Cctech(SZ:300604) Guotou Securities·2025-07-04 08:17Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 54.37 CNY per share, reflecting a 40x PE valuation for 2025 [5][7]. Core Insights - The company is expected to achieve a net profit of 360-420 million CNY in H1 2025, representing a year-on-year growth of 67.5%-95.5%. The non-recurring gains are estimated at approximately 70 million CNY, primarily from mergers and government subsidies [1][2]. - The rapid growth in performance is attributed to the recovery of the integrated circuit industry, strong downstream demand, and significant order growth across product lines, which has led to increased sales revenue and profit [2][3]. - The company is entering a phase of increased production for its testing machines, with a diversified product range that includes high-power testers and sorting machines, achieving recognition from major domestic and international semiconductor firms [3][4]. Financial Projections - Revenue projections for 2025-2027 are 4.88 billion CNY, 6.15 billion CNY, and 7.81 billion CNY, respectively. Net profits are projected at 857 million CNY, 1.14 billion CNY, and 1.47 billion CNY for the same period [5][11]. - The company plans to raise up to 3.13 billion CNY through a private placement, with 2.19 billion CNY allocated for semiconductor equipment R&D, focusing on key areas such as testing machines and AOI equipment [4][5].