Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous high growth in performance, with a significant contribution from testing equipment, achieving a revenue of 3.642 billion yuan in 2024, a year-on-year increase of 105% [7] - The company is expected to become a leader in domestic testing equipment, with a focus on high-end applications and a clear product line expansion strategy [7] - The financial forecasts have been adjusted upwards, with expected net profits of 849.15 million yuan for 2025 and 1.121 billion yuan for 2026, indicating strong growth potential in the high-end testing machine sector [7] Financial Performance Summary - In 2024, the company achieved total revenue of 36.42 billion yuan, with a net profit of 4.58 billion yuan, reflecting a year-on-year increase of 915% [7] - The gross margin for 2024 was 54.9%, with a net profit margin of 12.8%, showing effective cost control and increased profitability [7] - The company’s R&D expenses reached 967 million yuan in 2024, a year-on-year increase of 35%, indicating a commitment to innovation and product development [7] Market Position and Product Strategy - The company is expanding its product line to cover various high-end application scenarios, including digital testing equipment and optical inspection devices, aiming to replace imported products [7] - The SoC testing machines are positioned to compete in a market currently dominated by foreign leaders, with significant potential for domestic substitution [7] - The company’s products are reported to be competitively priced compared to foreign counterparts, enhancing its market share potential [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous high growth in performance, with a significant contribution from testing equipment, achieving a revenue of 3.642 billion yuan in 2024, a year-on-year increase of 105% [7] - The company is expected to become a leader in domestic testing equipment, with a focus on high-end applications and a clear product line and market layout [7] - The company has increased its R&D investment, with R&D expenses reaching 967 million yuan in 2024, a year-on-year increase of 35% [7] Financial Performance Summary - In 2024, the company achieved total revenue of 3.642 billion yuan, with a net profit attributable to shareholders of 458.43 million yuan, reflecting a year-on-year increase of 915% [7] - The company's gross margin for 2024 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% [7] - The company’s cash flow from operating activities was 626 million yuan in 2024, a year-on-year increase of 184% [7] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been raised to 849 million yuan for 2025 and 1.121 billion yuan for 2026, with a new forecast for 2027 at 1.438 billion yuan [7] - The current stock price corresponds to dynamic P/E ratios of 31, 24, and 18 times for 2025, 2026, and 2027 respectively, indicating strong growth potential in the high-end testing machine sector [7]

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]