[Table_Title] 证券研究报告 / 公司点评报告 单季营收创历史新高，稼动率提升修复盈利能力 事件： [Table_Summary] 2025 年 8 月 20 日，伟测科技发布 2025 年半年度报告。2025H1 公司实 现营收 6.34 亿元（yoy+47.53%），归母净利润 1.01 亿元（yoy+831.03%）， 毛利率 34.50%（yoy+5.94pct），归母净利率 15.94%（yoy+13.41pct）。 2025Q2 公司实现营收 3.49 亿元（yoy+41.68%），归母净利润 0.75 亿元 （yoy+573.34%）。 点评： 下游景气与稼动率修复共振，带动公司营收与利润大幅增长。公司 2025Q2 实现历史最高营收，主要受益于智能驾驶与 AI 浪潮驱动的下游 需求旺盛，以及公司前瞻性产能布局。2025H1 归母净利润增速显著快于 营收，体现经营杠杆效应；毛利率同比上行，主要受产能利用率提升带 动，目前整体产能利用率已达 90%。期间费用方面，销售/管理/研发/财 务费用率分别为 2.71%/6.39%/12.95%/5.22%，其中研发费用率同比下降 2.05pc ...

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].