Wuhan Jingce Electronic (SZ:300567) 剑道电子·2025-06-18 12:29Core Viewpoint - The company is experiencing a gradual recovery in its display business while its semiconductor business is accelerating growth in advanced processes, indicating potential for future performance improvement [2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.565 billion yuan, a year-on-year increase of 5.59%, but reported a net loss of 98 million yuan, a decline of 165.02% year-on-year due to price reductions in display products and losses in the new energy sector [2]. - In Q1 2025, the company reported revenue of 689 million yuan, a year-on-year increase of 64.92%, and a net profit of 38 million yuan, a year-on-year increase of 336.1% [2]. - The gross margin for Q1 2025 was 41.75%, showing a year-on-year decrease of 5.26 percentage points but a quarter-on-quarter increase of 10.41 percentage points [2]. Group 2: Semiconductor Business - The semiconductor business achieved sales revenue of 212 million yuan in Q1 2025, a year-on-year increase of 63.71%, with a backlog of orders amounting to 1.668 billion yuan, representing 59% of the company's total backlog [3]. - The company has successfully delivered advanced process defect detection equipment for the 14nm node and has completed the delivery and acceptance of key products for the 7nm process, indicating strong demand for advanced process applications [3]. Group 3: Display Business - The display business generated sales revenue of 382 million yuan in Q1 2025, a year-on-year increase of 42.46%, with an order backlog of approximately 764 million yuan [4]. - The recovery in the display sector is supported by the maturation of OLED technology and new investments in large-size OLED projects, which are expected to drive continuous demand [4]. Group 4: Research and Development - In Q1 2025, the company's R&D investment increased by 11.4% year-on-year, focusing primarily on the semiconductor business, which accounted for 50.3% of total R&D spending [5]. - R&D investment in the traditional display detection field remained stable at 62 million yuan, while investment in the new energy sector decreased by 12.56% year-on-year due to industry downturns [5].