HYC(688001) Guotou Securities·2025-04-30 12:44Investment Rating - The investment rating for the company is "Buy-A" with a target price of 28.97 CNY per share [6]. Core Views - The company reported a slight decline in revenue for 2024, with total revenue of 1.823 billion CNY, down 2.07% year-on-year, and a significant net loss of 497 million CNY, a decrease of 307.39% year-on-year [1][11]. - The first quarter of 2025 showed a revenue of 266 million CNY, down 5.32% year-on-year, but a net profit of -30 million CNY, an increase of 11.65% year-on-year [1]. - The company is expected to improve its profitability significantly as production capacity utilization rates increase to optimal levels [2]. Summary by Sections Financial Performance - In 2024, the overall gross margin was 42.12%, a decrease of 11.87 percentage points year-on-year, with net profit margin at -27.27%, down 40.15 percentage points year-on-year [2]. - The company anticipates revenue growth in the coming years, projecting revenues of 2.187 billion CNY in 2025, 2.537 billion CNY in 2026, and 2.841 billion CNY in 2027 [11]. Business Segments - The company has established a strong position in the electric vehicle testing market, becoming the largest designated supplier for a major U.S. electric vehicle manufacturer, with increasing orders [3]. - The consumer electronics testing segment is currently under pressure due to industry cycles, but is expected to recover as market conditions improve and the company continues to innovate [4]. Strategic Outlook - The company is focusing on dual-track development in the semiconductor testing equipment sector, emphasizing customized solutions for global benchmark clients and accelerating the import substitution process [10]. - The second-generation SoC testing machine has reached international standards, and the company has successfully developed the first domestic Sub-6G RF testing system [10].