GRGTEST(002967) 东吴证券·2025-03-28 13:45Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance meets market expectations, with a focus on steady growth in strategic emerging industries. In 2024, the company achieved total revenue of 3.207 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 352.11 million yuan, a year-on-year increase of 76.59% [2][4] - The gross profit margin has significantly improved, with a sales gross margin of 47.2%, up 4.9 percentage points year-on-year. The net profit margin also increased to 11.2%, up 4.1 percentage points year-on-year [3] - The company is well-positioned for sustained performance growth due to robust downstream demand and improved operational efficiency. The strategic shift towards focusing on physical testing services aligned with national industrial strategies and technological innovation is expected to drive future growth [4] Financial Performance Summary - Total revenue for 2023 is projected at 2.889 billion yuan, with a year-on-year growth of 10.94%. The net profit attributable to shareholders is expected to be 199.39 million yuan, reflecting an 8.39% increase [1] - For 2024, total revenue is forecasted to reach 3.207 billion yuan, with a net profit of 352.11 million yuan, indicating a significant growth trajectory [2] - The company’s gross profit margins across various segments have shown improvement, with reliability and environmental testing, integrated circuit testing, and data science analysis experiencing notable growth rates [3]