Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company has demonstrated steady revenue growth in H1 2025, driven by strong demand in the semiconductor equipment market and its competitive product advantages [2][3] - The company is the only domestic manufacturer capable of large-scale application of semiconductor-specific temperature control and process waste gas treatment equipment, achieving a leading position in technology [3] - The company is expected to benefit from the expansion of downstream semiconductor manufacturing capacity and the acceleration of domestic substitution trends, indicating significant future growth potential [8][9] Financial Performance - In H1 2025, the company achieved revenue of 735 million yuan, a year-on-year increase of 45.38%, and a net profit attributable to shareholders of 90 million yuan, up 12.84% year-on-year [1] - The overall gross margin for H1 2025 was 33.46%, an increase of 3.04 percentage points year-on-year, while the net profit margin was 12.25%, a decrease of 3.53 percentage points year-on-year [2] - The company forecasts revenues of 1,500 million yuan in 2025, with a net profit of 257 million yuan, corresponding to an EPS of 1.53 yuan [9] Market Position and Product Advantages - The company's products are widely used in various stages of integrated circuit manufacturing, with clients including major domestic manufacturers such as Yangtze Memory Technologies and SMIC [2][8] - The company has achieved comprehensive technological breakthroughs in core semiconductor equipment, positioning itself at a leading level domestically and advanced internationally [3] Future Growth Drivers - The semiconductor equipment market is expected to grow significantly due to increased capital expenditures in semiconductor manufacturing, with the company poised to capture market share as domestic production lines expand [8][9] - The report anticipates that the company will achieve net profits of 371 million yuan and 516 million yuan in 2026 and 2027, respectively, with corresponding EPS of 2.21 yuan and 3.07 yuan [9]
京仪装备（688652）：25H1业绩同比稳健增长，产能扩张蓄力未来发展