Core Viewpoint - The company has shown strong financial performance in Q3 2025, with significant revenue growth and improved profitability metrics, indicating a positive trend in its operational efficiency and market demand [1][4]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 2.27 billion, a year-on-year increase of 24%, and a net profit attributable to shareholders of 100 million, up 21.7% year-on-year [1]. - In Q3 2025, revenue reached 890 million, reflecting a year-on-year growth of 25.4% and a quarter-on-quarter increase of 28.6%. The net profit attributable to shareholders was 72 million, a significant year-on-year increase of 123.4% and a return to profitability [1]. - The gross margin for Q3 2025 was 48.6%, up 4.6 percentage points year-on-year, while the net profit margin was 8.1%, an increase of 3.6 percentage points year-on-year [1]. - The company's expense ratio has been decreasing, with a year-to-date expense ratio of 41.8%, down 7.3 percentage points year-on-year, and a Q3 expense ratio of 39.1%, down 7.7 percentage points year-on-year [1]. Semiconductor Industry - The company is actively involved in the semiconductor sector, focusing on both front-end and back-end testing equipment. Key products include thickness measurement systems and defect detection systems [2]. - In Q3 2025, the semiconductor segment generated revenue of 270 million, a year-on-year increase of 48.7%. The company has an order backlog of 1.79 billion as of October 28, 2025, up 6% from the previous year [2]. Display Industry - The flat panel display industry is recovering from a cyclical low, with significant growth in orders. The company reported Q3 2025 revenue of 560 million, a year-on-year increase of 14.7%, and an order backlog of 1.24 billion, up 49% year-on-year [3]. Investment Outlook - Based on the company's performance in the first three quarters and its growth phase, net profit forecasts for 2025-2026 have been adjusted to 200 million and 390 million, respectively. A new forecast for 2027 net profit is set at 580 million, with corresponding PE ratios of 112, 57, and 38 [4]. - The company is positioned as a leader in the domestic semiconductor testing equipment market, with its semiconductor business entering a growth phase and advanced packaging expected to open new growth opportunities [4].

Event Overview - In the first half of 2025, the company reported operating revenue of 1.381 billion yuan, a year-on-year increase of 23.2% [1] - The net profit attributable to shareholders was 28 million yuan, a year-on-year decrease of 44.48% [1] - The gross margin was 44.05%, up 0.96 percentage points year-on-year, while the net profit margin was 7.44%, up 3.5 percentage points year-on-year [1] - In Q2 2025, the company achieved operating revenue of 692 million yuan, a year-on-year decrease of 1.61% [1] - The net profit attributable to shareholders was -10 million yuan, a year-on-year decrease of 115.1% [1] - The gross margin was 46.35%, up 5.59 percentage points year-on-year, while the net profit margin was 10.46%, down 1.51 percentage points year-on-year [1] Semiconductor Business Growth - In the first half of 2025, the semiconductor segment achieved sales revenue of 563 million yuan, a year-on-year increase of 146.44% [2] - The gross margin was 48.69%, up 8.09 percentage points year-on-year, and the net profit was 158 million yuan, a year-on-year increase of 2,316.39% [2] - The company had approximately 1.823 billion yuan in orders in the semiconductor field, accounting for 50.51% of total orders [2] - The company is developing a comprehensive product layout in semiconductor testing, including front-end, advanced packaging, and back-end testing technologies [2][3] Display Business Recovery - In the first half of 2025, the display segment achieved sales revenue of 671 million yuan, a year-on-year decrease of 13.54% [4] - The net profit attributable to shareholders was 27.75 million yuan, a year-on-year decrease of 66.08% [4] - The gross margin was 43.09%, up 1.62 percentage points year-on-year [4] - The company had approximately 1.44 billion yuan in orders in the display field, an increase of 88.48% compared to April 2025 [4] - The company is focusing on high-margin new products and deepening its layout in the AR/VR industry [4] New Energy Sector Performance - In the first half of 2025, the new energy sector achieved sales revenue of 120 million yuan, a year-on-year increase of 27.32% [4] - The gross margin was 28.74%, down 3.16 percentage points year-on-year [4] - The company had approximately 346 million yuan in orders in the new energy sector [4] - The company is optimizing its business structure and reallocating resources to its core business areas [4] Investment Forecast - The company adjusted its revenue forecasts for 2025-2027 to 3.316 billion, 4.112 billion, and 5.024 billion yuan respectively [5] - The net profit forecasts for the same period are 183 million, 329 million, and 560 million yuan respectively [5] - The diluted EPS is projected to be 0.65, 1.17, and 2.00 yuan [5] - The current stock price corresponds to PE multiples of 112, 62, and 36 times for 2025-2027 [6] - The company maintains an "overweight" rating due to its leadership in display and semiconductor testing equipment [6]