Cctech(300604) Soochow Securities·2024-08-22 13:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a sustained recovery in performance, with significant revenue growth driven by market recovery and increased sales demand [3] - The company's gross margin remains stable, while a decrease in expense ratio has led to a substantial increase in net profit [3] - The company has a strong growth potential through both organic and external expansion in the semiconductor testing equipment sector [4] Financial Performance Summary - In the first half of 2024, the company reported total revenue of 1.528 billion yuan, a year-on-year increase of 100.5%, and a net profit attributable to shareholders of 215 million yuan, up 949.3% [3][10] - The gross margin for the first half of 2024 was 55.0%, with a net profit margin of 14.8%, reflecting an increase of 11.8 percentage points year-on-year [3] - The company’s cash flow from operating activities improved significantly, reaching 78 million yuan, a year-on-year increase of 112.5% [4] Business Growth and Market Position - The company is positioned as a platform enterprise in semiconductor testing equipment, with ongoing growth opportunities in various product lines, including testing machines and sorting machines [4] - The company has successfully expanded its product offerings through acquisitions, enhancing its competitive edge in the market [4] - The company’s strategic partnerships with international semiconductor firms provide a strong foundation for future growth [4] Earnings Forecast and Valuation - The forecasted net profit for 2024-2026 is 4.7 billion yuan, 7.7 billion yuan, and 9.3 billion yuan respectively, with corresponding dynamic P/E ratios of 40, 24, and 20 [4]