来源：智通财经 2025年前三季度业绩还"表现平平"的中科蓝讯，因其投资的摩尔线程、沐曦股份登陆A股市场，使得该 公司2025年归母净利润预计将增长三倍之多。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中科蓝讯1月7日晚间发布2025年年度业绩预增公告显示，经财务部门初步测算，公司2025年度实现营业 收入为18.3亿元到18.5亿元，与上年同期（法定披露数据）相比，将增加1096.60万元到3096.60万元，同 比增加0.60%到1.70%。 值得关注的是中科蓝讯归母净利润的数据。公告显示，其2025年度预计实现归属于母公司所有者的净利 润为14亿元到14.3亿元，与上年同期（法定披露数据）相比，将增加11亿元到11.3亿元，预计同比增加 366.51%到376.51%。 中科蓝讯净利润数据直接增厚三倍的原因是该公司此前对摩尔线程、沐曦股份两家GPU公司的投资。 中科蓝讯表示，基于对行业趋势的深度研判与严格筛选机制，围绕GPU、先进封装测试等高成长性领 域，该公司进行了前瞻性投资布局。中科蓝讯2025年非经常性损益主要为投资摩尔线程和沐曦股份取得 的公允价值变动，较上年有大 ...

（编辑 袁冠琳） 证券日报网讯 1月6日，中科蓝讯在互动平台回答投资者提问时表示，为强化公司在半导体核心领域的 战略布局并赋能长期发展，公司基于对行业趋势的深度研判与严格筛选机制，围绕GPU、AI及先进封 装测试等高成长性领域，进行了前瞻性战略投资。在先进封装测试领域，公司通过蔚蓝（深圳）私募创 业投资基金合伙企业（有限合伙）间接持有江苏芯德半导体科技股份有限公司首次公开发行前总股本的 1.35%。 ...

（文章来源：证券日报） 证券日报网讯 12月24日，中科蓝讯在互动平台回答投资者提问时表示，二级市场的表现受市场环境波 动、板块资金轮动等多重外部因素影响。公司深知，良好的市值表现源于扎实的经营业绩和清晰的成长 逻辑。在经营层面，公司通过夯实核心竞争力、拓展产品品类等方式持续提升经营能力，保持公司在低 功耗、高音质、高集成度音频芯片等核心技术领域的领先地位，致力于为广大股东创造长期价值。股东 回报层面，公司在保证正常经营和长远发展的前提下坚持现金分红，自2022年上市以来已实施4次利润 分配，让股东切实感受公司的发展成果。前瞻性战略投资层面，公司围绕半导体核心领域高成长性赛 道，精准布局GPU、AI及先进封装测试等方向，形成赋能自身长期发展的产业协同优势，投资的摩尔 线程、沐曦股份均已成功上市。投资者关系管理层面，公司始终秉持合规、透明、高效的原则，构建了 多维度沟通体系，通过业绩说明会、现场调研、电话会议、策略会、股东会、投资者热线及IR邮箱等多 元化渠道，主动向投资者传递公司经营动态、盈利能力表现、对外投资布局等核心信息，推动与投资者 的良性互动。2025年，公司市值最高突破200亿元，这也体现了市场对公 ...

