STI(300416) Soochow Securities·2024-10-27 17:00Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance growth has slowed due to high base effects from the previous year and delays in order confirmations from special industries [2] - The company is positioned as a leader in environmental and reliability testing, with significant growth potential in the market [4] - The company's profitability is under temporary pressure due to increased costs associated with capacity expansion [3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 1.41 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 150 million yuan, down 34% year-on-year [2] - In Q3 2024, the company achieved revenue of 490 million yuan, a 12% decline year-on-year, and a net profit of 44 million yuan, down 48% year-on-year [2] - The gross profit margin for Q3 2024 was 42.1%, a decrease of 3.7 percentage points year-on-year, while the net profit margin was 10.4%, down 7.8 percentage points year-on-year [3] Earnings Forecast and Valuation - The company's net profit forecasts for 2024, 2025, and 2026 have been adjusted to 230 million yuan (previously 330 million), 300 million yuan (previously 430 million), and 380 million yuan (previously 550 million), respectively [4] - The current market capitalization corresponds to P/E ratios of 29, 22, and 18 for the years 2024, 2025, and 2026 [4]