V-Test(688372) Changjiang Securities·2025-05-16 05:20Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved total operating revenue of 1.077 billion yuan in 2024, representing a year-on-year growth of 46.21%. The net profit attributable to the parent company was 128 million yuan, an increase of 8.67% year-on-year. In the first quarter of 2025, the company reported total operating revenue of 285 million yuan, a year-on-year increase of 55.39%, and a net profit of 26 million yuan, marking a turnaround from losses [2][4]. Summary by Sections Financial Performance - In 2024, the company’s total operating revenue reached 1.077 billion yuan, with a year-on-year growth of 46.21%. The net profit attributable to the parent company was 128 million yuan, reflecting an 8.67% increase year-on-year. For Q1 2025, the total operating revenue was 285 million yuan, showing a 55.39% year-on-year increase, and the net profit was 26 million yuan, indicating a return to profitability [2][4]. Industry Context - The semiconductor industry is experiencing a recovery, with increased demand for high-end chips and automotive-grade chips. The company is benefiting from this recovery, with improved capacity utilization and a focus on high-end chip testing services, particularly in the fields of CPU, GPU, AI, and FPGA [9]. Growth Drivers - The company is expanding its production capacity and investing in high-end testing equipment to meet the growing demand for high-performance chips. The focus on high-end chip testing and reliability is expected to enhance the company's competitive advantage and market share [9]. Future Projections - Revenue projections for the company are estimated at 1.41 billion yuan in 2025, 1.775 billion yuan in 2026, and 2.189 billion yuan in 2027. The net profit is expected to be 187 million yuan in 2025, 257 million yuan in 2026, and 363 million yuan in 2027, with corresponding price-to-earnings ratios of 43X, 31X, and 22X [9][14].