GRGTEST(002967) 海通证券·2025-04-01 09:42Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected relative performance above the market benchmark [9][14][20]. Core Insights - The company has demonstrated significant improvements in lean management, leading to accelerated performance in emerging sectors such as low-altitude economy and artificial intelligence [6][7]. - The financial forecasts predict a steady growth in revenue and net profit over the next few years, with a projected revenue of 36.09 billion yuan in 2025, representing a year-on-year growth of 12.5% [9][14]. - The report highlights the company's strategic initiatives in various emerging industries, aiming to establish a new industrial ecosystem through technological breakthroughs and standard-setting [7][8]. Financial Performance and Forecast - Revenue and Profit Forecasts: - 2023: Revenue of 28.89 billion yuan, net profit of 199 million yuan - 2024: Revenue of 32.07 billion yuan, net profit of 352 million yuan, YoY growth of 11.01% and 76.59% respectively - 2025E: Revenue of 36.09 billion yuan, net profit of 408 million yuan, YoY growth of 12.5% and 15.9% respectively - 2026E: Revenue of 40.43 billion yuan, net profit of 477 million yuan, YoY growth of 12.0% and 16.8% respectively - 2027E: Revenue of 44.81 billion yuan, net profit of 554 million yuan, YoY growth of 10.8% and 16.2% respectively [6][9][14]. - Key Financial Ratios: - Gross margin is expected to improve from 42.3% in 2023 to 47.6% in 2027 - Net asset return is projected to increase from 5.5% in 2023 to 14.5% in 2027 [6][9][14]. Business Segments and Growth Drivers - Measurement Services: Revenue growth of 5.0% annually, with a gross margin of 50.5% [9][10]. - Integrated Circuit Testing and Analysis: Expected revenue growth of 30.0% in 2025, with a gross margin of 45.5% [10][11]. - Electromagnetic Compatibility Testing: Anticipated revenue growth of 12.0% in 2025, with a gross margin of 55.0% [11][12]. - Life Sciences: Revenue growth of 4.0% in 2025, with a gross margin of 40.0% [12][13]. - Data Science Analysis and Evaluation: Projected revenue growth of 23.0% in 2025, with a gross margin of 56.0% [13][14]. Valuation and Market Comparison - The report estimates a reasonable valuation range for the company at 23.10-24.50 yuan per share based on a PE ratio of 33-35 times for 2025, considering the company's higher growth rate compared to peers [9][14][15]. - The average PE ratio for comparable companies is noted to be 25.52 times for 2025, indicating the company's growth potential justifies a premium valuation [9][15].