Shenzhen SEICHI Technologies (688627) 国金证券·2025-02-12 00:19Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company has signed a semiconductor testing equipment procurement agreement worth RMB 322 million, marking a significant contract with a key customer [1]. - The company is emerging as a core manufacturer of new display device testing equipment, benefiting from downstream capacity expansion and its own product development [3]. - The semiconductor business has shown strong growth, with a year-on-year revenue increase of 106.63% in the first three quarters of 2024 [2]. Summary by Sections Business Analysis - The company has developed a general-purpose memory testing verification machine and secured bulk orders, contributing to revenue growth. The development of wafer testing machines and FT testing machines is progressing as planned, with successful validation of key components [2]. - The company is positioned to benefit from the expansion of AMOLED production lines by major domestic manufacturers, having completed technical iterations and product upgrades for testing equipment suitable for G8.6 AMOLED production lines [3]. Profit Forecast, Valuation, and Rating - The forecasted net profits for 2024, 2025, and 2026 are RMB 131 million, RMB 209 million, and RMB 256 million, respectively, reflecting year-on-year growth rates of 13.60%, 58.72%, and 22.49% [4]. - The current price-to-earnings (P/E) ratios are projected at 52.16, 32.86, and 26.83 for the years 2024, 2025, and 2026 [4].