Core Viewpoint - The company has shown strong financial performance in Q3 2025, with significant revenue growth and improved profitability metrics, indicating a positive trend in its operational efficiency and market demand [1][4]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 2.27 billion, a year-on-year increase of 24%, and a net profit attributable to shareholders of 100 million, up 21.7% year-on-year [1]. - In Q3 2025, revenue reached 890 million, reflecting a year-on-year growth of 25.4% and a quarter-on-quarter increase of 28.6%. The net profit attributable to shareholders was 72 million, a significant year-on-year increase of 123.4% and a return to profitability [1]. - The gross margin for Q3 2025 was 48.6%, up 4.6 percentage points year-on-year, while the net profit margin was 8.1%, an increase of 3.6 percentage points year-on-year [1]. - The company's expense ratio has been decreasing, with a year-to-date expense ratio of 41.8%, down 7.3 percentage points year-on-year, and a Q3 expense ratio of 39.1%, down 7.7 percentage points year-on-year [1]. Semiconductor Industry - The company is actively involved in the semiconductor sector, focusing on both front-end and back-end testing equipment. Key products include thickness measurement systems and defect detection systems [2]. - In Q3 2025, the semiconductor segment generated revenue of 270 million, a year-on-year increase of 48.7%. The company has an order backlog of 1.79 billion as of October 28, 2025, up 6% from the previous year [2]. Display Industry - The flat panel display industry is recovering from a cyclical low, with significant growth in orders. The company reported Q3 2025 revenue of 560 million, a year-on-year increase of 14.7%, and an order backlog of 1.24 billion, up 49% year-on-year [3]. Investment Outlook - Based on the company's performance in the first three quarters and its growth phase, net profit forecasts for 2025-2026 have been adjusted to 200 million and 390 million, respectively. A new forecast for 2027 net profit is set at 580 million, with corresponding PE ratios of 112, 57, and 38 [4]. - The company is positioned as a leader in the domestic semiconductor testing equipment market, with its semiconductor business entering a growth phase and advanced packaging expected to open new growth opportunities [4].

Investment Rating - The investment rating for the company is "Buy" [5][11] Core Views - The company is experiencing growth in its semiconductor testing equipment business, with significant revenue increases expected in the coming years. The semiconductor business is entering a ramp-up phase, and advanced packaging is anticipated to open new growth opportunities [11] - The company has reported a strong performance in the first three quarters of 2025, with revenue of 2.27 billion yuan, a year-on-year increase of 24%, and a net profit of 100 million yuan, up 21.7% year-on-year [7] - The company has a solid order backlog, with 1.79 billion yuan in hand orders as of October 28, 2025, representing a 6% increase from the previous year [8] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.27 billion yuan, with a gross margin of 45.8% and a net profit margin of 4.4% [7] - In Q3 2025, revenue reached 890 million yuan, a year-on-year increase of 25.4%, and a net profit of 72 million yuan, reflecting a significant recovery [7] Market Position and Industry Trends - The company is positioned as a leader in the domestic semiconductor testing equipment market, with its main products including front-end and back-end testing equipment [8] - The flat panel display industry is recovering, with significant order growth expected, particularly in the LCD and OLED segments [10] Future Projections - The company's revenue is projected to grow significantly, with estimates of 3.12 billion yuan in 2025 and 4.91 billion yuan in 2027, reflecting a compound annual growth rate [5][11] - The net profit is expected to recover to 196 million yuan in 2025 and reach 579 million yuan by 2027, indicating a strong turnaround [5][11]