This report is read as follows:

As the core target of Micro OLED testing equipment, MR/VR will open a new growth space; semiconductor SoC testing machine will continue to break through, bringing new growth driving force for the company.

Main points of investment:

Maintain the "overweight" rating and maintain the target price to 54.46 yuan. The company's Micro OLED testing equipment won the end customer's first test line order, which is industry-leading. Considering that the executive bonus of the subsidiary Oliton's performance commitment part of the payment lowers the apparent profit growth rate, the EPS for 2022-2024 is slightly reduced to 0.75max 1.37max 1.86 yuan (the original forecast value is 0.93max 1.37max 1.86 yuan). Considering the company's breakthrough in all aspects of MR glasses and semiconductor test equipment business, it will be given 40 times PE in 2023, maintaining the target price to 54.46 yuan and maintaining the "overweight" rating.

Micro OLED is the first choice of MR/VR display equipment, the company's related testing equipment has been ordered in bulk, will open up a broad space for growth. Micro OLED, which is based on monocrystalline silicon chip, is the integration of silicon-based CMOS and OLED technology. It has the advantages of low delay, low power consumption, wide high temperature, high reliability and lightweight, and will become the preferred display technology for high-end MR/VR devices. As the core target of Micro OLED testing equipment, its Micro OLED series testing equipment has obtained batch orders from end customers, providing exclusive testing equipment, which is industry-leading in technology and market.

Semiconductor SoC testing machine continues to break through, accelerate the process of domestic substitution, and benefit deeply from the performance.

The SoC testing machine based on ATE architecture has completed the upgrade of the second generation machine, its T7600 series frequency rate has reached 400MHz, and the first batch of clients for MCU testing have been installed in batches, which is expected to grow. Based on the PXIe architecture testing machine and SLT sorting machine EP3000 has been recognized by Goyle Electronics and other SIP manufacturers and began to purchase on a large scale.

Catalyst: Apple Inc MR glasses release; semiconductor testing equipment import.

Risk hint: the effect of MR glasses is not as good as expected; the verification of the production line of the testing machine is not as expected.