V-Test(SH:688372) Tebon Securities·2024-10-16 06:03Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 740 million yuan for Q1-Q3 2024, representing a year-over-year increase of 43.6%. The net profit attributable to shareholders was 60 million yuan, down 30.8% year-over-year. The revenue growth was driven by the recovery in the semiconductor industry and increased demand for high-performance chip testing [3][4] - The gross margin for Q1-Q3 2024 was 34.4%, a decrease of 4.0 percentage points year-over-year. However, excluding stock-based compensation, the net profit attributable to shareholders would have been 106 million yuan, reflecting an 18.5% year-over-year increase [3] - In Q3 2024, the company achieved a revenue of 310 million yuan, a quarter-over-quarter increase of 26.0%, marking a historical high. The net profit attributable to shareholders was 50 million yuan, up 358.3% quarter-over-quarter, with a gross margin of 42.5%, an increase of 12.4 percentage points [3][4] Summary by Sections Market Performance - The company's stock price has shown significant volatility, with a current price of 59.00 yuan and a market performance comparison against the CSI 300 index [2] Financial Data - For 2024E, the company is projected to achieve revenues of 1,095 million yuan and a net profit of 132 million yuan. The expected P/E ratios for 2024-2026 are 51, 30, and 22 times, respectively [5][6] Business Strategy - The company focuses on high-end chip testing, with a strategy to expand into industrial-grade, automotive-grade, and high-performance product testing. It has successfully overcome testing challenges for various high-end chips and is now a leading provider of high-end chip testing services in mainland China [4][5] Future Outlook - The company anticipates revenue growth to reach 1,095 million yuan in 2024, 1,393 million yuan in 2025, and 1,623 million yuan in 2026, with net profits projected at 132 million yuan, 225 million yuan, and 302 million yuan for the same years [4][5]