Committed to self-controllable testing equipment, expand the field of semiconductor memory devices: Jing Zhida is mainly engaged in the R & D and production of new display device testing equipment, the products are widely used in optical characteristics, display defects, electrical characteristics detection and calibration repair, and gradually extended to the field of semiconductor memory testing equipment.

Zhaoyi, a domestic important memory device manufacturer, innovates as the actual controller of the company's shareholder, Shenzhen Bund.

With the expansion of domestic memory production and the recovery of the prosperity of the industry, the memory test equipment business is expected to benefit: the rapid development of 5G memory AI and automobile intelligence is expected to drive the memory market into the next growth cycle. Domestic mainstream storage manufacturers expand the production of superimposed semiconductor test equipment for domestic substitution opportunities, the company's memory chip test machine business development is facing an important opportunity.

Plus semiconductor test equipment research and development, gradually prepare self-research product line: in addition to independent research and development, the company also empowers semiconductor test equipment research and development through cooperation with foreign leading enterprises and setting up joint research centers with universities. The company's strategy focuses on the independent research and development of DRAM testing machine and probe card products, and has carried out pre-research on DRAM testing machine and probe card, forming a phased technical reserve for MEMS probe card connection system design, aging repair system debugging and application.

Downstream customers are rich in reserves, actively develop semiconductor storage customers: the company's products in Vicino, TCL, BOE, Shen Tianma and other production lines have been mass application, close cooperation. In the field of semiconductor memory testing, the company has opened up semiconductor customers such as Changxin Storage, Peyton Technology, Jinhua Integration and so on.

Investment suggestion: based on the progress of the company's R & D and market expansion in the storage and display field, we expect the company to achieve operating income of RMB 6.62 billion in 2023-2025, net profit of RMB 1.977 million, and PE of 71.19, 41.83, 28.64 times, giving the "overweight" rating for the first time.

Risk tips: downstream market demand is lower than expected; semiconductor memory test equipment business expansion is not as expected; industry competition intensifies.