V-Test(SH:688372)2024-03-27 16:00Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Views - The company reported a revenue of 737 million yuan for 2023, a year-on-year increase of 0.48%, while the net profit attributable to shareholders decreased by 51.57% to 118 million yuan [4]. - The demand recovery is evident in the second half of 2023, with significant growth in high-end testing services, which saw an 8.31% increase in revenue, raising its share of main business revenue from 68.58% in 2022 to 75.96% in 2023 [4]. - The company has accelerated its capacity expansion during the industry downturn, completing over 1.2 billion yuan in capital expenditures in 2023, positioning itself for future growth opportunities [4]. Summary by Sections Financial Performance - Total revenue for 2023 was 737 million yuan, with a slight increase from 733 million yuan in 2022 [8]. - The net profit attributable to shareholders was 118 million yuan, down from 244 million yuan in 2022, reflecting a significant decline [8]. - The gross margin for 2023 was 39%, down from 48.6% in 2022, while the projected gross margins for 2024E and 2025E are 42.4% and 44.2%, respectively [13]. Revenue and Profit Forecast - Revenue projections for 2024E, 2025E, and 2026E are 947 million yuan, 1.138 billion yuan, and 1.343 billion yuan, respectively, indicating a growth trajectory [13]. - The forecasted net profit for 2024E, 2025E, and 2026E is 174 million yuan, 230 million yuan, and 277 million yuan, respectively, showing a recovery trend after the decline in 2023 [13]. Market Position and Strategy - The company has established a new wholly-owned subsidiary in Shenzhen to cater to the testing needs of the integrated circuit industry in the Pearl River Delta region [4]. - The company is focusing on high-end chip testing and has increased R&D expenses by 50.02% to enhance its competitive edge [4].