精智达（688627）：Q2盈利环比显著改善，半导体测试业务高增长

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company has shown significant improvement in Q2 profitability, with a notable increase in revenue from semiconductor testing business [2][3] - The company is expected to benefit from the acceleration of domestic substitution in semiconductor testing equipment, with a positive outlook for revenue growth in the coming years [9] Financial Summary - For 2023A, the company reported revenue of 649 million yuan, with a year-on-year growth rate of 28.5%. The net profit attributable to the parent company was 116 million yuan, reflecting a year-on-year increase of 75.1% [1] - The company achieved a revenue of 4.44 million yuan in the first half of 2025, representing a year-on-year increase of 22.68%. The net profit attributable to the parent company was 0.31 million yuan, down 19.94% year-on-year [1][2] - The gross margin for the first half of 2025 was 36.05%, a decrease of 4.92 percentage points year-on-year, while the net margin was 6.90%, down 3.43 percentage points year-on-year [2] - The company expects to achieve net profits of 1.82 billion yuan, 2.75 billion yuan, and 3.74 billion yuan for the years 2025, 2026, and 2027 respectively [9] Business Performance - The semiconductor testing equipment segment saw a substantial revenue increase of 376.52% year-on-year in the first half of 2025, driven by strong demand in the global storage and AI sectors [3] - The company has secured a significant contract worth 3.23 billion yuan for semiconductor testing equipment, which is expected to positively impact its performance in 2025 and 2026 [2][9] - The company is making progress in various product lines, including DRAM aging test repair equipment and MEMS probe cards, enhancing its position as a leading domestic equipment supplier [3][8]