STI(300416) 天风证券·2024-11-04 00:41Investment Rating - The investment rating for the company is "Buy" with a target price reflecting an expected return of over 20% within the next six months [3][11]. Core Views - The company reported a revenue of 1.406 billion yuan for the first three quarters of 2024, a year-on-year decrease of 7.88%, and a net profit attributable to shareholders of 146 million yuan, down 33.56% year-on-year [1]. - The company is experiencing short-term pressure on performance due to weakened capital expenditure demand from downstream clients and intensified competition in the end market [1]. - Despite the current challenges, the company is expected to see improvements in performance in the future, with adjusted profit forecasts for 2024-2026 being 245 million, 315 million, and 400 million yuan respectively [1]. Financial Performance Summary - For the first three quarters of 2024, the gross margin was 44.01%, down 1.07 percentage points year-on-year, and the net profit margin was 12.23%, down 4.66 percentage points year-on-year [1]. - The company’s revenue for Q3 2024 was 490 million yuan, a decrease of 11.9% year-on-year but an increase of 3.18% quarter-on-quarter [1]. - The company’s financial metrics indicate a projected revenue of 2.033 billion yuan for 2024, with a growth rate of -3.94% [2][5]. Segment Analysis - The testing equipment segment is under pressure due to reduced capital expenditure from clients in special industries and increased competition in the downstream market [1]. - The environmental and reliability testing services segment is experiencing temporary performance impacts due to prior investments in new energy and energy storage sectors [1]. - The integrated circuit segment is expected to grow rapidly as new capacity is gradually released, with positive performance anticipated if market demand remains strong [1]. Strategic Initiatives - The company is actively repurchasing shares, with plans to use between 30 million and 50 million yuan for this purpose, aimed at implementing employee stock ownership plans or equity incentive plans [1]. - The company is positioning itself as a comprehensive service provider for environmental reliability testing and quality assurance, covering various industries including electronics, information technology, aerospace, and drones [1].