【25Q1-Q3】营收22.7 亿元，同比+24%；归母净利1 亿元，同比+21.7%；毛利率45.8%，同比 +2.4pcts；归母净利率4.4%，同比-0.1pcts。 公司子公司武汉精鸿主要聚焦自动测试设备（ATE）领域（主要产品是存储芯片测试设备），老化 （Burn-In）产品线在国内一线客户实现批量重复订单、CP/FT 产品线相关产品已取得相应订单并完成 交付。在晶圆外观检测设备领域，公司于2019 年开始晶圆级产品的立项，现已成功推出W1200 系列与 WST1200 系列产品并交付封测头部客户。此外，公司自主研发的探针卡产品系列产品也已实现量产。 显示：逐渐走出周期底部，订单大幅增长 事件：公司发布2025 年三季报 【25Q3】营收8.9 亿，同比+25.4%、环比+28.6%，归母净利0.72 亿，同比+123.4%，环比扭亏；毛利率 为48.6%，同比+4.6pcts、环比+2.2pcts；归母净利率8.1%，同比+3.6pcts，环比+9.5pcts。 公司期间费用率逐步减少，提振盈利水平：25Q1-Q3 公司期间费用率为41.8%，同比减少7.3pcts；25Q3 公司期间费用率为39 ...

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]