精测电子（300567）：订单大幅增长，半导体业务实现盈利

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported significant order growth, with its semiconductor business achieving profitability [6][12]. - In the first half of 2025, the company achieved revenue of 1.381 billion yuan, a year-on-year increase of 23.20%. However, the net profit attributable to the parent company was 28 million yuan, a decrease of 44.48% year-on-year [2][6]. - The company has a total order backlog of approximately 3.609 billion yuan, with 1.823 billion yuan in the semiconductor sector, indicating strong demand [12]. Financial Performance Summary - In H1 2025, revenue from flat panel display, semiconductor, and new energy segments were 671 million yuan, 563 million yuan, and 120 million yuan, with year-on-year growth rates of -13.54%, +146.44%, and +27.32% respectively [12]. - The gross profit margin for H1 2025 was 44.05%, an increase of 1.0 percentage points year-on-year [2][6]. - The company’s R&D investment reached 320 million yuan in H1 2025, accounting for 23.17% of revenue, with a year-on-year increase of 6.31% [12]. Future Outlook - The company expects net profits attributable to the parent company to be 196 million yuan, 318 million yuan, and 590 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 104x, 64x, and 35x [12]. - The semiconductor sector is anticipated to become the core driver of the company's performance, with advanced process products increasingly contributing to overall revenue and orders [12].