Wuhan Jingce Electronic (300567) 东吴证券·2025-04-25 06:04Investment 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]