GRGTEST(002967) 国信证券·2025-04-01 06:11Investment Rating - The investment rating for the company is "Outperform the Market" [6][18]. Core Viewpoints - The company achieved a revenue of 3.207 billion yuan in 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to shareholders of 352 million yuan, up 76.59% year-on-year [1][11]. - The revenue growth is primarily driven by the company's rapid expansion into strategic industries such as satellite internet and the acquisition of strategic clients in its advantageous technology sectors [1][3]. - The company is focusing on high-tech fields such as artificial intelligence, low-altitude economy, digital economy, satellite internet, and high-end equipment, enhancing its technological research and layout [3]. Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of 3.207 billion yuan, a growth of 11.01% year-on-year, and a net profit of 352 million yuan, which is a 76.59% increase year-on-year [1][5]. - The fourth quarter alone saw a revenue of 1.047 billion yuan, marking a 13.11% increase, and a net profit of 163 million yuan, up 145.18% year-on-year [1]. Business Segments - The revenue from reliability and environmental testing reached 779 million yuan, growing 17.48% year-on-year, benefiting from national technology independence strategies [2]. - Integrated circuit testing and analysis generated 256 million yuan, with a year-on-year increase of 26.28%, due to the successful development of advanced chip dissection technology [2]. - Electromagnetic compatibility testing brought in 362 million yuan, up 10.18% year-on-year, with new testing capabilities established [2]. - Data science analysis and evaluation revenue was 120 million yuan, reflecting a growth of 28.86% year-on-year, focusing on network security testing needs [2]. Future Outlook - The company is expected to benefit from the trends of technological innovation and domestic substitution, with profit forecasts for 2025-2027 set at 400 million, 459 million, and 535 million yuan respectively [3][5]. - The projected price-to-earnings ratios for 2025-2027 are 31, 27, and 23 times [3].