Cctech(300604) 中泰证券·2024-10-25 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing revenue growth driven by market recovery, although profit margins are under pressure due to ongoing R&D investments and increased financial costs [1] - The semiconductor market is recovering, with significant growth expected in the testing machine market, supported by the company's strategic focus on major clients [1] - The company has made strategic acquisitions to enhance its product offerings and market position, particularly in high-end intelligent manufacturing [1] Financial Performance Summary - Revenue (in million CNY): - 2022A: 2,577 - 2023A: 1,775 - 2024E: 3,300 - 2025E: 4,000 - 2026E: 5,000 - Year-over-year growth rates: - 2022A: 70% - 2023A: -31% - 2024E: 86% - 2025E: 21% - 2026E: 25% [1][2] - Net profit (in million CNY): - 2022A: 461 - 2023A: 45 - 2024E: 550 - 2025E: 750 - 2026E: 940 - Year-over-year growth rates: - 2022A: 111% - 2023A: -90% - 2024E: 1,119% - 2025E: 36% - 2026E: 25% [1][2] - Earnings per share (in CNY): - 2022A: 0.74 - 2023A: 0.07 - 2024E: 0.88 - 2025E: 1.20 - 2026E: 1.50 [1][2] Market and Strategic Insights - The semiconductor market is projected to grow significantly, with global semiconductor sales expected to reach $390.46 billion in 2024, a year-over-year increase of 20.62% [1] - The company is focusing on major clients to drive growth, with its products already recognized by leading integrated circuit manufacturers [1] - The company is expanding its production capacity and product offerings through strategic acquisitions, enhancing its competitive position in the market [1]