Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) to discuss various proposals, including financial performance, profit distribution, and future strategic directions. Group 1: Meeting Procedures and Regulations - The AGM will ensure the verification of attendees' identities to maintain order and efficiency [2][3] - Attendees will have the right to speak, inquire, and vote, with specific guidelines on how to raise questions and make comments [3][4] - Voting will be conducted through both on-site and online methods, with results published in a resolution announcement [4][6] Group 2: Financial Performance - The company reported a revenue of 803.13 million yuan, representing a year-on-year increase of 23.83%, with semiconductor business revenue growing by 199.28% [7][8] - The net profit attributable to shareholders was 80.16 million yuan, a decrease of 30.71% compared to the previous year [7][8] Group 3: Business Development and Strategy - The company focuses on testing and detection equipment for semiconductor and new display devices, benefiting from the expansion of artificial intelligence applications [8][10] - Significant progress was made in the development of key products, including DRAM aging test repair equipment and MEMS probe cards, with increased market penetration [9][10] - The company plans to enhance its product matrix and expand into new markets, particularly in AMOLED and Micro LED technologies [12][15] Group 4: Research and Development - R&D expenditure reached 109.69 million yuan, accounting for 13.66% of revenue, with a year-on-year increase of 52.66% [10][11] - The company has obtained 413 intellectual property rights, including 84 invention patents, to strengthen its competitive edge [10][11] Group 5: Profit Distribution Proposal - The board proposed a cash dividend of 3.23 yuan per 10 shares, amounting to a total distribution of approximately 29.88 million yuan, which is 37.28% of the net profit [23][24] Group 6: Related Party Transactions - The company plans to confirm and estimate daily related party transactions for 2025, with expected transactions amounting to 42 million yuan [25][26] - The related parties include subsidiaries where the company's chairman holds positions, ensuring compliance with regulatory requirements [25][27]

Investment Rating - The report assigns a "Buy" rating for the company, with a first-time coverage [1]. Core Views - The company, Jingzhida (688627), is positioned as a leading domestic semiconductor testing and display inspection equipment provider, benefiting from the expansion of the storage industry and advancements in display technology [8]. - The semiconductor testing segment is expected to see significant growth, particularly in the HBM (High Bandwidth Memory) testing equipment, with a projected CAGR of 100% from 2025 to 2027 [8]. - The display inspection business is also anticipated to maintain a growth rate of 15%-20% in orders from 2025 to 2026, solidifying the company's performance [8]. - The company has established strong customer relationships, particularly with leading clients like Changxin Storage, which is expected to drive substantial order growth in semiconductor equipment [8]. Summary by Sections 1. Company Overview - Jingzhida focuses on panel detection and semiconductor testing equipment, evolving through three main development phases since its establishment in 2011 [13][14]. - The company has a diversified product matrix covering display detection and semiconductor storage testing equipment, positioning it as a leader in domestic substitution [36]. 2. Financial Performance - The company's revenue is projected to grow from 648.56 million yuan in 2023 to 2.6 billion yuan in 2027, with a CAGR of 44.44% [1]. - The net profit is expected to increase significantly, reaching 521.66 million yuan by 2027, with a notable growth rate of 149.63% in 2025 [1]. 3. Product Matrix - The company offers a comprehensive range of products, including CP testing machines, FT testing machines, aging testing equipment, and probe cards, covering all critical aspects of semiconductor testing [36][43]. - In the display inspection sector, the company provides solutions for Micro LED and OLED technologies, enhancing its market share and competitiveness [36]. 4. Market Position and Growth Potential - The company is well-positioned to capture the growing demand for semiconductor testing equipment, particularly as major storage manufacturers expand their production capacities [51]. - The expected increase in equipment demand is driven by the complexity and higher investment requirements associated with HBM testing, which is projected to be ten times that of DRAM [57].