Accotest(688200) 申万宏源·2025-03-02 14:02Investment Rating - The report maintains a "Buy" rating for the company [2][9][10] Core Views - The company reported a revenue of 905 million yuan for 2024, a year-on-year increase of 31.05%, and a net profit attributable to shareholders of 335 million yuan, up 33.05% year-on-year. The fourth quarter alone saw a revenue of 284 million yuan, growing 65.12% year-on-year, and a net profit of 122 million yuan, which is a 121.82% increase year-on-year [5][9] - The semiconductor industry is experiencing a recovery, with a projected 23% year-on-year growth in integrated circuit sales in Q1 2025, driven by demand from artificial intelligence and high-performance computing [9] - The company plans to issue convertible bonds to raise up to 1 billion yuan, with a significant portion allocated to the development of self-researched ASIC chip testing systems and the construction of a high-end SoC testing system manufacturing center [9] - The profit margin significantly improved in Q4 2024, with a net profit margin of 42.96%, an increase of 10.98 percentage points year-on-year, and is expected to continue rising in 2025 due to increased capacity utilization and domestic component sourcing [9] Financial Data and Earnings Forecast - The total revenue forecast for 2024 is 905 million yuan, with expected growth rates of 31.0% in 2024, 27.5% in 2025, and 30.8% in 2026 [7] - The net profit forecast for 2024 is 335 million yuan, with growth rates of 33.1% in 2024, 36.0% in 2025, and 34.3% in 2026 [7] - The projected earnings per share for 2024 is 2.47 yuan, increasing to 3.36 yuan in 2025 and 4.52 yuan in 2026 [7] - The report indicates a projected price-to-earnings ratio of 57 for 2024, 42 for 2025, and 31 for 2026 [7]