Accotest(SH:688200) KAIYUAN SECURITIES·2024-10-29 13:04Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown significant year-on-year growth in performance, with a revenue increase of 19.75% to 621 million yuan in the first three quarters of 2024. The net profit attributable to the parent company reached 101 million yuan in Q3 2024, marking a substantial increase of 181.16% year-on-year [1][2] - The demand for testing machines is expected to rise due to applications in AI, which is anticipated to drive the company's performance further [4] - The company maintains a positive outlook for its orders and performance recovery, supported by the overall industry cycle improvement [1][2] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 621 million yuan, with a net profit of 213 million yuan, reflecting a year-on-year increase of 76.42% [2] - The projected net profits for 2024, 2025, and 2026 are estimated at 349 million yuan, 444 million yuan, and 566 million yuan respectively, with corresponding EPS of 2.58 yuan, 3.28 yuan, and 4.18 yuan [1][6] - The current price-to-earnings (P/E) ratios are 42.7, 33.5, and 26.3 for the years 2024, 2025, and 2026 respectively [1][6] Market Position and Strategy - The company has a strong order backlog and is expected to maintain good development momentum in the second half of 2024, driven by the recovery in the semiconductor supply chain and increasing demand for semiconductor products [4] - The company has established two major testing platforms, STS8200 and STS8300, and is currently validating the STS8600 system with clients, indicating a robust product development pipeline [5] - The company is expanding its global presence, with operational subsidiaries in the US, Japan, and Malaysia, which are expected to enhance its market share and international competitiveness [5]