GRGTEST(002967) 长江证券·2025-01-16 00:39Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has released a 2024 earnings forecast, projecting revenue of 3.1-3.3 billion yuan, a year-on-year increase of 7.3%-14.2%, and a net profit attributable to shareholders of 300-360 million yuan, a year-on-year increase of 50.46%-80.55% [4][6]. - The company is implementing regional collaboration and major customer strategies, leading to stable and rapid growth in key sectors such as special industries, automotive, integrated circuits, data science, and aviation [4][10]. - The company has adopted refined management practices, adjusting its profit-centered assessment model, which has resulted in significant reductions in losses in food and environmental testing, alongside improved control over various expenses, leading to increased gross and net profit margins [10][11]. Revenue Summary - The company expects to achieve revenue of 3.1-3.3 billion yuan in 2024, with a year-on-year growth of 7.3%-14.2%. The fourth quarter is projected to generate revenue of 940-1,140 million yuan, reflecting a year-on-year increase of 1.6%-23.2% [4][6]. - The net profit for 2024 is forecasted to be 300-360 million yuan, representing a year-on-year increase of 50.46%-80.55% [4][6]. Profitability Summary - The net profit margin for 2024 is estimated to be approximately 9.7%-10.9%, an increase of 2.8-4.0 percentage points compared to the previous year [10]. - The company has improved its profitability through business structure optimization and strict cost control, with a focus on digital transformation [10][11]. Management Changes - A new management team was established at the end of 2023, focusing on refined management and enhancing net profit assessments [10]. - The company has initiated a stock incentive plan and announced a share buyback of 200-400 million yuan, along with a mid-term dividend distribution of 140 million yuan, marking the largest dividend since its listing [10][11]. Financial Forecast and Valuation - The company is projected to achieve revenues of 3.201 billion yuan, 3.551 billion yuan, and 3.945 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.8%, 10.9%, and 11.1% [10]. - The net profit attributable to shareholders is expected to be 322 million yuan, 404 million yuan, and 499 million yuan for the same years, with corresponding year-on-year growth rates of 61.7%, 25.2%, and 23.8% [10].