精智达：面板+存储测试双轮驱动，前瞻布局HBM设备

Investment Rating - The report gives a "Buy" rating for the company based on its competitive advantages in the display detection and semiconductor storage testing equipment sectors, as well as the expected growth from downstream capacity expansion and product development [9][17][21]. Core Viewpoints - The company is a domestic manufacturer of display detection equipment, expanding into the semiconductor storage testing equipment field. It has established a dual growth model by leveraging its expertise in display detection while gradually increasing its presence in semiconductor storage testing [9][21]. - The semiconductor storage testing equipment market is expected to grow significantly, with the company positioned to benefit from the domestic demand for DRAM and the ongoing trend of localization in the industry [51][55]. - The company has a strong R&D focus, with a significant increase in R&D investment, which is expected to drive future growth and product innovation [48][49]. Summary by Sections Company Overview - Founded in May 2011, the company specializes in the R&D, production, and sales of new display device detection equipment, with products widely used in the manufacturing of AMOLED and other advanced display technologies [9][21]. - The company has established a comprehensive product line in semiconductor storage testing, including wafer testing systems, aging repair systems, and packaging testing systems [9][21]. Financial Performance - The company has shown steady revenue growth, with projected revenues of 901 million yuan in 2024, representing a year-on-year growth of 38.9% [9]. - The net profit is expected to reach 149 million yuan in 2024, with a growth rate of 29.1% [9]. - The company’s gross margin was 40.37% in 2023, indicating stable profitability despite increased R&D expenses [28]. Market Position and Strategy - The company is actively expanding its product matrix in the semiconductor storage testing equipment sector, targeting high-end products such as HBM testing devices, which are crucial for AI applications [9][51]. - The domestic DRAM market is characterized by low self-sufficiency, presenting significant opportunities for local manufacturers to capture market share as demand for localization increases [51][55]. - The company has established itself as one of the few domestic manufacturers with a comprehensive range of semiconductor storage testing equipment, enhancing its competitive edge in the market [56].