证 券 研 究 报 告 信测标准（300938）2024 年报及 2025 年一季报点评 强推（维持） 夯实精细化管理，打造通用机器人+AI 大模 型+检测新模式 事项： 公司发布 2024 年报以及 2025 年一季报：2024 年公司实现收入 7.25 亿元，同 比+6.71%，归母净利润 1.76 亿元，同比+7.67%，扣非归母净利润 1.65 亿元， 同比+10.77%；2025Q1 公司实现收入 1.66 亿元，同比-8.04%；归母净利润 3714.70 万元，同比-9.48%；扣非归母净利润 3428.99 万元，同比-9.45%。 评论： 公司研究 仪器仪表Ⅲ 2025 年 05 月 04 日 目标价：39.74 元 当前价：30.56 元 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：丁祎 邮箱：dingyi@hcyjs.com 执业编号：S0360523030001 公司基本数据 | 总股本(万股) | 16,450.77 | | --- | --- | | 已上市流通股 ...

公司发布2024 年报以及2025 年一季报：2024 年公司实现收入7.25 亿元，同比+6.71%，归母净利润1.76 亿元，同比+7.67%，扣非归母净利润1.65 亿元，同比+10.77%；2025Q1 公司实现收入1.66 亿元，同 比-8.04%；归母净利润3714.70 万元，同比-9.48%；扣非归母净利润3428.99 万元，同比-9.45%。 事项： 2024 年毛利率有所下降，汽车检测和设备销售板块毛利率下滑较多。2024 年公司实现毛利率57.99%， 同比-1.11pct，其中汽车检测/电子电气产品检测/设备销售毛利率分别为67.71%/60.98%/39.10%，同比分 别-4.38pct/+2.17pct/-6.94pct，汽车检测业务毛利率下滑或与行业竞争加剧价格下降有关，设备销售毛利 率下滑或与收入承压以及竞争加剧相关。 管理能力优异，期间费用率下降。2024 年公司销售/管理/财务/研发费用率分别为 14.80%/7.58%/-1.25%/8.36%，同比分别-0.65pct/-0.80pct/-0.94pct/持平。 2024 年公司销售净利率/归母净利率分别为25.01 ...

证券研究报告·公司深度研究·通用设备 精智达（688627） 技术突破引领国产替代，双轮驱动打开成长 空间 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 648.56 | 803.13 | 1,000.00 | 1,800.00 | 2,600.00 | | 同比（%） | 28.53 | 23.83 | 24.51 | 80.00 | 44.44 | | 归母净利润（百万元） | 115.69 | 80.16 | 200.10 | 359.74 | 521.66 | | 同比（%） | 75.10 | (30.71) | 149.63 | 79.78 | 45.01 | | EPS-最新摊薄（元/股） | 1.23 | 0.85 | 2.13 | 3.83 | 5.55 | | P/E（现价&最新摊薄） | 60.88 | 87.87 | 35.20 | 19.58 | 13.50 | [Table_Tag] ...

Core Viewpoint - The company, Jingzhida, is positioned as a leading player in the domestic semiconductor testing and display inspection equipment market, benefiting significantly from the expansion wave in the storage industry and advancements in display technology [1][2]. Semiconductor Testing - The company has achieved full coverage in DRAM testing equipment, creating a synergistic ecosystem with CP/FT testing machines, aging equipment, and probe cards [1]. - The performance of HBM testing equipment is on par with international competitors, with the second generation CP testing machine (2.4 Gbps) and FT testing machine (9 Gbps) entering core customer validation [1]. - Revenue from the semiconductor business is projected to grow at a CAGR of 100% from 2025 to 2027, with gross margins expected to exceed 40% as high-end products are introduced [1][2]. Display Inspection - The company maintains a strong position in the AMOLED inspection market, ranking among the top three in domestic market share, with Module optical inspection equipment rapidly replacing overseas competitors [1]. - The company is strategically positioned in the Micro LED inspection space, with high-precision AOI equipment already introduced in leading panel manufacturers' pilot lines [1]. - The display business is expected to sustain an order growth of 15%-20% from 2025 to 2026, reinforcing the company's performance stability [1]. Customer Positioning and Order Visibility - The company has a significant advantage in customer positioning, with deep ties to major clients such as Changxin Storage and BOE, anticipating a 100% year-on-year growth in new semiconductor equipment orders by 2025 [2]. - The stable expansion of Changxin Storage's DRAM capacity by 40,000 wafers and HBM capacity by 5,000 wafers corresponds to a testing equipment demand of nearly 4 billion yuan, with the company expected to capture around 50% of this market [2]. Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are 1 billion, 1.8 billion, and 2.6 billion yuan, respectively, with net profits of 200 million, 360 million, and 520 million yuan, corresponding to PE ratios of 35.2, 19.6, and 13.5 times [2]. - Using a segmented valuation method, the combined target market value for semiconductor and display businesses in 2026 is estimated at 9.54 billion yuan, indicating an upside potential of over 35% from current levels [2].

