精测电子投资者关系活动记录表（2025 年度） 证券代码：300567 证券简称：精测电子 编号：2025-004 | | ☑ 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | 其他 电话会议 ☑ | | | 民生证券李哲、周晓萌；易方达李凌霄；银华基金方建；博时基 金冯喜建；长江证券倪蕤、王泽罡、严艺鸣、李想；华泰证券吕 | | | 兰兰；招商基金王超；国泰海通肖隽翀、黄行辉、李启文、黄龙； | | | 中银基金张欣仪、张响东、王晓彦；广发基金王瑞冬；中信建投 | | | 赵子鹏、赖昕；中金公司严佳、陈思涵、张梓丁；中泰证券冯光 | | | 亮；财通基金沈犁；东方证券朱茜、张子豪；方正证券徐凡；申 | | | 万宏源刘建伟；天风证券唐梦涵；信达证券张弛；中邮证券翟一 | | 参与单位名称及 | 梦；国海证券张钰莹；华西机械钟一新；西南机械杨云杰；华安 | | 人员姓名 | 机械徒月婷；西部机械邱策宇；东北证券武芃睿、凌展翔；华福 | | | 证券卢大炜；太平基金王达婷； ...

Core Viewpoint - The announcement of government subsidies totaling 25.2 million yuan will positively impact the company's operating performance in 2025 [1]. Group 1: Company Overview - Shanghai Jingce Semiconductor Technology Co., Ltd. was established in 2018, focusing on the research, production, and sales of semiconductor testing equipment, as well as some testing equipment for display and new energy fields [2]. - Jingce Electronics primarily engages in the research, production, and sales of testing systems for displays, semiconductors, and new energy [2]. Group 2: Product and Market Performance - The main products in the display sector include testing equipment for various display devices such as LCD, OLED, Mini LED, Micro OLED, and Micro LED, including electrical measurement and debugging systems, pre-process AOI equipment, and automated equipment integration products [2]. - The self-developed Seal series TGV testing equipment was successfully delivered in bulk last November, with applications in Mini/Micro LED direct display, advanced semiconductor packaging substrates, and other precision devices [2]. Group 3: Financial Performance - In Q1 2025, Jingce Electronics achieved revenue of 689 million yuan, a year-on-year increase of 64.92%, and turned a profit with a net profit attributable to shareholders [2]. - The semiconductor segment generated sales revenue of 212 million yuan, up 63.71% year-on-year, while the display segment achieved sales revenue of 382 million yuan, a growth of 42.46% [2]. - In the new energy sector, the company reported sales revenue of 77.57 million yuan, a significant increase of 429.71% year-on-year [2].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is recognized as a leading third-party testing and analysis laboratory in the semiconductor industry, providing failure analysis, material analysis, and reliability analysis services, which are crucial for clients' R&D processes [4]. - In 2024, the company is projected to achieve revenue of 415 million yuan, with a compound annual growth rate (CAGR) of approximately 36% from 2020 to 2024 [4]. - The company has a strong focus on advanced process nodes, with revenue from advanced processes (28nm and below) increasing significantly over the years, indicating a growing market share [5]. - The semiconductor third-party testing and analysis market in China is expected to exceed 100 billion yuan by 2024, with a projected CAGR of over 10% until 2027 [6]. - The company is expanding its laboratory capabilities across multiple locations in China and has established a presence in Singapore to enhance its service offerings and collaboration with global semiconductor giants [6]. Financial Projections - The company is expected to generate revenues of 543 million yuan, 706 million yuan, and 919 million yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 110 million yuan, 161 million yuan, and 235 million yuan [8][10]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 105, 72, and 49, respectively, indicating a favorable valuation trend as the company grows [8][10].

Investment Rating - The report suggests a focus on leading companies with strong management and brand recognition in the testing service industry, particularly recommending companies like Huace Testing, Sutest, and Guangdian Measurement [6][13][86]. Core Insights - The overall performance of the testing service industry is under pressure, with a focus on lean management and the expansion into emerging industries [4][5]. - The testing service sector is closely correlated with macroeconomic growth, and it is expected to benefit from government debt relief and domestic demand stimulus policies [5][74]. - The industry is experiencing a trend towards consolidation, with resources likely to concentrate in leading companies that possess brand, capital, and management advantages [5][6]. Summary by Sections Revenue Performance - In 2024, the testing service sector achieved revenue of 46.8 billion RMB, a year-on-year decline of 4%. Excluding companies with high medical testing ratios, the revenue was 25.8 billion RMB, showing a growth of 4% [4][19]. - The first quarter of 2024 saw a revenue of 9 billion RMB, down 9% year-on-year, but excluding high medical testing companies, the revenue growth improved to 2% [4][19]. Profitability - The sector's net profit attributable to shareholders in 2024 was 1.8 billion RMB, down 56% year-on-year, primarily due to declining revenue and increased costs [26]. - Excluding high medical testing companies, the net profit decline was 20%, indicating a narrowing drop [26]. Market Dynamics - The global testing service market is projected to reach approximately 2.3 trillion RMB in 2024, with a CAGR of about 6% from 2021 to 2024 [5][57]. - The Chinese testing service market reached around 467 billion RMB in 2023, with a CAGR of 13% from 2014 to 2023 [57]. Industry Characteristics - The testing service industry is characterized by heavy asset requirements and localized operations, with a significant presence of small and weak institutions [68][69]. - The report highlights a trend towards consolidation in the industry, driven by increasing regulatory scrutiny and the need for higher capital and technical capabilities in emerging sectors [69][73]. Future Outlook - The report anticipates a recovery in demand for the testing service industry due to recent macroeconomic policy adjustments and government debt relief measures [74][86]. - Companies with significant government client bases, such as Puni Testing, Guangdian Measurement, and Huace Testing, are expected to benefit from these developments [86].

