Accotest(SH:688200) ZHONGTAI SECURITIES·2024-05-06 02:00Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 112.00 CNY per share [1]. Core Views - The company's performance is under pressure due to industry downturns, but there are signs of order recovery in Q1 2024 [3][16]. - Demand from the new energy sector is expected to drive growth for the STS8200 model, while the STS8300 is entering a phase of increased production [3][16]. - The introduction of the STS8600 digital testing machine opens up significant growth opportunities in the market [3][17]. - The company is positioned as a leader in the domestic testing machine market, with new products likely to capture opportunities in the SoC market, indicating a broad long-term growth potential [17]. Summary by Sections Financial Overview - Total shares outstanding: 135 million - Market capitalization: 15,161 million CNY - Revenue for 2023 is projected at 691 million CNY, a decrease of 35% year-on-year, with a net profit of 252 million CNY, down 52% [3][14]. - The gross margin for 2023 is reported at 72.47%, a decline of 4.4 percentage points [15]. Profit Forecast - Revenue projections for 2024 and 2025 are 835 million CNY and 1,075 million CNY, respectively, with expected growth rates of 21% and 29% [14]. - Net profit is forecasted to recover to 400 million CNY in 2024 and 500 million CNY in 2025, with growth rates of 59% and 25% [14]. - Earnings per share (EPS) are expected to rise from 1.86 CNY in 2023 to 2.95 CNY in 2024 and 3.69 CNY in 2025 [14]. Market Position - The global market for mixed-signal testing machines is valued at 630 million USD, with the company holding approximately 24% market share [17]. - The company is expanding its product line with the STS8600, which has a testing capacity of 1,024 analog channels and 5,120 digital channels, significantly increasing its market potential [17].