UNI-T(SH:688628) Southwest Securities·2024-08-26 12:24Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 560 million yuan for H1 2024, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 100 million yuan, up 6.9% year-on-year [1] - The product structure continues to optimize, leading to an increase in overall gross margin [1] - The professional instruments and testing equipment segments are driving stable growth, while external sales and general instruments face short-term pressure [1] - The company is enhancing its product lines towards specialization and high-end development, improving product competitiveness and profitability [1] - The gross margin for main products increased from 34.9% in Q1 2022 to 46.4% in Q4 2023, with H1 2024 gross margin at 45.0%, up 3.38 percentage points year-on-year [1] - The company is increasing R&D investment and market expansion, resulting in a rise in expense ratios [1] Financial Summary - For H1 2024, the company achieved a revenue of 560 million yuan, with a net profit of 100 million yuan [1] - The revenue for Q2 2024 was 280 million yuan, down 8.7% year-on-year and 1.4% quarter-on-quarter, with a net profit of 50 million yuan, down 12.7% year-on-year and 10.8% quarter-on-quarter [1] - The company expects net profits for 2024-2026 to be 210 million, 260 million, and 330 million yuan respectively, with a projected compound annual growth rate of 27% [1][2]