Accotest(SH:688200) Changjiang Securities·2024-09-05 12:41Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company's revenue for the first half of 2024 (24H1) was 379 million yuan, a year-on-year decrease of 0.63%, while the net profit attributable to the parent company was 112 million yuan, down 30.25% year-on-year. However, in the second quarter of 2024 (24Q2), revenue reached 242 million yuan, an increase of 33.52% year-on-year, and net profit attributable to the parent company was 89 million yuan, up 2.85% year-on-year [3][4] - The company has seen a recovery in order acceptance since the fourth quarter of 2023, leading to an expectation of gradual performance recovery starting from 24Q2. The improved industry conditions are driving faster acceptance of orders, resulting in 24Q2 revenue exceeding market expectations [4] - The gross profit margin in 24Q2 reached 76.28%, the highest quarterly margin in 2023, indicating that the company is overcoming fluctuations in gross margin due to changes in product structure. The net profit margin benefited from economies of scale, reaching 36.76% [4] - Inventory and contract liabilities increased at the end of 24Q2, confirming a healthy order backlog. The company anticipates significant growth in orders compared to 2023, driven by new product launches and overseas expansion [4] - The company successfully showcased its SoC testing machine at the Semicon exhibition, which is designed for high-performance chip testing and has potential for higher-end applications [4] - The new factory in Penang, Malaysia, which commenced operations in June 2024, is expected to enhance collaboration with Southeast Asian clients and support the company's global expansion [4] - The projected net profit attributable to the parent company for 2024 and 2025 is 380 million yuan and 520 million yuan, respectively, corresponding to PE ratios of 30 and 22 times [4][5]