Accotest(SH:688200) Soochow Securities·2024-10-30 04:30Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company has benefited from the recovery in downstream demand, with Q3 revenue showing a year-on-year increase of 76.42% to 242 million yuan, and net profit rising by 181.2% to 101 million yuan [2][3] - The company's profitability has significantly improved, with a Q3 net profit margin of 41.6%, marking a 15.5 percentage point increase year-on-year [3] - The company is focusing on technological innovation in the testing field, launching the new STS8600 testing system, which enhances its product line and competitive edge [4] - The company is actively expanding its global presence, with the first STS8300 unit installed overseas, indicating a strategic push into international markets [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 621 million yuan, a year-on-year increase of 19.8%, and a net profit of 213 million yuan, up 8.1% [2] - The gross profit margin for Q1-Q3 2024 was 76.6%, an increase of 5.1 percentage points year-on-year, while the net profit margin was 34.3% [3] - The company forecasts net profits of 344.96 million yuan, 458.49 million yuan, and 538.59 million yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic P/E ratios of 44.80, 33.71, and 28.69 [5][12]