Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with revenue reaching 890 million yuan, a year-on-year growth of 25.37%, and a net profit attributable to shareholders of 72 million yuan, up 123.44% [2][4]. - The company has a robust order backlog totaling approximately 3.446 billion yuan, with 1.791 billion yuan in the semiconductor sector, indicating strong future revenue potential [10]. - The semiconductor business has achieved profitability, with revenue from this segment growing by 48.67% year-on-year [10]. Financial Performance Summary - For Q1-Q3 2025, the company achieved total revenue of 2.271 billion yuan, a 24.04% increase year-on-year, and a net profit of 100 million yuan, reflecting a 21.70% growth [2][4]. - The gross margin for Q3 2025 was reported at 48.55%, an increase of 4.58 percentage points compared to the previous year [2][4]. - The company anticipates net profits of 196 million yuan, 321 million yuan, and 596 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 107x, 65x, and 35x [10].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The semiconductor business is becoming a significant support for the company's performance, with advanced process orders increasing [3][4] - The display industry is gradually recovering from a cyclical low, contributing positively to the company's growth [4] - The company is focusing on optimizing its business structure, particularly in the semiconductor sector, while addressing losses in the new energy segment [4] Financial Performance Summary - In Q3 2025, the company achieved revenue of 890 million RMB, a year-on-year increase of 25.37% and a quarter-on-quarter increase of 28.62% [2][7] - The net profit attributable to shareholders was 72.42 million RMB, reflecting a year-on-year growth of 123.44% [2][7] - The gross margin for Q3 2025 was 48.54%, up 7.08 percentage points year-on-year [2][3] Segment Performance Summary - The semiconductor segment generated revenue of 270 million RMB in Q3 2025, a year-on-year increase of 48.7% [3] - The display segment reported sales of 560 million RMB, with a year-on-year growth of 14.67% [4] - The new energy segment recorded revenue of 32.77 million RMB, showing a year-on-year increase of 14.49% [4] Order Backlog and Future Outlook - As of October 29, 2025, the company had a total order backlog of approximately 3.446 billion RMB, with semiconductor orders accounting for 1.791 billion RMB [2][3] - The company expects steady growth in revenue and profit, with projections of 3.26 billion RMB in revenue for 2025 and 4.04 billion RMB for 2026 [5][10]

Financial Performance - In Q3 2025, the company achieved revenue of CNY 88,963.35 million, a year-on-year increase of 25.37% [3] - Net profit attributable to shareholders reached CNY 7,242.31 million, up 123.44% year-on-year [3] - For the first nine months of 2025, revenue totaled CNY 227,071.76 million, a 24.04% increase compared to the previous year [3] - Net profit for the same period was CNY 10,008.94 million, reflecting a year-on-year growth of 21.70% [3] Order Backlog - As of the third quarter of 2025, the total order backlog amounted to approximately CNY 34.46 billion [3] - Orders in the semiconductor sector accounted for about CNY 17.91 billion, while the display sector had orders of approximately CNY 12.41 billion, and the new energy sector had CNY 4.14 billion [3] R&D Investment - R&D expenditure in Q3 2025 was CNY 20,019.20 million, a 15.49% increase from the previous year [3] - R&D investment in the semiconductor detection field was CNY 11,702.80 million, up 43.38% year-on-year [3] - R&D spending in the display detection field was CNY 7,417.35 million, down 2.80% year-on-year [3] - Investment in the new energy sector was CNY 899.05 million, a decrease of 41.66% compared to the previous year [3] Semiconductor Sector Performance - Revenue from the semiconductor sector reached CNY 26,712.22 million, a 48.67% increase year-on-year [4] - The net profit from this sector was CNY 2,103 million [4] - The company is focusing on domestic leadership in semiconductor measurement and has increased investment in advanced process technologies (14nm and below) [4][6] Display Sector Insights - In Q3 2025, revenue from the display sector was CNY 56,474.58 million, reflecting a 14.67% increase year-on-year [5] - The net profit from the display sector was CNY 12,147 million [5] - The company is capitalizing on the growing demand for large-size and OLED displays [5] Strategic Developments - The company has acquired minority shares in its subsidiary, Wuhan Jinghong, to enhance management efficiency and competitiveness in the semiconductor testing field [7] - The company is optimistic about the continuous growth in the semiconductor sector, which is expected to be a core driver of future performance [6] Investor Relations - The company ensured transparent communication with investors, adhering to its information disclosure management policies [8]

Event Overview - In the first half of 2025, the company reported operating revenue of 1.381 billion yuan, a year-on-year increase of 23.2% [1] - The net profit attributable to shareholders was 28 million yuan, a year-on-year decrease of 44.48% [1] - The gross margin was 44.05%, up 0.96 percentage points year-on-year, while the net profit margin was 7.44%, up 3.5 percentage points year-on-year [1] - In Q2 2025, the company achieved operating revenue of 692 million yuan, a year-on-year decrease of 1.61% [1] - The net profit attributable to shareholders was -10 million yuan, a year-on-year decrease of 115.1% [1] - The gross margin was 46.35%, up 5.59 percentage points year-on-year, while the net profit margin was 10.46%, down 1.51 percentage points year-on-year [1] Semiconductor Business Growth - In the first half of 2025, the semiconductor segment achieved sales revenue of 563 million yuan, a year-on-year increase of 146.44% [2] - The gross margin was 48.69%, up 8.09 percentage points year-on-year, and the net profit was 158 million yuan, a year-on-year increase of 2,316.39% [2] - The company had approximately 1.823 billion yuan in orders in the semiconductor field, accounting for 50.51% of total orders [2] - The company is developing a comprehensive product layout in semiconductor testing, including front-end, advanced packaging, and back-end testing technologies [2][3] Display Business Recovery - In the first half of 2025, the display segment achieved sales revenue of 671 million yuan, a year-on-year decrease of 13.54% [4] - The net profit attributable to shareholders was 27.75 million yuan, a year-on-year decrease of 66.08% [4] - The gross margin was 43.09%, up 1.62 percentage points year-on-year [4] - The company had approximately 1.44 billion yuan in orders in the display field, an increase of 88.48% compared to April 2025 [4] - The company is focusing on high-margin new products and deepening its layout in the AR/VR industry [4] New Energy Sector Performance - In the first half of 2025, the new energy sector achieved sales revenue of 120 million yuan, a year-on-year increase of 27.32% [4] - The gross margin was 28.74%, down 3.16 percentage points year-on-year [4] - The company had approximately 346 million yuan in orders in the new energy sector [4] - The company is optimizing its business structure and reallocating resources to its core business areas [4] Investment Forecast - The company adjusted its revenue forecasts for 2025-2027 to 3.316 billion, 4.112 billion, and 5.024 billion yuan respectively [5] - The net profit forecasts for the same period are 183 million, 329 million, and 560 million yuan respectively [5] - The diluted EPS is projected to be 0.65, 1.17, and 2.00 yuan [5] - The current stock price corresponds to PE multiples of 112, 62, and 36 times for 2025-2027 [6] - The company maintains an "overweight" rating due to its leadership in display and semiconductor testing equipment [6]

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]

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]

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]