Accotest(688200) 东吴证券·2024-08-27 00:03Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company shows signs of recovery in performance, benefiting from downstream demand recovery, with Q2 2024 revenue of 242 million yuan, a year-on-year increase of 33.5% and a quarter-on-quarter increase of 77.1% [2][3] - The gross margin remains stable at 75.9% for the first half of 2024, while the net profit margin decreased to 29.7% due to increased operating expenses [2][3] - The company is actively pursuing global expansion, with the first STS8300 testing machine installed overseas, indicating a commitment to serving international clients [3] - The report forecasts net profits for 2024-2026 at 344.96 million yuan, 458.49 million yuan, and 538.59 million yuan respectively, with corresponding dynamic P/E ratios of 31, 24, and 20 [3] Financial Performance Summary - Total revenue for 2024 is projected to be 906.65 million yuan, with a year-on-year growth of 31.24% [1] - The company reported a net profit of 1.12 billion yuan in the first half of 2024, down 30.2% year-on-year, with a net profit margin of 29.7% [2][3] - The company has a significant increase in accounts receivable, which rose by 43% year-on-year, indicating pressure on cash flow due to reduced collections [3] Research and Development - The company continues to invest heavily in R&D, with 330 R&D personnel accounting for 47.62% of total employees, contributing to increased operating expenses [2][3] - The introduction of the new STS8600 testing system enhances the company's product line and testing capabilities, supporting long-term growth [3] Market Position and Strategy - The company is expanding its global footprint, with new subsidiaries in Japan and the USA, and the first overseas installation of its testing machine in Malaysia [3] - The report emphasizes the importance of technological innovation in maintaining competitive advantage within the testing sector [3]