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]

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].

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]

Core Insights - The company reported a significant increase in semiconductor revenue, with a year-on-year growth of 146% in H1 2025, driven by advanced measurement equipment and a recovery in the display and new energy sectors [1] - The company’s total revenue for H1 2025 was 1.381 billion yuan, representing a 23.20% increase year-on-year, although Q2 revenue saw a slight decline of 1.61% [1] - The company has a strong order backlog of 3.609 billion yuan, with semiconductor orders accounting for approximately 1.823 billion yuan, indicating that the semiconductor segment is the core driver of performance [1] Revenue Breakdown - Semiconductor revenue reached 563 million yuan in H1 2025, with a notable acceleration in growth compared to Q1 [1] - Display revenue was 671 million yuan, showing a decline of 13.54% year-on-year, while new energy revenue increased by 27.32% to 120 million yuan [1] Profitability Analysis - The company reported a net profit of 28 million yuan for H1 2025, but a net loss of 10 million yuan in Q2, reflecting a year-on-year decline of 115% [2] - The gross margin for H1 2025 was 44.05%, with semiconductor gross margins at 48.69%, indicating strong profitability in the semiconductor segment [2] - The decrease in investment income by 40.25 million yuan compared to the previous year was a major factor in the decline of overall profits [2] Market Position and Growth Potential - The semiconductor measurement equipment market is characterized by low domestic penetration and high profitability, with the company completing a full-field layout in semiconductor measurement [3] - The company is expanding into the semiconductor manufacturing and packaging industry, with revenue from this segment growing by 210% year-on-year to 299 million yuan in H1 2025 [3] Future Projections - Revenue forecasts for 2025-2027 are set at 3.247 billion, 4.095 billion, and 5.281 billion yuan, with corresponding net profit projections of 233 million, 441 million, and 731 million yuan [4] - The company maintains a strong market position and growth potential, with an "overweight" rating based on its competitive strength and growth prospects [4]

Group 1 - The company has received repeat orders for its film thickness series products, OCD equipment, and electron beam equipment in advanced domestic processes [1] - The company has completed the delivery and acceptance of key products for the 7nm advanced process, but specific details are confidential due to commercial sensitivity [1]

Core Viewpoint - The company Jingce Electronics (300567.SZ) has received repeat orders for its film thickness series products, OCD equipment, and electron beam equipment in advanced domestic processes [1] Group 1 - The company has completed the delivery and acceptance of its main products for the 7nm advanced process [1] - Specific details regarding the main products involve commercial confidentiality and industry-sensitive information, which cannot be disclosed further [1]

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]