单季度收入创历史新高，看好公司长期发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2]. Core Insights - The company achieved a revenue of 737 million RMB in 2023, a slight increase of 0.48% year-on-year, but the net profit attributable to shareholders decreased by 51.57% to 118 million RMB [2]. - The decline in net profit is attributed to several factors, including increased share-based payment expenses due to stock incentives, reduced capacity utilization in testing equipment, price reductions for certain testing services, and increased fixed costs from new projects [2]. - The company is recognized as a leading third-party testing firm in China, poised to benefit from the domestic shift in the semiconductor manufacturing supply chain and improving downstream demand [2]. - The company has made significant advancements in testing high-end chips, including 5nm-14nm process chips and automotive-grade chips, successfully achieving domestic substitution [2]. - Future projections estimate net profits for 2024-2026 to be 187 million, 262 million, and 356 million RMB, representing growth rates of 58.14%, 40.31%, and 35.90% respectively [2]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 221 million RMB, a year-on-year increase of 16.32%, but net profit decreased by 63.26% [2]. - The revenue growth rate for 2024 is projected at 52.37%, followed by 19.02% in 2025 and 18.72% in 2026 [13]. - The diluted earnings per share (EPS) for 2024-2026 are forecasted to be 1.65, 2.31, and 3.14 RMB, with corresponding P/E ratios of 63, 45, and 33 times [2]. Research and Development - The company increased its R&D expense ratio from 9.4% to 14.1% as it invests in high-end chip testing technologies [2]. Market Position - The company is positioned to benefit from the recovery in the semiconductor market and the return of high-end chip testing demand as production shifts back to domestic sources [2].