Cctech(SZ:300604) HUAXI Securities·2025-10-30 06:35Investment Rating - The investment rating for the company is "Accumulate" [1]. Core Views - The company reported Q3 2025 earnings that were slightly above expectations, with a revenue of 1.612 billion yuan, representing a year-on-year increase of 60.04% [2][3]. - The company is benefiting significantly from the recovery in the packaging and testing industry, as well as the continued growth of digital products such as SoC and CIS [3]. - The net profit for Q3 2025 reached 438 million yuan, a year-on-year increase of 207%, nearing the upper limit of the earnings forecast [4]. - The demand for SoC testing machines has surged due to AI developments, positioning the company to benefit from domestic AI production and storage expansion [5]. Summary by Sections Earnings Overview - For the first three quarters of 2025, the company's revenue was 3.779 billion yuan, up 49.05% year-on-year, with Q3 revenue at 1.612 billion yuan [3]. - The net profit attributable to the parent company for Q3 was 438 million yuan, with a significant increase in profit margins despite a slight decline in gross margin due to product mix changes [4]. Future Outlook - The company has adjusted its revenue forecasts for 2025-2027 to 5.098 billion, 6.971 billion, and 8.921 billion yuan, respectively, reflecting year-on-year growth rates of 40.0%, 36.7%, and 28.0% [6]. - The net profit forecasts for the same period are 1.108 billion, 1.600 billion, and 2.005 billion yuan, with corresponding year-on-year growth rates of 141.8%, 44.4%, and 25.3% [6]. Valuation Metrics - As of October 29, 2025, the company's stock price was 92.52 yuan, corresponding to price-to-earnings ratios of 53, 36, and 29 for the years 2025, 2026, and 2027, respectively [6].