V-Test(688372) 华鑫证券·2024-10-16 11:45Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - Q3 revenue reached a historical high, with significant improvement in gross margin [2][3] - The company achieved Q3 revenue of 310 million yuan, a year-on-year increase of 52.47%, and net profit attributable to the parent company of 51 million yuan, a year-on-year increase of 171.09% [2] - Gross margin in Q3 recovered to 42.45%, an increase of 12.39 percentage points quarter-on-quarter [3] Business Performance - The company's revenue for the first three quarters of 2024 was 740 million yuan, a year-on-year increase of 43.62%, while net profit attributable to the parent company was 62 million yuan, a year-on-year decrease of 30.81% [3] - The decline in net profit was mainly due to increased costs from new project investments, including depreciation, amortization, and labor expenses, as well as stock payment expenses and increased R&D investment [3] - Q3 revenue increased by 26.03% quarter-on-quarter, driven by increased demand for high-performance chip testing (CPU, GPU, AI) and high-reliability chip testing (industrial and automotive electronics) [3] Production and R&D Layout - The company has four production centers in Shanghai, Wuxi, Nanjing, and Shenzhen, with Wuxi and Shanghai plants operating at full capacity [4] - The Nanjing plant completed acceptance in August 2024 and will handle overflow orders from Shanghai and Wuxi, primarily for consumer electronics [4] - The company has an R&D team in Shanghai focused on test solutions and program development, and a service center in Tianjin for MCU and automotive electronics chips [4] - Future expansion plans include adding production centers in Changsha and Chengdu, covering the Yangtze River Delta, Pearl River Delta, central, and southwestern regions [4] Product Strategy - The company focuses on two main product lines: high-reliability chip testing (automotive and industrial) and high-performance chip testing (CPU, GPU, AI) [5] - High-end products accounted for 75% of total products in 2023, and 66% in the first half of 2024, with expectations to exceed 2023 levels in the second half of 2024 [5] - The shift towards high-end products has significantly improved gross margins [5] Financial Forecast - Revenue for 2024-2026 is projected to be 1.12 billion yuan, 1.327 billion yuan, and 1.612 billion yuan, respectively [6][8] - EPS for 2024-2026 is forecasted to be 1.17 yuan, 2.15 yuan, and 2.76 yuan, respectively [6][8] - The current PE ratio is 50x for 2024, 27x for 2025, and 21x for 2026 [6] Key Financial Metrics - Gross margin is expected to improve from 38.0% in 2024 to 41.0% in 2026 [10] - ROE is projected to increase from 5.4% in 2024 to 12.4% in 2026 [10] - Net profit margin is forecasted to rise from 11.9% in 2024 to 19.5% in 2026 [10]