精智达（688627）：半导体业务高增

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][16]. Core Insights - The company's semiconductor business has driven revenue growth, achieving a revenue of 444 million yuan in H1 2025, a year-on-year increase of 22.68%. The semiconductor segment alone generated 313 million yuan, marking a significant year-on-year growth of 376.52% [4][5]. - Despite the revenue growth, the net profit attributable to shareholders decreased by 19.94% year-on-year to 30.59 million yuan, primarily due to increased R&D and management expenses [4][5]. - The company has seen a continuous improvement in gross margins, with an overall gross margin of 36.05% in H1 2025, reflecting successful product structure optimization [5][6]. Summary by Sections Company Overview - The latest closing price is 112.27 yuan, with a total market capitalization of 10.6 billion yuan and a circulating market value of 8.1 billion yuan. The company has a debt-to-asset ratio of 15.1% and a price-to-earnings ratio of 131.13 [3]. Financial Performance - For H1 2025, the company reported a revenue of 444 million yuan, with a net profit of 30.59 million yuan. The R&D expenses increased by 16.28% to 60.99 million yuan, while management expenses rose by 52.36% to 27.52 million yuan [4][5]. - The company forecasts revenues of 1.213 billion yuan, 1.615 billion yuan, and 2.104 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 180.4 million yuan, 270.71 million yuan, and 388.18 million yuan for the same years [10][12]. Market Position and Product Development - The company is capitalizing on the growing demand in the global storage and AI sectors, leading to an acceleration in domestic substitution. It has secured significant orders exceeding 300 million yuan for core products, indicating strong market validation [6][7]. - In the new display detection sector, the company has made breakthroughs, including securing over 200 million yuan in orders for G8.6 AMOLED production line detection equipment, showcasing its competitive edge [7][9].