Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has seen a significant increase in orders, with new signed orders reaching 2.445 billion yuan in 2025, a year-on-year growth of 33.96%. The total backlog of orders as of December 31, 2025, is 1.435 billion yuan, with the largest growth coming from the embodied intelligence solutions segment, which includes humanoid robots and autonomous logistics [8] - The company's revenue for 2025 is projected to be 1.79 billion yuan, reflecting an 11% year-on-year increase, while the net profit attributable to the parent company is expected to be 79 million yuan, a decrease of 37% year-on-year. This performance aligns with market expectations [5][8] - The semiconductor front-end defect detection equipment is accelerating its introduction to customers, with significant progress made in the TB1500 detection equipment for 40nm process nodes, and a focus on 28nm process node equipment expected to yield orders from multiple clients [8] Financial Data and Profit Forecast - The company forecasts total revenue of 2.283 billion yuan for 2026, with a year-on-year growth rate of 27.5%, and 2.78 billion yuan for 2027, with a growth rate of 21.8% [7] - The projected net profit for 2026 is 153 million yuan, with a significant recovery expected in 2027 at 203 million yuan, reflecting a growth rate of 32% [7] - The company's gross margin is expected to stabilize around 39.5% to 40.3% from 2025 to 2027, with a return on equity (ROE) projected to improve from 3.9% in 2025 to 8.4% in 2027 [7] Market Position and Competitive Landscape - The company is a partner of NVIDIA's Jetson Thor platform, which positions it well in the growing field of embodied intelligence, particularly as demand for humanoid robot controllers increases [8] - The company's valuation is compared to peers, with a projected price-to-earnings (PE) ratio of 145 for 2025, 75 for 2026, and 56 for 2027, indicating a potential for growth as the semiconductor business is expected to achieve breakthroughs [8]

上 市 公 司 公 司 研 究 / 公 司 点 评 2026 年 03 月 19 日 天准科技 (688003) ——在手订单大幅增长，半导体明场检测加速推进 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2026 年 03 月 18 日 | | --- | --- | | 收盘价（元） | 58.90 | | 一年内最高/最低（元） | 84.99/37.77 | | 市净率 | 6.1 | | 股息率%（分红/股价） | 0.85 | | 流通 A 股市值（百万元） | 11,445 | | 上证指数/深证成指 | 4,062.98/14,187.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 9.61 | | 资产负债率% | 51.38 | | 总股本/流通 A 股（百万） | 194/194 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -40% -20% 0% 20% 40% 60% 03-18 04-18 05-18 ...