V-Test(688372) Minsheng Securities·2025-04-08 14:23Investment Rating - The report gives a positive recommendation for participation in the new bond subscription, with an expected listing price of around 122 yuan, reflecting a 25% premium on the first day of trading [5]. Core Viewpoints - The company, a leading independent third-party integrated circuit testing enterprise in China, has a solid market position and growth potential, supported by a favorable industry outlook and strategic investments in capacity expansion [16][50]. - The company's revenue for Q1-Q3 2024 reached 740 million yuan, a year-on-year increase of 43.62%, although net profit declined by 30.81% during the same period [6][38]. - The integrated circuit testing market in China is expected to grow significantly, driven by increasing demand for high-performance chips and the shift towards independent third-party testing services [30][50]. Summary by Sections 1. Convertible Bond Basic Terms and Subscription Value Analysis - The convertible bond has an issuance scale of 1.175 billion yuan, with a bond and issuer rating of AA/AA. The conversion price is set at 82.15 yuan, with a conversion value of 97.24 yuan as of April 3, 2025 [3][12]. - The dilution pressure on total share capital is 12.56%, and on circulating share capital is 18.18%, indicating significant dilution risk [3][12]. 2. Company Operating Performance Analysis - The company achieved a revenue of 740 million yuan in Q1-Q3 2024, up 43.62% year-on-year, while the net profit was 62 million yuan, down 30.81% [6][38]. - The gross margin has been declining, with the sales gross margin at 34.38% for Q1-Q3 2024, a decrease of 4.06 percentage points year-on-year [39]. 3. Competitive Advantage Analysis - The company has a strong technical research and development advantage, a broad customer base, and a favorable geographic location near key markets, which enhances its service capabilities [7][45]. - The company is positioned as a leading independent third-party testing service provider in China, with a significant number of high-end testing equipment, making it a major supplier in the high-end chip testing market [7][47]. 4. Fundraising Project Analysis - The funds raised from the convertible bond issuance will be used for expanding testing capacity and enhancing operational efficiency, with projects including the establishment of testing bases in Wuxi and for integrated circuit chip testing [50][51].