精测电子：半导体量测业务放量驱动成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The semiconductor measurement business is experiencing significant growth, driven by increased orders and new opportunities in advanced packaging [3][5] - The company has adjusted its net profit forecasts for 2024-2026 to 2.1 billion, 3.6 billion, and 4.6 billion respectively, reflecting strong growth potential in the semiconductor sector [5][6] Summary by Relevant Sections Financial Performance - For 2023, the company reported revenue of 2,429 million, with a projected increase to 2,900 million in 2024, representing a year-on-year growth rate of 19% [1] - The net profit for 2023 is expected to be 150 million, with a forecasted increase to 212 million in 2024, indicating a growth rate of 41% [1] - The earnings per share (EPS) is projected to rise from 0.55 in 2023 to 0.77 in 2024 [1] Business Segments - Semiconductor Measurement: Revenue reached 180 million in Q3 2024, showing a year-on-year increase of 108% and a quarter-on-quarter increase of 82%. The company has a backlog of orders amounting to 1.69 billion, up 13.5% from the previous year [3] - Display Business: Revenue for Q3 2024 was 493 million, a year-on-year increase of 56%. The company is actively expanding into the AR/VR sector, establishing itself as a leading provider of Micro-OLED cell detection solutions [3][5] - New Energy: Revenue for Q3 2024 was 29 million, with a backlog of orders at 646 million, indicating a 20% year-on-year increase. The company is strengthening partnerships with major clients in the lithium battery equipment sector [5] Market Position and Outlook - The company is positioned as a leader in the domestic semiconductor testing equipment market, with strong growth potential in both semiconductor measurement and advanced packaging sectors [5][6] - The report emphasizes the company's strategic investments in R&D and partnerships to capitalize on emerging trends in AI and advanced packaging [3][5]