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， ...

Core Viewpoint - The company's performance has fallen short of expectations, prompting increased investment in the semiconductor sector and ongoing improvements in product layout, while the display segment is gradually stabilizing and recovering with proactive new product development [1] Financial Performance - The company's revenue for 2024 is projected at 2.565 billion yuan, representing a 5.59% increase, while the net profit attributable to shareholders is expected to be -98 million yuan, a decline of 165%. The non-recurring net profit is forecasted at -159 million yuan, down 582% [3] - In Q4 2024, revenue is expected to be 734 million yuan, a decrease of 16.97%, with a net profit of -180 million yuan, down 210.5%. For Q1 2025, revenue is projected at 689 million yuan, an increase of 64.92%, with a net profit of 38 million yuan, up 336% [3] - The gross margin for 2024 is expected to be 39.97%, down 8.98 percentage points year-on-year, while the net margin is projected at -8.69%, down 12.37 percentage points year-on-year. For Q1 2025, the gross margin is expected to be 41.75%, down 5.26 percentage points year-on-year, and the net margin is projected at 4.40%, up 13.97 percentage points year-on-year [3] Semiconductor Sector - The semiconductor segment's revenue for 2024 is projected at 768 million yuan, an increase of 94.65%, with Q1 2025 revenue expected to be approximately 212 million yuan, up 63.71%. The order backlog for the semiconductor sector as of April 24, 2025, is 1.668 billion yuan [4] - R&D investment in the semiconductor sector for 2024 is expected to be 358 million yuan, an increase of 32.76%. The company is enhancing its layout in front-end, advanced packaging, and back-end fields, with successful orders in advanced process equipment and ongoing development in dark field technology [4] Display Sector - The display segment's revenue for Q1 2025 is projected at 382 million yuan, an increase of 42.46%. The order backlog for the display and new energy sectors as of April 24, 2025, is 764 million yuan and 412 million yuan, respectively [4] - The company is intensifying R&D efforts in panel front-end, mid-end, and back-end process equipment, as well as in new display products such as OLED and Micro-OLED, aiming to expand its presence among overseas core customers [4]