Core Insights - The company reported a significant increase in semiconductor revenue, with a year-on-year growth of 146% in H1 2025, driven by advanced measurement equipment and a recovery in the display and new energy sectors [1] - The company’s total revenue for H1 2025 was 1.381 billion yuan, representing a 23.20% increase year-on-year, although Q2 revenue saw a slight decline of 1.61% [1] - The company has a strong order backlog of 3.609 billion yuan, with semiconductor orders accounting for approximately 1.823 billion yuan, indicating that the semiconductor segment is the core driver of performance [1] Revenue Breakdown - Semiconductor revenue reached 563 million yuan in H1 2025, with a notable acceleration in growth compared to Q1 [1] - Display revenue was 671 million yuan, showing a decline of 13.54% year-on-year, while new energy revenue increased by 27.32% to 120 million yuan [1] Profitability Analysis - The company reported a net profit of 28 million yuan for H1 2025, but a net loss of 10 million yuan in Q2, reflecting a year-on-year decline of 115% [2] - The gross margin for H1 2025 was 44.05%, with semiconductor gross margins at 48.69%, indicating strong profitability in the semiconductor segment [2] - The decrease in investment income by 40.25 million yuan compared to the previous year was a major factor in the decline of overall profits [2] Market Position and Growth Potential - The semiconductor measurement equipment market is characterized by low domestic penetration and high profitability, with the company completing a full-field layout in semiconductor measurement [3] - The company is expanding into the semiconductor manufacturing and packaging industry, with revenue from this segment growing by 210% year-on-year to 299 million yuan in H1 2025 [3] Future Projections - Revenue forecasts for 2025-2027 are set at 3.247 billion, 4.095 billion, and 5.281 billion yuan, with corresponding net profit projections of 233 million, 441 million, and 731 million yuan [4] - The company maintains a strong market position and growth potential, with an "overweight" rating based on its competitive strength and growth prospects [4]