GRGTEST(002967) 长江证券·2025-04-27 02:15Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported Q1 2025 revenue of 618 million yuan, a year-on-year increase of 5.2%, with a net profit attributable to shareholders of approximately 4.82 million yuan, compared to 1.20 million yuan in the same period last year [2][6] - The revenue growth is steady, and profit improvement is significant, with expectations for continued revenue and net profit growth throughout the year [2][6] Summary by Sections Event Description - The company released its Q1 2025 report, achieving revenue of 618 million yuan, a 5.2% year-on-year increase; net profit attributable to shareholders was approximately 4.82 million yuan, up from 1.20 million yuan in the same period last year; the non-recurring net profit was -1.60 million yuan, compared to -6.06 million yuan last year [6] Event Commentary - Q1 is traditionally a slow season for the business, with stable revenue growth. It is speculated that revenue growth in environmental and reliability testing, electromagnetic compatibility, and integrated circuit testing segments is faster than in life sciences and calibration [12] - The company has maintained a research and development expense ratio of around 10%, ranking among the top in the industry, and has established testing capabilities in several emerging industries [12] - The company is expected to see revenue growth in military, automotive, and data science segments, with a forecast for accelerated revenue in Q2-Q4 as orders are released [12] - The net profit attributable to shareholders showed significant improvement, with a net profit margin of approximately 11.0% in 2024, up 4.1 percentage points year-on-year [12] - Management changes include a new, younger, and more professional board, with a focus on refined management and net profit assessment [12] Financial Forecast and Valuation - Revenue is projected to reach 3.58 billion yuan in 2025, 4.02 billion yuan in 2026, and 4.46 billion yuan in 2027, with year-on-year growth rates of 11.7%, 12.1%, and 11.1% respectively; net profit is expected to be 440 million yuan, 549 million yuan, and 656 million yuan for the same years, with corresponding growth rates of 25.1%, 24.7%, and 19.5% [12][17]