V-Test(688372) 国泰君安·2024-10-17 13:11Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 83.3 CNY [5][6]. Core Insights - The company reported Q3 2024 revenue of 310 million CNY, a year-on-year increase of 52%, and a net profit of 51 million CNY, up 171% year-on-year, indicating strong performance [4][5]. - The company is focusing on high-end testing products, particularly in high-performance chips and automotive reliability chips, which is expected to drive long-term growth [5][6]. - The company has adjusted its EPS forecasts for 2024 and 2025 to 1.19 CNY and 2.34 CNY respectively, while increasing the 2026 forecast to 4.45 CNY [5][6]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 1.744 billion CNY, a year-on-year increase of 43.62%, surpassing the total revenue for 2023 [5][6]. - The gross margin for Q3 2024 was reported at 42.36%, significantly higher than the previous quarters, indicating improved product mix and profitability [5][6]. - The company’s total market capitalization is approximately 6.798 billion CNY, with a current share price of 59.72 CNY [7][6]. Future Outlook - The company is expanding its production capacity for high-end chip testing, with new facilities in Nanjing, Wuxi, and Tianjin expected to enhance competitive strength [5][6]. - The report highlights potential catalysts for growth, including increased demand from downstream customers and the introduction of new high-end testing clients [5].