UNICOMP(SH:688531) Dongxing Securities·2026-03-06 08:28Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to market benchmarks [4][9]. Core Insights - The company achieved significant growth in new orders, with 2025 revenue reaching approximately 1.071 billion yuan, a year-on-year increase of 44.88%. The net profit attributable to shareholders was 174 million yuan, up 21.81%, while the net profit excluding non-recurring items was 145 million yuan, reflecting a 50.85% increase [1][2]. - The growth is attributed to the company's focus on its core business, increased R&D investment, and the successful commercialization of various X-ray source technologies, including industrial X-ray sources and AI intelligent detection software [2][3]. - The company is expanding its product offerings in high-end semiconductor testing equipment through a joint venture with SSTI, aiming to enhance its capabilities in semiconductor failure analysis and defect detection [3][9]. Financial Performance Summary - Revenue and profit forecasts for 2025-2027 are optimistic, with expected EPS of 1.09 yuan in 2025, 1.82 yuan in 2026, and 2.55 yuan in 2027. The company anticipates continued revenue growth rates of 44.87% in 2025 and 53.55% in 2026 [10][11]. - The financial metrics indicate a robust growth trajectory, with projected net profit growth rates of 25.48% in 2025 and 67.38% in 2026, alongside improving return on equity (ROE) [10][11].