This report is read as follows:

Benefiting from the volume of semiconductor test equipment business, the company's first-quarter results are in line with expectations. The company's in-depth layout of SoC, RF and SIP testing, the future performance is expected to maintain high growth.

Main points of investment:

Maintain the "overweight" rating and lower the target price to 37.20 yuan. The company achieved a breakthrough in semiconductor testing equipment, in-depth layout of flat panel displays, new energy vehicles and other testing fields. Due to the downward trend of the closed testing industry, the EPS for 2022-2024 was reduced to 0.93 shock 1.20 shock 1.50 yuan (the original forecast was 1.12 shock 1.56 yuan for 2022-2023). Taking into account the company's imminent expansion in the field of new energy vehicle testing and MicroOLED, it will be given 40 times PE in 2022, lowering its target price to 37.20 yuan and maintaining its "overweight" rating.

The first-quarter results were in line with expectations and orders-on-hand remained sufficient. The revenue of Q1 in 22 years is 373 million yuan, and the net profit of YOY+32.14%; is 41 million yuan. YOY+44.92%, is mainly due to the steady increase in the proportion of semiconductor testing equipment business. Inventory 625 million yuan, YOY+52.81%; contract debt 54 million yuan, YOY+595%. On-hand orders are growing fast and remain sufficient.

SoC testing machine continues to break through and accelerate the process of domestic substitution, and the performance is expected to maintain high growth. The SoC testing machine based on ATE architecture has been upgraded by H1 in 21 years. The frequency rate of T7600 series has reached 400MHz, and some parameters have reached the standard of mid-range SoC testing machine. This model is the best-selling model in foreign countries, and the batch installation of the first batch of clients for MCU testing is completed at the end of the 21st year, which is expected to become the main driving force of the company's performance.

Focus on PXIE architecture, RF and SIP test into the second growth curve. In RF, it launched the first domestic Sub-6G test machine based on PXIE architecture, which has been delivered to Weir factory Carson Semiconductor and accepted successfully; in SIP, it launched the first domestic support and testing 128Site testing machine and sorting machine based on PXIE architecture, and obtained Gore's batch order and acceptance success.

Risk hint. The introduction of customers is not as expected; the introduction of local new energy vehicle customers is not as expected.