Shenzhen SEICHI Technologies (SH:688627) Soochow Securities·2025-05-05 05:23Investment Rating - The report assigns a "Buy" rating for the company, with a first-time coverage [1]. Core Views - The company, Jingzhida (688627), is positioned as a leading domestic semiconductor testing and display inspection equipment provider, benefiting from the expansion of the storage industry and advancements in display technology [8]. - The semiconductor testing segment is expected to see significant growth, particularly in the HBM (High Bandwidth Memory) testing equipment, with a projected CAGR of 100% from 2025 to 2027 [8]. - The display inspection business is also anticipated to maintain a growth rate of 15%-20% in orders from 2025 to 2026, solidifying the company's performance [8]. - The company has established strong customer relationships, particularly with leading clients like Changxin Storage, which is expected to drive substantial order growth in semiconductor equipment [8]. Summary by Sections 1. Company Overview - Jingzhida focuses on panel detection and semiconductor testing equipment, evolving through three main development phases since its establishment in 2011 [13][14]. - The company has a diversified product matrix covering display detection and semiconductor storage testing equipment, positioning it as a leader in domestic substitution [36]. 2. Financial Performance - The company's revenue is projected to grow from 648.56 million yuan in 2023 to 2.6 billion yuan in 2027, with a CAGR of 44.44% [1]. - The net profit is expected to increase significantly, reaching 521.66 million yuan by 2027, with a notable growth rate of 149.63% in 2025 [1]. 3. Product Matrix - The company offers a comprehensive range of products, including CP testing machines, FT testing machines, aging testing equipment, and probe cards, covering all critical aspects of semiconductor testing [36][43]. - In the display inspection sector, the company provides solutions for Micro LED and OLED technologies, enhancing its market share and competitiveness [36]. 4. Market Position and Growth Potential - The company is well-positioned to capture the growing demand for semiconductor testing equipment, particularly as major storage manufacturers expand their production capacities [51]. - The expected increase in equipment demand is driven by the complexity and higher investment requirements associated with HBM testing, which is projected to be ten times that of DRAM [57].