THEC(833509) 开源证券·2025-03-11 14:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a 31% year-on-year growth in net profit attributable to the parent company in 2024, driven by the gradual release of new product potential [1][3] - The company reported a revenue of 194 million yuan in 2024, representing a 14.62% year-on-year increase, and a net profit of 50.58 million yuan, reflecting a 30.84% year-on-year growth [3] - The company is focusing on expanding its traditional electronic measurement field while also venturing into semiconductor device testing and new energy applications, which is expected to enhance its market position [4][5] Financial Summary - Revenue and net profit projections for 2024-2026 are as follows: - 2024: Revenue of 194 million yuan, net profit of 51 million yuan - 2025: Revenue of 234 million yuan, net profit of 65 million yuan - 2026: Revenue of 292 million yuan, net profit of 81 million yuan [6][10] - The company's gross margin is projected to remain stable, with slight improvements expected in the coming years [6][11] - The earnings per share (EPS) for 2024-2026 are forecasted to be 0.31, 0.40, and 0.50 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 62.6, 48.5, and 39.2 [3][6]