Accotest(SH:688200) Guotou Securities·2025-04-30 06:51Investment Rating - The investment rating for the company is "Buy-A" with a target price of 188.64 CNY per share, reflecting an expected return exceeding 15% over the next six months [5][9]. Core Insights - The company reported a revenue of 905 million CNY for 2024, representing a year-on-year increase of 31.05%, and a net profit of 334 million CNY, up 32.69% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 198 million CNY, a significant increase of 44.46% year-on-year, and a net profit of 62 million CNY, which is a remarkable growth of 164.23% year-on-year [1]. - The core product STS8300 has shown outstanding performance with a substantial increase in shipment volume, benefiting from the mild recovery in the semiconductor industry and stable domestic economic conditions [2]. - The company has successfully expanded its global footprint, with significant developments in East Asia, Southeast Asia, and North America, enhancing its localized service capabilities [5][8]. Financial Performance - The company’s gross margin for 2024 was 73.31%, an increase of 0.84 percentage points year-on-year, with a net profit margin of 36.88%, up 0.46 percentage points year-on-year [2]. - R&D expenses increased by 30.60% year-on-year to 172 million CNY in 2024, supporting product upgrades and new product development [4]. - The company forecasts revenues of 1.168 billion CNY, 1.448 billion CNY, and 1.781 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 440 million CNY, 564 million CNY, and 716 million CNY for the same years [9][11]. Product and Market Development - The company has three main product lines: STS8200 for analog and power IC testing, STS8300 for mixed-signal and power management testing, and STS8600 for SoC chip testing, with a global installed base exceeding 7,500 units by the end of 2024 [3]. - The STS8600 testing system has entered the customer validation phase, promising enhanced testing capabilities with higher channel counts and frequencies [4]. - The company is actively pursuing market expansion in emerging markets such as Vietnam and India, further broadening its global business landscape [8].