STI(300416) 华创证券·2024-10-28 06:39Investment Rating - The report maintains a "Strong Buy" rating for Suzhou Test (300416) with a target price of 16.92 yuan, compared to the current price of 13.03 yuan [1] Core Views - Suzhou Test's Q1-Q3 2024 revenue reached 1.406 billion yuan, up 7.88% YoY, but net profit attributable to shareholders declined by 33.56% to 146 million yuan [1] - Q3 2024 revenue was 489 million yuan, down 11.91% YoY, with net profit attributable to shareholders dropping 48.34% to 44 million yuan [1] - Gross margin and net margin for Q1-Q3 were 44.01% and 12.23%, down 1.07pct and 4.66pct YoY respectively [1] - The company's downstream demand is showing marginal improvement, but the confirmation cycle may be prolonged [1] - Long-term growth is supported by the company's technological barriers and laboratory expansion, with fixed assets increasing by 457 million yuan in 2023 [1] Financial Performance - 2024E revenue is projected at 2 billion yuan, down 5.5% YoY, with net profit attributable to shareholders expected to decline 23.6% to 240 million yuan [2] - 2025E revenue is forecasted to grow 14.5% to 2.289 billion yuan, with net profit attributable to shareholders increasing 27.9% to 308 million yuan [2] - EPS for 2024E is estimated at 0.47 yuan, with a P/E ratio of 28x [2] Business Segments - Test equipment revenue in H1 2024 was 291 million yuan, down 14.57% YoY [1] - Environmental reliability testing services revenue in H1 2024 was 461 million yuan, down 1.72% YoY [1] - IC verification and analysis services revenue in H1 2024 grew 18.22% YoY to 128 million yuan [1] Valuation and Projections - The company is valued at 28x 2025E PE, with a target price of 16.92 yuan [1] - 2026E revenue is projected at 2.606 billion yuan, with net profit attributable to shareholders expected to reach 361 million yuan [2] - ROE is forecasted to improve from 9.7% in 2024E to 12.0% in 2026E [5]