伟测科技：高端产品占比提升

Investment Rating - The report maintains a "Buy" rating for Weicai Technology (688372) [2] Core Views - The company reported a significant increase in revenue and profit in Q3 2024, driven by a recovery in the semiconductor industry and increased demand for high-performance chip testing [4][5] - The company is expanding its testing capacity for high-end and high-reliability chips to meet the growing domestic demand [5] - The projected revenue and net profit for 2024-2026 are expected to grow significantly, with corresponding PE ratios decreasing over the years [6] Financial Summary - As of Q3 2024, the company achieved a revenue of 310 million yuan, a year-on-year increase of 52.47% and a quarter-on-quarter increase of 26.03% [4] - The net profit for Q3 2024 was 51 million yuan, showing a year-on-year increase of 171.09% and a quarter-on-quarter increase of 358.34% [4] - For the first three quarters of 2024, the company reported a total revenue of 740 million yuan, a year-on-year increase of 43.62%, but a net profit decline of 30.81% due to increased costs from new projects and stock incentive plans [4][6] Future Projections - The company is expected to achieve revenues of 1.115 billion yuan in 2024, 1.513 billion yuan in 2025, and 2.039 billion yuan in 2026, with net profits projected at 138 million yuan, 251 million yuan, and 385 million yuan respectively [6][8] - The growth rates for revenue are projected at 51.36% for 2024, 35.73% for 2025, and 34.73% for 2026 [8] Market Position - The company is positioned to benefit from the increasing domestic demand for high-end chip testing, as the market for high-performance chips is expected to grow significantly in the coming years [5] - The testing capacity for high-reliability chips is also critical, as the domestic market currently faces a shortage in this area [5]