优利德(688628)：业绩稳健增长 毛利率再创新高

Core Viewpoint - The company reported steady growth in revenue and profit for 2024, with significant improvements in gross margin and R&D investment [2][4]. Financial Performance - In 2024, the company achieved revenue of 1.13 billion, a year-on-year increase of 10.8% [2] - The net profit attributable to shareholders reached 183 million, reflecting a year-on-year growth of 13.6% [2] - The gross margin for 2024 was 45.16%, up 1.8 percentage points from 2023, driven by improved product structure and enhanced competitiveness [2] R&D Investment - The company maintained a high level of R&D investment, with annual R&D expenses amounting to 117 million, representing a historical high R&D expense ratio of 10.4% [2] - The core team expanded to over 300 personnel, with continuous breakthroughs in patent technology [2] Product Development - Testing instrument revenue exceeded 150 million in 2024, showing a year-on-year growth of 14.6% despite pressure on downstream demand [3] - The company accelerated the development of testing instruments, launching new high-bandwidth products and enhancing product variety in signal sources and spectrum analyzers [3] Competitive Advantage - The company has a diverse product range in the instrumentation sector, providing a high safety margin for performance [4] - The gradual high-end transformation of instruments and breakthroughs in key components are expected to drive future growth [4] Growth Targets - The company announced a stock incentive plan, aiming for a compound annual profit growth rate of 20% from 2024 to 2026, with stable growth targets for testing instruments and specialized instruments [4] Investment Outlook - Based on the latest performance report, revenue forecasts for 2025 and 2026 have been adjusted slightly upward, with expected revenues of 1.31 billion and 1.49 billion respectively [5] - The net profit forecasts for the same years have been adjusted to 240 million and 290 million respectively, with an estimated EPS of 2.13 and 2.58 [5] - For 2027, the company is projected to achieve revenue of 1.7 billion and a net profit of 350 million, with an EPS of 3.14 [5]