V-Test(688372) Changjiang Securities·2024-11-06 01:55Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - The company reported a significant increase in revenue and improved operational efficiency, with a revenue of 740 million yuan for the first three quarters of 2024, representing a year-on-year growth of 43.62%. The net profit attributable to shareholders was 62 million yuan, showing a decline of 30.81% year-on-year [3][4]. - The company has successfully expanded its testing capacity for high-end chips, including AI, GPU, and CPU, which has led to a notable increase in demand as the semiconductor industry recovers. The third quarter of 2024 saw a record revenue of 310 million yuan, a year-on-year increase of 52.47% and a quarter-on-quarter increase of 26.03% [3][4]. - The gross margin improved significantly, reaching 42.45% in Q3 2024, up 3.08 percentage points year-on-year and 12.39 percentage points quarter-on-quarter, driven by the high-end product mix [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 740 million yuan, with Q3 alone contributing 310 million yuan. The net profit for the same period was 62 million yuan, with Q3 net profit reaching 51 million yuan, marking substantial growth compared to previous quarters [3][4]. - The company expects revenues of 1.12 billion, 1.38 billion, and 1.63 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 128 million, 216 million, and 308 million yuan for the same years [6][11]. Product Development and Market Position - The company is focusing on high-end testing capabilities, with high-end product testing accounting for 73% of total testing in Q3 2024, up from 67% in the first half of the year. This shift is expected to continue, enhancing the company's competitive edge in the semiconductor testing market [4][5]. - The company has announced plans to invest in high-end testing equipment, including nearly 200 advanced testing machines, to cater to the growing demand for high-performance chips [5]. Future Outlook - The company is well-positioned to benefit from the ongoing recovery in the semiconductor industry, with expectations of continued growth in high-end product demand. The projected increase in revenue and net profit reflects a positive outlook for the company's future performance [6][11].