Huaxi Securities: Maintains a "buy" rating on Changchuan Technology, optimistic about the release of profit elasticity for the whole year.

Huaxi Securities research report pointed out that Changchun Technology's CIS, storage test machines and other new products are increasing in volume, and the mid-year performance exceeded expectations again, optimistic about the release of profit elasticity for the whole year. As of 25H1, the company's inventory/contract liabilities were 3.002/0.63 billion yuan respectively, a year-on-year increase of +35%/+144%, verifying sufficient orders in hand. Looking ahead to the whole year, SOC test machines will benefit from customer iterations, and are expected to start shipping in the second half of the year, while actively exploring new markets; high-end digital test machines continue to increase in volume, combined with positive progress in AOI, the annual revenue is expected to maintain high growth. The bank estimated that by 2025, the domestic market for back-end testing equipment will be around 24.6 billion yuan, with testing machines accounting for approximately 60%+, currently Xiaomi and other self-developed SOC chips, leading storage customers are actively expanding production, driving the demand for digital test machines to continue to rise. Considering the excellent profit levels, benchmarking against the current market value of overseas companies such as Advantest and Teradyne, domestic testing equipment companies also have significant room for growth in the medium and long term. Maintaining a "buy" rating.