Shenzhen SEICHI Technologies (SH:688627)2026-01-28 01:55Company and Industry Summary Company: HBMCP (High Bandwidth Memory Test Machine) Key Points - HBMCP has successfully secured orders, achieving breakthroughs in various product categories including CP (test machines), FT (final testing), aging tests, and probe cards [1] - Revenue from related businesses reached 1.3 billion, with FT high-speed products and HBMCP accounting for 20% of this revenue; when including FT low-speed products, the combined share of FT and CP products exceeds 40% [1] - New orders for 2026 are projected to at least double compared to 2025, with 2025 new orders estimated at approximately 1.6 billion, setting a minimum target of 3.2 billion for 2026 [1] - The overall gross margin is expected to maintain between 45% and 50%, with the gross margin for orders in the second half of the year exceeding 50%, primarily due to an increased share of FT and CP products [1] - Significant progress is anticipated for GPU test machines in 2026 [1] Industry Insights - The company plans to allocate part of its production capacity to meet the demands of clients beyond Changxin Storage, including Yangtze Memory, customers in Fujian, and H clients, thereby expanding its customer base [2] - The market forecast for new orders in 2026 is maintained at 3.5 billion, corresponding to a net profit of 875 million, with a price-to-earnings (PE) ratio of 40, leading to a market capitalization estimate of 35 billion [2] - The GPU test machine is set to launch a demo model in June this year, with a strategic partnership established with Cambricon; the domestic GPU test machine market is approximately 8 billion, with a target market share of 30% for the company, translating to a net profit of 600 million, and a market capitalization estimate of 24 billion based on a 40 PE ratio [2]