase year-on-year [4] - The gross profit margin for H1 2025 was 54.93%, maintaining a high level, with Q2 gross margin at 56.24% [4] Industry Outlook - The semiconductor testing equipment market in China is projected to reach approximately 24.6 billion yuan in 2025, with testing machines accounting for over 60% of the market [5] - The company is focusing on high-end equipment such as SOC and storage testing machines, which are expected to see increased demand [5] Financial Forecast - Revenue forecasts for 2025-2027 are 49.20 billion yuan, 63.75 billion yuan, and 81.78 billion yuan, respectively, with net profit forecasts of 9.11 billion yuan, 12.74 billion yuan, and 15.27 billion yuan [6] - The expected EPS for 2025, 2026, and 2027 are 1.44 yuan, 2.02 yuan, and 2.42 yuan, respectively [6]