GRGTEST(SZ:002967) Tianfeng Securities·2025-05-08 09:48Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company achieved a revenue of 3.207 billion yuan in 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to the parent company of 352 million yuan, up 76.59% year-on-year [1]. - The gross margin and net margin for 2024 were 47.21% and 11.21%, respectively, showing improvements of 4.93 percentage points and 4.07 percentage points year-on-year [2]. - The company focuses on emerging industries, with over 80% of its business coming from sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [3]. - The first quarter of 2025 saw a double-digit growth in overall order amounts, indicating a positive outlook for the company's performance in the upcoming quarters [3]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 1.047 billion yuan, a year-on-year increase of 13.11%, and a net profit of 163 million yuan, up 145.18% year-on-year [2]. - The company’s revenue from various segments in 2024 was as follows: Measurement (750 million yuan, +3.8%), Reliability (780 million yuan, +17.5%), Life Sciences (500 million yuan, +2.7%), Electromagnetic Compatibility (360 million yuan, +10.2%), Integrated Circuits (260 million yuan, +26.3%), and EHS Evaluation (180 million yuan, +2.6%) [3]. - The company plans to distribute a total dividend of 224 million yuan for 2024, with a share buyback amounting to 390 million yuan, totaling 614 million yuan, which is 174% of the net profit attributable to the parent company [4]. Financial Forecast - The projected net profits for 2025, 2026, and 2027 are 422 million yuan, 508 million yuan, and 599 million yuan, respectively, reflecting year-on-year growth rates of 19.90%, 20.41%, and 17.80% [4]. - The company’s revenue is expected to grow to 3.757 billion yuan in 2025, with a growth rate of 17.16% [4].