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精测电子(300567):25H1净利承压 半导体业务高歌猛进
Xin Lang Cai Jing· 2025-08-29 02:49
Core Viewpoint - The company reported its 2025 H1 results, showing a revenue increase but a significant decline in net profit, indicating challenges in profitability despite growth in certain sectors [1][2]. Financial Performance - For 2025 H1, the company achieved a revenue of 1.381 billion yuan, a year-on-year increase of 23%, while the net profit attributable to shareholders was 28 million yuan, a year-on-year decrease of 44% [1]. - The gross profit margin reached 44.05%, up by 1 percentage point year-on-year [1]. - In Q2, the company recorded a revenue of 692 million yuan, a year-on-year decrease of 2%, with a net profit of -10 million yuan, reflecting a 115% decline year-on-year [1]. Semiconductor Sector Growth - The semiconductor business generated revenue of 563 million yuan, a year-on-year increase of 146%, with a net profit of 158 million yuan, a year-on-year increase of 2316% [2]. - The current order backlog in the semiconductor sector stands at 1.823 billion yuan, with over 90% from front-end measurement [2]. - The company has successfully validated silicon wafer stress measurement equipment and secured repeat orders from major domestic clients [2]. Flat Panel Display Industry Recovery - The flat panel display segment reported revenue of 671 million yuan, a year-on-year decrease of 14%, with a net profit of 28 million yuan, down 66% year-on-year [2]. - The order backlog in this sector is 1.44 billion yuan, reflecting an 88% increase quarter-on-quarter [2]. - The industry is gradually recovering from a cyclical low, with expected demand for large-size LCDs and advancements in OLED technology [2]. Investment Outlook - The company is projected to achieve revenues of 3.395 billion yuan, 4.363 billion yuan, and 5.413 billion yuan for the years 2025 to 2027, with corresponding net profits of 192 million yuan, 312 million yuan, and 475 million yuan [3]. - The price-to-earnings ratios are expected to be 95.21, 58.53, and 38.37 for the same years [3]. - The rapid development of the semiconductor business and sustained high R&D investment are expected to support continued growth across various sectors [3].
精测电子(300567):上半年营收同比+23.2% 半导体业务快速放量
Xin Lang Cai Jing· 2025-08-28 08:43
Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, but faced a decline in net profit, indicating pressure on profitability despite strong sales growth in the semiconductor sector [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.38 billion yuan, a year-on-year increase of 23.2%, while the net profit attributable to shareholders was 27.67 million yuan, a decrease of 44.5% [1]. - In Q2 2025, the company reported revenue of 690 million yuan, a year-on-year decrease of 1.6%, with a net profit of -9.93 million yuan, compared to 65.75 million yuan in the same period last year [1]. Group 2: Semiconductor Business - The semiconductor sector saw revenue of 560 million yuan in H1 2025, a year-on-year increase of 146.4%, with a gross margin of 48.7%, up 8.1 percentage points [1]. - The net profit from the semiconductor business reached 160 million yuan, a year-on-year increase of 2316.4% [1]. - As of August 26, the company had an order backlog of approximately 1.82 billion yuan in the semiconductor sector, accounting for 50.5% of total orders [1]. Group 3: Display and New Energy Sectors - The display sector generated revenue of 670 million yuan in H1 2025, a year-on-year decrease of 13.5%, with a gross margin of 43.1%, up 1.6 percentage points [2]. - The order backlog in the display sector was approximately 1.44 billion yuan, a year-on-year increase of 38.7%, indicating a recovery trend [2]. - In the new energy sector, revenue reached 1.2 billion yuan, a year-on-year increase of 27.3%, with a gross margin of 28.7%, down 3.2 percentage points [2]. - The order backlog in the new energy sector was about 350 million yuan as of August 26 [2]. Group 4: Profit Forecast and Investment Recommendation - The company forecasts net profits attributable to shareholders of 210 million yuan, 350 million yuan, and 510 million yuan for 2025, 2026, and 2027, respectively, corresponding to current price-to-earnings ratios of 87, 52, and 36 times [3]. - The semiconductor business is entering a rapid growth phase, while the display business is gradually recovering, leading to a "buy" rating [3].
