Accotest(688200) 光大证券·2024-10-18 04:38Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its growth prospects and market position [2][4] Core Views - The company is a leading domestic semiconductor testing equipment supplier, with a strong focus on R&D and overseas market expansion [1] - Overseas sales network expansion is progressing smoothly, with new subsidiaries and factories established in Japan, Malaysia, and the US [1] - The company is expected to benefit from the localization trend in the semiconductor industry, driving future performance growth [2] Financial Performance and Projections - Revenue is projected to grow from 1,071 million RMB in 2022 to 1,535 million RMB in 2026, with a CAGR of 30% [3] - Net profit is forecasted to increase from 526 million RMB in 2022 to 605 million RMB in 2026, with a CAGR of 31.89% [3] - EPS is expected to rise from 5.78 RMB in 2022 to 4.47 RMB in 2026 [3] - ROE (diluted) is projected to improve from 16.77% in 2022 to 13.96% in 2026 [3] Overseas Expansion - The company has established a full-scale sales and service subsidiary in Japan, a factory in Malaysia, and a subsidiary in Silicon Valley, USA [1] - The first test machine produced in the Malaysia factory was successfully installed at Unisem's facility in Malaysia [1] Talent Development - The company has 693 employees as of Q2 2024, with 330 R&D personnel, accounting for 47.62% of the total workforce [1] - R&D personnel increased by 22.22% compared to the same period in 2023 [1] - The company emphasizes talent cultivation through campus recruitment, social recruitment, and enhanced university-industry collaboration [1] Valuation Metrics - The company's PE ratio is projected to decrease from 41x in 2024 to 23x in 2026 [2] - PB ratio is expected to decline from 4.0x in 2024 to 3.3x in 2026 [3] - EV/EBITDA is forecasted to drop from 30.7x in 2024 to 18.7x in 2026 [7] Profitability and Efficiency - Gross margin is expected to remain stable around 73-75% from 2024 to 2026 [7] - EBITDA margin is projected to improve from 45.5% in 2024 to 44.8% in 2026 [7] - ROA is forecasted to increase from 8.9% in 2024 to 12.3% in 2026 [7] Market Position - The company is a domestic leader in semiconductor testing equipment, with products covering analog, mixed-signal, discrete devices, and power modules [1] - It has achieved import substitution in analog and mixed-signal semiconductor testing systems and expanded into GaN, SiC, and IGBT testing [1]