Accotest(SH:688200) EBSCN·2025-10-16 07:52Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company achieved robust revenue growth in the first half of 2025, with operating income reaching 534 million yuan, a year-on-year increase of 40.99%, and net profit attributable to shareholders of 196 million yuan, up 74.04% [2] - The global semiconductor industry stabilized and rebounded in the first half of 2025, providing a favorable environment for the company's performance, driven by its technological advantages in analog and mixed-signal testing [2][3] - The company is actively expanding its overseas market presence, with overseas revenue growing significantly by 141.71% to 58 million yuan in the first half of 2025, establishing a solid foundation for global development [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported operating income of 534 million yuan and net profit of 196 million yuan, reflecting strong growth rates of 40.99% and 74.04% respectively [2] - The company forecasts net profits of 459 million yuan for 2025, 605 million yuan for 2026, and 763 million yuan for 2027, with corresponding P/E ratios of 56x, 43x, and 34x [3][4] Market Strategy - The company adopts a dual-driven strategy focusing on both domestic and international markets, enhancing its brand's international influence and supply chain resilience [2][3] - The company has made significant progress in emerging markets such as Vietnam and India while deepening cooperation with traditional markets in Europe, Japan, South Korea, and Southeast Asia [3] Valuation Metrics - The report provides a summary of key financial metrics, including projected revenue growth rates of 30.47% for 2025 and 30.00% for 2026, alongside a projected EPS of 3.39 yuan for 2025 [4][10] - The company's return on equity (ROE) is expected to increase from 12.03% in 2025 to 15.68% in 2027, indicating improving profitability [10]