中科飞测（688361）：扩大研发投入，新产品加速推出

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported its 2024 annual results and Q1 2025 results, which were generally in line with expectations. In 2024, the company's revenue reached 1.38 billion, a year-on-year increase of 54.9%. The net profit attributable to the parent company was -0.12 billion, compared to 1.40 billion in 2023. For Q1 2025, revenue was 0.294 billion, a year-on-year increase of 24.9%, with a net profit of -0.15 billion, down from 0.34 billion in the same period last year [6][8] Financial Data and Profit Forecast - The company is expected to achieve total revenue of 1.87 billion in 2025, with a year-on-year growth rate of 35.4%. The net profit attributable to the parent company is projected to be 0.178 billion, marking a return to profitability [7][10] - The gross profit margin is expected to be 49.3% in 2025, with a gradual increase to 51.3% by 2027 [7][10] R&D Investment and Product Development - In Q1 2025, the company significantly increased its R&D investment, reaching 0.12 billion, a 64% year-on-year increase, with an R&D expense ratio of 40.9% [8] - The company has delivered over 300 units of its non-pattern wafer defect detection equipment, covering more than 100 customer production lines, and has validated its new generation of equipment with major domestic clients [8] - The company is actively developing higher sensitivity equipment for logic chips and has made significant progress in the advanced packaging sector, capturing a large market share among domestic leading clients [8] Investment Analysis Opinion - The profit forecast has been slightly adjusted downward due to increased R&D investments, which may pressure short-term profitability. However, the long-term outlook remains positive, with expected revenues of 1.87 billion, 2.38 billion, and 2.86 billion for 2025, 2026, and 2027, respectively [8] - The net profit for 2025 is projected to be 0.178 billion, with significant growth expected in subsequent years, leading to a dynamic P/E ratio of 148 for 2025 [8]