STI(300416) 长江证券·2025-04-10 08:45Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a total revenue of 2.026 billion yuan for 2024, a year-on-year decrease of 4.3%, with a net profit attributable to shareholders of 229 million yuan, down 27.0% year-on-year. However, Q4 showed a revenue increase of 4.9% year-on-year, indicating a positive trend [2][6]. - The company has advantages in technology and service networks in the military, new energy vehicles, and semiconductor testing sectors. It is expected that military testing orders will accelerate in 2025, and semiconductor testing capacity will gradually be released, leading to performance recovery [2][12]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2.026 billion yuan, with a net profit of 229 million yuan. The Q4 revenue was 619 million yuan, showing a year-on-year increase of 4.9% [2][6]. - The gross profit margin for 2024 was 44.5%, a decrease of 1.06 percentage points year-on-year, primarily due to increased competition and rising costs from laboratory expansion [12]. Business Segments - Revenue from testing equipment was 623 million yuan, down 17.25% year-on-year, attributed to reduced capital expenditures from downstream third-party testing institutions [12]. - Environmental testing services generated 1.01 billion yuan, a slight increase of 0.64% year-on-year, with military testing orders gradually recovering [12]. - Integrated circuit testing revenue reached 288 million yuan, up 12.33% year-on-year, driven by high demand from downstream clients [12]. Future Outlook - The company anticipates a rapid release of military testing orders in 2025, coinciding with the conclusion of the military's 14th Five-Year Plan. The company is also expanding its laboratory capabilities and service networks to support future growth [12][12]. - Revenue projections for 2025-2027 are 2.32 billion yuan, 2.63 billion yuan, and 2.96 billion yuan, respectively, with net profits expected to grow by 27.0%, 23.7%, and 23.7% [12].