Wuhan Jingce Electronic (SZ:300567) Orient Securities·2025-12-04 08:59Investment Rating - The report maintains a "Buy" rating for the company with a target price of 75.39 CNY [3][9][6] Core Insights - The company is continuously advancing its front-end measurement equipment for advanced processes, which is expected to drive growth. The delivery of defect detection equipment for the 14nm process node has been successfully completed, and products for the 7nm process have also been delivered and accepted [8] - The company is expanding its layout in the semiconductor back-end electrical measurement field, with its subsidiary Wuhan Jinghong planning to implement a capital increase of 50 million CNY to enhance its operational stability and promote steady development in this business area [8] - The OLED production line investments are expected to support steady growth in the display testing business, despite concerns about potential slowdowns in the display panel industry [8] Financial Forecasts - The company’s projected net profits for 2025-2027 are 201 million CNY, 360 million CNY, and 564 million CNY respectively, with significant adjustments made to revenue, gross margin, and expense ratios [3][9] - Revenue is expected to grow from 2,429 million CNY in 2023 to 4,983 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 27.2% [5][12] - The gross margin is projected to improve from 47.1% in 2023 to 48.3% in 2027, indicating a positive trend in profitability [5][12]