可转债募资扩充高端测试产能

Investment Rating - The investment rating for the company is "Buy" and it is maintained [16][37]. Core Viewpoints - The company is leveraging the current industry downturn to accelerate capacity expansion, completing two IPO fundraising projects ahead of schedule and enhancing testing capacity for high-end and high-reliability chips [19]. - The company has shown significant growth since its establishment in 2016, becoming one of the largest domestic players in the third-party integrated circuit testing sector [19]. - The construction of new testing bases in Wuxi and Nanjing is expected to significantly increase the company's testing service capacity, revenue, and net profit, narrowing the gap with the largest Taiwanese competitors [19]. - The company has made substantial capital expenditures to acquire high-end testing equipment at favorable prices during the industry low point, positioning itself for future growth opportunities [19]. - The company achieved a revenue of 737 million in 2023, with a slight year-on-year increase of 0.48%, despite a challenging external environment [35]. Financial Summary - The company reported a total revenue of 737 million in 2023, with a projected revenue of 962 million, 1.29 billion, and 1.74 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 30.59%, 34.54%, and 34.72% [38]. - The net profit attributable to the parent company for 2023 was 118 million, with projections of 178 million, 258 million, and 321 million for the following three years, indicating growth rates of 50.85%, 45.19%, and 24.03% [38]. - The company’s EBITDA for 2023 was approximately 352.14 million, with expected increases to 609.63 million, 849.94 million, and 1.01 billion in the subsequent years [38].