精智达：面板+存储测试双轮驱动业绩放量

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is driven by dual engines: panel and storage testing, leading to significant revenue growth [1] - The company reported a revenue of 5.66 billion yuan for the first three quarters of 2024, a year-on-year increase of 52.48%, while net profit decreased by 6.33% to 0.51 billion yuan [1] - The report highlights the company's strong market position in the semiconductor storage testing equipment sector, with a low domestic production rate and increasing demand from local manufacturers [1] Financial Summary - Revenue (million yuan): - 2022A: 505 - 2023A: 649 - 2024E: 901 - 2025E: 1,233 - 2026E: 1,584 - Year-on-year growth rates: - 2023A: 29% - 2024E: 39% - 2025E: 37% - 2026E: 28% [1] - Net Profit (million yuan): - 2022A: 66 - 2023A: 116 - 2024E: 111 - 2025E: 204 - 2026E: 269 - Year-on-year growth rates: - 2023A: 75% - 2024E: -4% - 2025E: 84% - 2026E: 32% [1] - Earnings Per Share (EPS): - 2022A: 0.70 - 2023A: 1.23 - 2024E: 1.18 - 2025E: 2.17 - 2026E: 2.86 [1] Market Position and Growth Drivers - The company is positioned to benefit from the expansion of downstream production capacity and upgrades in the semiconductor testing equipment market [1] - The report notes that the company has completed the verification of key modules for its wafer testing machines, which are now in the validation phase at customer sites [1] - The government subsidies and the increasing domestic demand for semiconductor testing equipment are expected to provide a solid foundation for order growth [1]