Accotest(SH:688200) Xin Lang Cai Jing·2025-11-14 00:27Core Viewpoint - The company has demonstrated significant growth in revenue and profit for the first three quarters of 2025, driven by the recovery in the global semiconductor industry and strong demand for its products [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 939 million, a year-on-year increase of 51.21%, and a net profit attributable to shareholders of 387 million, up 81.57% year-on-year [1]. - For Q3 2025, revenue reached 405 million, reflecting a year-on-year growth of 67.21% and a quarter-on-quarter increase of 20.21%. The net profit for the same quarter was 191 million, marking a year-on-year increase of 89.99% and a quarter-on-quarter growth of 42.80% [1]. Industry Context - The global semiconductor industry is experiencing a recovery since 2024, driven by the AI wave, entering a new growth cycle [2]. - The company has maintained a high gross margin of 74.3% and a net margin of 41.2% for the first three quarters of 2025, with Q3 net margin reaching a two-year high of 47.2% [2]. Strategic Initiatives - The company is focusing on technology innovation as a core driver, with R&D investment reaching 182 million in the first three quarters of 2025, a 50.4% increase year-on-year, accounting for 19.4% of revenue [3]. - The company has launched a new generation platform, STS8600, for SoC and high-end digital chip testing, which has shown significant breakthroughs in testing capabilities [3]. Market Expansion - The company is pursuing a dual-market strategy, strengthening partnerships in traditional overseas markets while actively exploring emerging markets like Vietnam and India [2]. - The company has a robust order backlog, with expectations for continued revenue and profit growth as new products are released [3]. Investment Outlook - The industry is expected to maintain a high level of activity, with overall orders continuing to rise. The STS8600 is anticipated to accelerate validation and volume production [4]. - Projected net profits for 2025 and 2026 are estimated at 510 million and 630 million, respectively, with corresponding PE ratios of 47 and 39 [4].