Group 1 - The provincial secretary Liu Ning conducted a survey in Zhengzhou's Zhongmu New District focusing on market management, technological innovation, cultural tourism integration, and ecological protection [1][2] - Liu emphasized the importance of ensuring a sufficient supply of essential goods during holidays, enhancing market management, and providing convenience for merchants and the public [1] - The automotive quality inspection and certification center was highlighted for its role in supporting the electric, intelligent, and connected development trends in the automotive industry [1] Group 2 - Liu Ning noted the success of Henan's cultural tourism destinations, such as the Henan Drama Fantasy City and Jianye Movie Town, in attracting national tourists [2] - He stressed the need for safety measures in tourist areas, including reservation systems and dynamic adjustments to reception capacity [2] - The importance of ecological restoration and the integration of water systems was discussed, with a focus on enhancing biodiversity and sustainability [2] Group 3 - Liu Ning called for a modern industrial system characterized by advanced manufacturing, cultural tourism, and modern agriculture to enhance the comprehensive strength of the county economy [2]

Group 1: Shanghai's Technological Transformation - The trend of "technology returning to the city" is becoming a global urban development trend, with Shanghai's central districts actively creating technology innovation clusters [1] - Shanghai aims to enhance its technological innovation capabilities and high-end industry leadership to become a globally influential technology innovation hub [1][2] Group 2: Yangpu District's Digital Economy - Yangpu District is transforming from "Industrial Yangpu" to "Digital Yangpu," with over 8,000 digital economy enterprises and online new economy revenue exceeding 300 billion yuan, accounting for about one-fifth of the city's total [2] - The district has nurtured over 1,400 high-tech enterprises and 890 innovative small and medium-sized enterprises, leading among Shanghai's central districts [2][3] Group 3: Huangpu District's Central Innovation Zone - Huangpu District is developing a "Central Innovation Zone" to leverage its financial services and innovation capital, aiming to create a globally oriented technology innovation area [4][5] - The Central Innovation Zone has attracted leading enterprises in relevant fields, enhancing the district's innovation momentum [5] Group 4: Jing'an District's Focus on Cloud and Blockchain - Jing'an District is focusing on integrated development in cloud, data, and blockchain technologies, aiming to establish a high-tech industrial cluster [6][7] - The district is developing a national blockchain application demonstration area and aims to create a high-level innovation platform [6][7] Group 5: Hongkou District's Emerging Industries - Hongkou District is strategically positioning itself in emerging industries such as integrated circuit design and biotechnology, with R&D expenditure reaching 3.34% of the district's GDP [8][9] - The district is enhancing its innovation ecosystem through the "North Bund" and "North Central Ring" initiatives [8][9] Group 6: Changning District's Silicon Alley - Changning District is focusing on integrating technology and industry innovation, with over 800 technology innovation enterprises in the "Shanghai Silicon Alley" [10][11] - The district is promoting AI applications in logistics and aims to enhance data management and security systems [10][11]

Group 1 - The core point of the article is that Xuchang Kaipu Testing Research Institute Co., Ltd. has applied for a patent for a testing system designed for FT3 frame format relay protection devices, indicating innovation in the field of testing technology [1] - The patent application was filed on January 2025, and the publication number is CN119892938A, showcasing the company's ongoing efforts in research and development [1] - The testing system includes a computing unit, FT3 digital interface unit, RTIO intelligent interface unit, and a switch, which allows for real-time data processing and flexible configuration for different FT3 frame format relay protection devices [1] Group 2 - Xuchang Kaipu Testing Research Institute Co., Ltd. was established in 2005 and is primarily engaged in business services, with a registered capital of 104 million RMB [2] - The company has made investments in four enterprises and has participated in 424 bidding projects, indicating active engagement in the market [2] - The company holds 171 patents and has 17 administrative licenses, reflecting its strong focus on innovation and compliance within its industry [2]

导读： 历届奖项不仅是对行业标杆的认可，更是一次对产业创新生态的全面检阅，旨在凝聚行业共识，助力中国科学仪器及检测技术迈向更高水平！ 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 在变革与挑战交织的2 0 2 4年，行业创新的力量尤为可贵。 在全球科技竞争加剧、产业链深度重构的背景下， 科学仪器与检测技术 已成为国家战略科技力量的重要支撑。作为科学仪器及检验检测领域 最具影响力的公益评选之一， 仪器与检测3 i奖（以下简称3 i奖） 聚焦行业关键突破与可持续发展，表彰在核心技术攻关、绿色低碳转型、全球 化服务等领域作出突出贡献的企业、产品与人物。 历届奖项不仅是对行业标杆的认可，更是一次对产业创新生态的全面检阅，旨在凝聚行业共识，助力中国科学仪器及检测技术迈向更高水平！ 今年，3 i奖更在特殊时期显得意义非凡——它不仅记录了技术突破与产业升级的真实轨迹，也以公益之力，汇聚起整个行业创新向上的精神共 识。 3 i奖不仅见证了行业在逆境中坚韧前行的步伐，更承载着推动科技自立自强、产业高质量发展的战略意义。 本 次 盛 典 将 重 磅 颁 发 ...