Core Viewpoint - The company reported significant revenue and profit growth in Q3 2025, driven by increased demand in the AI testing sector, rising penetration of smart driving technologies, recovery in consumer electronics, and advancements in packaging testing technology [1] Financial Performance - Q3 revenue reached 448 million yuan, representing a year-on-year increase of 44.40% [1] - Net profit attributable to shareholders was 101 million yuan, showing a year-on-year growth of 98.11% [1] - Revenue for the first three quarters totaled 1.083 billion yuan, up 46.22% year-on-year [1] - Net profit for the first three quarters was 202 million yuan, reflecting a substantial year-on-year increase of 226.41% [1] Market Drivers - The growth in performance is primarily attributed to the booming demand for AI testing [1] - Increased penetration of smart driving technologies has contributed to revenue growth [1] - Recovery in the consumer electronics sector has positively impacted the company's financial results [1] - Technological upgrades have led to a rise in demand for advanced packaging testing [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5][18]. Core Insights - The company has shown steady revenue growth in the first half of 2025, with a year-on-year increase of 6.63%, reaching a revenue of 996 million yuan. However, the net profit attributable to the parent company decreased by 38.78% year-on-year to 99 million yuan [1][2]. - The company's gross margin for the first half of 2025 was 27.65%, down 5.22 percentage points year-on-year, while the net margin was 9.96%, down 7.39 percentage points year-on-year. In Q2 2025, the gross margin improved to 31.27%, up 7.60 percentage points quarter-on-quarter [2]. - The company is benefiting from the ongoing shift in the panel industry, with a strong position in the display driver chip market, particularly in the advanced 28nm process technology [3][10]. Financial Summary - Revenue projections for the company are as follows: 1,629 million yuan in 2023, 1,959 million yuan in 2024, 2,250 million yuan in 2025, 2,632 million yuan in 2026, and 3,054 million yuan in 2027, reflecting growth rates of 23.7%, 20.3%, 14.8%, 17.0%, and 16.0% respectively [1][11]. - The net profit attributable to the parent company is expected to be 372 million yuan in 2023, decreasing to 313 million yuan in 2024, and then recovering to 420 million yuan by 2027 [1][11]. - The company's earnings per share (EPS) are projected to be 0.31 yuan in 2023, decreasing to 0.23 yuan in 2025, and then increasing to 0.35 yuan by 2027 [1][11]. Industry Outlook - The report anticipates continued demand growth in the display industry, particularly for AMOLED technology, which accounted for 18% of the company's revenue in the first half of 2025. The penetration rate of AMOLED is expected to rise further [3][10]. - The company is actively expanding its non-display testing services to create a second growth curve, enhancing its competitiveness in the semiconductor packaging market [4][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [5]. Core Insights - The company achieved record-high revenue in Q2 2025, driven by strong downstream demand from the smart driving and AI sectors, alongside proactive capacity expansion [2][3]. - The significant increase in net profit growth (831.03% YoY) outpaced revenue growth (47.53% YoY), showcasing operational leverage [2]. - The gross margin improved to 34.50%, up 5.94 percentage points YoY, primarily due to enhanced capacity utilization, which currently stands at 90% [2]. - The company is strategically investing in advanced packaging and testing capabilities to meet the rising demand for chip testing, particularly in 2.5D/3D and Chiplet technologies [3]. Financial Summary - For H1 2025, the company reported revenue of 634 million yuan and a net profit of 101 million yuan, with Q2 revenue reaching 349 million yuan [1]. - The revenue breakdown for different business segments includes wafer testing (355 million yuan), chip product testing (254 million yuan), and other businesses (29 million yuan), with respective YoY growth rates of 49.32%, 71.57%, and -38.36% [2]. - The company forecasts net profits of 274 million yuan, 373 million yuan, and 506 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 44, 32, and 24 [3].

Core Viewpoint - The company, Weicet Technology, has experienced explosive growth in its performance in the first half of 2025, driven by increasing demand for advanced packaging testing services in the semiconductor industry [1][2]. Financial Performance - In the first half of 2025, Weicet Technology achieved revenue of 634 million yuan, a year-on-year increase of 47.53%, and a net profit of 101 million yuan, up 831.03% [1][2]. - The second quarter of 2025 saw revenue reach 349 million yuan, marking a historical high for the company, with a year-on-year growth of 41.68% and a net profit of 75 million yuan, which is over five times the previous year [2]. - The company's cash flow from operating activities for the first half of 2025 was 339 million yuan, a 67.70% increase from the same period last year [2]. Business Segments - Weicet Technology's core business includes wafer testing and finished chip testing, covering the entire lifecycle of chip testing services [2][4]. - In the first half of 2025, wafer testing revenue was 351 million yuan, accounting for 55.40% of total revenue, while finished chip testing revenue was 254 million yuan, making up 40.09% [2]. Market Performance - The company's stock price has been active in the secondary market, closing at 76.2 yuan per share on August 21, 2025, with a year-to-date increase of 70.28% and a total market capitalization of 11.35 billion yuan [3]. Research and Development - Weicet Technology has been increasing its investment in R&D, with a total investment of 466 million yuan from 2020 to the first half of 2025, representing 12.95% of total revenue in the first half of 2025 [5]. - The company has a total of 499 R&D personnel, accounting for 23.62% of the total workforce, which is an increase of 1.37 percentage points year-on-year [5].

