Accotest(688200) 东吴证券·2025-03-14 07:35Investment 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 company plans to issue convertible bonds to fund the development of self-researched ASIC chips, which are crucial for overcoming bottlenecks in high-end testing machines [8] - The forecast for net profit attributable to shareholders is 4.6 billion yuan for 2025, 5.4 billion yuan for 2026, and 6.0 billion yuan for 2027, with corresponding dynamic P/E ratios of 43, 36, and 32 [8] Financial Summary - In 2024, the company achieved a gross margin of 73.31%, with a net profit margin of 36.88% [8] - The fourth quarter of 2024 saw a significant increase in revenue to 284 million yuan, a year-on-year growth of 65.08% [8] - The company's total assets are projected to grow from 3.8 billion yuan in 2024 to 5.5 billion yuan by 2027 [9] - The earnings per share (EPS) are expected to rise from 2.47 yuan in 2025 to 4.46 yuan in 2027 [9]