公 司 研 究 精智达（688627.SH）：半导体测试 领域业务快速增长，多项研发项目 已取得订单 2025 年 9 月 4 日 推荐/维持 精智达 公司报告 ——2025 年半年报业绩点评 事件： 2025 年 8 月 30 日，精智达发布 2025 年半年度报告：公司 2025 年上半年实 现营业收入 4.44 亿元，同比上升 22.68%，实现归母净利润 3058.7 万元，同 比下降 19.94%。 点评： 公司 2025 年上半年业绩增长亮眼，半导体测试领域业务保持快速增长。2025 上半年实现营收 4.44 亿元，同比上升 22.68%，归母净利润 3058.7 万元，同 比下降 19.94%。主要系公司销售规模扩大所致，同时本期薪酬费用等同比增 加导致利润下降。2025Q2 实现营收 2.92 亿元，同比增长 4.65%，归母净利 润 0.47 亿元，同比下降 11.1%，毛利率为 40.40%，环比增加 12.69pct，同比 下降 2.81pct。分业务来看： 1）半导体测试设备领域业务保持快速增长，实现业务收入 3.13 亿元，同比增 长 376.52%。主要由于全球存储及 AI 领域订 ...

证券研究报告：机械设备 | 公司点评报告 发布时间：2025-09-02 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 112.27 | | --- | --- | | 总股本/流通股本（亿股）0.94 | / 0.72 | | 总市值/流通市值（亿元）106 | / 81 | | 52 周内最高/最低价 | 112.27 / 37.67 | | 资产负债率(%) | 15.1% | | 市盈率 | 131.13 | | 第一大股东 | 张滨 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 买入 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 -8% 11% 30% 49% 68% 87% 106% 125% 144% 163% 精智达 机械设备 精智达(688627) 半导体业务高增 l 事件 8月29日，公 ...

Group 1: Financial Performance - 阳光诺和预计2025年营业收入将较2024年增长不低于10%[1] - 九号公司2025年营业收入预计为2509百万，较2024年增长40%[1] - 牧原股份2025年预计销量高速增长，2025年净利润增速为26%[1] Group 2: Market Trends and Risks - STC007新药研发进展领先，市场空间较大，潜在BD预期将增厚利润[1] - 美团外卖在补贴力度升级下可能受到影响，但长期看具备运营效率优势[1] - 华友钴业受益于刚果金延长出口禁令，钴价有望上涨[1] Group 3: Strategic Developments - 精智达预计2025年半导体设备收入将达到5亿，是2024年的两倍[1] - 阳光电源在全球储能市场具备竞争优势，预计2025年净利润具备高增潜力[1] - 广和通布局具身智能机器人，供货全球头部机器人公司[1]

Company and Industry Summary Company: Jindawei Key Financial Performance - In Q1 2025, Jindawei reported revenue of 152 million, a year-on-year increase of 83%, with semiconductor business contributing 111 million, although gross margin declined to 27% [2][3] - For 2024, display business revenue was 553 million, a 2% decrease year-on-year, with a gross margin of 33%. Growth in 2025 is expected from 8.6 generation line testing equipment, with revenue anticipated to remain flat and gross margin improving to approximately 45% [2][5] Semiconductor Business Insights - Jindawei's semiconductor business achieved significant growth in 2024, with revenue reaching 249 million, a twofold increase, primarily driven by demand from Changxin and Peidun. The gross margin for this segment was 32.38%, up by 5.54 percentage points due to scale delivery [3] - The company expects to secure at least 1.3 billion in orders for 2025, with 60% from the semiconductor sector, translating to approximately 800 million in new orders, of which testing machine orders account for 20-30%, around 250 million [3][7] Market Potential and Growth Projections - The semiconductor industry's long-term market potential is estimated based on an annual expansion of 50,000 wafers, corresponding to a 2.5 billion market for testing equipment and probe cards. Jindawei's market share assumptions are 40% for aging equipment and probe cards, and 30% for CP and FT testing machines [4][9] - Peak revenue for the semiconductor business is projected to reach 1.6 billion, with a net margin of 30%, resulting in profits of approximately 333 to 355 million. The conservative long-term market valuation for the company could exceed 12 billion, indicating substantial growth potential [4][9] Display Business Outlook - The display business is expected to maintain revenue levels in 2025, with gross margin projected to improve to 45% as the share of 8.6 generation line revenue increases [5][7] Product Development and Market Position - Jindawei continues to enhance its market share in probe cards and aging testing equipment. The company secured bulk orders for general testing machines and has begun validation of FT testing machines at customer sites [6] - Ongoing developments include high-speed FT testing machines and upgraded CP testing instruments, with new products like SoC testing machines and NAND Flash testing systems in the pipeline, positioning the company as a potential leader in the testing machine sector [6] Stock Price Catalysts - Key factors that may catalyze the company's stock price include the impact of HBM-related tenders and listings from Changxin Technology, as well as the progress of new product validations [10]