精智达（688627）：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, expected to positively impact its operating performance for 2025-2026 [4]. - The company has made substantial progress in the research and development of semiconductor testing equipment, particularly the FT testing machine, which has achieved major advancements in 2024 [4]. - The company has a strong historical development trajectory, transitioning from display testing to semiconductor testing, with established partnerships with major manufacturers [5][18]. - The semiconductor testing equipment market is dominated by a few key players, presenting a significant opportunity for domestic alternatives [6]. - The company aims to expand its product offerings in the semiconductor testing sector, focusing on high-value DRAM testing equipment [6][7]. Summary by Sections Company Overview - The company has evolved through three stages: initial focus on touch detection equipment, expansion into OLED testing technology, and recent advancements in Micro LED and semiconductor testing [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 positioned to benefit from the shift of display production capacity to mainland China, increasing demand for domestically produced testing equipment [2][23]. - The company has developed a comprehensive product matrix for new display devices and is actively investing in semiconductor testing equipment [25][37]. 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, 2025, and 2026, respectively, with corresponding EPS of 0.89, 2.05, and 2.80 [8][10]. - The report anticipates a significant increase in revenue, with a forecasted growth rate of 23.8% in 2024 and 49.7% in 2025 [10].