Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Insights - The company has reported a significant increase in its net profit, with a year-on-year growth of 45% in the net profit attributable to the parent company [5] - The semiconductor and consumer sectors are experiencing a dual resonance, driving the company's growth and market positioning [6] - The electronic measurement instrument market is projected to grow steadily, with the market size expected to reach 55.81 billion yuan by 2025, reflecting a compound annual growth rate of 12.33% from 2020 [7] Financial Performance Summary - In 2025, the company achieved a revenue of 232 million yuan, representing a year-on-year increase of 19.57%, and a net profit of 69.1 million yuan, up 37.01% [5] - The company's earnings per share (EPS) are projected to be 0.43 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 82.2, 68.3, and 56.3 for the years 2025, 2026, and 2027 respectively [5][8] - The gross margin is expected to be 58.3% in 2025, with a net margin of 29.8% [8][12] Market and Industry Trends - The company is focusing on the power semiconductor industry, aligning its product development with core testing needs in the sector [6] - The electronic measurement instrument market is benefiting from policy support, the commercialization of 5G, and the rapid penetration of the electric vehicle market [7] - The company is enhancing its market promotion and channel layout, deepening cooperation with strategic customers to solidify its integrated testing service capabilities [6]
同惠电子：半导体与消费双轮共振，功率测试深度卡位，扣非归母净利润同比+45%-20260212