内资独立第三方测试龙头企业，高端测试产能不断扩充。公司提供晶圆测试业务起家，持续扩大芯片测试及高端测试产能，同时加大对新客户的开发力度，自 2016年成立以来经营业绩保持连续高速增长，2018-2021 年度营业收入 CAGR达124.32%，归母净利润 CAGR 达 174.22%，公司 2022 年度业绩快报显示，公司 2022 年营业总收入为 7.33 亿元，同比增长 48.64%，归母净利润为 2.5 亿元，同比增长 61.18%，截至2022年10月已经成为第三方集成电路测试业务营收及净利润位居前列的内资企业。

Domestic-funded independent 3rd-party testing leader adding high-end capacity 

V-Test Semiconductor Tech, which started out in wafer testing in 2016, has continually expanded its chip testing business toward high-end testing production capacity, while winning new customers. Its stable performance growth drove a rapid revenue CAGR of 124.32% and net profit CAGR of 174.22% over 2018-21. V-Test posted 2022 results with revenue of RMB733m, up 48.64% yoy, and net profit of RMB250m, up 61.18% yoy. It generated the highest revenue and net profit among domestic-funded third-party integrated circuit (IC) test companies as of October 2022.

国内第三方测试方兴未艾，预测2026年测试市场规模达483亿元5年内存在约240亿元的大量增长空间，重要性与广阔空间并存。集成电路测试包括晶圆测试和芯片成品测试，在确保芯片良率、控制成本、指导芯片设计和工艺改进等方面起着至关重要的作用。相比于IDM、封测企业和晶圆制造企业，第三方测试企业具备专业性强、测试范围广，测试结果中立客观的优势。根据芯谋研究和中国台湾工研院的数据测算，预计2026年中国大陆芯片测试市场规模为482.88亿元，较2021年有约240亿元人民币的增长空间。全球集成电路测试代工产业大规模集中于中国台湾和大陆，中国台湾地区的独立第三方测试产业全球领先，封测厂主导中国大陆的测试市场。中国大陆的独立第三方测试企业处于发展初期，前景广阔。

3rd-party testing a growing market in China; RMB48.3bn testing market by 2026E 

Market projections indicate broad growth potential for this key market and suggest it could expand by RMB24bn within the five years from 2021. IC testing includes wafer testing and finished chip testing, crucial processes that ensure chip yield, cost control, and guidance of chip design and process improvements. Relative to IDMs, packaging and testing companies, and wafer manufacturers, the advantages of third-party testing companies include professionalism, wide-range tests and objective test results. 

Data estimates by Xinmou Research and Taiwan Industrial Technology Research Institute indicate that China’s chip testing market could amount to RMB48.29bn by 2026E, implying incremental growth of about RMB24bn from 2021. The large-scale global IC test foundry industry is currently concentrated in Taiwan of China and mainland, with Taiwan of China leading the global market in independent third-party testing. China's testing industry is dominated by packaging and testing manufacturers, and the development of independent third-party testing has broad growth prospects.

国产替代需求放量，设计厂商订单或向国内转移，公司采取高端化差异竞争路线迎来黄金发展时代。国务院发布多维度政策加大对本土集成电路产业的支持，构建新型举国体制推动集成电路产业高质量发展。长期看，伴随上游晶圆制造和芯片设计放量，为之配套服务的测试业务也将迎来发展的热潮。短期看，考虑芯片供应链安全性和本土厂商测试软硬实力的不断提升，更多测试订单或将向国内转移。公司以晶圆测试为基，积极发展中高端芯片成品测试，2021年度芯片成品测试中/高端平台业务收入增速分别达651.84%/266.26%，21年晶圆测试高端测试平台业务的毛利率接近70%。公司身处高成长性细分赛道，坚持“以晶圆测试为核心，积极发展中高端芯片成品测试”的差异化竞争策略，截至21年底，公司在国内三家头部第三方测试内资企业中资产规模最大、营收最多、净利润最多，且客户资源较为丰富。同时，公司与利扬芯片和华岭股份的客户重叠度较低，且产品结构布局差异较大，公司的未来的成长性和盈利空间可观。

Substitution demand rise: order shift toward Chinese design manufacturers

V-Test embraced this rising business by taking the route of competitive high-end differentiation. China’s State Council released wide-spectrum policies to support the local IC industry by building new nationwide systems to drive quality growth of the country’s IC industry. Over the long term, upstream business increases in wafer manufacturing and chip design would similarly drive growth for support services like testing. Over the short term, chip supply chain security and local manufacturers’ hardware and software capability upgrades would drive a order shift toward Chinese testing companies. 

In wafer testing, V-Test is building up a presence in the mid-range to high-end chip product testing market. Its chip product testing revenue grew 651.84%/266.26% in the mid-range/high-end platform segments in 2021, while its high-end test platform wafer testing gross margin came close to 70%. In positioning itself in the high-growth segment, V-Test set a competitive differentiation strategy that “focuses on wafer testing and developing testing of finished products in mid-range to high-end chips”. This drove growth for the company. By end-2021, it led the market with the highest assets, revenue and net profit among China’s three top third-party testing companies. V-Test also has rich customer resources and has little customer overlap with Liyang Chip and Hualing, given the dissimilarity of their product matrixes. We see considerable growth and profit-making potential for the company.