Cctech(SZ:300604) HUAXI Securities·2025-04-30 07:15Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has maintained rapid revenue growth, benefiting from the increased volume of digital testing machines [2][3] - The company's revenue for 2024 reached 3.642 billion yuan, a year-on-year increase of 105%, and for Q1 2025, revenue was 815 million yuan, up 45.7% year-on-year [3] - The company is expected to continue to see strong demand in the semiconductor testing equipment market, particularly for SoC and storage testing machines [6][8] Revenue and Profitability Summary - The company achieved a net profit attributable to shareholders of 458 million yuan in 2024, a year-on-year increase of 915% [4] - The sales net profit margin for 2024 was 12.82%, up 9.4 percentage points year-on-year [4] - For Q1 2025, the net profit attributable to shareholders was 111 million yuan, a staggering increase of 2624% year-on-year [5] Financial Forecasts - Revenue forecasts for 2025 and 2026 have been adjusted to 4.920 billion yuan and 6.375 billion yuan, respectively, representing year-on-year growth of 35% and 30% [8] - The forecasted net profit for 2025 is 911 million yuan, with a year-on-year growth of 99% [8] - The earnings per share (EPS) for 2025 is projected to be 1.44 yuan [8] Industry Outlook - The demand for semiconductor testing equipment is expected to continue recovering, driven by AI applications [6] - The company is focusing on expanding its product offerings, including CIS testing machines and other high-end equipment [6][7]