[Table_Title] 证券研究报告 / 公司点评报告 单季营收创历史新高，稼动率提升修复盈利能力 事件： [Table_Summary] 2025 年 8 月 20 日，伟测科技发布 2025 年半年度报告。2025H1 公司实 现营收 6.34 亿元（yoy+47.53%），归母净利润 1.01 亿元（yoy+831.03%）， 毛利率 34.50%（yoy+5.94pct），归母净利率 15.94%（yoy+13.41pct）。 2025Q2 公司实现营收 3.49 亿元（yoy+41.68%），归母净利润 0.75 亿元 （yoy+573.34%）。 点评： 下游景气与稼动率修复共振，带动公司营收与利润大幅增长。公司 2025Q2 实现历史最高营收，主要受益于智能驾驶与 AI 浪潮驱动的下游 需求旺盛，以及公司前瞻性产能布局。2025H1 归母净利润增速显著快于 营收，体现经营杠杆效应；毛利率同比上行，主要受产能利用率提升带 动，目前整体产能利用率已达 90%。期间费用方面，销售/管理/研发/财 务费用率分别为 2.71%/6.39%/12.95%/5.22%，其中研发费用率同比下降 2.05pc ...

证券之星消息，2025年8月22日伟测科技（688372）发布公告称公司于2025年8月21日接受机构调研，鹏华基金、博时 基金、东兴基金、富国基金、中海基金、先锋基金、华宝基金、西部利得基金、天风证券、磐厚动量、嘉实基金、中 金资管、富安达基金、长信基金、UBS、中信保诚基金、长江证券、高毅资产、兴证全球基金、招商电子、中泰证 券、中邮证券、名禹资产、平安证券、长城证券、泰康基金、正圆私募、上银基金、华金证券、东海基金、光证资 管、全天候私募、汇丰前海证券、恒越基金、圆信永丰基金、国联民生、国信证券、上海亥鼎云天私募、创金合信基 金、广发证券、国泰基金、前海开源基金、利位投资、长安基金、易方达、中信证券、天朗私募、中信建投基金、华 夏久盈资产、南方基金、华夏基金、中金基金、砥俊资产、国融证券、百嘉基金、博普资产、途灵资产、圣为投资、 国海富兰克林基金、浦银安盛基金、禹田资产、五地私募、国信证券资产、中银基金、建信理财、东盈投资、笃诚私 募、瑞华投资、星石投资、泰信基金、华泰资产、南土资产、建信基金、浙商证券、华泰证券资产管理、中国人保健 康、淡水泉、东方红资产管理、方正证券、晨燕资产参与。 具体内容如下： ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][26] Core Views - The company achieved a revenue growth of 47.5% year-on-year in the first half of 2025, driven by increased penetration of smart driving, rising demand for data centers and AI computing power, and accelerated domestic substitution [1][2] - The company is expected to benefit from the demand for "high-end testing" and "high reliability testing" driven by chip localization [3] - The overall capacity utilization rate has reached over 90%, with ongoing expansion plans and significant investments in high-end testing equipment [2][3] Financial Performance Summary - In the first half of 2025, the company reported a revenue of 634 million yuan, a year-on-year increase of 47.53%, and a net profit attributable to the parent company of 101 million yuan, reflecting a year-on-year increase of 831% [1] - The gross profit margin improved by 5.9 percentage points to 34.50% in the first half of 2025 [1] - The company plans to invest 13 billion yuan in the second phase of its integrated circuit chip testing base project and 9.87 billion yuan in the Shanghai headquarters project to enhance market competitiveness [2][3] Earnings Forecast and Financial Indicators - Revenue projections for 2025 are set at 1,492 million yuan, with a year-on-year growth of 38.6% [4] - The net profit attributable to the parent company is forecasted to reach 217 million yuan in 2025, representing a year-on-year increase of 69.5% [4] - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 49, 38, and 28 times, respectively [3][4]

外包半导体测试服务是指半导体企业将其半导体产品测试环节委托给专业的第三方测试服务提供商来完成的一种业务模式。这些专业测试服务提 供商拥有专业的测试设备、技术团队和测试场地，能够按照客户的要求对半导体芯片、晶圆或封装后的半导体器件进行各类测试，涵盖了从芯片 设计验证、晶圆测试、芯片封装测试到系统级测试等多个环节。 全球市场 外包半导体测试服务 市场规模（销售额） , 2020 VS 2024 VS 2031 （百万美元） 2024 年，全球外包半导体测试服务市场的营业额约为 8,544.72 百万美元，预计到 2031 年将达到 14,097.76 百万美元。我们预计 2025-2031 年全球 营业额的复合年增长率为 6.80% 。随着半导体产业的发展，专业化分工趋势加深，以 Fabless+Foundry+OSAT 为代表的半导体专业分工模式成为 主流。在这种模式下，检测环节采取 Labless 模式，即将检测业务分包给第三方机构完成，有效协同各产业链，提高研发效率。越来越多的企业 倾向于将非核心的测试业务外包，以专注于自身的核心竞争力，这为外包半导体测试服务市场带来了广阔的发展空间。 全球各国政府都在大力 ...

