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研報掘金 | 國聯證券:偉測科技高端測試佔比高,業務增速高,未來成長空間大,予目標價158.51元,維持“買入”評級
格隆匯4月23日丨國聯證券發研報指,偉測科技(688372.SH)2022年實現營收7.33億元,同比增速48.64%;歸母淨利潤2.43億元,同比增速84.09%;扣非後歸母淨利潤2.01億元,同比增速57.91%,業績高速增長。公司盈利能力維持高水平,2022年Q4單季度毛利率和淨利率分別為46.75%、40.62%。公司研發聚焦高端芯片,業務佈局持續優化,突破了6nm-14nm先進製程芯片、5G射頻芯片、高性能CPU芯片、高性能計算芯片、FPGA芯片、複雜SoC芯片等各類高端芯片的測試工藝難點。公司積極拓展高端晶圓及芯片成品測試,着重突破各類高端芯片的測試難點,包括可靠性驗證、老化測試、失效分析、大數據處理等方向。國聯證券預計公司2023-25年營業收入分別為10.36/14.69/20.29億元,同比增速分別為41.34%/41.75%/38.18%;歸母淨利潤分別為3.07/4.52/6.28億元,同比增速分別為 26.25%/47.28%/38.91% ; 3年CAGR為37.20% , EPS分別為3.52/5.19/7.21元,對應PE分別為37/25/18倍。鑑於公司高端測試佔比高,業務增速高,未來成長空間大,對應2023年給予45倍PE,目標價158.51元,維持“買入”評級。
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