Shenzhen SEICHI Technologies (SH:688627) Xin Lang Cai Jing·2025-05-04 08:39Core Viewpoint - The company, Jingzhida, is positioned as a leading player in the domestic semiconductor testing and display inspection equipment market, benefiting significantly from the expansion wave in the storage industry and advancements in display technology [1][2]. Semiconductor Testing - The company has achieved full coverage in DRAM testing equipment, creating a synergistic ecosystem with CP/FT testing machines, aging equipment, and probe cards [1]. - The performance of HBM testing equipment is on par with international competitors, with the second generation CP testing machine (2.4 Gbps) and FT testing machine (9 Gbps) entering core customer validation [1]. - Revenue from the semiconductor business is projected to grow at a CAGR of 100% from 2025 to 2027, with gross margins expected to exceed 40% as high-end products are introduced [1][2]. Display Inspection - The company maintains a strong position in the AMOLED inspection market, ranking among the top three in domestic market share, with Module optical inspection equipment rapidly replacing overseas competitors [1]. - The company is strategically positioned in the Micro LED inspection space, with high-precision AOI equipment already introduced in leading panel manufacturers' pilot lines [1]. - The display business is expected to sustain an order growth of 15%-20% from 2025 to 2026, reinforcing the company's performance stability [1]. Customer Positioning and Order Visibility - The company has a significant advantage in customer positioning, with deep ties to major clients such as Changxin Storage and BOE, anticipating a 100% year-on-year growth in new semiconductor equipment orders by 2025 [2]. - The stable expansion of Changxin Storage's DRAM capacity by 40,000 wafers and HBM capacity by 5,000 wafers corresponds to a testing equipment demand of nearly 4 billion yuan, with the company expected to capture around 50% of this market [2]. Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are 1 billion, 1.8 billion, and 2.6 billion yuan, respectively, with net profits of 200 million, 360 million, and 520 million yuan, corresponding to PE ratios of 35.2, 19.6, and 13.5 times [2]. - Using a segmented valuation method, the combined target market value for semiconductor and display businesses in 2026 is estimated at 9.54 billion yuan, indicating an upside potential of over 35% from current levels [2].