Cctech(SZ:300604) Soochow Securities·2025-05-04 13:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous high growth in performance, with a significant contribution from testing equipment, achieving a revenue of 3.642 billion yuan in 2024, a year-on-year increase of 105% [7] - The company is expected to become a leader in domestic testing equipment, with a focus on high-end applications and a clear product line and market layout [7] - The company has increased its R&D investment, with R&D expenses reaching 967 million yuan in 2024, a year-on-year increase of 35% [7] Financial Performance Summary - In 2024, the company achieved total revenue of 3.642 billion yuan, with a net profit attributable to shareholders of 458.43 million yuan, reflecting a year-on-year increase of 915% [7] - The company's gross margin for 2024 was 54.9%, a decrease of 2.2 percentage points year-on-year, while the net profit margin increased by 9.4 percentage points to 12.8% [7] - The company’s cash flow from operating activities was 626 million yuan in 2024, a year-on-year increase of 184% [7] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been raised to 849 million yuan for 2025 and 1.121 billion yuan for 2026, with a new forecast for 2027 at 1.438 billion yuan [7] - The current stock price corresponds to dynamic P/E ratios of 31, 24, and 18 times for 2025, 2026, and 2027 respectively, indicating strong growth potential in the high-end testing machine sector [7]