Core Insights - The company, Weicet Technology (688372.SH), reported a significant increase in revenue and net profit for the first half of 2025, driven by trends in smart driving penetration, data center and AI computing power explosion, and accelerated domestic substitution [1] Financial Performance - The company achieved an operating revenue of 634 million yuan, representing a year-on-year growth of 47.53% [1] - The net profit attributable to shareholders for the first half of 2025 reached 101.08 million yuan, marking an impressive increase of 831.03% compared to the same period last year [1] Market Trends - The demand for advanced packaging testing, including 2.5D/3D, chiplet, and SiP, has increased due to the aforementioned industry trends [1] - The company's proactive strategy to expand high-end testing capacity and efficient operations contributed to its strong performance [1]

Core Insights - The company reported a revenue of 634 million yuan for the first half of 2025, representing a year-on-year growth of 47.53% [1] - The net profit attributable to shareholders reached 101 million yuan, showing a significant increase of 831.03% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 53.72 million yuan, reflecting a remarkable growth of 1173.61% year-on-year [1] - The basic earnings per share stood at 0.68 yuan [1] Business Performance - The increase in revenue and profit is attributed to the penetration of AI and automotive electronics products, accelerated domestic substitution, and rising demand for advanced packaging testing [1] - The company's proactive strategy to expand high-end testing capacity and efficient operations have led to improved overall capacity utilization [1] - The scale effect has further released profit margins, optimizing the business structure and enhancing profit quality [1]

Core Viewpoint - Huada Technology plans to enhance its advanced packaging testing business by establishing a wholly-owned subsidiary, Nanjing Huada Advanced Packaging Co., Ltd., with a registered capital of 2 billion yuan to strengthen its competitive position in the advanced packaging sector [1][2]. Group 1: Investment and Expansion - The new subsidiary will focus on advanced packaging testing, specifically 2.5D/3D technologies, with a total registered capital of 2 billion yuan, where Huada Jiangsu contributes 1 billion yuan (50%) [2]. - Huada Technology is investing 3 billion yuan in the Pangu Semiconductor Advanced Packaging Project, which is set to begin construction in 2024 and achieve partial production by 2025 [3]. - The company is also launching a 4.8 billion yuan upgrade project for automotive electronic products, expected to generate an additional annual revenue of 2.159 billion yuan [3]. Group 2: Financial Performance - In 2024, Huada Technology reported a revenue of 14.46 billion yuan, a year-on-year increase of 28%, and a net profit of 616 million yuan, up 172.29% [4]. - The company experienced a temporary net loss of 19 million yuan in Q1 2025, despite a 14.9% increase in revenue to 3.569 billion yuan, attributed to declines in investment income and fair value of financial assets [5]. Group 3: Research and Development - From 2020 to 2024, Huada Technology's cumulative R&D expenditure reached 3.457 billion yuan, with annual R&D expenses increasing each year [5][6]. - In Q1 2025, R&D expenses were 243 million yuan, a 29.87% increase year-on-year, with the R&D expense ratio rising to 6.81%, marking a recent high [6]. - The company achieved significant progress in 2024, including the completion of the 2.5D production line and obtaining 29 authorized patents, demonstrating its commitment to technological innovation [6].