9月3日，精测电子跌1.76%，成交额7.89亿元。两融数据显示，当日精测电子获融资买入额9684.82万 元，融资偿还1.16亿元，融资净买入-1888.11万元。截至9月3日，精测电子融资融券余额合计12.67亿 元。 融资方面，精测电子当日融资买入9684.82万元。当前融资余额12.58亿元，占流通市值的6.39%，融资 余额超过近一年90%分位水平，处于高位。 融券方面，精测电子9月3日融券偿还1.36万股，融券卖出7300.00股，按当日收盘价计算，卖出金额 51.42万元；融券余量11.83万股，融券余额833.31万元，超过近一年90%分位水平，处于高位。 截至8月10日，精测电子股东户数2.92万，较上期增加5.59%；人均流通股6920股，较上期减少5.30%。 2025年1月-6月，精测电子实现营业收入13.81亿元，同比增长23.20%；归母净利润2766.64万元，同比减 少44.48%。 分红方面，精测电子A股上市后累计派现5.30亿元。近三年，累计派现1.36亿元。 机构持仓方面，截止2025年6月30日，精测电子十大流通股东中，银华集成电路混合A（013840）位居 第三大流通 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's revenue in Q1 2025 increased by 64.92% year-on-year, driven by the recovery in the display business and accelerated growth in the semiconductor business [1][22] - The semiconductor business achieved a revenue of 7.68 billion yuan in 2024, representing a year-on-year growth of 94.65%, with a significant portion of R&D investment focused on this area [1][8] - The display business showed a robust recovery with a revenue of 3.82 billion yuan in Q1 2025, up 42.46% year-on-year, supported by emerging applications in AR/VR and OLED technology [2][11] Summary by Sections Revenue and Profitability - In 2024, the company reported a revenue of 25.65 billion yuan, a year-on-year increase of 5.59%, but a net loss of 0.98 billion yuan, down 165.02% year-on-year due to price adjustments in display products and losses in the new energy sector [1][25] - Q1 2025 saw a net profit of 0.38 billion yuan, a significant increase of 336.1% year-on-year, indicating a recovery in profitability [1][25] Semiconductor Business - The semiconductor business generated a revenue of 2.12 billion yuan in Q1 2025, a year-on-year increase of 63.71%, with an order backlog of 16.68 billion yuan, accounting for 59% of total orders [2][8] - The company has successfully delivered advanced process equipment for 14nm and 7nm nodes, with ongoing validation for even more advanced processes [2][8] Display Business - The display business achieved a revenue of 3.82 billion yuan in Q1 2025, reflecting a year-on-year growth of 42.46%, with an order backlog of approximately 7.64 billion yuan [2][11] - The company is well-positioned to benefit from the maturation of OLED technology and new investments in large-size OLED projects [2][11] R&D Investment - R&D investment in Q1 2025 increased by 11.4% year-on-year, with a focus on the semiconductor sector, which accounted for 50.3% of total R&D spending [3][17] - The company is committed to enhancing its technological capabilities across its business segments, particularly in semiconductor and display detection technologies [3][17] Financial Forecast - The company is expected to achieve revenues of 32.69 billion yuan, 40.20 billion yuan, and 47.00 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 2.07 billion yuan, 3.26 billion yuan, and 4.61 billion yuan [33][37] - The projected compound annual growth rate (CAGR) for revenue from 2025 to 2027 is approximately 29%, 23%, and 17% [33][37]

Core Viewpoint - The company reported a revenue of 2.544 billion yuan in Q1 2025, marking a year-on-year increase of 3.32% while focusing on its core business areas of Micro LED, Mini LED chips, and mass transfer technology [1] Group 1 - The company achieved a revenue of 2.544 billion yuan in Q1 2025 [1] - There was a year-on-year revenue growth of 3.32% [1] - The company is concentrating on three main business segments: Micro LED, Mini LED chips, and mass transfer technology [1] Group 2 - The company is advancing its optoelectronic business from technology research and development to industrialization [1]