Accotest(SH:688200) KAIYUAN SECURITIES·2024-04-29 05:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [20][22]. Core Views - The company's Q1 2024 performance is under pressure, but an industry recovery is anticipated to drive a rebound in orders [5][10]. - The gross margin has improved year-on-year, reflecting a positive trend despite short-term challenges [22][23]. - The company is expanding its testing product lines, which will facilitate the penetration of domestic equipment into the market [6][10]. Financial Summary - For Q1 2024, the company reported revenue of 137 million, a year-on-year decrease of 31.61% and a quarter-on-quarter decrease of 20.51%. The net profit attributable to the parent company was 23 million, down 68.62% year-on-year and 57.07% quarter-on-quarter [22][23]. - The gross margin for Q1 2024 was 75.09%, an increase of 5.41 percentage points year-on-year [22][23]. - The company has adjusted its profit forecasts for 2024-2025, now expecting net profits of 349 million and 444 million respectively, with EPS projected at 2.58 and 3.28 [22][24]. Market Position and Strategy - The company has expanded its testing machine products from traditional analog to SoC, mixed-signal, and power testing, showing significant advantages in performance and reliability [23]. - As of the end of 2023, the company has installed over 6,000 self-developed testing devices globally, indicating strong market presence [23]. - The company aims to stabilize its existing product base while developing new products to meet the recovering domestic market demand [23].