Wuhan Jingce Electronic (300567) 华西证券·2025-04-25 11:04Investment 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]