营收高速增长，亏损大幅减少，新获补助 中科飞测(688361) 证券研究报告 电子 / 公司点评 / 2025.09.01 投资评级:增持(维持) 核心观点 | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 99.62 | | 流通股本(亿股) | 2.48 | | 每股净资产(元) | 7.85 | | 总股本(亿股) | 3.22 | 最近 12 月市场表现 -6% 21% 48% 75% 102% 128% 中科飞测 沪深300 分析师 王雨然 SAC 证书编号：S0160524120003 wangyr01@ctsec.com 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 891 | 1,380 | 1,916 | 2,680 | ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 103.02 CNY per share, maintaining the rating [6]. Core Viewpoints - The company has achieved significant revenue growth driven by technological breakthroughs and accelerated domestic substitution demand, leading to an expansion of its customer base and order volume. Although the company has not yet turned a profit, the loss margin has narrowed significantly year-on-year [2][9]. - The company has increased its R&D investment and implemented equity incentives, which have led to higher share-based payment expenses, putting some pressure on short-term profits. The overall gross margin for H1 2025 was 54.31%, an increase of 8.08 percentage points year-on-year [2][9]. - The company has successfully mass-produced seven major devices and has established a complete yield management solution with nine series of equipment and three series of software, meeting the needs of leading domestic customers [3][4]. Financial Performance Summary - In H1 2025, the company achieved operating revenue of 702 million CNY, a year-on-year increase of 51.39%. The net profit attributable to the parent company was a loss of 18 million CNY, a year-on-year reduction in loss of 73.01% [1][2]. - For Q2 2025, the company reported operating revenue of 408 million CNY, a year-on-year increase of 78.73%, with a net profit loss of 3 million CNY, a year-on-year reduction in loss of 96.68% [1][2]. - The company expects revenues of 2.071 billion CNY, 3.023 billion CNY, and 4.202 billion CNY for the years 2025, 2026, and 2027, respectively, with net profits of 249 million CNY, 453 million CNY, and 636 million CNY for the same years [9][11].