HYC(688001) 浙商证券·2025-02-21 12:59Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [4]. Core Viewpoints - The company is a leader in panel detection and is expanding its growth potential in the semiconductor and new energy sectors. In 2023, the company achieved revenue of 1.86 billion yuan and a net profit of 240 million yuan. It has become a designated supplier for Tesla and is expected to see continuous performance growth with the upcoming OLED 8th generation line capacity construction and product introduction in the semiconductor/new energy detection equipment [1][13]. Summary by Sections Panel Detection Equipment Leadership - The company holds a leading position in the panel detection equipment market with a 32% market share in the AMOLED industry for Cell/Module process detection equipment in mainland China. The ongoing construction of 8th generation lines and the rapid development of the AR/VR market are expected to provide new growth opportunities for the company's panel detection business [2][29]. - The global AR/VR shipment volume is projected to grow at a CAGR of 36% from 2024 to 2028, which will further enhance the demand for panel detection equipment [2]. Semiconductor Detection Equipment - The domestic semiconductor testing equipment market is expected to grow to 26.74 billion yuan by 2027, with testing machines accounting for 63% of the market value. The company's self-developed T7600 testing machine has reached the level of mid-range SoC testing machines from international manufacturers, with major clients including Samsung and Weir Shares [2][57]. - The company is actively advancing its semiconductor business, which is expected to accelerate the domestic substitution process [2][57]. New Energy Vehicle Detection Equipment - The global automotive testing equipment market reached 3.1 billion USD in 2022, with the Chinese market size around 6.883 billion yuan. As a designated supplier for Tesla, the company has established a diversified range of new energy vehicle testing solutions, which are expected to continue growing alongside the increasing production and sales of new energy vehicles [3][4]. Financial Forecast and Valuation - The company is projected to achieve revenues of 2.0 billion yuan, 2.3 billion yuan, and 2.7 billion yuan from 2024 to 2026, with year-on-year growth rates of 7.6%, 15.9%, and 15.6%, respectively. The net profit for the same period is expected to be -480 million yuan, 250 million yuan, and 300 million yuan, with corresponding growth rates of -300.7%, 152.3%, and 19.9% [4][6].