精智达：Array业务拓展顺利，HBM测试设备加速推进

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Views - The company is well-positioned in the new display device testing technology and is actively expanding into front-end Array process testing. It has established a competitive product line in the optical characteristics, display defects, and electrical characteristics testing and calibration for new display devices [4] - The semiconductor memory device testing business is accelerating, with a focus on HBM-related testing equipment. The company has developed a comprehensive product range for semiconductor memory post-process testing, including wafer testers and aging repair equipment [5][6] - The domestic market for new display device testing equipment is expected to grow significantly, driven by large-scale investments from local manufacturers and the push for domestic alternatives [4] Financial Summary - The company is projected to achieve revenues of 914 million, 1.267 billion, and 1.648 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 163 million, 223 million, and 308 million yuan [7][9] - The expected growth rates for revenue are 40.95%, 38.63%, and 30.04% for the years 2024, 2025, and 2026, respectively [9] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 43, 31, and 23, respectively [7][9]