Summary of Conference Call Records Company and Industry Overview - **Companies Involved**: 广电计量 (Guangdian Measurement) and 苏试试验 (Sutest) - **Industry**: Testing and Measurement Services, particularly in military and semiconductor sectors Key Points on 广电计量 - **2024 Performance**: Revenue increased by 11% to 3.2 billion yuan, net profit rose by 76.6%, with a net profit margin exceeding 11% due to management adjustments and strategic focus on profitability [1][4] - **Q1 2025 Performance**: Revenue of 618 million yuan, a year-on-year increase of 5.2%, with net profit of 4.82 million yuan, showing significant improvement [1][6] - **Cost Control Measures**: Implemented cost control through workforce reduction (over 200 employees, nearly 4%) and capital expenditure management, leading to improved net profit margins [1][5] - **Cash Flow Situation**: Q1 2025 operating cash flow was negative 106 million yuan due to seasonal factors, but expected to improve in subsequent quarters [1][12] - **Future Outlook**: Positive expectations for GLP (Good Laboratory Practice) improvements, with strong laboratory and customer foundations supporting future growth [1][8] Key Points on 苏试试验 - **2024 Performance**: Revenue of 2.03 billion yuan, a decline of 4.3%, with net profit of 229 million yuan, down 27% [1][14] - **Q1 2025 Performance**: Revenue of 429 million yuan, a decrease of 3%, with net profit of 40 million yuan, also down 3% [1][14] - **Business Structure**: Comprises environmental testing services, equipment sales, and integrated circuit testing, with environmental testing contributing 64% of gross profit [1][13] - **Challenges**: Decline in revenue and profit primarily due to the experimental equipment segment affected by macroeconomic conditions [1][16] - **Future Outlook**: Anticipated recovery in Q2 and Q3, with expectations for improved performance driven by military orders and semiconductor demand [1][19][20] Additional Insights - **Commonalities**: Both companies are significant players in the military testing services sector and are expected to benefit from rising demand in this area, particularly in semiconductor testing [1][21] - **Strategic Adjustments**: 广电计量 has made significant management changes and strategic shifts towards profitability, while 苏试试验 is focusing on recovering from recent declines [1][4][19] - **Market Dynamics**: The semiconductor sector is highlighted as a key growth area for both companies, with strong demand expected to drive future revenues [1][18]

Core Viewpoint - The article emphasizes the rapid technological advancements in the semiconductor industry, highlighting the critical role of PerkinElmer in providing essential analytical instruments for semiconductor detection and quality control [1][6][30]. Group 1: Technological Advancements - The semiconductor industry is experiencing rapid iterations in technology, with chip manufacturing processes evolving from 14nm to 1nm nodes [1]. - Traditional detection methods struggle to meet the demands for detecting metal impurities at ppt (parts per trillion) and ppq (parts per quadrillion) levels, necessitating advanced analytical techniques [1][6]. - Non-metal impurities and organic contaminants in the air have emerged as significant factors affecting chip yield, further complicating the quality control process [1]. Group 2: PerkinElmer's Historical Significance - PerkinElmer has a rich history of innovation in analytical instruments, dating back to its founding in 1937, with milestones including the launch of the first commercial infrared spectrometer in 1944 [3][4]. - The company has consistently pushed technological boundaries, introducing groundbreaking products such as the first commercial ICP-MS in 1983, which revolutionized trace metal detection [4][11]. Group 3: Product Offerings and Applications - PerkinElmer's product line includes a wide range of analytical instruments essential for semiconductor testing, such as ICP-MS, ICP-OES, and gas chromatography [6][8]. - The NexION 5000 ICP-MS is highlighted as a leading tool for detecting trace impurities in silicon wafers and semiconductor-grade chemicals, capable of achieving detection limits below 1 ppt [10][17]. - The GCMS 2400 platform is designed for the rapid screening of organic contaminants in cleanroom environments, addressing the challenge of maintaining high purity standards in semiconductor manufacturing [25][27]. Group 4: Market Commitment - PerkinElmer has demonstrated a long-term commitment to the Chinese market, evolving from a supplier to a localized enterprise with comprehensive R&D, production, and service capabilities [8]. - The company actively participates in industry events, showcasing its innovations and reinforcing its position as a key player in semiconductor detection [8][30].