STI(300416) 首创证券·2024-08-26 12:33Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 917 million yuan for H1 2024, a year-on-year decrease of 5.58%, and a net profit attributable to shareholders of 103 million yuan, down 24.35% year-on-year [2] - The decline in revenue is attributed to fluctuations in downstream demand, with the testing equipment revenue dropping by 14.57% to 291 million yuan, and environmental and reliability testing service revenue decreasing by 1.72% to 461 million yuan [3] - The integrated circuit verification and analysis service revenue increased by 18.22% to 128 million yuan, driven by enhanced testing capabilities and promotional efforts [3] - The net profit margin slightly decreased, with a sales net profit margin of 13.24%, down 2.91 percentage points year-on-year [3] - The company expects a recovery in downstream demand for testing equipment and environmental testing services, with projected net profits for 2024-2026 being 336 million yuan, 413 million yuan, and 518 million yuan respectively, corresponding to PE ratios of 17.5, 14.2, and 11.3 [3] Summary by Sections Financial Performance - H1 2024 revenue was 917 million yuan, down 5.58% year-on-year, with a net profit of 103 million yuan, down 24.35% year-on-year [2] - Q2 2024 revenue was 474 million yuan, a decrease of 11.01% year-on-year, with a net profit of 61 million yuan, down 33.80% year-on-year [2] Revenue Breakdown - Testing equipment revenue was 291 million yuan, down 14.57% year-on-year [3] - Environmental and reliability testing service revenue was 461 million yuan, down 1.72% year-on-year [3] - Integrated circuit verification and analysis service revenue was 128 million yuan, up 18.22% year-on-year [3] Profitability Metrics - H1 2024 gross profit margin was 45.04%, up 0.35 percentage points year-on-year [3] - The sales net profit margin was 13.24%, down 2.91 percentage points year-on-year [3] - The company’s projected net profits for 2024-2026 are 336 million yuan, 413 million yuan, and 518 million yuan respectively [3] Future Outlook - The company anticipates a gradual recovery in downstream demand for testing equipment and environmental testing services [3] - The projected revenue growth rates for 2024-2026 are 6.8%, 16.2%, and 18.9% respectively [4]