GRGTEST(002967) 申万宏源证券·2025-03-25 15:01Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is accelerating its national layout in the low-altitude economy industry and has shown a turning point in management efficiency [6] - The management team has been restructured since 2023, and a stock incentive plan has been introduced, indicating confidence in future performance [6] - The company has signed a strategic cooperation agreement to establish a low-altitude economic emergency equipment inspection and testing center, expanding its business into new areas [6] - The company plans to implement a mid-term dividend distribution plan, marking the highest dividend since its listing in 2019 [6] - The profit forecast has been adjusted upwards, with expected net profits for 2024-2026 being 3.20 billion, 4.01 billion, and 4.98 billion respectively [6] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 2,889 million, with a year-on-year growth rate of 10.9% [5] - The net profit attributable to the parent company for 2024 is expected to be between 3.20 billion and 3.60 billion, representing a year-on-year increase of 50.46% to 80.55% [6] - The gross profit margin for Q3 2024 is reported at 48.91%, an increase of 5.40 percentage points year-on-year [6] - The company aims to achieve a net profit of 401 million in 2025, with a PE ratio of 28 [5][6]