Accotest(688200) 国海证券·2025-03-18 02:41Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Insights - The company achieved a significant increase in net profit and revenue in Q4 2024, with a year-on-year net profit growth of 121.30% and revenue growth of 65.08% [5][6]. - The company is expanding its high-end production capacity and has introduced new testing systems, which are currently undergoing customer validation [7][8]. - The projected revenue and net profit for 2025-2027 are expected to grow steadily, with revenues of 11.72 billion, 14.59 billion, and 17.75 billion respectively, and net profits of 4.59 billion, 5.87 billion, and 7.38 billion [9][11]. Financial Performance - In 2024, the company reported total revenue of 905 million, a 31.05% increase year-on-year, and a net profit of 334 million, reflecting a 32.69% increase [5][9]. - The gross margin for 2024 was 73.31%, showing a year-on-year increase of 0.84 percentage points, while the net margin was 36.88%, up by 0.45 percentage points [7][11]. - The company’s earnings per share (EPS) for 2024 was 2.47, with projections of 3.39 for 2025 and 4.34 for 2026 [9][11]. Market Performance - The company's stock has outperformed the CSI 300 index significantly over the past year, with a 12-month performance of 54.7% compared to the index's 12.5% [4][6]. - As of March 14, 2025, the stock price was 148.22, with a market capitalization of approximately 20,074.83 million [4][11].