精测电子(300567):半导体持续发力,在手订单充足
Ping An Securities· 2025-08-27 03:32
Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7][12] Core Views - The company has sufficient orders on hand, particularly in the semiconductor sector, which is experiencing significant growth [7][8] - The company reported a revenue of 1.381 billion yuan for the first half of 2025, representing a year-on-year increase of 23.20%, while the net profit attributable to shareholders was 28 million yuan, down 44.48% year-on-year [3][7] - The semiconductor segment saw a remarkable revenue increase of 146.44% year-on-year, with net profit soaring by 2316.39% [7][8] - The company is focusing on optimizing its business structure, particularly in the semiconductor and display sectors, while addressing losses in the new energy sector [7][8] Financial Summary - Revenue projections for the company are as follows: 2,565 million yuan in 2024, 3,335 million yuan in 2025, 4,168 million yuan in 2026, and 5,210 million yuan in 2027, with year-on-year growth rates of 5.6%, 30.0%, 25.0%, and 25.0% respectively [6][9] - The net profit is expected to recover from a loss of 98 million yuan in 2024 to 230 million yuan in 2025, 354 million yuan in 2026, and 495 million yuan in 2027 [6][9] - The company's gross margin is projected to stabilize around 48% from 2025 onwards, while the net margin is expected to improve from -3.8% in 2024 to 9.5% in 2027 [10][11] - The company has a total asset value projected to grow from 10,100 million yuan in 2025 to 11,328 million yuan in 2027 [9][11] Order and R&D Insights - As of the first half of 2025, the company has total orders on hand amounting to approximately 3.609 billion yuan, with 1.823 billion yuan in the semiconductor sector [7][8] - The company continues to invest heavily in R&D, with a total R&D expenditure of 320 million yuan in the first half of 2025, accounting for 23.17% of revenue [7][8] - The company is recognized as a leading player in the domestic semiconductor testing equipment market, with a comprehensive product layout covering front-end measurement, advanced packaging, and back-end testing [7][8]
精测电子分析师会议-20250612
Dong Jian Yan Bao· 2025-06-12 14:57
Group 1: Report General Information - Reported company: Jingce Electronics [16] - Industry: Instrumentation [2] - Research date: June 12, 2025 [16] - Company representatives: Liu Binghua (Director, Secretary of the Board, Deputy General Manager), You Lijuan (Financial Controller) [16] Group 2: Research Institutions - Institutions involved: Investors participating in the 2025 Hubei - listed companies' investor collective reception day and 2024 annual performance briefing via Panorama Network [19] Group 3: Core Views - The company has significant advantages in semiconductor and display detection fields, with leading - position core products and growing orders [23][30] - The company aims to optimize business structure, focus on semiconductor and other advantageous fields, and promote the domestic substitution process of semiconductor detection equipment [33] Group 4: Company's Business Advantages Semiconductor Detection - Core products such as film - thickness series products, OCD equipment, electron - beam equipment, semiconductor silicon wafer stress measurement equipment, and bright - field optical defect detection equipment are in the leading position in the domestic industry [23][30] - Some products have obtained repeat orders from advanced - process customers, and others are under R & D, certification, and expansion [23][30] Display Detection - The company can provide detection systems for all major processes of flat - panel displays and has the advantage of providing integrated solutions based on "optics, mechanics, electricity, computing, and software" [23] Group 5: Overseas Business - In 2024, overseas revenue was 264,074,809.90 yuan, accounting for 10.30% [25] - Main products are detection equipment in the display and new - energy fields, mainly distributed in Vietnam, South Korea, the United States, etc. [25] Group 6: Equity Acquisition - The company plans to acquire a 4.825% stake in Shanghai Jingce through public tender, which is beneficial for optimizing the strategic layout and promoting semiconductor business development [25] Group 7: Shareholding in Shiya Technology - The company holds 6.0201% of Shiya Technology's shares, aiming to optimize the layout in the new - display technology field and expand business scope [26][27] Group 8: Company Performance in 2024 - Revenue was 2,565,073,000 yuan, a year - on - year increase of 5.59% [30] - Net profit attributable to shareholders was - 97,598,500 yuan, a year - on - year decrease of 165.02% [30] - Total assets at the end of the reporting period were 10,076,306,800 yuan, a 9.27% increase from the beginning [30] - Net assets attributable to shareholders were 3,463,816,800 yuan, a 6.52% decrease from the beginning [30] - R & D investment was 730,617,700 yuan, a 10.78% increase year - on - year, with semiconductor detection R & D investment increasing by 32.76% [30] Group 9: Order Status - As of April 25, 2025, total outstanding orders were about 2.844 billion yuan, including 764 million yuan in the display field, 1.668 billion yuan in the semiconductor field, and 412 million yuan in the new - energy field [32] Group 10: Future Plans - Optimize and adjust the business structure, focusing on semiconductor and other advantageous fields [33] - Increase R & D investment in the semiconductor field to promote domestic substitution of high - end detection equipment [33] - Promote R & D innovation in the new - energy field, expand overseas markets, and drive business growth [33]
精测电子(300567) - 300567精测电子投资者关系管理信息20250612
2025-06-12 09:48
Group 1: Company Performance - In 2024, the company achieved a revenue of 256,507.30 million yuan, a year-on-year increase of 5.59% [5] - The net profit attributable to shareholders was -9,759.85 million yuan, a year-on-year decrease of 165.02% [6] - Total assets at the end of the reporting period were 1,007,630.68 million yuan, an increase of 9.27% compared to the beginning of the year [6] - The net assets attributable to shareholders decreased by 6.52% to 346,381.68 million yuan [6] - R&D investment in 2024 was 73,061.77 million yuan, a year-on-year increase of 10.78% [6] Group 2: Market Position and Product Development - The company is a leading enterprise in the domestic semiconductor testing equipment sector, particularly in front-end measurement [6] - Core products in the front-end measurement field are in a leading position domestically, with significant competitive advantages [6] - As of April 25, 2025, the company had approximately 16.68 billion yuan in hand orders in the semiconductor field [8] Group 3: International Business and Strategic Investments - In 2024, overseas revenue totaled 264,074,809.90 yuan, accounting for 10.30% of total revenue, primarily from display and new energy detection equipment [2] - The company plans to acquire a 4.825% stake in Shanghai Jingce Semiconductor Technology Co., Ltd. to optimize its business structure and enhance its semiconductor measurement business [2] Group 4: Shareholder Engagement and Market Management - The company has implemented share buybacks in 2022 and 2024, totaling approximately 300 million yuan, to manage market value and enhance shareholder returns [4] - Cumulative cash dividends over the past three fiscal years amounted to about 436 million yuan [4] Group 5: Future Plans and Strategic Focus - The company aims to optimize its business structure, focusing on semiconductor and display sectors, while enhancing R&D efforts and expanding domestic and international markets [9] - Plans to increase collaboration with leading strategic customers in the semiconductor field and promote domestic substitution of high-end detection equipment currently dominated by foreign manufacturers [9]