Cctech(300604) 华西证券·2025-01-22 08:50Investment Rating - The report maintains an "Accumulate" rating for the company [1][6]. Core Views - The company is expected to achieve a significant increase in net profit for 2024, with estimates ranging from 400 to 500 million yuan, representing a year-on-year growth of 785.75% to 1007.18% [3]. - The semiconductor market is gradually recovering from the downturn in 2023, which is anticipated to drive revenue growth for the company in 2024 [3]. - The company has successfully expanded its product offerings, particularly in high-end testing equipment, which is expected to contribute to revenue growth in the coming years [5]. Summary by Sections Event Overview - On January 21, the company announced its earnings forecast for 2024 [2]. Profit Growth - The company forecasts a net profit of 400 to 500 million yuan for 2024, with a central estimate of 450 million yuan, indicating a substantial recovery from previous losses [4]. - The gross margin is expected to remain high at around 57.73% in Q3 2024, driven by product mix optimization [4]. Industry Recovery - The demand for traditional packaging and testing equipment is rebounding, supported by AI-related needs, indicating a positive outlook for the industry [5]. - The company is positioned as a leader in domestic back-end testing equipment, with significant growth expected in SOC and memory testing machines [5]. Financial Forecast - Revenue projections for 2024 to 2026 are set at 34.71 billion, 46.80 billion, and 59.77 billion yuan, respectively, with year-on-year growth rates of 96%, 35%, and 28% [6]. - The estimated earnings per share (EPS) for 2024 to 2026 are 0.72, 1.37, and 1.95 yuan, respectively [6].