Shenzhen SEICHI Technologies (688627) 东兴证券·2025-02-18 08:23Investment Rating - The report maintains a "Recommended" rating for the company [5][4]. Core Insights - The company has launched a restricted stock incentive plan for 2025, demonstrating confidence in long-term development with a target revenue growth rate of no less than 60% for 2025 and 500% for its semiconductor business [2][3]. - A significant contract for semiconductor testing equipment worth RMB 322 million has been signed, which is expected to positively impact the company's performance in 2025 and 2026 [3][4]. - The company has made substantial progress in developing its self-researched semiconductor testing machines, enhancing its market competitiveness and contributing to the local industry's upgrade [3]. Financial Forecast - The company's projected earnings per share (EPS) for 2024, 2025, and 2026 are expected to be RMB 1.48, RMB 2.31, and RMB 3.08 respectively, indicating a strong growth trajectory [4][13]. - Revenue is forecasted to grow from RMB 915.87 million in 2024 to RMB 1,756.53 million in 2026, reflecting a compound annual growth rate of approximately 36.37% [13][4]. - The net profit is expected to increase significantly, from RMB 138.90 million in 2024 to RMB 289.51 million in 2026, with a growth rate of 33.45% [13][4].