Accotest(SH:688200)2026-01-23 15:35Investment Rating - The investment rating for AccoTEST is "Buy" with a target price of Rmb258, indicating an expected share price return of 4.6% and a total expected return of 5.1% [2][3]. Core Insights - AccoTEST's preliminary results for 2025 show earnings growth of 46%-78% YoY, estimated between Rmb489 million and Rmb594 million, with a midpoint of Rmb541 million, which is in line with Bloomberg consensus but 5% above Citi's estimates [1]. - The strong earnings improvement is attributed to the recovery in the semiconductor cycle, increased demand for AI, and trends in import replacement [1]. - The production ramp of AccoTEST's new product, the STS8600 SoC tester, is seen as a significant catalyst for share price growth in 2026 [2]. Financial Summary - For the year ending December 31, 2023, AccoTEST reported a net profit of Rmb252 million, with a diluted EPS of Rmb1.860, reflecting a decline of 67.8% YoY. The forecast for 2025 estimates a net profit of Rmb516 million and a diluted EPS of Rmb3.809, showing a growth of 54.2% [5]. - The projected earnings for 2026 are expected to reach Rmb683 million, with a diluted EPS of Rmb5.040, indicating a growth of 32.3% [5].