中科飞测（688361）：收入保持高增态势，扩产与替代双轮驱动龙头加速成长

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [6][7][22]. Core Views - The company is experiencing high revenue growth driven by both expansion and domestic substitution, positioning it for accelerated growth in the semiconductor equipment sector [6]. - The report highlights that the company achieved a revenue of 702 million yuan in the first half of 2025, representing a year-on-year increase of 51.39% [6]. - The company is benefiting from the rapid domestic substitution of measurement equipment, with a projected 14% year-on-year growth in semiconductor capacity in mainland China [6]. - Significant investment in R&D, amounting to 285 million yuan in the first half of 2025, is expected to enhance the company's technological capabilities and market share [6]. Financial Summary - Total revenue projections for 2025-2027 are 2,076 million yuan, 3,033 million yuan, and 4,198 million yuan, respectively, with year-on-year growth rates of 50.4%, 46.1%, and 38.4% [2][8]. - The company is expected to turn profitable by 2025, with a projected net profit of 181 million yuan, following a loss of 12 million yuan in 2024 [2][8]. - The earnings per share (EPS) is forecasted to improve from -0.04 yuan in 2024 to 0.56 yuan in 2025, indicating a significant turnaround [2][8]. Market Position and Strategy - The company is positioned as a leading domestic manufacturer of measurement equipment, benefiting from the increasing demand driven by AI and automotive electronics [6]. - The report emphasizes the company's strategic focus on expanding its customer base while maintaining repeat orders from existing clients, which is expected to enhance its market coverage [6]. - The company has successfully launched multiple new products, with seven series of equipment already in mass production for top domestic clients, contributing to a steady increase in market share [6].