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 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index over the next six months [10][16]. Core Insights - The company achieved a revenue of 407 million yuan in 2024, representing a year-on-year increase of 17.12%. The net profit attributable to shareholders was 78.48 million yuan, a decrease of 7.44% year-on-year, but adjusted net profit after excluding share-based payment effects was 87.21 million yuan, reflecting a growth of 2.85% [2][3]. - The semiconductor industry is showing signs of marginal recovery, particularly in the packaging and testing equipment sector. The company's EXCEED-9000 series products' revenue contribution increased to 25.80% in 2024 from 11.45% in 2023, driven by rising demand in specific market segments and enhanced product configurations [3][4]. - The company is actively pursuing product innovation and technology upgrades, with new testing functions added to its sorting machines. The establishment of a semiconductor testing equipment innovation and manufacturing center is expected to enhance its competitive edge [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 407 million yuan, with a growth rate of 17.12%. The net profit attributable to shareholders was 78.48 million yuan, down 7.44% year-on-year, while adjusted net profit was 87.21 million yuan, up 2.85% [2][12]. - Projections for 2025, 2026, and 2027 indicate revenues of 700 million yuan, 930 million yuan, and 1.18 billion yuan, respectively, with corresponding net profits of 200 million yuan, 300 million yuan, and 400 million yuan [10][12]. Market Position and Strategy - The company is focusing on expanding its global market presence and enhancing product offerings through continuous R&D investments. The establishment of a production center in Malaysia is aimed at better serving market demands [4][5]. - The company has made strategic investments in four firms related to semiconductor testing and packaging, indicating a proactive approach to technology and market positioning [5][9]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 60.01 for 2024, which is expected to decrease to 23.18, 15.70, and 11.72 for 2025, 2026, and 2027, respectively [12][10].