STI(300416) 东吴证券·2025-04-11 14:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's 2024 total revenue is expected to be 2.03 billion yuan, a year-on-year decrease of 4.3%, while the net profit attributable to shareholders is projected at 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 a net profit of 80 million yuan, down 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, covering special industries, semiconductors, and new energy vehicles, with plans to expand into high-end fields like 5G [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 28.9%, an increase of 2.6 percentage points year-on-year, with sales, management, R&D, and financial expense ratios increasing [3] - The forecast for net profit attributable to shareholders is 299 million yuan for 2025, 377 million yuan for 2026, and 451 million yuan for 2027, with corresponding P/E ratios of 28.52, 22.63, and 18.91 [4]