Leadyo(SH:688135) Zheng Quan Zhi Xing·2025-07-24 16:21Core Viewpoint - The credit rating report for Guangdong Liyang Chip Testing Co., Ltd. maintains a stable outlook, reflecting the company's capacity expansion and good cash flow performance, despite facing competitive pressures and potential risks related to debt and imported equipment reliance [4][7][9]. Company Overview - Guangdong Liyang Chip Testing Co., Ltd. is an independent third-party integrated circuit testing service provider, focusing on chip testing solution development, wafer testing services, and finished chip testing services [11]. - The company has established a good cooperative relationship with well-known clients in the integrated circuit design sector, including companies like Goodix Technology and Allwinner Technology [15][19]. Financial Performance - The company's total revenue for 2024 was 4.88 billion yuan, a decrease from 5.03 billion yuan in 2023, with a significant drop in gross profit margin from 30.33% to 20.90% [5][15]. - Operating cash flow showed a net inflow of 2.04 billion yuan in 2024, indicating improved cash flow performance compared to previous years [7][8]. - The company's total debt increased to 12.36 billion yuan in 2025, up from 7.21 billion yuan in 2023, reflecting rapid growth in debt levels [5][22]. Industry Environment - The integrated circuit testing industry is experiencing structural growth, with the global semiconductor market expected to reach $620.2 billion in 2024, a 17% increase year-on-year [12]. - The domestic independent testing market is still in its early stages, with significant potential for growth as high-end testing demands increase [13][14]. Competitive Landscape - The industry faces intense competition, with many players expanding their testing capabilities, which may pressure the company's market position [7][9]. - The company is expanding its testing capacity and diversifying its service offerings, including investments in wafer dicing and other related services [16][18]. Future Outlook - The company has a stable credit rating outlook, supported by its accumulated testing platforms and quality customer resources, indicating good business sustainability [9][10]. - However, the company must navigate challenges related to capacity utilization and potential financial leverage increases due to ongoing capital investments [22][23].