凯德石英（920179）：凯德石英(835179)：12英寸高端半导体材料认证加速,募投项目增三大子公司优化业务布局-北交所公司深度报告250709

<p style="text-indent:28px"><span style="font-size: 14px;">2025Q1 <span style="">实现营收 </span><span style="">0.85 </span><span style="">亿元（</span><span style="">+0.81%</span><span style="">），归母净利润 </span><span style="">997.71 </span><span style="">万元（</span><span style="">-13.56%</span><span style="">）</span><span style="">2025 </span><span style="">年一季度公司实现营收 </span><span style="">0.85 </span><span style="">亿元，同比增长 </span><span style="">0.81%</span><span style="">，归母净利润 </span><span style="">997.70 </span><span style="">万元，同比减少 </span><span style="">13.56%</span><span style="">，扣非归母净利润 </span><span style="">981.17 </span><span style="">万元，同比减少 </span><span style="">12.44%</span><span style="">。受股权激励影响，我们下调 </span><span style="">2025-2026 </span><span style="">年盈利预测，新增 </span><span style="">2027 </span><span style="">年盈利预测，预计</span><span style="">2025-2027 </span><span style="">年归母净利润分别为 </span><span style="">0.48/</span><span style="">（原 </span><span style="">0.62</span><span style="">）</span><span style="">/0.59</span><span style="">（原 </span><span style="">0.79</span><span style="">）</span><span style="">/0.80 </span><span style="">亿元。</span><span style="">EPS </span><span style="">分别为 </span><span style="">0.64/0.79/1.06 </span><span style="">元，当前股价对应 </span><span style="">P/E </span><span style="">分别为 </span><span style="">51.2/42.0/31.3 </span><span style="">倍，我们看好募投项目</span><span style="">+</span><span style="">并购</span><span style="">/</span><span style="">成立三大子公司优化业务布局，高端产品认证加速，维持</span><span style="">“</span><span style="">增持</span><span style="">”</span><span style="">评级。</span></span></p><p><br/></p>