Core Viewpoint - The company reported a decline in revenue and profitability due to a challenging market environment, particularly in the consumer chip testing segment, while the new Lingang project is progressing as planned without any early or delayed completion issues [1][2][4]. Financial Performance - In 2024, the company achieved a revenue of 276 million yuan, a year-on-year decrease of 12.43%, and incurred a loss of 42.03 million yuan, transitioning from profit to loss [2]. - The revenue from wafer testing dropped by 34.28% year-on-year, influenced by increased competition and a decrease in average service prices [3][4]. Market Conditions - The integrated circuit industry is experiencing structural differentiation, with weak demand for consumer chips and a growing demand for high-end automotive and AI chips that has not compensated for the overall decline [2][3]. - The testing service market is characterized by intense homogenization, leading to a decrease in service prices and impacting overall revenue [2][3]. Project Development - The Lingang integrated circuit testing industrialization project is on track, with a total budget of 800 million yuan and an expected construction period of around two years. As of May 31, 2025, 745 million yuan has been invested, with 650 million yuan already capitalized [4][5]. - The project has begun trial production in the first half of 2024 and officially commenced production in June, contributing to increased revenue in the fourth quarter [4][5]. Client Dynamics - The company faced instability in downstream customer demand, with significant revenue decline from a major client, which saw a year-on-year decrease of 71.82%, reducing its contribution to total revenue from 21.85% in 2023 to 7.03% in 2024 [2][3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][6]. Core Views - The company is a leading independent third-party testing enterprise in China, focusing on high-end chip testing. Since its establishment in 2016, it has developed a business model centered on independent integrated circuit testing services, expanding into wafer testing and finished chip testing. The company benefits from increased testing demand due to market recovery and new customers entering mass production, leading to improved capacity utilization and a significant increase in high-end product testing revenue, with projected revenue of 1.077 billion yuan and a net profit of 128 million yuan in 2024 [4][16]. - The high-end chip and advanced packaging processes are increasing the proportion of testing costs, with the Chinese mainland's chip testing service market expected to reach 100 billion yuan by 2030. The integrated circuit testing cost is estimated to account for 6%-8% of design revenue, with the market size for integrated circuit testing in China projected to be 38.3 billion yuan in 2023, growing by 6% year-on-year [4][33]. - The growth of Taiwanese leader King Yuan Electronics validates the independent third-party testing service model, which aligns with industry division trends. The independent third-party testing service model has proven effective in Taiwan and presents significant growth opportunities for domestic companies in the vast mainland market [4][33]. Summary by Sections Business Overview - The company has established itself as a leader in independent third-party testing services, focusing on high-end chip testing. It has expanded its service offerings to include wafer testing and finished chip testing, benefiting from increased demand and improved capacity utilization [4][10]. Financial Projections - Revenue projections for 2024-2027 are as follows: 1.077 billion yuan in 2024, 1.406 billion yuan in 2025, 1.833 billion yuan in 2026, and 2.309 billion yuan in 2027, with corresponding net profits of 128 million yuan, 195 million yuan, 311 million yuan, and 449 million yuan respectively. The projected P/E ratios for 2025-2027 are 45, 28, and 20 times [5][6]. Market Potential - The independent third-party testing service model is gaining traction in the semiconductor industry, with significant growth potential in the Chinese market. The company is well-positioned to capture market share as domestic chip design companies increasingly seek local testing solutions [4][33]. Customer Base - The company has built a diverse customer base, including major chip design, manufacturing, and packaging firms. The shift towards domestic testing services has accelerated due to geopolitical factors, enhancing the company's market position [27][29].

Core Viewpoint - The global semiconductor testing services market is projected to reach $21.02 billion by 2031, with a compound annual growth rate (CAGR) of 6.9% from 2025 to 2031 [1]. Market Overview - Semiconductor testing services involve specialized techniques to detect defects and verify product compliance throughout the semiconductor supply chain, including wafer testing, finished product testing, and laboratory analysis [1]. - The market is dominated by wafer testing, which accounts for approximately 45.8% of the total market share [5][9]. - The primary application for semiconductor testing services is in computing and networking, representing about 52.8% of the market [11]. Market Players - Major global semiconductor testing service providers include ASE Group, TSMC, and Samsung, with the top five companies holding around 41.0% of the market share in 2024 [4][20]. Market Drivers - The shift in the global semiconductor supply chain and domestic substitution is driving growth in the semiconductor industry, particularly in China, which is the largest single regional market [14]. - Emerging industries such as 5G, smart vehicles, and AI are increasing demand for semiconductor products, necessitating enhanced testing services to ensure reliability and performance [14]. - The advancement of semiconductor processes requires stringent quality control, leading to higher demand for testing services [15]. - The trend towards specialization in the semiconductor industry, including the Fabless+Foundry+OSAT model, is fostering the growth of independent testing services [15]. Market Challenges - The semiconductor testing industry faces technical challenges due to the increasing complexity of integrated circuit processes, requiring advanced testing technologies [16][18]. - There is a high dependency on imported high-end measurement and testing equipment, with domestic production rates remaining low [18]. - Financial pressures arise from the need for expensive high-end equipment and ongoing investments in technology and talent development [18][19]. - A shortage of skilled professionals in the semiconductor testing field poses a risk to the industry's growth and competitiveness [19]. - The market is becoming increasingly competitive, with many new entrants, making it essential for companies to enhance their technological capabilities and service quality [19].