Investment Rating - The report assigns a rating of "Accumulate" to the company [1] Core Insights - The company reported a revenue of 239 million yuan for the first half of 2025, representing a year-on-year increase of 29.03%. The net profit attributable to shareholders was 33.37 million yuan, up 11.48% year-on-year [4][5] - The company is benefiting from the increasing demand for semiconductor testing driven by technologies such as AI and 5G, maintaining a leading position in failure analysis and materials analysis [5] - The "Labless" model proposed by the company is gaining traction, allowing semiconductor firms to outsource failure analysis and testing to specialized third-party laboratories, which can reduce costs and improve efficiency [7][8] Company Overview - The latest closing price of the company's stock is 32.07 yuan, with a total market capitalization of 12.9 billion yuan [3] - The company has a total share capital of 403 million shares, with 33 million shares in circulation [3] - The company has a debt-to-asset ratio of 59.4% and a price-to-earnings ratio of 145.77 [3] Financial Performance - In the second quarter of 2025, the company achieved a revenue of 131 million yuan, a year-on-year increase of 32.47%, and a net profit of 21.85 million yuan, up 2.36% year-on-year [4][5] - The company's advanced process-related business accounted for approximately 74% of its main revenue in the first half of 2025, with a focus on cutting-edge processes [5][6] - Revenue projections for 2025, 2026, and 2027 are estimated at 543 million, 706 million, and 919 million yuan, respectively, with net profits of 110 million, 160 million, and 240 million yuan [9][11]
胜科纳米（688757）：Labless模式持续深化，技术迭代驱动成长