V-Test(SH:688372) Guoxin Securities·2024-10-16 14:00Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company achieved a record high revenue in Q3 2024, with a year-on-year growth of 52.5% and a quarter-on-quarter growth of 26.0%, primarily driven by the recovery in the semiconductor industry and increased demand for high-reliability chip testing [1][4]. - The gross margin improved in Q3 2024, reaching 42.45%, an increase of 3.1 percentage points year-on-year and 12.4 percentage points quarter-on-quarter, attributed to a higher proportion of high-end products [1][4]. - The company is expected to benefit from the semiconductor industry's recovery, leading to increased capacity utilization and an improved gross margin [1][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 740 million yuan, a year-on-year increase of 43.6%, and a net profit attributable to shareholders of 62.02 million yuan, a year-on-year decrease of 30.81% [1][4]. - The revenue for Q3 2024 was 310 million yuan, with a net profit of 51.16 million yuan, reflecting a significant year-on-year increase of 171% [1][4]. - The company forecasts revenues of 1.043 billion yuan, 1.350 billion yuan, and 1.686 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 41.6%, 29.4%, and 24.9% [2][4][6]. Business Segmentation and Cost Structure - The company’s revenue is primarily derived from wafer testing, finished chip testing, and other services, with wafer testing expected to account for 54.7% of revenue in the first half of 2024 [4][5]. - The gross margin for wafer testing is projected to improve to 40% by 2026, while the gross margin for finished chip testing is expected to reach 34% [4][5]. - The company anticipates a gradual decrease in R&D, management, and sales expense ratios from 2024 to 2026, reflecting operational efficiencies as revenue grows [6][10].