Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 198 million yuan for Q1 2025, representing a year-on-year increase of 44.46%, and a net profit attributable to shareholders of 62 million yuan, which is a year-on-year increase of 164.23% [2][6] - The company has seen a significant recovery in orders during 2024, leading to high growth in Q1 2025 performance. The gross margin reached 75.29% and the net margin was 31.33%, indicating the company has overcome fluctuations in profitability due to changes in product structure [11] - The company’s inventory and contract liabilities have increased significantly, reaching a one-year high, confirming a robust order backlog. It is expected that revenue and profit will continue to maintain a good level as new products are launched [11] - The SoC testing machine STS 8600 has been successfully validated and is expected to be delivered for client verification in 2025. The first order for STS 8600 was won from Tsinghua University, priced at 4.47 million yuan [11] - The company plans to issue convertible bonds to raise 1 billion yuan for the development of SoC testing machines and self-developed ASIC chips, which will enhance testing performance and meet the demands of higher-end chips [11] - The semiconductor industry is expected to maintain a high level of prosperity in 2025, with the company’s net profit projected to be 450 million yuan and 550 million yuan for 2025 and 2026, corresponding to PE ratios of 43 and 36 times [11] Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 198 million yuan, a 44.46% increase year-on-year, and a net profit of 62 million yuan, a 164.23% increase year-on-year [2][6] Order and Inventory Status - The company has experienced a significant increase in orders, with inventory and contract liabilities reaching new highs, indicating a strong order backlog and expected revenue growth [11] Product Development - The SoC testing machine STS 8600 has been successfully validated, with the first order secured from Tsinghua University, and further deliveries expected in 2025 [11] Future Outlook - The company plans to raise funds through convertible bonds to enhance its product development capabilities, with a positive outlook for the semiconductor industry in 2025 [11]

点击招商研究小程序查看PDF报告原文 安集科技发布2025年一季报，单季收入同比高增长，利润创历史新高。行业景气度随下游晶圆厂稼动率 复苏而边际改善，公司CMP抛光液市占率持续提升，功能性湿化学品进入快速放量期。 25Q1收入同比高增长，利润创单季历史新高。 25Q1收入5.45亿元，同比+44%/环比+4.3%；毛利率 55.7%，同比-2.8pcts/环比-2.5pcts；归母净利润1.69亿元，同比+60.7%/环比+19.7%；扣非净利润1.62亿 元，同比+53%/环比+13.3%，单季扣非利润创历史新高。 CMP抛光液市占率稳步提升，公司同时加强在先进封装领域布局。 2024年公司CMP抛光液收入15.45亿 元，同比+43.7%，主要系一方面2024年下游主要晶圆厂稼动率复苏态势明显，另一方面公司铜/钨/基于 氧化铈磨料的抛光液市占率以及在客户端份额持续提升，公司最近三年全球市占率分别约7%、8%、 11%。同时公司加强在先进封装领域布局，用于2.5D/3D TSV抛光液、混合键合和聚合物抛光液进展顺 利。 功能性湿化学品业务高速增长，毛利率明显提升。 2024年公司功能性湿化学品收入2.77亿 ...

【WitsView整理】 近日，瑞联新材、路维光电、晶合集成、斯迪克发布了2024年财报。其中瑞联 新材、路维光电、晶合集成实现了营收与净利润的双增长。 瑞联新材 2024年，瑞联新材实现营收约14.59亿元，同比增长20.74%；归属于上市公司股东的净利润约2.52 亿元，同比增长87.60%；归属于上市公司股东的扣除非经常性损益的净利润约2.37亿元，同比增 长103.43%。 | 主要会计数据 | 2024年 | 2023年 | 本期比上年 同期增减 | 2022年 | | --- | --- | --- | --- | --- | | | | | (%) | | | 营业收入 | 1,458,698,343.66 | 1,208,162,739.17 | 20.74 | 1,480,379,426.82 | | 归属于上市公司股东 | 251,722,494.92 | 134.181.283.39 | 87.60 | 246.538.464.91 | | 的净利润 | | | | | | 归属于上市公司股东 的扣除非经常性损益 | 237,366,716.59 | 116.683.527.35 | 1 ...