Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Views - The company has shown significant revenue growth, with a 81.77% year-on-year increase in revenue for the first three quarters of 2025, reaching 679 million yuan, and a return to profitability with a net profit of 37 million yuan [2]. - The company is a leading supplier of testing probes in the semiconductor industry, benefiting from strong demand from high-quality clients, including NVIDIA, and is expected to see positive growth driven by the surge in overseas AI demand [2][3]. - The company has successfully launched new products that meet the high-speed and high-precision requirements of the AI era, including a high-pin-count MEMS probe card that has been adopted by leading chip manufacturers [3]. Financial Summary - Revenue is projected to grow significantly from 569 million yuan in 2024 to 1.805 billion yuan in 2027, with corresponding growth rates of 99.13%, 55.69%, 41.86%, and 43.64% [4]. - The net profit is expected to turn positive in 2025, reaching 60 million yuan, and further increasing to 388 million yuan by 2027, with growth rates of 218.33% and 102.98% for 2026 and 2027 respectively [4]. - The earnings per share (EPS) is forecasted to improve from -0.07 yuan in 2024 to 2.56 yuan in 2027, reflecting the company's recovery and growth trajectory [4].

Core Viewpoint - The company is in the planning stage for its H-share listing on the Hong Kong Stock Exchange, driven by its internationalization strategy, with the actual impact on the company being difficult to assess at this time [2] Group 1: H-Share Listing Plans - The company has approved a proposal for issuing H-shares and listing on the Hong Kong Stock Exchange to enhance its competitiveness and utilize international capital markets [2] - The funds raised from the H-share issuance will be used for various purposes, including R&D, expanding product applications, entering overseas markets, and strategic investments [2] - The company has appointed Ernst & Young as the auditing firm for the H-share issuance and listing [2] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of 440 million yuan, representing a year-on-year increase of 91.53%, and a net profit of 30.69 million yuan, marking a turnaround from losses [3] - For the year 2024, the company reported a revenue of 569 million yuan, a 99.13% increase, but incurred a net loss of 8.71 million yuan, which was a decrease in losses compared to the previous year [4] - Despite the losses in 2024, the company distributed a cash dividend of 0.8 yuan per 10 shares to all shareholders [4]