Cctech(SZ:300604) Tai Ping Yang·2024-10-22 10:03Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Insights - The company reported impressive performance in H1 2024, achieving revenue of 1.528 billion yuan, a year-on-year increase of 100.46%, and a net profit attributable to shareholders of 215 million yuan, up 949.29% year-on-year [1]. - The growth was primarily driven by the testing machine business, which saw sales revenue of 931 million yuan, a remarkable increase of 270.31% year-on-year [1]. - The company is expanding its product coverage in the integrated circuit testing field, benefiting from increased national focus on the semiconductor industry and enhanced R&D investments [1]. - The company has significantly increased its R&D expenditure, reaching 426.49 million yuan in H1 2024, accounting for 27.91% of its revenue [1]. - The company aims to strengthen its market position by focusing on high-end testing machines and related equipment, enhancing its core competitiveness [1]. Financial Summary - The company is projected to achieve revenues of 3.258 billion yuan in 2024, 4.302 billion yuan in 2025, and 5.019 billion yuan in 2026, with corresponding net profits of 531 million yuan, 798 million yuan, and 996 million yuan respectively [3]. - The revenue growth rate is expected to be 83.54% in 2024, followed by 32.04% in 2025 and 16.67% in 2026 [3]. - The company’s net profit growth rate is forecasted to be 1,076.82% in 2024, 50.17% in 2025, and 24.76% in 2026 [3].