Cctech(SZ:300604) Soochow Securities·2025-05-05 06:23Investment 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 expansion strategy [7] - The financial forecasts have been adjusted upwards, with expected net profits of 849.15 million yuan for 2025 and 1.121 billion yuan for 2026, indicating strong growth potential in the high-end testing machine sector [7] Financial Performance Summary - In 2024, the company achieved total revenue of 36.42 billion yuan, with a net profit of 4.58 billion yuan, reflecting a year-on-year increase of 915% [7] - The gross margin for 2024 was 54.9%, with a net profit margin of 12.8%, showing effective cost control and increased profitability [7] - The company’s R&D expenses reached 967 million yuan in 2024, a year-on-year increase of 35%, indicating a commitment to innovation and product development [7] Market Position and Product Strategy - The company is expanding its product line to cover various high-end application scenarios, including digital testing equipment and optical inspection devices, aiming to replace imported products [7] - The SoC testing machines are positioned to compete in a market currently dominated by foreign leaders, with significant potential for domestic substitution [7] - The company’s products are reported to be competitively priced compared to foreign counterparts, enhancing its market share potential [7]