V-Test(688372) Tianfeng Securities·2025-05-21 00:45Investment Rating - The investment rating for the company is upgraded to "Buy" [6][5]. Core Viewpoints - The company achieved a revenue of 1.077 billion yuan in 2024, representing a year-on-year growth of 46%, and a net profit of 128 million yuan, up 8.67% year-on-year. In Q1 2025, the company reported a revenue of 285 million yuan, a 55% increase year-on-year, and turned a profit with a net profit of 26 million yuan [1][2]. - The growth in revenue is attributed to improved industry conditions, optimized product structure, new customer mass production, and increased capacity utilization. Despite the net profit growth being lower than revenue growth due to rising costs, the company demonstrated solid cost control and profitability [2][4]. - The company is focusing on high-performance chip testing, including CPU, GPU, AI, and advanced packaging chips, with a revenue of 615 million yuan from wafer testing, up 38.91%, and 367 million yuan from finished chip testing, up 50.07% [3]. - The company plans to raise 1.175 billion yuan through convertible bonds to enhance its testing capabilities and increase revenue from high-end services [3]. - The customer base has expanded significantly, with over 200 clients established, leading to substantial growth in production and sales of wafer and finished chip testing [4]. Financial Data Summary - The company forecasts revenues of 1.369 billion yuan for 2025, 1.743 billion yuan for 2026, and 2.308 billion yuan for 2027, with respective growth rates of 27.14%, 27.34%, and 32.36% [5][11]. - The projected net profit for 2025 is 196 million yuan, increasing to 280 million yuan in 2026 and 387 million yuan in 2027, with growth rates of 52.78%, 42.90%, and 38.16% respectively [5][11]. - The company's EBITDA is expected to reach 618 million yuan in 2025, 690 million yuan in 2026, and 771 million yuan in 2027 [5][11]. - The company maintains a healthy financial position with a debt-to-asset ratio of 48.67% and a net asset value per share of 23.33 yuan [7][11].