Accotest(SH:688200) Huajin Securities·2024-08-27 13:12Investment Rating - The investment rating for the company is "Buy - A" [1][3]. Core Views - The semiconductor industry is gradually recovering, and the company's performance is stabilizing. In Q2 2024, global semiconductor sales reached $149.9 billion, a year-on-year increase of 18.3% and a quarter-on-quarter increase of 6.5% [1]. - The company achieved revenue of 379 million yuan in H1 2024, a slight year-on-year decline of 0.63%, while net profit attributable to the parent company was 112 million yuan, down 30.25% year-on-year. However, in Q2 2024, revenue was 242 million yuan, up 33.52% year-on-year and 77.05% quarter-on-quarter [1]. - The company is increasing its R&D investment, with R&D expenses of 77 million yuan in H1 2024, a year-on-year increase of 17.39%, accounting for 20.32% of revenue [1]. - The company has received supplier certifications from many well-known semiconductor manufacturers, indicating strong product stability and reliability [1]. Financial Performance - The company’s revenue projections for 2024 to 2026 have been adjusted to 854 million, 1,039 million, and 1,234 million yuan, with growth rates of 23.6%, 21.7%, and 18.7% respectively. Net profit projections have been adjusted to 325 million, 422 million, and 538 million yuan, with growth rates of 29.1%, 30.0%, and 27.3% respectively [3][4]. - The company’s gross margin is expected to improve from 75.7% in 2024 to 81.5% in 2026, while the net margin is projected to increase from 38.0% to 43.6% over the same period [4][5]. - The company’s P/E ratios are projected to decrease from 34.4 in 2024 to 20.8 in 2026, indicating an improving valuation as earnings grow [4][5]. Market Expansion - The company is actively expanding its overseas market presence, having established a wholly-owned sales and service company in Japan and opened a factory in Malaysia. It aims to enhance its service capabilities for overseas clients and increase its market share [1][3].