Accotest(688200) 中邮证券·2025-04-01 12:23Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][9]. Core Insights - The semiconductor industry is experiencing a gradual recovery, with the company showing strong business momentum and significant revenue growth in 2024, achieving 905 million yuan in revenue, a year-on-year increase of 31.05%, and a net profit of 334 million yuan, up 32.69% [3][4]. - The company's core product, the STS8300 testing system, has seen a substantial increase in shipment volume, reflecting its competitive strength and growth potential in the recovering market [3][4]. - The global semiconductor testing equipment market is projected to rebound significantly in 2024, with an expected growth of 7.4%, and is anticipated to exceed 8 billion USD by 2025 [3][4]. Company Overview - The company has a total share capital of 135 million shares, with a market capitalization of 19.4 billion yuan and a current share price of 143.45 yuan [2]. - The company is focusing on enhancing its product offerings and expanding its market reach, particularly in the high-end SoC testing systems, with plans to invest in R&D and production capabilities [7][8]. Financial Projections - Revenue forecasts for the company are 1.171 billion yuan in 2025, 1.451 billion yuan in 2026, and 1.809 billion yuan in 2027, with corresponding net profits of 438 million yuan, 570 million yuan, and 744 million yuan respectively [9][12]. - The projected P/E ratios for 2025, 2026, and 2027 are 44, 34, and 26 respectively, indicating a favorable valuation trend as earnings grow [9][12].