Investment Rating - The investment rating for the company is "Buy" and is maintained [1][6]. Core Views - The company is a leading independent third-party testing enterprise in China, focusing on high-end chip testing. Since its establishment in 2016, it has developed a business model centered on independent integrated circuit testing services, expanding into wafer testing and finished chip testing. The company benefits from increased testing demand due to market recovery and new customers entering mass production, leading to improved capacity utilization and a significant increase in high-end product testing revenue, with projected revenue of 1.077 billion yuan and a net profit of 128 million yuan in 2024 [4][16]. - The high-end chip and advanced packaging processes are increasing the proportion of testing costs, with the Chinese mainland's chip testing service market expected to reach 100 billion yuan by 2030. The integrated circuit testing cost is estimated to account for 6%-8% of design revenue, with the market size for integrated circuit testing in China projected to be 38.3 billion yuan in 2023, growing by 6% year-on-year [4][33]. - The growth of Taiwanese leader King Yuan Electronics validates the independent third-party testing service model, which aligns with industry division trends. The independent third-party testing service model has proven effective in Taiwan and presents significant growth opportunities for domestic companies in the vast mainland market [4][33]. Summary by Sections Business Overview - The company has established itself as a leader in independent third-party testing services, focusing on high-end chip testing. It has expanded its service offerings to include wafer testing and finished chip testing, benefiting from increased demand and improved capacity utilization [4][10]. Financial Projections - Revenue projections for 2024-2027 are as follows: 1.077 billion yuan in 2024, 1.406 billion yuan in 2025, 1.833 billion yuan in 2026, and 2.309 billion yuan in 2027, with corresponding net profits of 128 million yuan, 195 million yuan, 311 million yuan, and 449 million yuan respectively. The projected P/E ratios for 2025-2027 are 45, 28, and 20 times [5][6]. Market Potential - The independent third-party testing service model is gaining traction in the semiconductor industry, with significant growth potential in the Chinese market. The company is well-positioned to capture market share as domestic chip design companies increasingly seek local testing solutions [4][33]. Customer Base - The company has built a diverse customer base, including major chip design, manufacturing, and packaging firms. The shift towards domestic testing services has accelerated due to geopolitical factors, enhancing the company's market position [27][29].

Financial Performance - The company reported a basic earnings per share of 0.2277 yuan for Q1 2025, a significant increase of 8533.33% compared to a loss of 0.0027 yuan in Q1 2024 [1] - Operating revenue reached 2.85 billion yuan, marking a 54.89% increase from 1.84 billion yuan in the same period last year [1] - Net profit for the quarter was 0.26 billion yuan, compared to no profit in Q1 2024 [1] - The return on equity (ROE) improved to 0.98% from a negative 0.01% in the previous year [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 19.33 million shares, accounting for 24.57% of the circulating shares, with a decrease of 9.2827 million shares from the previous period [2] - Notable changes in holdings include a decrease of 120.44 thousand shares by Jiangsu Diquan Yuanhe Puhua Equity Investment Partnership and a decrease of 177.12 thousand shares by Shenzhen Nanhai Growth Tongying Equity Investment Fund [2] - New entrants among the top shareholders include several asset management plans from CITIC Securities [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares this time [3]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 1.1300 | 1.0400 | 8.65 | 2.7100 | | 每股净资产（元） | 0 | 21.69 | -100 | 27.28 | | 每股公积金(元) | 17.26 | 16.73 | 3.17 | 21.65 | | 每股未分配利润(元) | 4.50 | 3.71 | 21.29 | 4.37 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 10.77 | 7.37 | 46.13 | 7.33 | | 净利润(亿元) | 1.28 | 1.18 | 8.47 | 2.44 | | 净资产收益率(%) | 5.06 | 4.89 | 3.48 | 19.83 | 前十大流通股东累计持有： 2861.63万股，累计占流通股比： 36.36%，较上期变化： -747.66万股。 | 名称 持有数量(万股) | | 占总股本比 ...