精测电子投资者关系活动记录表（2025 年度） 证券代码：300567 证券简称：精测电子 编号：2025-002 精测电子投资者关系活动记录表（2025 年度） 武汉精测电子集团股份有限公司投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会  | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 | | 参与单位名称及 人员姓名 | 线上参与精测电子 2024 年度网上业绩说明会的投资者 | | 时间 | 2025 年 04 月 29 日（星期二）下午 15:00-17:00 | | 地点 | "精测电子投资者关系"微信小程序 | | 上市公司接待人 | 董事长、总经理：彭骞先生 | | | 董事、董事会秘书兼副总经理：刘炳华先生 | | | 财务负责人：游丽娟女士 | | 员姓名 | 独立董事：张慧德女士 | | | 保荐代表人：陆靖先生 | | | Q1：公司在研项目及取得的成绩，进展 | | | A：在半导体量检测领域，公司进一步加大了对先进制程领 | | | 域（14nm 及以 ...

证券代码：300567 证券简称：精测电子 公告编号：2025-079 | 占其 | 是否为控 | 占公 | 本次 | 直接 | 是否 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股股东或 | 司总 | 是否 | 股东 | 质押 | 所持 | 为补 | 质押起始 | 质押到期 | 质押 | 第一大股 | 股本 | 为限 | 质权人 | | | | 名称 | 数量 | 股份 | 充质 | 日 | 日 | 用途 | 东及其一 | 比例 | 售股 | （股） | 比例 | 押 | | | | | 致行动人 | （%） | （%） | | | | | | | | | | | | | | | 高管 | 800,0 | 2025 | 年 | 4 | 2026 | 年 | 4 | 平安证券股 | 借新 | 彭骞 | 是 | 1.14 | 0.29 | 锁定 | 否 | | 00 | 月 | 28 | 日 | 月 | 28 | ...

公 司 报 告 2025年04月27日 电子 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) | 175 | | 流通A股市值(亿元) | 126 | | 每股净资产(元) | 12.71 | | 资产负债率(%) | 55.2 | 行情走势图 证券分析师 精测电子(300567.SZ) 推荐 ( 维持) 在手订单充足，半导体进展顺利 股价:62.52元 | 徐勇 | 投资咨询资格编号 | | --- | --- | | | S1060519090004 | | | XUYONG318@pingan.com.cn | | 徐碧云 | 投资咨询资格编号 | S1060523070002 XUBIYUN372@pingan.com.cn 郭冠君 投资咨询资格编号 S1060524050003 GUOGUANJUN625@pingan ...

Core Viewpoint - The company reported mixed financial results for 2024, with a slight increase in revenue but significant losses in net profit, while Q1 2025 showed strong growth in both revenue and net profit [1][2]. Financial Performance - For 2024, the company achieved revenue of 2.565 billion yuan, a year-on-year increase of 5.59%, but reported a net loss of 98 million yuan, a decline of 165.02% year-on-year [1]. - In Q1 2025, the company generated revenue of 689 million yuan, a year-on-year increase of 64.92%, and a net profit of 38 million yuan, a significant increase of 336.06% year-on-year [1]. Cost Management and R&D Investment - The overall gross margin for 2024 was 39.97%, down by 8.98 percentage points year-on-year; the expense ratios for sales, management, and R&D were 7.31%, 12.01%, and 28.23%, respectively [2]. - The company has made significant progress in R&D, particularly in new display technologies and precision optical instruments, achieving exclusive orders in the AR/VR sector [2]. Sector Performance - In the display sector, the company faced challenges with revenue of 1.591 billion yuan, a decline of 8.98% year-on-year, attributed to geopolitical tensions and weak consumer demand [2]. - The semiconductor business saw substantial growth, with revenue of 768 million yuan, an increase of 94.65% year-on-year, and accounted for 29.94% of total revenue [3]. - The renewable energy segment reported revenue of 167 million yuan, a decrease of 30.71% year-on-year, impacted by supply-demand imbalances and increased competition [3]. Future Outlook - The company anticipates revenue growth for 2025-2027, projecting revenues of 3.668 billion yuan, 4.475 billion yuan, and 5.294 billion yuan, with net profits of 224 million yuan, 362 million yuan, and 568 million yuan, respectively [4]. - A price-to-sales (P/S) valuation method suggests a target price of 68.18 yuan per share for 2025, reflecting the company's growth potential in the display and semiconductor sectors [4].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 68.18 CNY per share, maintaining the rating [5]. Core Views - The semiconductor business continues to grow, while the display segment is awaiting a cyclical recovery [3]. - The company reported a revenue of 2.565 billion CNY in 2024, a year-on-year increase of 5.59%, but a net profit loss of 98 million CNY, a decline of 165.02% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 689 million CNY, a year-on-year increase of 64.92%, and a net profit of 38 million CNY, a year-on-year increase of 336.06% [1]. Summary by Sections Display Sector - In 2024, the display sector's revenue was 1.591 billion CNY, down 8.98% year-on-year, impacted by geopolitical tensions and weak economic recovery [8]. - The company adopted a proactive pricing strategy due to intensified competition, resulting in a decline in gross margin by 9.02 percentage points to 38.36% [8]. - Significant progress was made in product development, particularly in new display technologies and AR/VR, securing exclusive orders from top global clients [8]. Semiconductor Sector - The semiconductor business saw a remarkable growth in 2024, with revenue reaching 768 million CNY, up 94.65% year-on-year, accounting for 29.94% of total revenue [8]. - By the end of 2024, the