Accotest(SH:688200) ZHONGTAI SECURITIES·2024-05-06 02:20Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [17][22]. Core Views - The semiconductor industry is experiencing a downturn, leading to a 35% year-over-year decline in revenue and a 52% drop in net profit for the company in 2023. However, there are signs of recovery in the industrial, communication, and consumer electronics markets since the second half of 2023, with a gradual increase in orders [19][24]. - The company is expanding its product offerings, particularly with the new 8600 digital testing machine, which is expected to significantly enhance its market position in the SoC, RF chip, and MCU testing markets, with potential market space expansion exceeding four times [2][26]. Financial Summary - The company's revenue for 2023 was 691 million yuan, down 35% year-over-year, with a net profit of 252 million yuan, a decrease of 52%. The gross margin was 72.5%, down 4.4 percentage points [24]. - For 2024, the company forecasts revenue of 835 million yuan and a net profit of 400 million yuan, with expected growth rates of 21% and 59% respectively [18][26]. - The company’s cash flow from operating activities is projected to be 270 million yuan in 2024, with earnings per share expected to rise to 2.95 yuan [18][24]. Market Position - The company holds approximately 24% of the global mixed-signal and digital testing machine market, indicating significant room for growth [2]. - The STS8200 testing system is a leader in the domestic market for analog and power semiconductor testing, while the STS8300 system is gaining recognition in power management and mixed-signal IC testing [25].