Core Viewpoint - The demand for semiconductor packaging and testing equipment is continuously growing, leading to significant sales increases for the company's testing sorting machines [1] Group 1: Company Performance - The company is expected to achieve a net profit attributable to shareholders of 160-210 million yuan in 2025, representing a year-on-year increase of 103.87%-167.58% [1] - The non-recurring net profit attributable to shareholders is projected to be 155-205 million yuan, with a year-on-year increase of 128.83%-202.64% [1] Group 2: Market Demand - The demand for testing sorting machines is driven by advancements in computing power, automotive applications, and advanced packaging [1] - The global System on Chip (SoC) testing machine market is expected to grow from 6.8-6.9 billion USD in 2025 to 8.5-9.5 billion USD in 2026 [1] - The storage testing machine market is projected to increase from 2-2.1 billion USD in 2025 to 2.2-2.7 billion USD in 2026 [1] Group 3: Product Synergy - The demand for sorting machines is expected to rise in tandem with testing machines, particularly in the finished product testing phase [1]

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 强劲增长 l 投资要点 三温、大平台超多工位测试分选机持续放量。根据 SEMI 数据， 2025 年全球半导体测试设备销售额预计激增 48.1%至 112 亿美元，封 装设备销售额增长 19.6%至 64 亿美元。2026、2027 年测试设备销售 额预计继续增长 12.0%和 7.1%，封装设备销售额预计增长 9.2%和 6.9%。驱动力来自器件架构复杂度提升、先进/异构封装加速渗透， 以及 AI 与 HBM 对性能的严苛要求。公司所在的半导体封装和测试设 备领域需求持续增长，三温测试分选机及大平台超多工位测试分选机 （针对于效率要求更高的大规模、复杂测试）等需求持续增长，公司 测试分选机产品销量实现较大提升，经财务部门初步测算，预计2025 年度实现归母净利润 1.6-2.1 亿元，同比增加 103.87%-167.58%；扣 非归母净利润 1.55-2.05 亿元，同比增加 128.83%-202.64%。 算力、汽车、先进封装等发展催涨分选机需求。Chiplet 架构在 AI 训练芯片、HPC 处理器中的广泛应用，使得 ...