Wuhan Jingce Electronic (300567) 东吴证券·2025-04-25 06:23Investment 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]