精测电子（300567）：在手订单充裕，先进制程占比提升

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with revenue reaching 890 million yuan, a year-on-year growth of 25.37%, and a net profit attributable to shareholders of 72 million yuan, up 123.44% [2][4]. - The company has a robust order backlog totaling approximately 3.446 billion yuan, with 1.791 billion yuan in the semiconductor sector, indicating strong future revenue potential [10]. - The semiconductor business has achieved profitability, with revenue from this segment growing by 48.67% year-on-year [10]. Financial Performance Summary - For Q1-Q3 2025, the company achieved total revenue of 2.271 billion yuan, a 24.04% increase year-on-year, and a net profit of 100 million yuan, reflecting a 21.70% growth [2][4]. - The gross margin for Q3 2025 was reported at 48.55%, an increase of 4.58 percentage points compared to the previous year [2][4]. - The company anticipates net profits of 196 million yuan, 321 million yuan, and 596 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 107x, 65x, and 35x [10].