GRGTEST(002967) 西南证券·2024-10-31 06:05Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company has demonstrated significant performance improvement in Q3 2024, with a revenue of 2.16 billion yuan, a year-on-year increase of 10.0%, and a net profit attributable to shareholders of 190 million yuan, up 42.2% year-on-year [1][2] - The comprehensive gross margin for Q1-Q3 2024 is 44.5%, an increase of 2.2 percentage points year-on-year, driven by refined management practices and operational optimization [2] - The company is expanding its market presence in key sectors such as special industries, automotive, integrated circuits, and data science, contributing to stable order growth [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 820 million yuan, a year-on-year increase of 11.5% and a quarter-on-quarter increase of 7.9%. The net profit for Q3 was 110 million yuan, reflecting a year-on-year growth of 50.2% and a quarter-on-quarter growth of 39.0% [1][2] - The net profit forecast for 2024-2026 is projected to be 310 million, 380 million, and 470 million yuan, respectively, with a compound annual growth rate of 33% [3] Operational Strategy - The company has implemented a comprehensive fine management approach, optimizing its organizational structure and performance assessment system, which has led to improved profitability [2] - The gross margin for Q3 2024 reached 48.9%, an increase of 5.4 percentage points year-on-year, while the net margin was 13.5%, up 3.4 percentage points year-on-year [2] Market Expansion - The company is focusing on emerging industries and has established a strong presence in various sectors, including aerospace, telecommunications, and environmental protection, which are expected to drive future growth [3] - The company has officially launched its headquarters in Guangzhou, enhancing its multi-industry expansion strategy [3]