精测电子（300567）：2025年中报点评：显示业务逐步修复，半导体先进制程设备加速放量

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The semiconductor advanced process equipment is accelerating its delivery, and the display business is gradually recovering [3][8] - The company has a strong order backlog, with semiconductor equipment orders at approximately 1.82 billion RMB, showing a year-on-year increase of 3.2%, and display equipment orders at approximately 1.44 billion RMB, with a year-on-year increase of 38.7% [3] - The company is optimistic about the growth of its semiconductor business and the recovery of its display business, leading to maintained profit forecasts for 2025-2027 [3][8] Financial Summary - Total revenue for 2023 is projected at 2,429 million RMB, with a year-on-year decrease of 11.03%, but expected to grow to 3,356 million RMB in 2025, representing a year-on-year increase of 30.84% [1][9] - The net profit attributable to the parent company is expected to recover from a loss of 97.6 million RMB in 2024 to a profit of 219.7 million RMB in 2025, reflecting a significant year-on-year growth of 325.11% [1][9] - The company's earnings per share (EPS) is projected to improve from -0.35 RMB in 2024 to 0.79 RMB in 2025 [1][9] Operational Performance - In the first half of 2025, the company achieved a revenue of 1.381 billion RMB, a year-on-year increase of 23.2%, with the semiconductor detection business growing by 146.4% [3][8] - The gross margin for the first half of 2025 was 44.1%, with a slight year-on-year decrease of 1.0 percentage points, while the net margin improved by 3.5 percentage points to 7.4% [3][8] - The company reported a negative operating cash flow of 460 million RMB in the first half of 2025 [3]