GRGTEST(002967) 华创证券·2025-04-25 10:19Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 28 yuan [1][7]. Core Insights - The company reported a revenue of 618 million yuan in Q1 2025, representing a year-on-year increase of 5.16%. The net profit attributable to shareholders was 4.82 million yuan, a significant increase of 302.86% year-on-year, while the non-recurring net profit was -15.99 million yuan [1][7]. - The company has demonstrated excellent cost control, with a gross margin of 38.68% in Q1 2025, reflecting a slight increase of 0.02 percentage points year-on-year. The sales, management, financial, and R&D expense ratios were 19.30%, 8.43%, 1.61%, and 13.81%, respectively, showing a decrease in sales and management expense ratios, indicating improved cost management capabilities [7][8]. - The company is focusing on high-growth sectors, particularly in reliability and environmental testing, where it is one of the largest service providers in China. It aims to keep pace with industry trends and expand into emerging fields such as robotics, artificial intelligence, and advanced nuclear energy [7][8]. Financial Summary - The company is projected to achieve total revenue of 3.62 billion yuan in 2025, with a year-on-year growth rate of 13.0%. The net profit attributable to shareholders is expected to be 408 million yuan, reflecting a growth rate of 16.0% [3][8]. - The earnings per share (EPS) is forecasted to be 0.70 yuan in 2025, with a price-to-earnings (P/E) ratio of 28 [3][8]. - The company’s total assets are expected to reach 7.13 billion yuan by 2025, with a debt-to-equity ratio of 56.5% [8].