THEC(BJ:833509) KAIYUAN SECURITIES·2024-03-25 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [12][17]. Core Views - The company's performance is under pressure due to industry challenges, with a projected revenue of 169 million yuan in 2023, representing an 11% decline, and a net profit of 39 million yuan, down 31% year-on-year. The forecast for net profit for 2023-2025 has been revised downwards [12][13]. - The company is focusing on high-end product development in power semiconductors and new energy sectors, which are expected to drive future growth [4][25]. - The company has made significant progress in customer certification for new products, leading to an increase in direct sales by approximately 66% in the first three quarters of 2023, primarily due to higher sales of mid-to-high-end products [13][24]. Financial Summary - Revenue (million yuan): 148 in 2021, 190 in 2022, projected 169 in 2023, 196 in 2024, and 243 in 2025 [5]. - Net profit (million yuan): 42 in 2021, 56 in 2022, projected 39 in 2023, 50 in 2024, and 70 in 2025 [5]. - Gross margin: 54.6% in 2021, 56.0% in 2022, projected 57.1% in 2023, 57.4% in 2024, and 58.0% in 2025 [5]. - Earnings per share (EPS): 0.26 in 2021, 0.34 in 2022, projected 0.24 in 2023, 0.31 in 2024, and 0.43 in 2025 [5]. Product Development - The company is actively developing high-end products, including: 1. TH2851 precision impedance analyzer with a frequency of up to 130MHz. 2. TH199X precision source/measurement unit with high resolution for various applications. 3. TH2690 series high resistance meters for testing materials and electronic components. 4. TH51X series semiconductor C-V characteristic analyzers for production line sorting and R&D. 5. TH66XX series feedback source load systems for photovoltaic inverters and electric vehicle chargers [25].