Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][14]. Core Insights - The company has experienced significant revenue growth, with a 67.86% year-on-year increase in revenue for the first half of 2025, reaching 307 million yuan, and a 91.56% increase in net profit attributable to shareholders, amounting to 76.01 million yuan [3][4]. - The demand for high-end products has rebounded, particularly in the semiconductor packaging and testing equipment sector, contributing to the company's strong performance [4]. - The sales revenue from the EXCEED-9000 series products has increased significantly, accounting for 51.37% of total sales revenue in the first half of 2025, up from 25.80% in 2024 [4]. Financial Projections - The company is projected to achieve revenues of 688 million yuan, 886 million yuan, and 1.12 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 192.90 million yuan, 275.43 million yuan, and 375.33 million yuan [6][10]. - The expected growth rates for revenue are 69.29% in 2025, 28.74% in 2026, and 26.53% in 2027 [10][11]. - The earnings per share (EPS) are forecasted to be 3.21 yuan, 4.59 yuan, and 6.26 yuan for the years 2025, 2026, and 2027, respectively [10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index over the next six months [10][16]. Core Insights - The company achieved a revenue of 407 million yuan in 2024, representing a year-on-year increase of 17.12%. The net profit attributable to shareholders was 78.48 million yuan, a decrease of 7.44% year-on-year, but adjusted net profit after excluding share-based payment effects was 87.21 million yuan, reflecting a growth of 2.85% [2][3]. - The semiconductor industry is showing signs of marginal recovery, particularly in the packaging and testing equipment sector. The company's EXCEED-9000 series products' revenue contribution increased to 25.80% in 2024 from 11.45% in 2023, driven by rising demand in specific market segments and enhanced product configurations [3][4]. - The company is actively pursuing product innovation and technology upgrades, with new testing functions added to its sorting machines. The establishment of a semiconductor testing equipment innovation and manufacturing center is expected to enhance its competitive edge [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 407 million yuan, with a growth rate of 17.12%. The net profit attributable to shareholders was 78.48 million yuan, down 7.44% year-on-year, while adjusted net profit was 87.21 million yuan, up 2.85% [2][12]. - Projections for 2025, 2026, and 2027 indicate revenues of 700 million yuan, 930 million yuan, and 1.18 billion yuan, respectively, with corresponding net profits of 200 million yuan, 300 million yuan, and 400 million yuan [10][12]. Market Position and Strategy - The company is focusing on expanding its global market presence and enhancing product offerings through continuous R&D investments. The establishment of a production center in Malaysia is aimed at better serving market demands [4][5]. - The company has made strategic investments in four firms related to semiconductor testing and packaging, indicating a proactive approach to technology and market positioning [5][9]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 60.01 for 2024, which is expected to decrease to 23.18, 15.70, and 11.72 for 2025, 2026, and 2027, respectively [12][10].