UNI-T(688628) 山西证券·2025-03-19 09:33Investment Rating - The report maintains a "Buy-A" investment rating for the company [7] Core Views - The company is expected to achieve steady revenue growth driven by high-end, specialized, and international strategies, with significant contributions from testing instruments and professional instruments [3][5] - The revenue structure is continuously optimizing, with an increase in the proportion of mid-to-high-end products, leading to a higher growth rate in net profit compared to revenue [4][5] Summary by Relevant Sections Financial Performance - For the fiscal year 2024, the company anticipates revenue of 1.13 billion yuan, a year-on-year increase of 10.8%, and a net profit of 186 million yuan, reflecting a 15% growth [7] - The company reported a revenue of 1.13 billion yuan for the reporting period, with a 10.68% increase in main business revenue, and a notable 20.7% growth in domestic market revenue [3][4] Revenue Structure - The revenue from testing instruments and professional instruments has outpaced overall growth, while general instruments and temperature/environment testing instruments have seen slower growth [4] - The company has increased its R&D investment, with R&D expenses rising by 13.63% year-on-year, which is expected to enhance long-term competitiveness despite short-term profit impacts [4] Future Outlook - The company is projected to continue its robust growth in 2025, supported by policies and increased capital expenditure in downstream sectors, as well as the introduction of over 30 new instrument products [5][7] - The completion of the Vietnam factory is expected to enhance international competitiveness, with large-scale production anticipated in mid-2025 [5]