证券研究报告：电子 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 111.90 | | --- | --- | | 总股本/流通股本（亿股）0.60 | / 0.42 | | 总市值/流通市值（亿元）67 | / 47 | | 52 周内最高/最低价 | 111.90 / 55.70 | | 资产负债率(%) | 17.7% | | 市盈率 | 82.89 | | 第一大股东 | 崔学峰 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com l 投资要点 高端产品放量叠加需求复苏，业绩高速增长。2025H1 公司实现 营收 3.07 亿元，同比+67.86%；实现归母净利润 7,600.55 万元，同 比+91.56%；剔除股份支付影响后的归母净利润为 8,347.62 万元，同 比+108.10%。主要系 1）2025 年上半年，公司所在的半导体封装和测 试设备 ...

Core Viewpoint - The company Jin Haitong (603061) reported significant growth in revenue and net profit for the first half of 2025, driven by increased demand for semiconductor testing and sorting machines in various high-tech sectors [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 307 million yuan, a year-on-year increase of 67.86% [1] - The net profit attributable to shareholders reached 76.01 million yuan, reflecting a year-on-year growth of 91.56% [1] - Basic earnings per share were reported at 1.32 yuan [1] Group 2: Product Development and Market Demand - The semiconductor packaging and testing equipment sector is experiencing a gradual recovery, with a notable increase in demand for temperature testing sorting machines and large platform multi-station testing sorting machines [1][2] - The sales revenue from the EXCEED-9000 series products accounted for 51.37% of total equipment sales, up from 25.80% in the same period of 2024 [1] Group 3: Research and Development - The company's R&D investment reached 22.06 million yuan, marking a year-on-year increase of 14.02% [2] - The company is actively validating testing sorting platforms for MEMS, SiC, IGBT, and advanced packaging products at multiple customer sites [2] - The "Semiconductor Testing Equipment Intelligent Manufacturing and Innovation R&D Center Phase I" project is progressing as planned, aimed at enhancing the company's competitiveness in R&D and manufacturing [2] Group 4: Market Expansion and Customer Relations - The company is intensifying its market promotion efforts and enhancing its global service capabilities [2] - The newly established "Malaysia Production and Operations Center" aims to improve responsiveness to global market demands and customer needs [2] - The company has established a strong brand image and market position, with high customer loyalty and resource barriers [3]

本次财报公布的各项数据指标表现不尽如人意。其中，毛利率40.13%，同比增3.13%，净利率11.69%， 同比减40.2%，销售费用、管理费用、财务费用总计2062.42万元，三费占营收比11.36%，同比增 117.26%，每股净资产27.86元，同比增27.93%，每股经营性现金流-0.62元，同比减240.2%，每股收益 0.58元，同比减67.96% 证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为13.28%，资本回报率强。去年的净利率为18.14%，算上全部成本后，公 司产品或服务的附加值高。从历史年报数据统计来看，公司上市以来中位数ROIC为13.78%，投资回报 也较好，其中最惨年份2019年的ROIC为4.12%，投资回报一般。公司历史上的财报较为好看（注：公司 上市时间不满10年，上市时间越长财务均分参考意义越大。）。 偿债能力：公司现金资产非常健康。 财报体检工具显示： 据证券之星公开数据整理，近期矽电股份（301629）发布2025年中报。截至本报告期末，公司营业总收 入1.82亿元，同比下降36.88%，归母净利润2135.61万元，同比下降62.29%。按单季度数 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set at 84 CNY [5]. Core Insights - The company reported a revenue of 407 million CNY in 2024, representing a year-on-year increase of 17.12%, while the net profit attributable to shareholders decreased by 7.44% to 78.48 million CNY. In Q1 2025, the company achieved a revenue of 129 million CNY, a significant increase of 45.21%, and a net profit of 26 million CNY, up 72.29% year-on-year [1][4]. - The semiconductor packaging and testing equipment sector is experiencing a demand recovery, contributing to the company's strong performance in Q1 2025 [1]. - The company is focused on expanding its product line in the semiconductor testing equipment market, with new features added to its testing sorting machines and an increase in the revenue share of the EXCEED - 9000 series to 25.80% in 2024 [2][3]. Financial Performance Summary - In 2024, the company achieved a revenue of 406.67 million CNY, with a growth rate of 17.12%. The EBITDA was 142.09 million CNY, and the net profit attributable to the parent company was 78.48 million CNY, reflecting a decline of 7.44% [4][11]. - The forecast for 2025 and 2026 indicates a significant increase in net profit, with estimates of 191.25 million CNY for 2025 and 262.49 million CNY for 2026, representing growth rates of 143.68% and 37.25%, respectively [4][11]. - The company has a total market capitalization of 5,040 million CNY and a circulating market capitalization of 3,513.41 million CNY [6]. Research and Development Progress - The company is advancing its R&D efforts with the "Intelligent Manufacturing and Innovative R&D Center for Semiconductor Testing Equipment" project progressing as planned. Additionally, the establishment of a production and operation center in Malaysia aims to enhance service capabilities in overseas markets [3]. Employee Engagement - The company has implemented an employee stock ownership plan approved on March 18, 2024, involving up to 109 participants, including directors and key personnel, to enhance talent retention and motivation [4].

01 主题： 近期观点更新 时间： 4月21日（周一）15：10 主讲： 崔文娟 太平洋证券机械首席分析师 参会密码： 253674 02 主 题： 光伏观点和部分公司年报&一季报情况 时间： 4月21日（周一）20：00 主讲： 刘强 太平洋证券电新首席分析师 钟欣材 太平洋证券电新分析师 参会密码： 164089 03 主 题： 信达生物深度汇报 时间： 4月22日（周二）15：00 主讲： 周豫 太平洋证券医药首席分析师 霍亮 太平洋证券医药分析师 参会密码： 817713 04 主题： 中国飞鹤近况交流 时间： 4月23日（周三）10:30 参会密码： 007669 06 主题： 三十年老牌券商的科技突围：湘财证券的科技协同实践 时间： 4月24日（周四）15：00 主讲： 夏芈卬 太平洋证券金融首席分析师 参会密码： 826753 主讲： 郭梦婕 太平洋食品饮料首席分析师 嘉宾： IR 参会密码： 166199 05 主题： 海内外大模型更新和近期观点汇报 时间： 4月23日（周三）20：00 主讲： 郑磊 太平洋证券传媒首席分析师 07 主题： 华峰测控深度报告：本土半导体测试设备龙头，8600有 ...