GRGTEST(002967) 国盛证券·2025-03-28 08:23Investment 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 attributed to refined management practices and cost reduction initiatives [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 - In 2024, the company achieved a quarterly revenue growth of 13% in Q4, with net profit growth of 145% in the same quarter [1]. - The annual net profit margin reached 11%, a substantial increase of 4 percentage points compared to the previous year [2]. - The company reported a net cash inflow from operating activities of 860 million, an increase of 200 million year-over-year [2]. Business Segments - The measurement services segment generated revenue of 745 million, up 3.8%, while other segments such as environmental testing and integrated circuit testing 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]. Dividend and Shareholder Returns - The company plans to distribute a total cash dividend of 224 million, with a dividend payout ratio of 64%, marking a significant increase of 20 percentage points from the previous year [4]. - The company has also repurchased 22.86 million shares, totaling 390 million, as part of its market value management strategy [4]. 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]. - The projected earnings per share (EPS) for the same years are 0.68, 0.77, and 0.87 yuan, with corresponding price-to-earnings (P/E) ratios of 29, 25, and 22 [4].