EMTEK(SZ:300938) Xin Lang Cai Jing·2025-08-25 00:38Core Insights - The company is a small but specialized integrated service provider for testing and experimental equipment, with a projected revenue growth from 113 million yuan in 2014 to 725 million yuan in 2024, reflecting a CAGR of approximately 20.43% [1] - The net profit attributable to the parent company is expected to grow from 25 million yuan in 2014 to 176 million yuan in 2024, with a CAGR of about 21.50% [1] - In 2024, revenue and net profit are forecasted to increase by 6.71% and 7.67% year-on-year, driven by the recovery in automotive testing and electronic testing market demand [1] Financial Performance - For the first half of 2025, the company expects revenue and net profit to reach 372 million yuan and 95 million yuan, representing year-on-year growth of 1.35% and 2.40% respectively [1] - In Q2 2025, revenue and net profit are projected to be 206 million yuan and 58 million yuan, showing a year-on-year increase of 10.45% and 11.82% [1] Business Segments - The company operates with a dual engine of testing services and equipment manufacturing, with revenue from automotive testing, electronic testing, and experimental equipment in the first half of 2025 being 162 million yuan, 90 million yuan, and 72 million yuan respectively [1] - The automotive testing segment is benefiting from advancements in electrification, intelligence, and autonomous driving, leading to an increase in new orders [1] Strategic Initiatives - The company is accelerating its layout in the fields of automotive intelligence and assisted driving testing, capitalizing on increased R&D investments from major manufacturers [2] - A new robotics technology company has been established to focus on the manufacturing and R&D of industrial, service, and special operation robots, promoting the automation and intelligence of testing services [2] - An employee stock ownership plan for 2025 has been introduced, targeting core management, technical, and key business personnel, with performance targets set for revenue and net profit growth from 2025 to 2027 [2] Growth Outlook - The company is expected to achieve net profits of 203 million yuan, 239 million yuan, and 281 million yuan from 2025 to 2027, with corresponding PE ratios of 28, 24, and 20 [2] - The reasonable valuation for one year is projected to be between 25.86 and 31.03 yuan, with a corresponding PE of 25 to 30 for 2026 [2]