Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve a total revenue of 800 million yuan in 2024, representing a year-on-year increase of 5.7%. The net profit attributable to the parent company is projected to be 230 million yuan, up 20.8% year-on-year, while the net profit excluding non-recurring items is expected to reach 190 million yuan, reflecting a 41.7% increase [3][11]. - For the first quarter of 2025, the company anticipates a revenue of 210 million yuan, which is a 12.1% year-on-year growth, with a net profit of 60 million yuan, also up 12.1% year-on-year, and a net profit excluding non-recurring items of 60 million yuan, indicating a 34.6% increase [3][11]. Financial Performance - In 2024, the company's total revenue from testing services is expected to be 738 million yuan, a 5.4% increase year-on-year, while revenue from technical research and consulting is projected to be 35 million yuan, up 14.98% [11]. - The overall gross margin for 2024 is projected to be 52.72%, with the fourth quarter gross margin reaching 55.41%. The gross margin for testing services is expected to be 54.74%, an increase of 4.63 percentage points year-on-year, while the gross margin for technical research and consulting is expected to be 39.39%, up 8.51 percentage points [11]. - The company’s operating cash flow for 2024 is expected to reach 482 million yuan, a 54.3% increase year-on-year, with the fourth quarter cash flow reaching 170 million yuan, up 117.5% year-on-year [11]. Market Position and Strategy - The company completed the acquisition of Henan High Voltage Electrical Research Institute in 2024, enhancing its overall competitiveness and market share. It aims to consolidate its leading position in the high-voltage electrical field domestically while actively expanding into emerging application areas [11]. - The company has successfully completed overseas orders from countries such as Russia, Indonesia, Brazil, and the UAE, showcasing its strong international presence [11].
西高院（688334）：经营稳健增长，毛利率持续提升