V-Test(688372) Changjiang Securities·2025-05-16 07:20Investment 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%, and a net profit attributable to shareholders of 128 million yuan, up 8.67% year-on-year [2][4] - 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 attributable to shareholders of 26 million yuan, marking a return to profitability [2][4] - The semiconductor industry is experiencing a recovery, with increased demand for high-end chips and testing services, which is driving the company's growth [10] Summary by Sections Financial Performance - In 2024, the company recorded a total operating revenue of 1.077 billion yuan, with a significant increase in Q4 revenue reaching 336 million yuan, a 52.25% year-on-year growth [10] - The net profit for 2024 was 128 million yuan, with Q4 net profit reaching 55 million yuan, showing substantial growth of 129.34% year-on-year [10] - For Q1 2025, the company continued its growth trend with revenue of 285 million yuan, maintaining over 50% year-on-year growth [10] Market Position and Strategy - The company is focusing on high-performance chip testing, particularly in the fields of CPU, GPU, AI, and FPGA, which aligns with current technological trends and enhances its competitive advantage [10] - The company plans to increase its capacity and R&D investment in high-end chip testing, which is expected to further improve its market share and competitive position [10] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.41 billion yuan, 1.775 billion yuan, and 2.189 billion yuan respectively, with net profits expected to be 187 million yuan, 257 million yuan, and 363 million yuan [10]