According to the Guosheng Securities Research Report, Zhongke Flying Test is a domestic leader in semiconductor quantity testing, and its products have excellent profitability. In 2025, the company's comprehensive gross profit margin is 50%, and the product profitability is excellent. In the future, as the scale of the business expands and R&D investment stabilizes, profits are expected to increase rapidly. Driven by AI production expansion and process upgrades, demand for measurement and testing equipment is rapidly increasing, and there is broad space for domestic replacement. Bright field breakthroughs, dark field amplification, high-end measurement and mass production open up room for growth. Benchmarking KLA's platformization path, product maturity and scale effects are expected to drive profit release. Through continuous product development and professional mergers and acquisitions, KLA has formed a process control platform for testing, measurement, software and service collaboration. The gross margin and net profit margin for the 2026 fiscal year reached 61%/36%, respectively. Domestic substitution and product matrix extension are expected to jointly open up medium- to long-term growth space, and coverage will be given a “buy” rating for the first time.

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