V-Test(SH:688372) NORTHEAST SECURITIES·2025-08-26 06:21Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [5]. Core Insights - The company achieved record-high revenue in Q2 2025, driven by strong downstream demand from the smart driving and AI sectors, alongside proactive capacity expansion [2][3]. - The significant increase in net profit growth (831.03% YoY) outpaced revenue growth (47.53% YoY), showcasing operational leverage [2]. - The gross margin improved to 34.50%, up 5.94 percentage points YoY, primarily due to enhanced capacity utilization, which currently stands at 90% [2]. - The company is strategically investing in advanced packaging and testing capabilities to meet the rising demand for chip testing, particularly in 2.5D/3D and Chiplet technologies [3]. Financial Summary - For H1 2025, the company reported revenue of 634 million yuan and a net profit of 101 million yuan, with Q2 revenue reaching 349 million yuan [1]. - The revenue breakdown for different business segments includes wafer testing (355 million yuan), chip product testing (254 million yuan), and other businesses (29 million yuan), with respective YoY growth rates of 49.32%, 71.57%, and -38.36% [2]. - The company forecasts net profits of 274 million yuan, 373 million yuan, and 506 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 44, 32, and 24 [3].