[Table_Title] 证券研究报告 / 公司点评报告 单季营收创历史新高，稼动率提升修复盈利能力 事件： [Table_Summary] 2025 年 8 月 20 日，伟测科技发布 2025 年半年度报告。2025H1 公司实 现营收 6.34 亿元（yoy+47.53%），归母净利润 1.01 亿元（yoy+831.03%）， 毛利率 34.50%（yoy+5.94pct），归母净利率 15.94%（yoy+13.41pct）。 2025Q2 公司实现营收 3.49 亿元（yoy+41.68%），归母净利润 0.75 亿元 （yoy+573.34%）。 点评： 下游景气与稼动率修复共振，带动公司营收与利润大幅增长。公司 2025Q2 实现历史最高营收，主要受益于智能驾驶与 AI 浪潮驱动的下游 需求旺盛，以及公司前瞻性产能布局。2025H1 归母净利润增速显著快于 营收，体现经营杠杆效应；毛利率同比上行，主要受产能利用率提升带 动，目前整体产能利用率已达 90%。期间费用方面，销售/管理/研发/财 务费用率分别为 2.71%/6.39%/12.95%/5.22%，其中研发费用率同比下降 2.05pc ...

证券之星消息，2025年8月22日伟测科技（688372）发布公告称公司于2025年8月21日接受机构调研，鹏华基金、博时 基金、东兴基金、富国基金、中海基金、先锋基金、华宝基金、西部利得基金、天风证券、磐厚动量、嘉实基金、中 金资管、富安达基金、长信基金、UBS、中信保诚基金、长江证券、高毅资产、兴证全球基金、招商电子、中泰证 券、中邮证券、名禹资产、平安证券、长城证券、泰康基金、正圆私募、上银基金、华金证券、东海基金、光证资 管、全天候私募、汇丰前海证券、恒越基金、圆信永丰基金、国联民生、国信证券、上海亥鼎云天私募、创金合信基 金、广发证券、国泰基金、前海开源基金、利位投资、长安基金、易方达、中信证券、天朗私募、中信建投基金、华 夏久盈资产、南方基金、华夏基金、中金基金、砥俊资产、国融证券、百嘉基金、博普资产、途灵资产、圣为投资、 国海富兰克林基金、浦银安盛基金、禹田资产、五地私募、国信证券资产、中银基金、建信理财、东盈投资、笃诚私 募、瑞华投资、星石投资、泰信基金、华泰资产、南土资产、建信基金、浙商证券、华泰证券资产管理、中国人保健 康、淡水泉、东方红资产管理、方正证券、晨燕资产参与。 具体内容如下： ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][26] Core Views - The company achieved a revenue growth of 47.5% year-on-year in the first half of 2025, driven by increased penetration of smart driving, rising demand for data centers and AI computing power, and accelerated domestic substitution [1][2] - The company is expected to benefit from the demand for "high-end testing" and "high reliability testing" driven by chip localization [3] - The overall capacity utilization rate has reached over 90%, with ongoing expansion plans and significant investments in high-end testing equipment [2][3] Financial Performance Summary - In the first half of 2025, the company reported a revenue of 634 million yuan, a year-on-year increase of 47.53%, and a net profit attributable to the parent company of 101 million yuan, reflecting a year-on-year increase of 831% [1] - The gross profit margin improved by 5.9 percentage points to 34.50% in the first half of 2025 [1] - The company plans to invest 13 billion yuan in the second phase of its integrated circuit chip testing base project and 9.87 billion yuan in the Shanghai headquarters project to enhance market competitiveness [2][3] Earnings Forecast and Financial Indicators - Revenue projections for 2025 are set at 1,492 million yuan, with a year-on-year growth of 38.6% [4] - The net profit attributable to the parent company is forecasted to reach 217 million yuan in 2025, representing a year-on-year increase of 69.5% [4] - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 49, 38, and 28 times, respectively [3][4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][6]. Core Views - The company is a leading independent third-party testing enterprise in China, focusing on high-end chip testing. Since its establishment in 2016, it has developed a business model centered on independent integrated circuit testing services, expanding into wafer testing and finished chip testing. The company benefits from increased testing demand due to market recovery and new customers entering mass production, leading to improved capacity utilization and a significant increase in high-end product testing revenue, with projected revenue of 1.077 billion yuan and a net profit of 128 million yuan in 2024 [4][16]. - The high-end chip and advanced packaging processes are increasing the proportion of testing costs, with the Chinese mainland's chip testing service market expected to reach 100 billion yuan by 2030. The integrated circuit testing cost is estimated to account for 6%-8% of design revenue, with the market size for integrated circuit testing in China projected to be 38.3 billion yuan in 2023, growing by 6% year-on-year [4][33]. - The growth of Taiwanese leader King Yuan Electronics validates the independent third-party testing service model, which aligns with industry division trends. The independent third-party testing service model has proven effective in Taiwan and presents significant growth opportunities for domestic companies in the vast mainland market [4][33]. Summary by Sections Business Overview - The company has established itself as a leader in independent third-party testing services, focusing on high-end chip testing. It has expanded its service offerings to include wafer testing and finished chip testing, benefiting from increased demand and improved capacity utilization [4][10]. Financial Projections - Revenue projections for 2024-2027 are as follows: 1.077 billion yuan in 2024, 1.406 billion yuan in 2025, 1.833 billion yuan in 2026, and 2.309 billion yuan in 2027, with corresponding net profits of 128 million yuan, 195 million yuan, 311 million yuan, and 449 million yuan respectively. The projected P/E ratios for 2025-2027 are 45, 28, and 20 times [5][6]. Market Potential - The independent third-party testing service model is gaining traction in the semiconductor industry, with significant growth potential in the Chinese market. The company is well-positioned to capture market share as domestic chip design companies increasingly seek local testing solutions [4][33]. Customer Base - The company has built a diverse customer base, including major chip design, manufacturing, and packaging firms. The shift towards domestic testing services has accelerated due to geopolitical factors, enhancing the company's market position [27][29].