semiconductor sector had an order backlog of 1.668 billion CNY, representing 58.65% of total orders, driving the company's performance [8]. - The company has made technological advancements in 14nm and 7nm process defect detection equipment, with ongoing validations for more advanced processes [8]. New Energy Sector - The new energy sector generated revenue of 167 million CNY in 2024, a decrease of 30.71% year-on-year, affected by supply-demand imbalances and increased competition [9]. - The gross margin for this sector was 30.81%, down 4.54 percentage points year-on-year [9]. Financial Projections - Revenue projections for 2025-2027 are 3.668 billion CNY, 4.475 billion CNY, and 5.294 billion CNY, respectively, with net profits expected to be 224 million CNY, 362 million CNY, and 568 million CNY [10]. - The company is valued at a PS ratio of 5.2 times for 2025, reflecting its growth potential in the display and semiconductor sectors [10].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown a significant recovery in Q1 2025, with revenue growth driven primarily by the semiconductor sector, which has seen a year-on-year increase of 63.71% [3][5] - The company is expected to benefit from a strong order backlog in the semiconductor sector, with total orders amounting to approximately 2.844 billion yuan, indicating a positive outlook for revenue growth in the coming years [3][7] Summary by Sections Financial Performance - In 2024, the company's revenue was 2.565 billion yuan, a year-on-year increase of 5.59%, with the semiconductor segment achieving a remarkable 94.65% growth [3] - The net profit attributable to the parent company for 2024 was -97.6 million yuan, reflecting a significant decline of 165% year-on-year, primarily due to losses in the new energy sector [4] - For Q1 2025, the company reported a net profit of 37.6 million yuan, a substantial increase of 336% year-on-year, indicating a recovery in profitability [5] Revenue and Profit Forecast - The revenue forecast for 2025 has been adjusted to 3.247 billion yuan, representing a year-on-year growth of 26.6%, while the net profit is projected to be 233 million yuan, reflecting a significant recovery [7] - The company is expected to achieve a net profit of 728 million yuan by 2027, with a corresponding EPS of 2.60 yuan [7] Market Position and Strategy - The company is focusing on expanding its presence in the advanced packaging sector, driven by the growth of data centers and AI industries, which is expected to enhance its competitive advantage [6] - The semiconductor measurement equipment market is characterized by low domestic penetration and high profitability, positioning the company favorably for future growth [6]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 87.80 RMB [7][8]. Core Views - The company's semiconductor business has become a major growth pillar, with advanced process technology continuing to improve. The 14nm defect detection equipment has been delivered to customers, and the 7nm products have completed delivery and acceptance [1][3]. - The display business faced challenges in 2024 due to industry conditions but is expected to recover in 2025, with ongoing demand for capacity expansion from downstream [1][3]. - The new energy business is actively expanding with new products and customers, showing significant growth potential [1][3]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 25.65 billion RMB, a year-on-year increase of 5.59%, but a net loss of 975.98 million RMB, a decline of 165.02% year-on-year. The gross margin was 39.97% [1][2]. - For Q1 2025, the company achieved revenue of 6.9 billion RMB, a year-on-year increase of 64.9%, and a net profit of 38 million RMB, marking a turnaround from losses [1][3]. Revenue Breakdown - In 2024, display product revenue was 15.9 billion RMB (62.0% of total revenue), down 9.0% year-on-year, while semiconductor product revenue was 7.7 billion RMB (29.9% of total revenue), up 94.6% year-on-year. New energy product revenue was 1.7 billion RMB (6.5% of total revenue), down 30.7% year-on-year [2][3]. - In Q1 2025, semiconductor revenue was 2.7 billion RMB, up 63.7% year-on-year, while display revenue was 3.8 billion RMB, up 42.5% year-on-year, and new energy revenue was 0.78 billion RMB, up 429.7% year-on-year [3]. Future Outlook - The company forecasts revenue of 34.6 billion RMB for 2025 and 43.1 billion RMB for 2026, with adjusted net profit estimates of 2.2 billion RMB for 2025 and 4.1 billion RMB for 2026 [4][12]. - The target price is based on a price-to-sales ratio of 7.1 for 2025, reflecting the company's revenue structure and short-term profit pressures [4][14].

