GRGTEST(002967) 东吴证券·2024-10-27 10:30Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company has shown stable revenue growth with a 10% year-on-year increase in total revenue for the first three quarters of 2024, reaching 2.2 billion yuan, and a 42% increase in net profit attributable to shareholders, amounting to 190 million yuan [2][4] - In Q3 alone, the company achieved revenue of 800 million yuan, reflecting an 11% year-on-year growth, and a net profit of 110 million yuan, which is a 50% increase compared to the same period last year [2][4] - The company has implemented refined management practices, resulting in a significant improvement in gross margin to 48.9%, up by 5.4 percentage points year-on-year, and a net profit margin of 13.5%, up by 3.4 percentage points year-on-year [3][4] Financial Performance Summary - The company's total revenue for 2022 was 2.604 billion yuan, with projections of 2.889 billion yuan for 2023, 3.211 billion yuan for 2024, 3.652 billion yuan for 2025, and 4.130 billion yuan for 2026, indicating a steady growth trajectory [1][4] - The net profit attributable to shareholders for 2022 was 183.95 million yuan, with forecasts of 199.39 million yuan for 2023, 270.14 million yuan for 2024, 365.83 million yuan for 2025, and 464.31 million yuan for 2026, reflecting a robust growth outlook [1][4] - The report highlights a projected EPS of 0.32 yuan for 2022, increasing to 0.35 yuan in 2023, 0.47 yuan in 2024, 0.64 yuan in 2025, and 0.81 yuan in 2026 [1][4] Strategic Initiatives - The management restructuring at the end of 2023 has shifted the strategic focus from being a comprehensive testing institution to concentrating on physical testing services that align with national industrial strategies and technological innovation [4] - The implementation of an equity incentive plan in July 2024, covering 10% of the company's employees, aims to enhance motivation and align interests, with profit targets set for the next three years [4]