| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 503.08 | 488.13 | 629.78 | 792.52 | 964.95 | | 同比（%） | 11.19 | (2.97) | 29.02 | 25.84 | 21.76 | | 归母净利润（百万元） | 21.72 | (61.62) | (6.44) | 18.97 | 36.09 | | 同比（%） | (32.16) | (383.69) | 89.56 | 394.71 | 90.29 | | EPS-最新摊薄（元/股） | 0.11 | (0.30) | (0.03) | 0.09 | 0.18 | | P/E（现价&最新摊薄） | 330.18 | (116.39) | (1,114.38) | 378.12 | 198.70 | [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 23 日 证券研究报告·公司深 ...

Core Viewpoint - The company is a well-known independent third-party testing technology service provider focusing on integrated circuit testing, implementing a "one body, two wings" strategy to drive growth [1][2]. Group 1: Business Overview - The company's main business includes integrated circuit testing solution development, wafer testing, and chip finished product testing services [1]. - The "one body, two wings" strategy consists of integrated circuit testing as the core, with wafer laser grooving, dicing, thinning as the left wing, and all-weather ultra-wide spectrum layered image sensor chips for autonomous driving and robotics as the right wing [1]. Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 284 million yuan, a year-on-year increase of 23.09%, with a net profit attributable to shareholders of -7.06 million yuan, indicating a narrowing loss [2]. - In Q2 2025, revenue reached 154 million yuan, up 35.29% year-on-year and 18.38% quarter-on-quarter, with a net profit of 523,400 yuan, marking a return to profitability for the quarter [2]. - The growth in performance is attributed to sustained strong demand for certain testing categories, improved terminal demand from existing customers, and new product introductions from newly acquired clients [2]. Group 3: Strategic Initiatives - The company is expanding into the autonomous driving and robotics sectors, having signed a strategic cooperation agreement with a subsidiary to provide ultra-wide spectrum layered image sensor chips and related testing services [3]. - The "TerraSight" chip, developed in collaboration with a partner, successfully demonstrated its capabilities in a mining truck, showcasing the company's advancements in technology [3]. - The company leverages its accumulated testing solutions in automotive electronics, high computing power, storage, and sensors to support the rapid reuse and customization of solutions in the robotics testing business [3]. Group 4: Future Outlook - Revenue is projected to grow by 24.6%, 24.2%, and 23.0% from 2025 to 2027, reaching 608 million, 756 million, and 930 million yuan respectively, with net profit expected to turn positive by 2027 [3].