UNI-T(688628) 山西证券·2024-10-29 03:42Investment Rating - The report maintains an investment rating of "Buy-A" for the company [1][2]. Core Views - The company achieved a record high gross margin in Q3 2024, supported by multiple favorable factors for high growth [1]. - The company is expected to benefit from the ongoing effects of the "Two New" policy, which is anticipated to drive demand for instrumentation and new orders [1]. - The launch of new high-end products is expected to further enhance revenue and profitability [1]. - The company's global expansion is set to begin with the planned production in Vietnam in Q4 2024, which will enhance its international competitiveness [1][2]. Financial Performance Summary - For Q3 2024, the company reported revenue of 854 million yuan, a year-on-year increase of 8.94%, and a net profit attributable to shareholders of 152 million yuan, up 15.00% [1]. - The gross margin increased by 2.40 percentage points to 44.82%, marking a five-year high [1]. - The company’s net profit margin improved by 0.89 percentage points to 17.41% [1]. - The report forecasts revenue for 2024, 2025, and 2026 to be 1.186 billion yuan, 1.384 billion yuan, and 1.625 billion yuan, respectively, with net profits of 200 million yuan, 251 million yuan, and 315 million yuan [2]. Product and Market Development - The company has launched several new testing instruments in 2024, including high-resolution oscilloscopes and power meters, which are expected to enhance its product matrix and improve average selling prices and gross margins [1]. - The company is focusing on increasing R&D investment, which has led to a rise in the expense ratio during the reporting period [1]. Future Outlook - The company is expected to see steady growth in Q4 2024, driven by the effects of government policies, new product launches, and the establishment of production capacity in Vietnam [1][2].