UNI-T(688628) 国元证券·2025-03-09 13:25Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 1.13 billion yuan in 2024, which represents a year-on-year increase of 10.80%. The net profit attributable to the parent company reached 186 million yuan, up 15.02% year-on-year [1][4]. - The company is focusing on high-end, specialized, and international strategies, which have significantly contributed to its revenue growth. The domestic market showed strong performance with a 20.70% increase in main business revenue, while the overseas market grew by 3.53% [2][4]. - The company continues to invest in research and development, with R&D expenses increasing by 13.63% during the reporting period, reflecting its commitment to technological innovation [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a total asset value of 1.707 billion yuan, marking an 18.51% increase year-on-year. The main business revenue was 1.126 billion yuan, with a year-on-year growth of 10.68% [1][2]. - The company’s net profit for 2024 was 185.64 million yuan, with a year-on-year growth of 15.03% [4][8]. Product Development - The company has a broad product line and has successfully registered the T-Mix adaptive dual-light image fusion algorithm. It showcased innovative products at major conferences, including high-resolution oscilloscopes and signal analyzers [3][4]. - The company has established long-term collaborations with 83 universities, contributing to talent development in the power electronics industry [3]. Future Projections - The company is expected to achieve revenues of 1.272 billion yuan in 2025 and 1.439 billion yuan in 2026, with corresponding net profits of 210.69 million yuan and 241.86 million yuan, respectively [4][8]. - The earnings per share (EPS) are projected to be 1.89 yuan in 2025 and 2.17 yuan in 2026, with a decreasing price-to-earnings (P/E) ratio forecasted at 20.40 and 17.77 times [4][8].