UNICOMP(SH:688531) Shenwan Hongyuan Securities·2026-03-19 10:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to achieve a revenue of 1.071 billion yuan in 2025, representing a year-on-year growth of 45%, and a net profit of 175 million yuan, which is a 22% increase year-on-year [4] - The company has made significant advancements in the semiconductor high-precision detection field and has successfully industrialized nano-level open-tube X-ray sources and high-power X-ray sources [7] - The acquisition of SSTI in November 2025 is expected to enhance the company's detection technology capabilities in semiconductor laser, infrared, and electrical performance [7] - The company is focusing on expanding its product matrix through investments and acquisitions, which are projected to contribute 100-200 million yuan in revenue and 40-50 million yuan in net profit in 2026 [7] - The company has adjusted its profit forecast for 2025 downwards but has raised the forecasts for 2026 and 2027, expecting net profits of 298 million yuan and 396 million yuan respectively [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 739 million yuan in 2024 to 1.937 billion yuan in 2027, with corresponding growth rates of 25.9%, 44.8%, 39.4%, and 29.8% [6] - The net profit is expected to increase from 175 million yuan in 2025 to 396 million yuan in 2027, with growth rates of 21.9% and 32.8% respectively [6] - The company's current price-to-earnings (PE) ratios are projected to be 70X for 2025, 41X for 2026, and 31X for 2027 [7]