Accotest(688200) 民生证券·2024-08-27 07:40Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance improvements and growth potential [3]. Core Insights - The company reported a revenue of 379 million yuan for the first half of 2024, showing a year-over-year decline of 0.63%, but a significant recovery in the second quarter with a revenue of 242 million yuan, representing a year-over-year increase of 33.52% and a quarter-over-quarter increase of 77.05% [1]. - The net profit attributable to the parent company for the first half of 2024 was 112 million yuan, down 30.25% year-over-year, but the second quarter saw a net profit of 89 million yuan, which is a year-over-year increase of 2.85% and a quarter-over-quarter increase of 279.94% [1]. - The company is expanding its product line with the introduction of the 8600 series, aimed at SOC testing, enhancing its market coverage [1]. - The company is actively pursuing international market expansion, with new operations in Japan, Malaysia, and the United States, contributing to a global installed base of over 7,000 testing devices [1]. - Revenue projections for 2024-2026 are estimated at 886 million, 1.083 billion, and 1.311 billion yuan, with net profits expected to be 330 million, 424 million, and 517 million yuan respectively, reflecting a positive growth trajectory [2][4]. Financial Summary - For 2023, the company reported total revenue of 691 million yuan, with a projected growth rate of 28.2% for 2024, followed by 22.3% in 2025 and 21.0% in 2026 [2][4]. - The net profit for 2023 was 252 million yuan, with expected growth rates of 30.9% in 2024, 28.6% in 2025, and 22.1% in 2026 [2][4]. - The company's PE ratio is projected to decrease from 43 in 2023 to 21 by 2026, indicating an improving valuation as earnings grow [2][4].