Accotest(688200) 东吴证券·2025-03-14 03:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 905.35 million yuan, a year-on-year increase of 31.05%, and net profit attributable to shareholders of 333.92 million yuan, up 32.69% year-on-year [8] - The 8600 model is currently undergoing client validation and is expected to benefit significantly from the demand for domestic AI chips [8] - The issuance of convertible bonds aims to raise up to 1 billion yuan, with 759 million yuan allocated for self-developed ASIC chips, which are crucial for overcoming bottlenecks in high-end testing machines [8] - The company maintains its profit forecasts for 2025 and 2026 at 4.6 billion yuan and 5.4 billion yuan respectively, with an expected net profit of 6.0 billion yuan in 2027, corresponding to dynamic P/E ratios of 43, 36, and 32 times [8] Financial Summary - In 2024, the company achieved a gross margin of 73.31%, a slight increase of 0.84 percentage points year-on-year, while the net profit margin was 36.88%, up 0.45 percentage points year-on-year [8] - The fourth quarter of 2024 saw a significant revenue increase of 65.08% year-on-year, with net profit soaring by 121.30% year-on-year [8] - The company's total assets are projected to grow from 3.8 billion yuan in 2024 to 5.5 billion yuan by 2027, with total liabilities remaining low at around 238 million yuan in 2024 [9]