STI(300416) 东吴证券·2025-04-11 12:33Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company's 2024 revenue is projected at 2.03 billion yuan, a decrease of 4.3% year-on-year, while net profit attributable to shareholders is expected to be 229.41 million yuan, down 27% year-on-year, which is in line with expectations [2] - In Q4 2024, the company achieved revenue of 620 million yuan, a year-on-year increase of 5%, with net profit attributable to shareholders at 80 million yuan, a decrease of 12% year-on-year [2] - The decline in revenue growth is attributed to high base effects from the previous year and a slowdown in capital expenditures from clients in the testing equipment sector [2] - The company is positioned in high-barrier testing sectors, with a focus on special industries, semiconductors, and new energy vehicles, indicating a positive outlook for future growth [4] Financial Performance Summary - The company's gross profit margin for 2024 is 44.5%, a decrease of 1.1 percentage points year-on-year, while the net profit margin is 13.4%, down 4.0 percentage points year-on-year [3] - The gross profit margin for testing equipment is 29.4%, down 2.7 percentage points, while the margin for environmental testing services is 57.0%, down 1.8 percentage points [3] - The company’s operating expenses ratio is projected to be 28.9%, an increase of 2.6 percentage points year-on-year, with specific increases in sales, management, R&D, and financial expense ratios [3] - The report forecasts net profit attributable to shareholders for 2025 and 2026 at 299 million yuan and 377 million yuan respectively, with an expected net profit of 451 million yuan in 2027 [4]