GRGTEST(002967) 国信证券·2025-01-15 12:16Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company is expected to achieve a revenue of 3.1 to 3.3 billion yuan in 2024, representing a year-on-year growth of 7.31% to 14.23%, and a net profit attributable to shareholders of 300 to 360 million yuan, indicating a growth of 50.46% to 80.55% [1] - The growth in performance is attributed to accelerated innovation in business capabilities, implementation of regional collaboration, and a focus on major clients in key sectors such as special industries, automotive, integrated circuits, data science, and aviation [1] - The company has significantly increased its dividend payout, with a total dividend of 140 million yuan, which is 175% of the net profit for the first half of the year, reflecting confidence in future growth [2] - Leadership changes and the introduction of the first stock incentive plan are expected to enhance the motivation of the management team and employees [3] Summary by Sections Financial Performance - The company forecasts a net profit of 3.28 billion yuan for 2024, 4.02 billion yuan for 2025, and 5.02 billion yuan for 2026, with corresponding PE ratios of 29, 23, and 19 [4][5] - Revenue for 2024 is projected at 3.21 billion yuan, with a growth rate of 11.2% [5] - The company has maintained a stable EBIT margin, with expectations of 13% in 2024 and 15.2% by 2026 [5] Shareholder Returns - The company has repurchased shares amounting to 3.9 billion yuan, representing 3.92% of the total share capital, demonstrating a commitment to shareholder value [2] - The increase in dividend payout from 86 million yuan in previous years to 140 million yuan indicates a strong focus on returning value to shareholders [2] Management and Strategy - The leadership transition in December 2023 and the stock incentive plan are designed to boost employee engagement and align interests with shareholders [3] - The performance targets set for the incentive plan aim for a net profit growth rate of no less than 82%, 128%, and 175% over the next three years [3]