UNI-T(SH:688628) Guoyuan Securities·2024-08-31 04:41Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's revenue for the first half of 2024 reached 564 million yuan, a year-on-year increase of 3.54%, with net profits attributable to the parent company at 103 million yuan, reflecting a growth of 6.87% [2] - The professional instruments segment showed significant growth, with a 62.88% increase in revenue, while the ODM business faced a decline due to adjustments in customer delivery schedules [3] - The company's gross margin improved to 44.74%, and R&D expenses increased to 11.30% of revenue, indicating a commitment to maintaining core competitiveness [4] Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 280 million yuan, a decrease of 8.74% year-on-year, with net profits of 49 million yuan, down 12.71% [2] - For the first half of 2024, revenue from general instruments, professional instruments, testing instruments, and temperature and environmental testing instruments were 320 million, 44 million, 77 million, and 119 million yuan respectively, showing varied performance across segments [3] Profitability and R&D - The company's gross margin and net profit margin for the first half of 2024 were 44.74% and 18.33%, respectively, both showing year-on-year improvements [4] - The company is focusing on product matrix optimization and has launched new products to enhance its offerings [4] Investment Recommendations - The company is expected to achieve revenues of 1.135 billion, 1.278 billion, and 1.446 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 206 million, 246 million, and 286 million yuan [5] - The report anticipates an EPS of 1.85, 2.21, and 2.57 yuan per share for the same years, with corresponding P/E ratios of 14.95, 12.51, and 10.76 [5]