金海通发布25Q3财报，25Q3收入1.74亿元，同比+138%/环比-2.6%；归母净利润0.49亿元， 同比+833%/环比-2.7%。公司下游封测行业边际复苏，细分市场客户不断增长，高端三温分选机 产品需求旺盛，**"**"评级。 25Q3收入同比高增长，利润同比大幅提升。 25Q3收入1.74亿元，同比+138%/环比-2.6%；归 母净利润0.49亿元，同比+833%/环比-2.7%；扣非净利润0.48亿元，同比+1413%/环 比-3.7%。公司收入利润同比均大幅增长，主要系下游半导体封测行业产能利用率提升，对分选机 等需求回暖。 下游封测行业景气度持续复苏，公司高端三温分选机持续放量。 国内封测厂商在经过2022-2023 年行业景气低谷之后，2024年至今整体稼动率持续复苏，同时资本支出亦有所恢复。受益于行业景 气度回暖，公司分选机产品收入同比增长明显。同时公司高端三温分选机在车规芯片等高端测试场 景持续放量，公司产品可用于-55℃~200℃的测试环境，EXCEED-9000系列收入占比不断提升， 9800系列针对效率要求更高的大规模、复杂测试需求。 点击招商研究小程序查看PDF报告原文 事件 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][7]. Core Views - The company's Q2 2025 profit is expected to show significant improvement, with a projected net profit of 0.44-0.58 billion yuan, representing a year-on-year increase of 79%-135.4% and a quarter-on-quarter increase of 72.8%-127.4% [1][7]. - The demand for high-end tri-temperature sorting machines continues to grow, benefiting from the marginal recovery in the downstream packaging and testing industry [7]. - The company is expected to achieve revenues of 6.77 billion yuan in 2025, with a net profit of 1.94 billion yuan, corresponding to a PE ratio of 27.2 [7]. Financial Data and Valuation - Total revenue is projected to increase from 347 million yuan in 2023 to 1.172 billion yuan in 2027, with a compound annual growth rate (CAGR) of 29% [2][9]. - The company's net profit is expected to grow from 85 million yuan in 2023 to 402 million yuan in 2027, reflecting a CAGR of 41% [2][9]. - The PE ratio is forecasted to decrease from 62.1 in 2023 to 13.1 in 2027, indicating improving valuation metrics over time [2][10]. Performance Metrics - The company's return on equity (ROE) is projected to improve from 6.6% in the most recent period to 20.5% by 2027 [3][10]. - The asset-liability ratio is expected to remain stable, increasing slightly from 19.0% in 2023 to 20.0% in 2026 and 2027 [3][10]. - The gross profit margin is anticipated to stabilize around 49% to 51% over the forecast period [10]. Market Position and Growth Drivers - The company has successfully expanded its product matrix, focusing on IGBT and advanced packaging, while also investing in four equipment companies to ensure long-term growth [7]. - The EXCEED-9000 series tri-temperature sorting machine is expected to account for over 25% of revenue in 2024, indicating strong market demand [7]. - The report highlights the company's strategic positioning in high-end testing environments, particularly for automotive-grade chips [7].