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 [19][30]. Core Insights - The company has significantly increased its R&D investment, reaching 71.9 million RMB in 2023, a year-on-year increase of 56.02%, with a focus on micro-display testing equipment and high-end storage testing machines [1]. - The new display detection equipment business generated revenue of 565 million RMB in 2023, up 27.33% year-on-year, while semiconductor storage testing equipment revenue reached 83 million RMB, a 45.52% increase [1]. - The company is establishing itself as a key player in the storage testing machine market, with prototype validation nearing completion and significant orders from major panel manufacturers [1]. - The company is positioned to benefit from the domestic G8.6 AMOLED production line expansion projects [1]. Financial Forecasts - The company is projected to achieve net profits of 133 million RMB, 162 million RMB, and 235 million RMB for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 14.56%, 22.41%, and 45.13% [1]. - The corresponding P/E ratios for 2024, 2025, and 2026 are estimated at 41.98, 34.29, and 23.63 respectively [1].
收入同比大增,半导体业务进展顺利