研報掘金丨華西證券:維持長川科技“增持”評級,看好全年利潤彈性釋放
華西證券研報指出,長川科技CIS、存儲測試機等新品放量,中報業績再超預期,看好全年利潤彈性釋放。截至25H1,公司存貨/合同負債分別爲30.02/0.63億元,分別同比+35%/+144%,驗證在手訂單充足。展望全年,SOC測試機受益於大客戶迭代,下半年有望開始拉貨,同時積極開拓市場;高端數字測試機持續放量,疊加AOI等積極進展,全年營收有望保持高增。該行測算,2025年國內後道測試設備市場規模約246億元,其中測試機佔比約60%+,當前小米等自研SOC芯片、頭部存儲客戶積極擴產,帶動數字測試機需求持續提升。考慮出色盈利水平,對標海外愛德萬及泰瑞達當前市值,中長期國內測試設備公司同樣具有較大成長空間。維持“增持”評級。
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