UIGreen(688661) 国盛证券·2024-05-21 10:02Investment Rating - The report initiates coverage with a "Buy" rating for the company [34]. Core Views - The company is a leading player in the domestic semiconductor testing probe industry, with significant growth in R&D investment over the past two years [10][11]. - The semiconductor testing probe market is expected to grow steadily, with the global market projected to increase from 2.741 billion by 2025, reflecting a compound annual growth rate (CAGR) of 14.51% [30]. - The company is positioned to benefit from the recovery in demand for semiconductor testing probes, particularly as it expands its customer base and product offerings [24][34]. Summary by Sections 1. Semiconductor Testing Probes: Key Components in Chip Testing - The semiconductor testing probe is a critical component in the chip testing process, with opportunities arising from domestic substitution and technological innovation [54]. 2. Company Overview: Leading Domestic Semiconductor Testing Probe Provider - The company has established itself as a leader in the domestic semiconductor testing probe market, with a strong competitive position in MEMS microelectronic components internationally [11][23]. 2.1 R&D Investment Growth - The company has significantly increased its R&D investment, which is expected to provide a solid foundation for future growth [10][11]. 2.2 FT Probe Business Recovery and CP Probe Growth - The FT probe business, which saw high growth driven by major clients like NVIDIA, faced challenges in 2022-2023 but is expected to recover in 2024 as demand rebounds [24][34]. 3. Financial Projections - The company forecasts net profits of 1.06 billion, 1.70 billion, and 2.33 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 42X, 26X, and 19X [34][35].