| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,775 | 3,642 | 5,227 | 6,715 | 8,309 | | 同比（%） | (31.11) | 105.15 | 43.53 | 28.47 | 23.75 | | 归母净利润（百万元） | 45.16 | 458.43 | 849.15 | 1,120.52 | 1,437.67 | | 同比（%） | (90.21) | 915.14 | 85.23 | 31.96 | 28.30 | | EPS-最新摊薄（元/股） | 0.07 | 0.73 | 1.35 | 1.78 | 2.28 | | P/E（现价&最新摊薄） | 584.68 | 57.60 | 31.09 | 23.56 | 18.37 | [Table_Tag] [Table_Summary] 投资要点 2025 年 05 月 04 日 证券分析师 周尔双 执业证书：S060051511 ...

证券研究报告·公司点评报告·半导体 长川科技（300604） 2024年报&2025一季报点评：业绩持续高增， 看好公司打造国产测试设备龙头 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,775 | 3,642 | 5,227 | 6,715 | 8,309 | | 同比（%） | (31.11) | 105.15 | 43.53 | 28.47 | 23.75 | | 归母净利润（百万元） | 45.16 | 458.43 | 849.15 | 1,120.52 | 1,437.67 | | 同比（%） | (90.21) | 915.14 | 85.23 | 31.96 | 28.30 | | EPS-最新摊薄（元/股） | 0.07 | 0.73 | 1.35 | 1.78 | 2.28 | | P/E（现价&最新摊薄） | 584.68 | 57.60 | 31.09 | 23.56 | 18.37 ...

Core Insights - The company achieved a revenue of 3.64 billion yuan in 2024, representing a year-on-year increase of 105%, with significant contributions from testing equipment [1] - The net profit attributable to shareholders reached 460 million yuan, up 915% year-on-year, indicating strong profitability growth [1] - The company is focusing on expanding its product line and market presence, particularly in high-end testing equipment, to capture the domestic market share [4] Financial Performance - In 2024, the company's gross margin was 54.9%, a decrease of 2.2 percentage points year-on-year, while the net profit margin increased by 9.4 percentage points to 12.8% [1] - For Q1 2025, the company reported a revenue of 820 million yuan, a year-on-year increase of 46%, but a quarter-on-quarter decrease of 26% [1] - The operating cash inflow for 2024 was 626 million yuan, reflecting a year-on-year increase of 184% [3] Product and Market Strategy - The company is expanding its product offerings in digital testing equipment and related packaging and testing devices, targeting high-end applications [4] - The D9000 series SoC testing machine is designed for various chip testing applications, indicating a strong focus on high-performance testing solutions [4] - The company aims to achieve import substitution in the high-end testing machine market, leveraging its competitive pricing and performance [4] Growth Projections - The net profit forecasts for 2025 and 2026 have been revised upward to 849 million yuan and 1.121 billion yuan, respectively, with a new forecast for 2027 at 1.438 billion yuan [5] - The current stock price corresponds to dynamic P/E ratios of 31, 24, and 18 for 2025, 2026, and 2027, respectively, indicating a positive outlook for growth in the high-end testing machine sector [5]