Cctech(SZ:300604) Xin Lang Cai Jing·2025-05-04 12:52Core Insights - The company achieved a revenue of 3.64 billion yuan in 2024, representing a year-on-year increase of 105%, with significant contributions from testing equipment [1] - The net profit attributable to shareholders reached 460 million yuan, up 915% year-on-year, indicating strong profitability growth [1] - The company is focusing on expanding its product line and market presence, particularly in high-end testing equipment, to capture the domestic market share [4] Financial Performance - In 2024, the company's gross margin was 54.9%, a decrease of 2.2 percentage points year-on-year, while the net profit margin increased by 9.4 percentage points to 12.8% [1] - For Q1 2025, the company reported a revenue of 820 million yuan, a year-on-year increase of 46%, but a quarter-on-quarter decrease of 26% [1] - The operating cash inflow for 2024 was 626 million yuan, reflecting a year-on-year increase of 184% [3] Product and Market Strategy - The company is expanding its product offerings in digital testing equipment and related packaging and testing devices, targeting high-end applications [4] - The D9000 series SoC testing machine is designed for various chip testing applications, indicating a strong focus on high-performance testing solutions [4] - The company aims to achieve import substitution in the high-end testing machine market, leveraging its competitive pricing and performance [4] Growth Projections - The net profit forecasts for 2025 and 2026 have been revised upward to 849 million yuan and 1.121 billion yuan, respectively, with a new forecast for 2027 at 1.438 billion yuan [5] - The current stock price corresponds to dynamic P/E ratios of 31, 24, and 18 for 2025, 2026, and 2027, respectively, indicating a positive outlook for growth in the high-end testing machine sector [5]