UNI-T(688628) 山西证券·2025-03-19 10:23Investment Rating - The investment rating for the company is "Buy-A" and is maintained [7] Core Views - The company has shown steady revenue growth, with a projected revenue of 1.13 billion yuan for 2024, representing a year-on-year increase of 10.8%. The net profit attributable to shareholders is expected to be 186 million yuan, up 15% year-on-year [7] - The revenue structure is continuously optimizing, with high growth contributions from testing instruments and professional instruments. The domestic market has seen significant expansion, achieving a revenue of 511 million yuan, a year-on-year increase of 20.7% [3][4] - The company is expected to benefit from supportive policies and increased capital expenditure in downstream sectors, which will bolster demand for instruments and new orders [5] Summary by Relevant Sections Financial Performance - For the reporting period, the company achieved an operating income of 1.13 billion yuan, a 10.68% increase year-on-year. The net profit attributable to shareholders was 186 million yuan, reflecting a 15% growth [3][4] - The gross profit margin has improved, driven by an increase in the sales proportion of mid-to-high-end products [4] Future Outlook - The company anticipates steady growth in 2025, driven by several factors including supportive government policies and the introduction of over 30 new instrument products planned for 2025 [5] - The completion of the Vietnam factory is expected to enhance international competitiveness, with large-scale production anticipated in Q2 to Q3 of 2025 [5] Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.67 yuan, 2.13 yuan, and 2.55 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 23.5, 18.4, and 15.4 [7][12]