V-Test(SH:688372) Huaxin Securities·2024-09-03 00:00Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Insights - The company achieved a record high revenue of 4.30 billion yuan in the first half of 2024, representing a year-on-year growth of 37.85%. However, the net profit decreased by 84.66% year-on-year due to various factors including increased stock payment expenses and higher R&D investments [4][6] - The company has implemented a proactive counter-cyclical expansion strategy, with the new production capacity being effectively utilized, particularly in the testing bases located in Shanghai and Wuxi [4][6] - The company has established a complete R&D system, enabling it to maintain a leading position in the industry with over 200 clients, including well-known firms such as ZTE Microelectronics and SMIC [5][6] Financial Performance Summary - In Q2 2024, the company reported a single-quarter revenue of 2.46 billion yuan, marking a historical high [4] - The company forecasts revenues of 11.20 billion yuan, 13.27 billion yuan, and 16.12 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.36 yuan, 2.15 yuan, and 2.76 yuan [6][8] - The projected growth rates for revenue are 52.0% in 2024, 18.6% in 2025, and 21.5% in 2026 [8]