Accotest(SH:688200) HTSC·2025-04-30 08:01Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a significant improvement in gross margin and continued to push new products, with a 44.46% year-on-year revenue growth in Q1 2025, driven by sustained market demand for core products [1][2] - The gross margin for Q1 2025 reached 75.29%, reflecting a 0.20 percentage point increase year-on-year and a 9.11 percentage point increase quarter-on-quarter, attributed to changes in product mix and cost structure optimization [2] - The company is expanding its overseas market presence, with new subsidiaries in Japan, Malaysia, and the United States, which are expected to open new revenue growth points [3] Summary by Sections Q1 2025 Performance - Revenue for Q1 2025 was CNY 198 million, a 44.46% increase year-on-year but a 30.44% decrease quarter-on-quarter; net profit attributable to shareholders was CNY 62 million, up 164.23% year-on-year but down 48.74% quarter-on-quarter [1] - The revenue growth was primarily driven by increased market demand for core products, while the quarter-on-quarter decline was due to seasonal factors [1] Gross Margin and R&D Investment - The overall gross margin for Q1 2025 was 75.29%, with a significant quarter-on-quarter increase attributed to a higher proportion of mature products like STS8200 [2] - R&D expense ratio was 25.96%, with a year-on-year increase of 0.54 percentage points and a quarter-on-quarter increase of 7.84 percentage points, reflecting a 47.51% increase in R&D expenses [2] 2025 Outlook - The semiconductor testing equipment market is expected to grow from USD 6.25 billion in 2023 to USD 8 billion in 2025, with the company's core product STS8300 projected to see significant shipment growth [3] - The next-generation product STS8600 is progressing well, currently undergoing client validation, which is anticipated to further boost the company's performance [3] Price Target and Valuation - The target price is set at CNY 166.42, reflecting a premium over the industry average PE of 49.7x, with a projected PE of 53.0x for 2025 [4] - The revised net profit forecasts for 2025, 2026, and 2027 are CNY 425.27 million, CNY 514.49 million, and CNY 595.84 million, respectively [4][6]