公 司 报 告 电子 精测电子(300567.SZ) 半导体持续发力，在手订单充足 推荐 ( 维持) 股价:67.83元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.wuhanjingce.com | | 大股东/持股 | 彭骞/25.06% | | 实际控制人 | 彭骞 | | 总股本(百万股) | 280 | | 流通A股(百万股) | 202 | | 流通B/H股(百万股) | | | 总市值(亿元) | 190 | | 流通A股市值(亿元) | 137 | | 每股净资产(元) | 12.71 | | 资产负债率(%) | 54.3 | 行情走势图 证券分析师 | 杨钟 | 投资咨询资格编号 | | --- | --- | | | S1060525080001 | | | yangzhong035@pingan.com.cn | | 徐勇 | 投资咨询资格编号 | | | S1060519090004 | S1060519090004 XUYONG318@pingan.com.cn 公 司 半 年 报 点 评 证 券 研 究 报 告 陈福栋 投资咨询资格编号 ...

Group 1: Report General Information - Reported company: Jingce Electronics [16] - Industry: Instrumentation [2] - Research date: June 12, 2025 [16] - Company representatives: Liu Binghua (Director, Secretary of the Board, Deputy General Manager), You Lijuan (Financial Controller) [16] Group 2: Research Institutions - Institutions involved: Investors participating in the 2025 Hubei - listed companies' investor collective reception day and 2024 annual performance briefing via Panorama Network [19] Group 3: Core Views - The company has significant advantages in semiconductor and display detection fields, with leading - position core products and growing orders [23][30] - The company aims to optimize business structure, focus on semiconductor and other advantageous fields, and promote the domestic substitution process of semiconductor detection equipment [33] Group 4: Company's Business Advantages Semiconductor Detection - Core products such as film - thickness series products, OCD equipment, electron - beam equipment, semiconductor silicon wafer stress measurement equipment, and bright - field optical defect detection equipment are in the leading position in the domestic industry [23][30] - Some products have obtained repeat orders from advanced - process customers, and others are under R & D, certification, and expansion [23][30] Display Detection - The company can provide detection systems for all major processes of flat - panel displays and has the advantage of providing integrated solutions based on "optics, mechanics, electricity, computing, and software" [23] Group 5: Overseas Business - In 2024, overseas revenue was 264,074,809.90 yuan, accounting for 10.30% [25] - Main products are detection equipment in the display and new - energy fields, mainly distributed in Vietnam, South Korea, the United States, etc. [25] Group 6: Equity Acquisition - The company plans to acquire a 4.825% stake in Shanghai Jingce through public tender, which is beneficial for optimizing the strategic layout and promoting semiconductor business development [25] Group 7: Shareholding in Shiya Technology - The company holds 6.0201% of Shiya Technology's shares, aiming to optimize the layout in the new - display technology field and expand business scope [26][27] Group 8: Company Performance in 2024 - Revenue was 2,565,073,000 yuan, a year - on - year increase of 5.59% [30] - Net profit attributable to shareholders was - 97,598,500 yuan, a year - on - year decrease of 165.02% [30] - Total assets at the end of the reporting period were 10,076,306,800 yuan, a 9.27% increase from the beginning [30] - Net assets attributable to shareholders were 3,463,816,800 yuan, a 6.52% decrease from the beginning [30] - R & D investment was 730,617,700 yuan, a 10.78% increase year - on - year, with semiconductor detection R & D investment increasing by 32.76% [30] Group 9: Order Status - As of April 25, 2025, total outstanding orders were about 2.844 billion yuan, including 764 million yuan in the display field, 1.668 billion yuan in the semiconductor field, and 412 million yuan in the new - energy field [32] Group 10: Future Plans - Optimize and adjust the business structure, focusing on semiconductor and other advantageous fields [33] - Increase R & D investment in the semiconductor field to promote domestic substitution of high - end detection equipment [33] - Promote R & D innovation in the new - energy field, expand overseas markets, and drive business growth [33]

Summary of Zhongke Feicai Conference Call Company Overview - **Company**: Zhongke Feicai - **Industry**: High-end semiconductor quality control equipment Key Points and Arguments Revenue Growth and Market Position - In 2024, Zhongke Feicai achieved revenue of approximately 1.38 billion yuan, a year-on-year increase of about 55% [3] - In Q1 2025, revenue reached approximately 294 million yuan, a year-on-year increase of about 25% [3] - Growth attributed to product diversification, expanded customer base, and increased market recognition [3] Research and Development (R&D) Investment - R&D investment accounted for 36.07% of revenue in 2024 and increased to 40.91% in Q1 2025 [2][5] - Significant R&D focus on new product development and upgrading existing products to break foreign monopolies [2] - R&D expenses included over 80 million yuan in share-based payment, contributing to the increase in R&D investment [4][13] Product Development and Order Trends - Average monthly new orders in 2024 were approximately 200 million yuan [2] - Advanced process products accounted for over 70% of total revenue in Q1 2025, significantly boosting gross margins [10] - The company has successfully upgraded various equipment series to meet advanced process requirements, with positive customer feedback [6][11] Gross Margin and Profitability - Gross margin increased to 58% in Q1 2025, driven by a higher proportion of revenue from advanced process equipment [9][10] - Despite a decline in profits due to increased R&D and share-based payment expenses, the company expects to achieve profitability in 2025 as R&D expense growth stabilizes [5][15] Competitive Landscape and Market Dynamics - The domestic measurement equipment industry is becoming increasingly competitive, particularly in the semiconductor sector [14] - Zhongke Feicai has established a strong market position with over 200 long-term customers and more than 1,000 units sold [14] - The company’s competitive advantages include rapid product iteration, a wide range of offerings, and strong customer trust [14] Impact of External Factors - The U.S. Entity List has had no substantial impact on Zhongke Feicai's supply chain or sales, as the company has diversified its supply chain and primarily sells in domestic and East Asian markets [17] - Domestic customers show strong willingness to purchase local equipment, influenced by U.S. sanctions and the growing trust in local products [21] Future Outlook - The company anticipates maintaining a revenue growth rate of around 50% for the full year 2025, despite potential quarterly fluctuations [15] - Orders are expected to continue growing steadily, with positive customer demand and ongoing product validation [15][21] Challenges and Considerations - The domestic measurement equipment industry faces challenges in achieving higher localization rates due to the variety of equipment types and the need for complete sets of measurement devices [22] - Key factors for wafer fabs in selecting equipment vendors include technology maturity, cost-effectiveness, and confidentiality [23][24] Product Innovations and Future Plans - The company is focusing on the development of electron beam-related products and plans to achieve product shipments in 2025 [4][18] - Ongoing efforts to validate and launch new products in the field of optical measurement equipment, including both single-wavelength and multi-spectral devices [20][27] This summary encapsulates the key insights from the conference call, highlighting Zhongke Feicai's growth trajectory, strategic focus on R&D, competitive positioning, and future outlook in the semiconductor quality control equipment industry.