V-Test(SH:688372) Tianfeng Securities·2025-09-17 12:16Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported strong revenue growth of 47.53% year-on-year, reaching 634 million yuan, and a remarkable net profit increase of 831.03%, amounting to 101 million yuan in the first half of 2025 [1] - The company's business structure optimization and improved profitability quality are attributed to increased demand for advanced packaging testing driven by the rise in smart driving penetration, rapid growth in data centers and AI computing power, and accelerated domestic substitution [1][3] - The semiconductor industry is expected to maintain optimistic growth, with significant demand for chip testing in mainland China, providing a broad development space for independent third-party testing [3] Financial Performance - Revenue projections for 2025-2027 have been revised upwards, with expected revenues of 1.52 billion yuan, 1.96 billion yuan, and 2.45 billion yuan respectively, compared to previous estimates of 1.37 billion yuan, 1.74 billion yuan, and 2.31 billion yuan [4] - The forecast for net profit attributable to the parent company has also been increased, with expected figures of 227 million yuan, 304 million yuan, and 434 million yuan for 2025-2027, up from 196 million yuan, 280 million yuan, and 387 million yuan [4] Market Expansion and Client Base - The company has a solid client base of over 200 clients, including well-known domestic integrated circuit design companies and some wafer fabs, packaging plants, and IDM companies, ensuring long-term stable cooperation [3] - The company is actively expanding its market presence through technology innovation and participation in major industry exhibitions, enhancing its overall market competitiveness [3] Capacity Expansion - The company is accelerating its capacity layout for high-end and high-reliability chip testing, with significant investments in testing bases in Wuxi and Nanjing, and plans for new projects in Nanjing and Chengdu [2] - The overall capacity utilization rate has exceeded 90%, further expanding testing capabilities and supporting the development of strategic emerging industries such as AI, cloud computing, IoT, new energy vehicles, and autonomous driving [2]