Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][9]. Core Insights - The company has shown steady revenue growth, with a reported revenue of 233 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 3.48%. However, net profit attributable to shareholders decreased by 4.79% to 14 million yuan due to short-term impacts from share-based payments [4]. - The company focuses on independent innovation, with its products filling domestic technological gaps. Key technology indicators of its products are at a leading domestic and advanced international level, showcasing strong potential for domestic substitution [5]. - The company is expanding its market presence through collaborations with leading international and domestic firms, enhancing its core competitive barriers. Notable products like the QT-8400 series have made significant technological breakthroughs and are entering important customer supply chains [6]. - The company is accelerating the development of high-performance SoC testing machines, capitalizing on the growing demand for domestic alternatives in the high-end SoC testing market [7]. Financial Projections - Revenue projections for the company are estimated at 360 million yuan in 2025, 600 million yuan in 2026, and 1 billion yuan in 2027. Corresponding net profits are expected to be 36 million yuan, 122 million yuan, and 246 million yuan respectively [8][11]. - The company anticipates a significant growth rate in revenue, with projections of 15.7% in 2025, 66.9% in 2026, and 65.5% in 2027 [11]. - The earnings per share (EPS) is projected to increase from 0.51 yuan in 2025 to 3.49 yuan in 2027 [11]. Relative Valuation - The company is positioned as a leading supplier in the semiconductor testing equipment sector, with a focus on automation testing systems and laser marking equipment. The relative valuation analysis suggests a price-to-sales (P/S) ratio of 23.04x for 2025, supporting the "Buy" rating [14][15].
联动科技：大算力SoC测试机加速推进-20260209