V-Test(SH:688372) Shenwan Hongyuan Securities·2025-06-25 14:10Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has announced a restricted stock incentive plan, granting 1.021 million shares, representing approximately 0.69% of the total share capital at the time of the announcement [4] - The company aims to achieve revenue targets of 1.4 billion, 1.7 billion, and 2 billion for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 30%, 21.4%, and 17.6% [7] - A new base will be established in Chengdu with an investment of 1 billion yuan, aimed at enhancing the national strategic layout and increasing market share [7] - The company is also increasing investments in its Wuxi and Nanjing bases, with a total capital expenditure of 1.483 billion yuan in 2024, focusing on high-end testing equipment [7] - The profit forecast has been adjusted, with expected net profits of 177 million, 249 million, and 362 million yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 50, 35, and 24 [7] Financial Data and Profit Forecast - Total revenue is projected to reach 1.401 billion yuan in 2025, with a year-on-year growth rate of 30.1% [6] - The net profit attributable to the parent company is expected to be 177 million yuan in 2025, reflecting a significant increase from the previous year [6] - The company's gross margin is forecasted to be 38.9% in 2025, with a gradual increase in ROE from 6.4% in 2025 to 10.7% in 2027 [6]