Cctech(300604) 东吴证券·2024-10-27 08:42Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q3 performance is impressive, with a net profit turning positive compared to the same period last year, achieving a revenue of 2.535 billion yuan, a year-on-year increase of 109.72%, and a net profit of 357 million yuan, a year-on-year increase of 26,858.78% [2] - The gross margin for Q1-Q3 2024 is 56.1%, with a significant reduction in expense ratios, leading to improved net profit margins [2] - The company continues to expand its business lines, with a focus on semiconductor testing equipment, and has made strategic acquisitions to enhance its competitive edge [3] Financial Performance Summary - Total revenue for 2022 was 2.577 billion yuan, with a forecast of 3.028 billion yuan for 2024, reflecting a year-on-year growth of 70.61% [1][9] - The net profit for 2022 was 461.19 million yuan, with an expected increase to 527.45 million yuan in 2024, indicating a significant year-on-year growth of 1,067.98% [1][9] - The latest diluted EPS is projected to be 0.84 yuan per share in 2024, up from 0.07 yuan in 2023 [1][9] Business Expansion and Growth Potential - The company is positioned as a platform enterprise in semiconductor testing equipment, with ongoing internal and external growth opportunities [3] - The acquisition of Changyi Technology has allowed the company to cover various types of sorting machines, enhancing its core competitiveness [3] - The company has developed a new generation of probe stations and is expected to contribute to performance growth in 2024 [3]