STI(SZ:300416) Huafu Securities·2025-04-16 13:19Investment Rating - The investment rating for the company is "Buy" [7][21]. Core Views - The company reported 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 [2][4]. - The company's gross margin and net margin for 2024 were 44.54% and 13.40%, respectively, reflecting a decline of 1.06 percentage points and 4.02 percentage points year-on-year due to increased market competition and rising costs [4][5]. - The company is focusing on improving equipment utilization in traditional sectors while exploring new fields such as commercial aerospace and aviation [5][6]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 619 million yuan, representing a year-on-year increase of 4.93%, while the net profit attributable to shareholders was 83.02 million yuan, down 11.64% year-on-year [4]. - The revenue from testing equipment was 623 million yuan, down 17.25% year-on-year, while revenue from environmental and reliability testing services was 1.009 billion yuan, up 0.64% year-on-year [4]. - The company anticipates a gradual recovery in net profit, projecting 292 million yuan for 2025 and 371 million yuan for 2026, with a further increase to 454 million yuan by 2027 [7][9]. Market Position and Strategy - The company has established a unique advantage by integrating testing equipment and services, enhancing its competitive edge in the market [6]. - The company has expanded its capabilities in integrated circuit testing services through acquisitions and is continuously enhancing its laboratory testing capabilities to capture new market opportunities [6][7].