STI(SZ:300416) Huachuang Securities·2025-04-25 06:36Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 24.22 CNY [2][9]. Core Views - The company's Q1 2025 performance met expectations, with a revenue of 429 million CNY, down 2.96% year-on-year, and a net profit attributable to shareholders of 41 million CNY, down 2.99% year-on-year [2][9]. - The report highlights that while the company faced challenges in 2024, it anticipates improved profitability in 2025, driven by increased demand in environmental testing services and integrated circuit sectors [9]. - The report projects revenue growth for 2025-2027 at 17.6%, 14.7%, and 15.1% respectively, with corresponding net profit growth of 34.2%, 22.8%, and 21.9% [9]. Financial Summary - The company is expected to achieve total revenue of 2,383 million CNY in 2025, with a net profit of 308 million CNY [5][10]. - Key financial metrics include an expected EPS of 0.61 CNY in 2025, with a P/E ratio of 29 [5][10]. - The company's gross margin for Q1 2025 was reported at 40.44%, a decrease of 2.03 percentage points year-on-year [9].