GRGTEST(002967) 国盛证券·2025-03-28 07:47Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's revenue for 2024 is projected to be 3.2 billion, representing an 11% year-over-year increase, with a net profit of 350 million, reflecting a 77% increase [1]. - The significant improvement in gross margin, which increased by 4.9 percentage points to 47.21%, is a key driver of the company's performance [2]. - The company is focusing on high-growth areas such as domestic substitution and emerging industries, including low-altitude economy and artificial intelligence [3]. Financial Performance - The company achieved a quarterly revenue growth of 8% in Q1, 10% in Q2, 11% in Q3, and 13% in Q4 of 2024 [1]. - The net profit margin for the year reached 11%, a substantial increase of 4 percentage points compared to the previous year [2]. - The company plans to distribute a total cash dividend of 224 million, with a dividend payout ratio of 64%, which is a 20 percentage point increase from the previous year [4]. Business Segments - The measurement services segment generated revenue of 745 million, up 3.8%, while other segments such as environmental testing and integrated circuits saw revenue increases of 10% and 26%, respectively [1]. - The company is actively optimizing its business structure by reducing losses in underperforming segments, particularly in food and environmental testing [2]. Future Projections - The company expects net profits for 2025, 2026, and 2027 to be 390 million, 450 million, and 510 million, respectively, with year-over-year growth rates of 12%, 14%, and 14% [4]. - Earnings per share (EPS) are projected to be 0.68, 0.77, and 0.87 yuan for the years 2025, 2026, and 2027 [4].