Accotest(SH:688200) China Securities·2025-03-16 04:28Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in net profit over the next few years [12]. Core Insights - The company achieved over 30% growth in both revenue and net profit in 2024, driven by a recovery in downstream testing demand and improved orders since Q3 2024 [1][3]. - The core product STS8300 saw a substantial increase in shipment volume, contributing to revenue growth [1][3]. - The company is actively expanding its overseas customer base, with the first STS8300 unit installed in Malaysia, and a new product STS8600 expected to complete validation and start receiving orders [1][11]. Revenue and Profitability - In 2024, the company reported revenue of 905.35 million yuan, a year-on-year increase of 31.05%, and a net profit of 333.91 million yuan, up 32.69% [2][8]. - The gross margin for 2024 was 73.31%, reflecting a 0.84 percentage point increase from the previous year [4][8]. - The company’s net profit margin improved to 36.88%, a 0.46 percentage point increase year-on-year [8]. Market Outlook - The semiconductor testing equipment market is expected to continue growing, with projections indicating a market size exceeding 8 billion USD in 2025 [9]. - The company has a strong order backlog, with contract liabilities reaching 56.25 million yuan, a 103.27% increase year-on-year, indicating robust future performance [9]. Product Development and Global Expansion - The new SoC testing system STS8600 is currently undergoing client validation, with expectations for significant progress in 2025 [10]. - The company has made strides in global expansion, with new subsidiaries established in Japan and the U.S., and a factory in Malaysia operational [11].