Accotest(SH:688200) Changjiang Securities·2024-05-07 08:32Investment Rating - The investment rating for the company is "Buy" and is maintained [18]. Core Views - The company's revenue for 2023 was 691 million yuan, a year-on-year decrease of 35.47%, with a net profit attributable to the parent company of 252 million yuan, down 52.18% year-on-year [2][24]. - The semiconductor industry's low demand has significantly impacted the company's performance, particularly affecting traditional product orders [2][3]. - The company is focusing on new product development, with an increase in the proportion of new products and ongoing communication with clients regarding the SoC testing machine platform [3][4]. - The company is accelerating its overseas expansion, with nearly 13% of revenue coming from international markets in 2023, which is expected to increase in 2024 [3][4]. - A potential industry recovery is anticipated, with projections for net profits of 347 million, 432 million, and 603 million yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 39, 32, and 23 times [4][24]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 691 million yuan, a decrease of 35.47% year-on-year, and a net profit of 252 million yuan, down 52.18% year-on-year [2][24]. - The fourth quarter of 2023 saw a revenue of 172 million yuan, a year-on-year decline of 41.14%, with a net profit of 55 million yuan, down 62.28% year-on-year [2]. - The first quarter of 2024 reported a revenue of 137 million yuan, a decrease of 31.61% year-on-year, with a net profit of 23 million yuan, down 68.62% year-on-year [2]. Product Development and Market Strategy - The company has increased its R&D investment, with a gross margin exceeding 75% in Q4 2023 and Q1 2024, indicating recovery from previous product structure changes [18]. - The company is actively developing new products, including the SoC testing machine 8600, and has begun validation work with clients in the computing chip design sector [3][4]. - The company has established a global installed base for its 8300 product and is building an ecosystem around it, with the second generation of digital boards already in place [3]. Overseas Expansion - The company has made significant strides in expanding its international market presence, establishing subsidiaries and offices in multiple countries, including Malaysia, the USA, Japan, and South Korea [3]. - The overseas revenue contribution is expected to grow, with the company’s products already entering international markets [3][4]. Future Outlook - The company anticipates a recovery in industry demand, with expectations for improved order conditions in 2024 compared to 2023 [19]. - Projections for future net profits indicate a positive growth trajectory, with expected profits of 347 million yuan in 2024, 432 million yuan in 2025, and 603 million yuan in 2026 [4][24].