精测电子(300567)：半导体业务持续增长 显示板块静待周期回暖

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].