【25Q1-Q3】营收22.7 亿元，同比+24%；归母净利1 亿元，同比+21.7%；毛利率45.8%，同比 +2.4pcts；归母净利率4.4%，同比-0.1pcts。 公司子公司武汉精鸿主要聚焦自动测试设备（ATE）领域（主要产品是存储芯片测试设备），老化 （Burn-In）产品线在国内一线客户实现批量重复订单、CP/FT 产品线相关产品已取得相应订单并完成 交付。在晶圆外观检测设备领域，公司于2019 年开始晶圆级产品的立项，现已成功推出W1200 系列与 WST1200 系列产品并交付封测头部客户。此外，公司自主研发的探针卡产品系列产品也已实现量产。 显示：逐渐走出周期底部，订单大幅增长 事件：公司发布2025 年三季报 【25Q3】营收8.9 亿，同比+25.4%、环比+28.6%，归母净利0.72 亿，同比+123.4%，环比扭亏；毛利率 为48.6%，同比+4.6pcts、环比+2.2pcts；归母净利率8.1%，同比+3.6pcts，环比+9.5pcts。 公司期间费用率逐步减少，提振盈利水平：25Q1-Q3 公司期间费用率为41.8%，同比减少7.3pcts；25Q3 公司期间费用率为39 ...

Investment Rating - The investment rating for the company is "Buy" [5][11] Core Views - The company is experiencing growth in its semiconductor testing equipment business, with significant revenue increases expected in the coming years. The semiconductor business is entering a ramp-up phase, and advanced packaging is anticipated to open new growth opportunities [11] - The company has reported a strong performance in the first three quarters of 2025, with revenue of 2.27 billion yuan, a year-on-year increase of 24%, and a net profit of 100 million yuan, up 21.7% year-on-year [7] - The company has a solid order backlog, with 1.79 billion yuan in hand orders as of October 28, 2025, representing a 6% increase from the previous year [8] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.27 billion yuan, with a gross margin of 45.8% and a net profit margin of 4.4% [7] - In Q3 2025, revenue reached 890 million yuan, a year-on-year increase of 25.4%, and a net profit of 72 million yuan, reflecting a significant recovery [7] Market Position and Industry Trends - The company is positioned as a leader in the domestic semiconductor testing equipment market, with its main products including front-end and back-end testing equipment [8] - The flat panel display industry is recovering, with significant order growth expected, particularly in the LCD and OLED segments [10] Future Projections - The company's revenue is projected to grow significantly, with estimates of 3.12 billion yuan in 2025 and 4.91 billion yuan in 2027, reflecting a compound annual growth rate [5][11] - The net profit is expected to recover to 196 million yuan in 2025 and reach 579 million yuan by 2027, indicating a strong turnaround [5][11]