精智达：精彩智荟，达领未来

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company has a strong presence in the new display device testing equipment sector and is actively expanding into semiconductor storage device testing [9][43] - The company has achieved a compound annual growth rate (CAGR) of over 42% in revenue from 2019 to 2023, driven by both new display and semiconductor storage testing businesses [25] - The company is well-positioned to benefit from the rapid growth of the AMOLED industry, with significant investments in domestic production lines and equipment [50][54] Financial Performance - The company’s revenue for 2023 is projected at 649 million, with a growth rate of 28.53% [11] - The forecasted revenue for 2024, 2025, and 2026 is 914 million, 1,269 million, and 1,647 million respectively, with corresponding growth rates of 40.96%, 38.78%, and 29.81% [11] - The net profit attributable to the parent company for 2023 is expected to be 116 million, with a growth rate of 75.10% [11] Business Segments - The company has a comprehensive product line in new display device testing, covering various processes such as optical characteristics, display defects, and electrical characteristics [9][43] - In the semiconductor storage device testing sector, the company is developing a full range of products, including wafer testers and aging repair equipment [9][43] Market Trends - The AMOLED industry is expected to see a market size of 866 billion by 2024, driving demand for related testing equipment [9][50] - The domestic semiconductor storage testing equipment market is anticipated to grow rapidly due to increasing demand from local manufacturers [9][54] R&D and Innovation - The company is committed to continuous R&D investment, focusing on enhancing its product offerings and maintaining competitive advantages [33][41] - The company has established strategic partnerships to bolster its technological capabilities and market reach [23][41] Customer Base - The primary customers include manufacturers of new display devices and semiconductor storage devices, with a significant concentration of revenue from a few key clients [34][35] - The company has secured substantial orders from major players in the AMOLED and semiconductor sectors, indicating strong market demand [34][35]