V-Test(688372) 申万宏源·2024-10-27 13:14Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a record high revenue of 740 million yuan in Q3 2024, representing a year-over-year increase of 43.62%. The net profit attributable to shareholders was 62 million yuan, down 30.81% year-over-year [1] - High-end products significantly boosted the gross margin to 42.45%, with a quarter-over-quarter increase of 12.39 percentage points [1] - The company plans to issue convertible bonds to raise up to 1.175 billion yuan for expanding high-end testing capacity [1] Financial Performance Summary - Total revenue for 2023 was 737 million yuan, with a projected increase to 1,016 million yuan in 2024, reflecting a year-over-year growth rate of 37.9% [2] - The net profit for 2023 was 118 million yuan, expected to rise to 133 million yuan in 2024, with a year-over-year growth of 12.5% [2] - The gross margin is projected to improve from 39.0% in 2023 to 39.8% in 2024 [2] Market Data - As of October 25, 2024, the closing price was 63.23 yuan, with a market capitalization of 4,904 million yuan [3] - The stock has a price-to-earnings ratio of 61 and a price-to-book ratio of 2.8 [3][4] Earnings Forecast - The company forecasts net profits of 133 million yuan, 210 million yuan, and 311 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 54, 34, and 23 [2][7]