Investment Rating - The report maintains an "Accumulate" rating for the company [1]. Core Views - The company has returned to rapid growth with a revenue of 905 million yuan in 2024, representing a year-on-year increase of 31.05% [3]. - The introduction of the new product 8600 is expected to open up growth opportunities for the company [3][6]. - The semiconductor testing equipment industry is experiencing a recovery driven by AI demand, which is beneficial for the company as a leading domestic testing machine manufacturer [5][6]. Revenue and Profitability - In 2024, the company achieved a net profit of 334 million yuan, up 32.69% year-on-year, with a net profit margin of 36.88% [4]. - The gross margin for 2024 was 73.31%, an increase of 0.84 percentage points compared to the previous year, driven by product structure optimization [4]. - The company plans to raise 1 billion yuan through convertible bonds to enhance its R&D capabilities and expand high-end SOC testing machine production capacity [6]. Financial Forecasts - Revenue forecasts for 2025 and 2026 have been raised to 1.192 billion yuan and 1.542 billion yuan, respectively, with year-on-year growth rates of 31.7% and 29.3% [7]. - The projected net profit for 2025 is 468 million yuan, reflecting a year-on-year growth of 40.2% [7]. - The report also includes a new revenue forecast for 2027 at 2.005 billion yuan, with a growth rate of 30.1% [7]. Market Position and Industry Outlook - The semiconductor testing equipment market is expected to exceed 8.4 billion USD in sales in 2025, with a growth rate of 17% [5]. - The company is well-positioned to benefit from the industry's recovery and the increasing demand for its products [5][6].