伟测科技：Q2单季度营收创历史新高，高端测试持续扩张指引长期增长动能

Investment Rating - The investment rating for the company is "Accumulate" with a target price adjustment due to increased research and development costs and new capacity ramp-up [4]. Core Views - The company achieved a significant revenue increase of 37.85% year-on-year in H1 2024, reaching 430 million yuan, while net profit decreased by 84.66% due to rising share-based payment and R&D expenses [2][4]. - The gross margin improved from 26.54% in Q1 to 30.06% in Q2, indicating a positive trend that is expected to continue in the upcoming quarters [2]. - The company is expanding its production capacity, particularly in its Nanjing facility, which is expected to contribute to revenue and profit in the future [3]. - The demand for high-end testing services, especially for automotive-grade chips, is anticipated to grow significantly, driven by advancements in technology and the rapid development of the electric vehicle sector [3]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 430 million yuan, a 37.85% increase year-on-year, while the net profit was 11 million yuan, down 84.66% [2]. - R&D expenses rose by 66.77% to 64.5 million yuan, with share-based payment costs accounting for 14.96 million yuan [2]. - The gross margin improved to 30.06% in Q2 2024, up from 26.54% in Q1 [2]. Production Capacity and Expansion - The company has effectively utilized its newly built production facilities, particularly in Shanghai and Wuxi, achieving near-saturation capacity [3]. - The Nanjing facility has completed construction and is expected to start production, aiming to capture overflow orders from Shanghai and Wuxi [3]. Market Outlook - The high-end chip testing market is projected to grow due to increased domestic production of advanced chips and the rising demand for automotive-grade chips [3]. - The company has successfully developed testing solutions for various high-performance chips, positioning itself competitively in the market [3].