Event Overview - The company released its Q3 financial report, showing a revenue of 2.255 billion yuan for the first three quarters of 2025, a year-on-year increase of 4.31%, with Q3 revenue reaching 845 million yuan, up 13.72%, marking a record high for a single quarter. The semiconductor business has become the core growth driver [1] - The semiconductor segment benefits from accelerated domestic substitution, with the company strengthening collaborations with domestic wafer fabs and equipment manufacturers, leading to sustained revenue growth. The food segment is expected to remain stable, with no significant improvement in downstream demand in the short term [1] Financial Performance - The company's net profit attributable to shareholders for the first three quarters of 2025 was 145 million yuan, a year-on-year decrease of 26.66%, with Q3 net profit at 37.14 million yuan, down 35.46%. The decline is primarily due to capacity ramp-up and increased expansion costs [1] - The gross margin for Q3 was 22.73%, a decrease of 1.19 percentage points year-on-year, attributed to the impact of new factories in Taiwan and Malaysia, which have lower capacity utilization rates, along with price pressures in the semiconductor business. The net profit margin was 4.38%, down 3.36 percentage points year-on-year, influenced by the decline in gross margin and increased expenses from expansion efforts in subsidiaries [1] Expansion Plans - The company announced that its subsidiary, Fangxin Precision, plans to invest 2 billion yuan to expand production of gas distribution plates, aluminum chambers, and precision cleaning services for semiconductor equipment, with an expected annual output value of 1.5 billion yuan, further enhancing the company's competitiveness [2] - Other companies in the sector, such as Jiangfeng Electronics and Fuchuang Precision, are also actively expanding production, reflecting optimistic expectations in the domestic market, with upstream components expected to benefit first [2] Investment Outlook - Considering the impact of overseas business and expansion expenditures, the company adjusted its revenue forecasts for 2025-2027 to 2.998 billion, 3.426 billion, and 4.157 billion yuan, with corresponding net profit forecasts of 191 million, 231 million, and 293 million yuan. The EPS estimates were revised to 0.47, 0.57, and 0.72 yuan [3] - The company's stock price of 61.29 yuan as of October 28, 2025, corresponds to PE ratios of 131, 108, and 85 times, benefiting from the domestic release of semiconductor equipment and being a core target for self-control [3]

证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 29 日 | [Table_DataInfo] 评级： | 增持 | 股票代码： | 300260 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 78.07/22.67 | | 目标价格： | | 总市值(亿) | 249.94 | | 最新收盘价： | 61.29 | 自由流通市值(亿) | 176.29 | | | | 自由流通股数(百万) | 287.64 | [Table_Summary] 事件概述 公司发布三季报。 ► 国内核心大客户放量，半导体业务保持较快增长 25Q1-3 公司收入 22.55 亿元，同比+4.31%，其中 Q3 为 8.45 亿元，同比+13.72%，单季度营收创新高，尤其是半 导体成为核心增长动力，具体来看：1）半导体：受益国产替代加速，公司加强于国内晶圆厂和设备商合作，巩 固产业链地位，收入规模将持续实现增长；2）食品：预计整体保持稳定，短期内下游需求未见明显改善，公司 依靠现有业务模式和设备领域的优势，维持现有市场份额，预计全 ...