量检测设备盈利水平出色，投资收益项拖累整体利润表现2025H1 公司归母净利润/扣非归母净利润为 0.28/-0.25 亿元，其中Q2 为-0.10/-0.37 亿元，同比-115%/-280%，出现亏损。但进一步拆分，25H1 半导 体业务实现净利润1.58 亿元，其中上海精测/精积微净利润为9980/6929 万元，前道设备盈利水平出色。 2025H1 公司净利率/扣非净利率为2.00%/-1.84%，分别同比-2.44/-1.57pct，具体来看： 1）毛利端：25H1 毛利率为44.05%，同比+0.96pct，其中Q2 为46.35%，同比+3.26pct。分业务看，半导 体毛利率为48.69%，同比+8.09pct，我们判断系先进设备确收带动；2）费用端：25H1 期间费用率为 43.53%，同比-6.97pct，其中销售/管理/财务/研发分别同比-2.18/-1.52/-0.11/-3.15pct，系规模效应显现； 事件概述 公司发布2025 年半年度报告。 半导体营收翻倍以上高增，先进量检测设备快速突破2025H1 公司收入为13.81 亿元，同比+23.20%；其 中Q2 为6.92 亿元， ...

Summary of the Conference Call for 精智达 Industry and Company Overview - The conference call focuses on 精智达, a company in the semiconductor and display testing industry, with significant developments expected from 2025 to 2027 [2][4]. Key Points and Arguments Semiconductor Business Growth - 精智达's semiconductor business is projected to double its revenue from 2025 to 2027, with gross margins exceeding 40% [2][4]. - The company has a strong partnership with 长鑫存储, holding over 50% market share in aging repair equipment, and expects new orders to grow by 100% in 2025, contributing approximately 2 billion RMB in revenue [2][4]. Display Testing Sector - The company ranks among the top three in domestic AMOLED testing and is accelerating its overseas market penetration [2][4]. - The application of Mini LED and Micro LED technologies is anticipated to create a second growth curve, with display business orders expected to grow by 15% to 20% from 2025 to 2026 [2][4]. Product Ecosystem and Customization - 精智达 has developed a product platform ecosystem that allows for breakthroughs in aging equipment and CPFT testing machines, enabling rapid response to customer needs with customized testing solutions [2][12]. Comprehensive Coverage in Storage - The company has achieved full coverage in the storage sector, including CP and FT testing, ensuring chip functionality meets design requirements [2][13]. - Domestic manufacturers like 长鑫存储 and 晋华 are expanding production, which is expected to benefit 精智达 in the coming years [2][13]. Market Demand for Testing Equipment - The testing and aging equipment market is expected to grow rapidly from 2025 to 2026, with significant investments projected [2][14]. - Each 100,000 DMS equipment investment totals approximately 5 billion RMB, with FT testing machines, CP testing machines, and aging equipment accounting for 36%, 34%, and 30% respectively [2][14]. Financial Performance and Projections - From 2019 to 2025, the company's revenue growth has been stable at 20% to 50%, with a peak growth rate of over 60% in 2021 [7]. - Net profit margins have remained between 15% and 17%, with gross margins slightly above industry averages [8]. Competitive Advantages - 精智达 has notable advantages in resource acquisition, performance enhancement, and compatibility with silicon carbide needles, aligning closely with international benchmarks [18]. - The company is expected to capture a significant market share in the coming years due to its first-mover advantage [18]. Valuation Insights - The overall valuation of 精智达 is projected to exceed 10 billion RMB, with current market capitalization around 7 billion RMB, indicating substantial upside potential [4][24]. - The company is recommended for investor attention due to its favorable valuation and growth prospects [24]. Recommendations for Investors - Investors are advised to focus on 精智达's future growth potential, especially in light of its strong market position and expected revenue increases [25]. Other Important Insights - The company has undergone three major development phases since its establishment in 2011, leading to its current position in the semiconductor testing and display detection industry [6]. - The expansion plans of leading manufacturers like 长鑫 and 长城 are expected to drive high growth in the related equipment market over the next couple of years [17].

Investment Rating - The report assigns a "Buy" rating for the company, with a first-time coverage [1]. Core Views - The company, Jingzhida (688627), is positioned as a leading domestic semiconductor testing and display inspection equipment provider, benefiting from the expansion of the storage industry and advancements in display technology [8]. - The semiconductor testing segment is expected to see significant growth, particularly in the HBM (High Bandwidth Memory) testing equipment, with a projected CAGR of 100% from 2025 to 2027 [8]. - The display inspection business is also anticipated to maintain a growth rate of 15%-20% in orders from 2025 to 2026, solidifying the company's performance [8]. - The company has established strong customer relationships, particularly with leading clients like Changxin Storage, which is expected to drive substantial order growth in semiconductor equipment [8]. Summary by Sections 1. Company Overview - Jingzhida focuses on panel detection and semiconductor testing equipment, evolving through three main development phases since its establishment in 2011 [13][14]. - The company has a diversified product matrix covering display detection and semiconductor storage testing equipment, positioning it as a leader in domestic substitution [36]. 2. Financial Performance - The company's revenue is projected to grow from 648.56 million yuan in 2023 to 2.6 billion yuan in 2027, with a CAGR of 44.44% [1]. - The net profit is expected to increase significantly, reaching 521.66 million yuan by 2027, with a notable growth rate of 149.63% in 2025 [1]. 3. Product Matrix - The company offers a comprehensive range of products, including CP testing machines, FT testing machines, aging testing equipment, and probe cards, covering all critical aspects of semiconductor testing [36][43]. - In the display inspection sector, the company provides solutions for Micro LED and OLED technologies, enhancing its market share and competitiveness [36]. 4. Market Position and Growth Potential - The company is well-positioned to capture the growing demand for semiconductor testing equipment, particularly as major storage manufacturers expand their production capacities [51]. - The expected increase in equipment demand is driven by the complexity and higher investment requirements associated with HBM testing, which is projected to be ten times that of DRAM [57].