GRGTEST(SZ:002967) Changjiang Securities·2024-10-25 10:41Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company reported a Q3 revenue of 816 million yuan, a year-on-year increase of 11.4%, and a net profit attributable to shareholders of 109 million yuan, reflecting a year-on-year growth of 50.2% [2][3]. - For the first three quarters of 2024, the company achieved a revenue of 2.16 billion yuan, up 10.0% year-on-year, and a net profit of 189 million yuan, which is a 42.2% increase year-on-year [2][3]. - The company's gross profit margin improved by 2.23 percentage points to 44.5% in the first three quarters, attributed to effective cost control and management strategies [3]. Summary by Sections Financial Performance - Q3 revenue was 816 million yuan, with a net profit of 109 million yuan, marking a 50.2% increase year-on-year [2]. - For the first three quarters, revenue reached 2.16 billion yuan, with a net profit of 189 million yuan, reflecting a 42.2% increase year-on-year [2][3]. - The company’s operating cash flow net amount increased by 18.5% to 337 million yuan, indicating improved cash collection [3]. Market Position and Growth Potential - The company is recognized as a national high-end manufacturing testing enterprise, with stable growth in key sectors such as special industries, automotive, integrated circuits, and data science [3]. - The company plans to invest 298 million yuan in technological upgrades in 2024, a decrease of 21.9% year-on-year, indicating a strategic focus on efficiency [4]. Future Projections - Revenue projections for 2024-2026 are 3.28 billion yuan, 3.75 billion yuan, and 4.26 billion yuan, with year-on-year growth rates of 13.7%, 14.1%, and 13.7% respectively [4]. - Expected net profit for the same period is 292 million yuan, 380 million yuan, and 482 million yuan, with growth rates of 46.5%, 30.2%, and 26.7% respectively [4].