V-Test(SH:688372) Changjiang Securities·2024-09-18 23:39Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company achieved a revenue of 430 million yuan in the first half of 2024, representing a year-on-year increase of 37.85%, with a net profit attributable to shareholders of 11 million yuan [3][6]. - The company is implementing a forward-looking counter-cyclical expansion strategy to meet the growing testing demands from clients, which has led to short-term pressure on performance due to increased capacity and depreciation costs [3]. - The company is expected to benefit from the recovery in semiconductor demand, with projected revenues of 1.066 billion yuan, 1.363 billion yuan, and 1.584 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 107 million yuan, 203 million yuan, and 276 million yuan for the same years [3][8]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 246 million yuan, a year-on-year increase of 43.44% and a quarter-on-quarter increase of 34.22%, marking a historical high for quarterly revenue [6]. - The gross margin and net margin for Q2 2024 were 30.06% and 4.53%, respectively, indicating significant improvement in overall profitability due to increased capacity utilization [6]. Research and Development - The company plans to invest 65 million yuan in R&D in 2024, a year-on-year increase of 66.77%, focusing on high-performance chip testing technologies and AI chip reliability verification platforms [3][6]. Market Position and Strategy - The company is enhancing its capabilities in high-end integrated circuit testing services to support growth in strategic emerging industries such as AI, cloud computing, and electric vehicles [2][3]. - The company is also planning to issue convertible bonds worth 1.175 billion yuan to fund projects aimed at expanding testing capacity in Wuxi and Nanjing [6].