Accotest(688200) 东吴证券·2025-02-10 23:43Investment Rating - The report maintains a "Buy" rating for Huafeng Measurement Control (688200) [1] Core Views - The demand for SoC chips is driven by the explosion of AI terminals, with the introduction of DeepSeek enhancing the performance and cost-effectiveness of upstream inference and training chips, thereby boosting the demand for SoC chips [8] - The high-end SoC testing machine market is vast and requires domestic breakthroughs, as the complexity of SoC chips necessitates advanced testing capabilities [8] - Huafeng Measurement Control is developing self-researched ASIC chips to support high-end SoC testing machine R&D, with plans to raise up to 1 billion RMB through convertible bonds for this purpose [8] - The forecasted net profit for Huafeng Measurement Control is 340 million RMB in 2024, 460 million RMB in 2025, and 540 million RMB in 2026, with corresponding dynamic P/E ratios of 47, 35, and 30 times [8] Financial Summary - Total revenue for 2022 was 1,070.56 million RMB, with a projected decline to 690.86 million RMB in 2023, followed by a recovery to 906.65 million RMB in 2024 [1] - The net profit attributable to the parent company was 526.29 million RMB in 2022, expected to drop to 251.65 million RMB in 2023, and then rise to 344.96 million RMB in 2024 [1] - The latest diluted EPS is projected to be 1.86 RMB in 2023, increasing to 2.55 RMB in 2024 and reaching 3.39 RMB in 2025 [1]