CFMEE(SH:688630) Huaan Securities·2025-09-09 04:53Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong growth in PCB direct-write lithography and is expanding into drilling equipment, achieving breakthroughs in multiple fields within the semiconductor sector [1] - For the first half of 2025, the company reported revenue of 654 million yuan, a year-on-year increase of 45.59%, and a net profit of 142 million yuan, up 41.05% year-on-year [1] - The gross margin was 42.07%, an increase of 0.19 percentage points year-on-year, while the net margin was 21.71%, a decrease of 0.69 percentage points year-on-year [1] Revenue and Profitability - In Q2 2025, the company achieved revenue of 412 million yuan, a year-on-year increase of 63.93% and a quarter-on-quarter increase of 70.11% [2] - The net profit for Q2 2025 was 90 million yuan, up 47.97% year-on-year and 73.84% quarter-on-quarter [2] - The gross margin for Q2 2025 was 42.55%, an increase of 2.23 percentage points year-on-year, while the net margin was 21.88%, a decrease of 2.36 percentage points year-on-year [2] Business Expansion and Product Development - The company is experiencing high shipment growth and capacity release due to the global demand for AI computing power, leading to an acceleration in the high-layer PCB and high-end HDI industries [3] - The company has been expanding its MAS series equipment applications in HDI, substrate-like boards, and IC substrates, with successful trials and small batch deliveries [3] - The company is also expanding its drilling equipment, with its self-developed high-precision CO₂ laser drilling equipment entering mass production verification with several leading clients [4] Semiconductor Sector Strategy - The company is actively laying out products in various fields of the semiconductor sector, including advanced packaging, IC substrates, mask plate manufacturing, lead frames, power semiconductors, and new displays [5] - The WLP 2000 wafer-level direct-write lithography equipment has received repeat orders from leading clients, providing solutions for 2.xD packaging processes [5] - The MAS 6P equipment has successfully completed acceptance tests with leading clients and has received bulk orders to meet the stringent mass production requirements for high-end HDI and ICS packaging boards [6] Financial Forecast - The company has adjusted its revenue forecast for 2025-2027, predicting revenues of 14.41 billion yuan, 20.46 billion yuan, and 26.50 billion yuan respectively [6] - The forecasted net profits for the same period are 3.11 billion yuan, 5.02 billion yuan, and 6.59 billion yuan respectively [6] - The diluted EPS based on the current total share capital of 132 million shares is projected to be 2.36 yuan, 3.81 yuan, and 5.00 yuan for 2025-2027 [6]