STI(SZ:300416) GOLDEN SUN SECURITIES·2025-04-16 02:23Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company achieved a revenue of 2.026 billion yuan in 2024, a year-on-year decrease of 4.31%, and a net profit attributable to shareholders of 229 million yuan, down 27% year-on-year. However, Q4 showed improvement with a revenue of 619 million yuan, up 4.93% year-on-year [1] - The company has a comprehensive testing capability across the entire industry chain, with both equipment and services driving growth. The report expresses optimism about the company's long-term resilience and development [3] - The company is expected to see revenue growth in the coming years, with projected revenues of 2.358 billion yuan, 2.711 billion yuan, and 3.077 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 16.4%, 15.0%, and 13.5% [4] Financial Performance Summary - In 2024, the company's overall expense ratio increased to 28.94%, up 2.57 percentage points year-on-year, with a gross margin of 44.54%, down 1.06 percentage points year-on-year [2] - The company is projected to achieve net profits of 308 million yuan, 381 million yuan, and 453 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 34.3%, 23.7%, and 19.0% [4][5] - The current price-to-earnings ratio (P/E) for 2025 is estimated at 27.3 times, decreasing to 22.1 times in 2026 and 18.6 times in 2027 [4][5]