GRGTEST(SZ:002967) Southwest Securities·2024-08-23 08:31Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company reported a steady revenue growth of 9.2% year-on-year for H1 2024, achieving a total revenue of 1.34 billion yuan. The net profit attributable to shareholders increased by 32.4% year-on-year to 80 million yuan, while the net profit excluding non-recurring items rose by 51.9% year-on-year to 66 million yuan [1] - The company has optimized its business structure and enhanced operational management, leading to improved profitability. The gross margin for H1 2024 was 41.9%, up by 0.3 percentage points year-on-year, and the net profit margin was 5.6%, up by 1.2 percentage points year-on-year [1] - The company is expanding its market presence in integrated circuit testing, metrology services, and life sciences, which are driving performance growth despite a relatively weak downstream demand in the testing industry [1] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 760 million yuan, a year-on-year increase of 10.2%, and a net profit of 780 million yuan, up by 25.0% year-on-year. The net profit excluding non-recurring items was 720 million yuan, reflecting a 35.3% year-on-year increase [1] - The company’s comprehensive gross margin for H1 2024 was 41.9%, with a net profit margin of 5.6%. The management expense ratio decreased to 36.1%, down by 1.3 percentage points year-on-year [1] Business Development - The company has actively adjusted its operational strategy to optimize its business structure, resulting in steady growth across multiple business lines. The metrology business generated 340 million yuan in revenue, a year-on-year increase of 3.4% [1] - The integrated circuit testing and analysis business saw significant growth, with revenue reaching 110 million yuan, up by 39.8% year-on-year. The life sciences segment also improved, achieving a revenue of 230 million yuan, a year-on-year increase of 7.8% [1] Strategic Outlook - The company is strategically positioning itself in emerging industries, focusing on areas such as low-altitude economy, civil aviation, artificial intelligence, and advanced nuclear energy. The new headquarters in Guangzhou has been officially put into operation, and the multi-industry expansion strategy is ongoing, indicating broad future growth potential [1] - Profit forecasts for the company indicate a net profit attributable to shareholders of 330 million yuan in 2024, 410 million yuan in 2025, and 510 million yuan in 2026, with a compound annual growth rate of 37% over the next three years [1]