精智达技术：半导体测试设备技术和订单双重落地，助力公司长期稳健发展

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [1]. Core Insights - The company has signed a significant contract worth RMB 322.2 million, which is expected to positively impact its operating performance for 2025 and 2026 [4]. - The company has made substantial progress in the research and development of semiconductor testing equipment, particularly the FT testing machine, which has shown significant advancements and is expected to enhance market competitiveness [4]. - The company has a strong historical development trajectory, transitioning from display testing equipment to semiconductor testing, establishing partnerships with major industry players [5][6]. - The semiconductor testing equipment market is dominated by a few key players, presenting a significant opportunity for domestic alternatives, particularly in DRAM testing equipment [6][8]. Summary by Sections Company Overview - The company has evolved through three stages, starting with touch detection equipment for new display devices, moving to OLED testing technology, and currently focusing on semiconductor testing equipment [5][18]. - The company has established partnerships with leading manufacturers in both the display and semiconductor sectors, enhancing its market position [26]. Future Growth and Competitive Analysis - The company is well-positioned to benefit from the shift of display production capacity to mainland China, which increases the demand for domestically produced testing equipment [23]. - The company is focusing on DRAM testing machines and probe cards, which are critical for the semiconductor industry [26]. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of RMB 84 million, RMB 193 million, and RMB 264 million for the years 2024 to 2026, respectively, with corresponding EPS of 0.89, 2.05, and 2.80 [8][10]. - The report highlights the company's strong growth potential in the semiconductor sector, justifying the "Buy" rating based on its unique technological capabilities and market positioning [8].