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]

Group 1: Event Overview - The event "SEMICON Japan 2025" will take place from December 16 to 21, organized by Chip Superhero, focusing on exploring opportunities in the Japanese semiconductor industry [1][122] - Participants will visit renowned semiconductor companies and universities in Japan to gain insights into the industry [1][125] Group 2: Semiconductor Equipment Companies - Tokyo Precision (ACCRETECH) offers a diverse range of semiconductor manufacturing solutions, including measurement and packaging equipment [1] - Advantest specializes in automatic test equipment (ATE) widely used in semiconductor packaging and testing [2] - AMAYA manufactures APCVD equipment and semiconductor photomask cleaning agents, having acquired TOMCO MFG's equipment business in 2019 [3] - APIC YAMADA focuses on semiconductor manufacturing equipment, including molding and automation devices [4] - DISCO is a key supplier of cutting, grinding, and polishing equipment for semiconductor backend manufacturing, holding a leading position globally [22] Group 3: Semiconductor Material Companies - Shin-Etsu Chemical is one of the largest semiconductor silicon wafer manufacturers globally, with a leading market share in PVC and semiconductor silicon [76] - Sumco, established in 1999, is the second-largest semiconductor silicon wafer manufacturer, focusing on 12-inch wafers [77] - JSR Corporation holds significant market shares in rubber, plastic materials, and especially in photoresists and LCD materials [78] - Tokyo Ohka Kogyo is a leading global supplier of semiconductor photoresists, with various products holding the top market shares in their respective categories [80] - Sumitomo Bakelite is a leading company in the semiconductor packaging materials sector, particularly in epoxy molding compounds [82] Group 4: Event Highlights and Activities - The event will focus on the latest trends in the Asian semiconductor industry and provide opportunities for networking and business interactions [125] - Participants will have the chance to attend a networking dinner and visit local semiconductor companies and universities for in-depth discussions [125][126] - The itinerary includes visits to significant cultural sites in Japan, enhancing the overall experience for attendees [126]