Accotest(SH:688200) Guotou Securities·2024-05-09 13:30Investment Rating - The report maintains an "Accumulate-A" investment rating with a target price of 145.2 CNY for the next six months [3][29]. Core Views - The company reported a revenue of 691 million CNY for 2023, a year-on-year decrease of 35.47%, with a net profit attributable to the parent company of 252 million CNY, down 52.18% year-on-year [1][28]. - The introduction of the STS8600 model is expected to open new growth opportunities in the SoC testing field, moving beyond traditional analog and power chip testing systems [2][28]. Financial Performance Summary - For Q4 2023, the company achieved a revenue of 172 million CNY, a year-on-year decrease of 41.14%, but a quarter-on-quarter increase of 25.42% [1]. - In Q1 2024, the company reported a revenue of 137 million CNY, down 31.61% year-on-year and 20.51% quarter-on-quarter [1]. - The gross margin for 2023 was 72.47%, down 4.41 percentage points year-on-year, while the net margin was 36.43%, down 12.73 percentage points year-on-year [28]. Future Projections - Revenue projections for 2024 to 2026 are estimated at 829 million CNY, 1.036 billion CNY, and 1.295 billion CNY, respectively, with net profits of 328 million CNY, 414 million CNY, and 550 million CNY [3][17].