UNI-T(688628) 山西证券·2025-03-19 09:46Investment Rating - The investment rating for the company is "Buy-A" and is maintained [6] Core Views - The company reported a revenue of 1.13 billion yuan for the fiscal year 2024, representing a year-on-year growth of 10.80%. The net profit attributable to shareholders is expected to be 186 million yuan, with a year-on-year increase of 15.02% [1][6] - The company's revenue structure is continuously optimizing, with high growth contributions from testing instruments and professional instruments. The domestic market showed significant growth, achieving a revenue of 511 million yuan, up 20.70% year-on-year, while the overseas market revenue was 614 million yuan, up 3.53% year-on-year [2][3] Financial Performance - The company’s total market capitalization is 4.357 billion yuan. The gross profit margin has improved year-on-year, leading to a net profit growth rate that exceeds revenue growth [3] - The company plans to increase its revenue to 1.48 billion yuan by 2026, with net profits projected at 283 million yuan. The earnings per share (EPS) are expected to be 1.7, 2.1, and 2.6 yuan for the years 2024, 2025, and 2026 respectively [6][8] Strategic Outlook - The company is expected to achieve steady growth in 2025, driven by policies supporting capital expenditure and the acceleration of high-end product sales. The company has launched over ten new testing instruments since 2024 and plans to introduce more than 30 new products in 2025 [4] - The completion of the Vietnam factory is anticipated to enhance international competitiveness, with large-scale production expected to commence in the second to third quarter of 2025 [4]