华峰测控2024Q3点评：业绩超预期，订单维持高景气

Investment Rating - The report maintains a "Buy" rating for Huafeng Test & Control (688200 SH) [3] Core Views - Huafeng Test & Control's Q3 2024 performance exceeded expectations, with revenue reaching 242 million yuan, a year-on-year increase of 76 42%, and net profit attributable to the parent company reaching 101 million yuan, a year-on-year increase of 181 16% [4] - The company's gross profit margin in Q3 2024 reached 77 69%, the highest since Q1 2023, and the net profit margin after non-recurring items reached 39 7%, showing significant improvement [5] - The company's order book remains strong, with inventory and contract liabilities increasing sequentially at the end of Q3 2024, indicating a robust order pipeline [5] - The company's SoC testing machine (8600) is progressing well in customer validation and is expected to be delivered for client verification in 2025, potentially securing orders [6] - The company's overseas expansion is gaining momentum, with new facilities in Malaysia and the US, and increasing global customer engagement, setting the stage for future growth [7] Financial Performance - For Q1-Q3 2024, the company reported revenue of 621 million yuan, a year-on-year increase of 19 75%, and net profit attributable to the parent company of 213 million yuan, a year-on-year increase of 8 14% [4] - The company's net profit margin in Q3 2024 reached 41 55%, driven by improved profitability and investment gains [5] - The company's forecasted net profit for 2024 and 2025 is approximately 350 million yuan and 500 million yuan, respectively, with corresponding P/E ratios of 49x and 34x [7] Industry and Market Trends - The semiconductor testing industry has seen a recovery in demand since Q4 2023, driving the company's order book and revenue growth [5] - The company's platform-based design for its SoC testing machine allows for scalability and compatibility, making it well-suited for future chip iterations and higher-end applications [6] - The company's global strategy is advancing, with increasing overseas validation projects and a growing presence in key markets such as Malaysia and the US [7] Future Outlook - The company is expected to further expand its revenue scale in Q4 2024, with potential for further improvement in net profit margins [5] - The company's new product launches and overseas expansion are expected to drive future order growth and support long-term performance [5][7]