Accotest(688200) 海通证券·2024-09-05 06:41Investment Rating - The investment rating for the company is "Outperform the Market" with initial coverage [1][4][8] Core Views - The company has shown a significant improvement in profitability in Q2 2024, with a revenue increase of 33.52% year-on-year and a 77.05% quarter-on-quarter growth [4] - The large-scale SoC testing system is currently in the customer validation phase, indicating progress in product development [4] - The company is actively expanding its overseas sales network, with new operations established in Japan, Malaysia, and the United States [4][6] Financial Performance Summary - For the first half of 2024, the company reported revenue of 379 million yuan, a slight decrease of 0.63% year-on-year, and a net profit of 112 million yuan, down 30.25% year-on-year [3][6] - In Q2 2024, the company achieved a revenue of 242 million yuan, with a net profit of approximately 89 million yuan, reflecting a substantial quarter-on-quarter increase [4] - The gross profit margin for Q2 2024 was 76.28%, showing a 1.19 percentage point increase from the previous quarter [4] Revenue and Profit Forecast - Revenue projections for 2024E-2026E are 868 million yuan, 1.065 billion yuan, and 1.29 billion yuan, representing year-on-year growth rates of 25.69%, 22.64%, and 21.10% respectively [5][6] - Net profit forecasts for the same period are 346 million yuan, 432 million yuan, and 532 million yuan, with growth rates of 37.51%, 24.70%, and 23.31% respectively [5][6] Business Segment Analysis - The main business segment, testing systems, is expected to see revenue growth driven by the recovery of the semiconductor industry and increased demand for equipment upgrades [6][7] - The testing system accessories segment is projected to experience a decline in revenue growth in 2024E, followed by a return to growth in 2025E and 2026E [6][7] Valuation and Market Comparison - The company is assigned a PE valuation of 35x-40x for 2024E, corresponding to a market value range of 12.112 billion yuan to 13.842 billion yuan, and a reasonable share price range of 89.43 yuan to 102.20 yuan [4][8]