Cctech(300604) 天风证券·2024-10-24 09:00Investment Rating - The investment rating for the company is "Hold" with a downward adjustment [6] Core Views - The company has turned a profit year-on-year, showing signs of scale effects gradually emerging [1] - Revenue for the first three quarters of 2024 reached 2.535 billion yuan, a year-on-year increase of 109.72%, while net profit attributable to the parent company was 357 million yuan, a significant year-on-year increase of 26,858.78% [2] - The company has established a solid foundation for increasing its market share in the integrated circuit testing equipment sector, with products recognized by leading semiconductor manufacturers [3][4] Financial Data Summary - Revenue (Million Yuan): - 2022: 2,576.53 - 2023: 1,775.05 - 2024E: 3,195.10 - 2025E: 4,103.41 - 2026E: 5,099.13 - Growth Rate (%): - 2022: 70.49 - 2023: (31.11) - 2024E: 80.00 - 2025E: 28.43 - 2026E: 24.27 [1][8] - Net Profit Attributable to Parent Company (Million Yuan): - 2022: 461.08 - 2023: 45.16 - 2024E: 511.65 - 2025E: 752.07 - 2026E: 1,048.75 - Growth Rate (%): - 2022: 111.28 - 2023: (90.21) - 2024E: 1,032.98 - 2025E: 46.99 - 2026E: 39.45 [1][8] - EBITDA (Million Yuan): - 2022: 1,152.31 - 2023: 732.93 - 2024E: 677.31 - 2025E: 939.96 - 2026E: 1,247.33 [1][8] Market Position and Client Base - The company has a rich client resource and is steadily increasing its market share in the integrated circuit industry, benefiting from national support and increased investment in R&D [5] - The company’s products have been adopted by several top-tier semiconductor manufacturers, enhancing its market presence [3][4]