Core Viewpoint - The company reported significant growth in Q3 2025, with revenue reaching 174 million yuan, a year-on-year increase of 138% and a quarter-on-quarter decrease of 2.6%. Net profit attributable to shareholders was 49 million yuan, up 833% year-on-year and down 2.7% quarter-on-quarter, indicating a recovery in the semiconductor packaging and testing industry [2]. Financial Performance - Q3 2025 revenue was 174 million yuan, reflecting a year-on-year growth of 138% and a quarter-on-quarter decline of 2.6% [2]. - Net profit attributable to shareholders was 49 million yuan, showing an increase of 833% year-on-year and a decrease of 2.7% quarter-on-quarter [2]. - Deducting non-recurring gains, net profit was 48 million yuan, up 1413% year-on-year and down 3.7% quarter-on-quarter [2]. Industry Recovery - The semiconductor packaging and testing industry is experiencing a sustained recovery, with domestic packaging manufacturers seeing improved capacity utilization rates since 2024 [2]. - Capital expenditures in the industry have also started to recover, benefiting the company's sorting machine product revenue, which has shown significant year-on-year growth [2]. - The demand for high-end three-temperature sorting machines is increasing, particularly in automotive chip testing scenarios, with the EXCEED-9000 series gaining a larger revenue share [2]. Strategic Investments - The company has made strategic investments in five external firms, actively expanding into new fields such as IGBT and advanced packaging [3]. - The product matrix is continuously extending, with attention to storage areas and investments in companies specializing in wafer-level sorting machines and aging testing machines [3]. - The future growth path appears clear due to these strategic investments and product diversification [3]. Investment Outlook - The company is expected to maintain high growth in revenue and profit, driven by the recovery in the semiconductor packaging industry and strong demand for high-end sorting machines [3]. - Revenue projections for 2025, 2026, and 2027 are anticipated to be significant, with corresponding net profit estimates indicating robust growth potential [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][7]. Core Views - The company's Q2 2025 profit is expected to show significant improvement, with a projected net profit of 0.44-0.58 billion yuan, representing a year-on-year increase of 79%-135.4% and a quarter-on-quarter increase of 72.8%-127.4% [1][7]. - The demand for high-end tri-temperature sorting machines continues to grow, benefiting from the marginal recovery in the downstream packaging and testing industry [7]. - The company is expected to achieve revenues of 6.77 billion yuan in 2025, with a net profit of 1.94 billion yuan, corresponding to a PE ratio of 27.2 [7]. Financial Data and Valuation - Total revenue is projected to increase from 347 million yuan in 2023 to 1.172 billion yuan in 2027, with a compound annual growth rate (CAGR) of 29% [2][9]. - The company's net profit is expected to grow from 85 million yuan in 2023 to 402 million yuan in 2027, reflecting a CAGR of 41% [2][9]. - The PE ratio is forecasted to decrease from 62.1 in 2023 to 13.1 in 2027, indicating improving valuation metrics over time [2][10]. Performance Metrics - The company's return on equity (ROE) is projected to improve from 6.6% in the most recent period to 20.5% by 2027 [3][10]. - The asset-liability ratio is expected to remain stable, increasing slightly from 19.0% in 2023 to 20.0% in 2026 and 2027 [3][10]. - The gross profit margin is anticipated to stabilize around 49% to 51% over the forecast period [10]. Market Position and Growth Drivers - The company has successfully expanded its product matrix, focusing on IGBT and advanced packaging, while also investing in four equipment companies to ensure long-term growth [7]. - The EXCEED-9000 series tri-temperature sorting machine is expected to account for over 25% of revenue in 2024, indicating strong market demand [7]. - The report highlights the company's strategic positioning in high-end testing environments, particularly for automotive-grade chips [7].