Core Insights - The company reported a decline in revenue and net profit for 2024, with total revenue of 12.196 billion yuan, down 9.04% year-on-year, and a net loss of 357 million yuan, down 216.20% year-on-year [1] - The diagnostic services sector showed a high-quality development trend despite a revenue decline, with significant growth in specific areas such as pathogen infection and hematological oncology [2] - The integration of AI in the ICL industry presents new opportunities, with the company achieving notable advancements in AI-driven healthcare solutions [3] - The overall gross margin decreased, while expense ratios remained stable, leading to a net margin decline [4] - Future revenue and profit forecasts indicate a potential recovery from 2025 to 2027, with expected revenue growth and significant increases in net profit [5] Financial Performance - In 2024, the company achieved total revenue of 12.196 billion yuan, a decrease of 9.04% year-on-year, and a net loss of 357 million yuan, a decline of 216.20% year-on-year [1] - The fourth quarter of 2024 saw revenue of 2.938 billion yuan, down 5.71% year-on-year, and a net loss of 488 million yuan, down 118.49% year-on-year [1] - For Q1 2025, revenue was 2.365 billion yuan, a decrease of 20.45% year-on-year, with a net loss of 21 million yuan, down 190.66% year-on-year [1] Business Segments - The diagnostic services business generated revenue of 4.520 billion yuan, down 12.86% year-on-year, with ICL revenue at 4.173 billion yuan, down 11.55% due to cost control policies [2] - The diagnostic products business reported revenue of 8.134 billion yuan, down 6.36% year-on-year, with channel products at 7.787 billion yuan, down 5.99% [2] - Specific areas within diagnostic services, such as pathogen infection, hematological oncology, and neuroimmunology, experienced revenue growth of 57%, 51%, and 38% respectively [2] Strategic Initiatives - The company aims to become a "technology-driven + data-driven" healthcare big data company, leveraging AI to enhance its offerings in the ICL industry [3] - The company has made significant strides in AI, completing the first industry data standard in the pathology AI field and assisting in the interpretation of over 3 million diagnostic reports [3] - The launch of two data element products on the Hangzhou Data Exchange by the end of 2024 indicates progress in data product safety and compliance [3] Profitability Metrics - The overall gross margin for 2024 decreased by 3.28 percentage points to 28.01%, primarily due to industry impacts on diagnostic services [4] - The net margin for 2024 declined by 5.73 percentage points to -1.39% [4] - In Q4 2024, the gross margin was 27.90%, with a net margin of -16.06% [4] Future Outlook - Revenue projections for 2025-2027 are 12.589 billion, 13.201 billion, and 14.114 billion yuan, with year-on-year growth rates of 3%, 5%, and 7% respectively [5] - Expected net profits for the same period are 435 million, 729 million, and 913 million yuan, reflecting growth rates of 222%, 68%, and 25% [5]

证券简称：星云股份 证券代码：300648 3.高管您好，能否请您介绍一下本期行业整体和行业内其 他主要企业的业绩表现？谢谢。 福建星云电子股份有限公司 2024年度业绩说明会 投资者活动关系记录表 编号：2025-002 答：感谢您的关注，本期行业整体情况可参阅公司披露的 《2024 年年度报告》"第三节 一、报告期内公司所处行 业情况" ，行业内其他企业的业绩表现可查阅其他上市 公司披露的定期报告。 4.您好，请问公司再融资项目完成了吗？ 答：感谢您的关注，公司已完成再融资项目，详情请查阅 公司已披露的公告。 5.高管您好，请问贵公司未来盈利增长的主要驱动因素有 哪些？谢谢。 | 投资者关系活动类别 | 特定对象调研 分析师会议 媒体采访 | | | --- | --- | --- | | | □路演活动 业绩说明会 | □新闻发布会 | | | □现场参观 其他 | | | 参与单位名称 | 星云股份2024年度业绩说明会采用网络远程方式进行，面 | | | 及人员姓名 | 向全体投资者 | | | 时间 | 2025年4月30日15:00-17:00 | | | 地点 | 深圳证券交易所"互 ...