Investment Rating - The report assigns a "Recommended" investment rating to the company, considering its strong state-owned background, growth potential, and expected growth from project launches [4]. Core Insights - The company, Zhongfangbiao, is a leading enterprise in the textile inspection and testing service industry, with significant industry influence and multiple authorized testing service platforms [14][34]. - The main revenue source is the testing business, which accounted for 85.10% of total revenue in 2023, with a slight year-on-year growth of 0.47% [14][37]. - The company plans to enhance market expansion and business collaboration across various segments, aiming for efficient and rapid growth through project investments and potential acquisitions [19]. Revenue Forecast - The company forecasts revenues of 197 million, 205 million, and 213 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3.04%, 4.01%, and 3.53% [4][19]. - The projected net profits for the same period are 31.38 million, 33.45 million, and 35.48 million yuan, with year-on-year changes of -5.32%, 6.59%, and 6.06% [4][19]. Business Segments 1. Testing Business: - Revenue from testing services is expected to grow to 165.60 million, 168.51 million, and 170.20 million yuan from 2024 to 2026, with growth rates of 1.50%, 1.76%, and 1.00% [3][82]. 2. Consumables Sales: - Revenue from consumables is projected to reach 9.12 million, 11.87 million, and 15.31 million yuan, with growth rates of 25.84%, 30.17%, and 29.00% [3][82]. 3. Other Technical Services: - Revenue from other technical services is expected to be 22.84 million, 25.10 million, and 27.23 million yuan, with growth rates of 7.10%, 9.88%, and 8.49% [3][82]. Industry Outlook - The textile industry is expected to recover, providing opportunities for the inspection and testing market, supported by domestic economic growth and increased consumer demand [15][72]. - The inspection and testing service industry in China is experiencing continuous growth, with a market size that has expanded significantly over recent years [64].
中纺标首次覆盖报告：领航轻纺检测，行业回暖稳步前行