证券代码：300567 证券简称：精测电子 公告编号：2025-078 武汉精测电子集团股份有限公司 关于控股股东、实际控制人部分股权质押的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 武汉精测电子集团股份有限公司（以下简称"公司"）近日接到公司控股股 东、实际控制人彭骞先生的通知，彭骞先生将其直接持有的公司部分股权办理了 质押登记手续，具体情况如下： 一、股东股份质押的基本情况 | | 是否为控 | 本次 | 占其 直接 | 占公 | | 是否 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股股东或 | | | 司总 | 是否 | | | | | | 股东 | | 质押 | 所持 | | | 为补 | 质押起始 | 质押到期 | | | 名称 | 第一大股 | 数量 | 股份 | 股本 | 为限 | 充质 | 日 | 日 | 质权人 | | | 东及其一 | | | 比例 | 售股 | | | | | | | | （股） | 比例 | | | 押 | ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is expected to see a performance turning point in Q1 2025, driven by advancements in measurement equipment [1] - The semiconductor measurement business has shown significant growth, with Q1 2025 revenue expected to increase by 64.9% year-on-year [7] - The report expresses optimism regarding the rapid development of the semiconductor business, leading to a maintained "Accumulate" rating despite adjustments to profit forecasts for 2025 and 2026 [1][7] Financial Summary - Total revenue for 2023 is projected at 2,429 million, with a year-on-year decline of 11.03%, while 2024 revenue is expected to rise to 2,565 million, reflecting a growth of 5.59% [1] - The net profit attributable to shareholders is forecasted to be -97.6 million in 2024, a significant drop of 165.02% compared to the previous year, but is expected to rebound to 219.71 million in 2025, marking a growth of 325.11% [1] - The earnings per share (EPS) is projected to be -0.35 in 2024, improving to 0.79 in 2025 [1] - The company’s gross margin for 2024 is estimated at 40.0%, down 9.0 percentage points year-on-year, while the net margin is expected to be -8.7% [7] - The company’s operating cash flow for 2024 is projected at 197 million, with a significant increase in cash flow expected in 2025 [8] Business Performance - The semiconductor measurement business revenue for Q1 2025 is expected to reach 2.12 billion, a year-on-year increase of 63.7%, while the display measurement business is projected to generate 3.82 billion, up 42.5% [7] - The company has secured domestic advanced process orders for its semiconductor equipment, with significant contributions expected from the semiconductor measurement equipment [7] - The report highlights that the display measurement equipment sector is anticipated to recover as the industry emerges from a cyclical low, with ongoing investments in large-size LCDs and OLED screens [7]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is expected to see a performance turning point in Q1 2025, driven by advancements in measurement equipment [1] - The semiconductor measurement business has shown significant growth, with Q1 2025 revenue expected to increase by 64.9% year-on-year [7] - The report highlights the company's strong order backlog in the semiconductor sector, which is crucial for future performance [7] Financial Performance Summary - Total revenue for 2023 is reported at 2,429 million, with a projected increase to 2,565 million in 2024, and further growth to 3,356 million in 2025, reflecting a year-on-year growth of 30.84% [1][8] - The net profit attributable to the parent company is forecasted to recover from a loss of 97.6 million in 2024 to a profit of 219.71 million in 2025, marking a significant turnaround [1][8] - The earnings per share (EPS) is expected to improve from -0.35 yuan in 2024 to 0.79 yuan in 2025 [1][8] Business Segment Insights - The semiconductor measurement business revenue is projected to reach 7.7 billion in 2024, a year-on-year increase of 94.65% [7] - The flat panel display testing business is expected to recover as the industry emerges from a cyclical low, with continued investment demand anticipated [7] - The company has successfully delivered advanced process equipment, which is expected to contribute significantly to revenue growth [7] Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 1.97 billion in 2024, a substantial increase of 721.7% year-on-year [7] - The report indicates a healthy order backlog of 28.4 billion, with 16.67 billion attributed to the semiconductor sector [7] - The company's total assets are projected to grow from 10,076 million in 2024 to 11,872 million by 2027 [8]