Accotest(SH:688200) KAIYUAN SECURITIES·2025-05-05 11:28Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong growth and profitability, with a focus on the sales prospects of the STS 8600 model [4][5] - In 2024, the company achieved a revenue of 910 million yuan, a year-on-year increase of 31.05%, and a net profit of 330 million yuan, up 32.69% year-on-year, with a gross margin of 73.31% [4] - For Q1 2025, the company reported a revenue of 200 million yuan, a year-on-year increase of 44.46%, and a net profit of 60 million yuan, up 164.23% year-on-year, with a gross margin of 75.29% [4] Financial Performance and Forecast - The company is expected to achieve revenues of 1.18 billion yuan, 1.42 billion yuan, and 1.81 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 434 million yuan, 548 million yuan, and 742 million yuan [5][8] - The gross margin is projected to remain strong, with estimates of 72.5%, 73.0%, and 74.9% for 2025, 2026, and 2027 respectively [8] - The company’s P/E ratios are forecasted to be 45, 36, and 27 for 2025, 2026, and 2027 respectively [5] Industry Outlook - The global semiconductor industry is showing signs of recovery, which is expected to drive demand for simulation and power testing equipment [6] - The company is positioned as a leader in the domestic simulation and power testing platform, likely to benefit from the recovery in the industry and local supply chain opportunities [6] - The STS 8600 model is strategically aimed at the large-scale digital SoC testing market, enhancing the company's product line and long-term growth potential [6]