营收再创历史新高，聚焦高端测试领域

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [5][12]. Core Insights - The company achieved record-high revenues in 2023, focusing on high-end testing sectors, despite facing challenges from the semiconductor industry's downturn [2][5]. - The company reported a revenue of 737 million yuan in 2023, with a slight year-on-year growth of 0.5%, while the net profit decreased by 51.9% to 117 million yuan due to various operational challenges [16][5]. - The report highlights the company's strategic focus on high-end chips, automotive-grade chips, and industrial-grade chips, which are expected to drive future growth as the semiconductor market recovers [2][5]. Financial Summary - Revenue Growth: The company’s revenue increased from 493 million yuan in 2021 to 733 million yuan in 2022, with a projected revenue of 737 million yuan for 2023 and further growth expected to 1,039 million yuan in 2024 and 1,330 million yuan in 2025 [1][3]. - Net Profit: The net profit rose from 132 million yuan in 2021 to 243 million yuan in 2022, but is expected to drop to 117 million yuan in 2023 before recovering to 197 million yuan in 2024 and 319 million yuan in 2025 [1][3]. - Key Ratios: The report provides key financial ratios, including a projected P/E ratio of 54.3 for 2023, decreasing to 19.9 by 2025, indicating a potential improvement in valuation as earnings grow [1][3]. Operational Developments - The company is actively expanding its testing capacity and investing in R&D, particularly in high-end chip testing, to enhance its competitive edge in the market [17][26]. - The report notes that the company has successfully completed investments in its IPO projects, which are now entering mass production, and is also expanding its operations in key regions like Shenzhen [17][26]. - The focus on high-end testing capabilities is expected to position the company favorably as the industry shifts towards domestic suppliers for advanced semiconductor testing [26].