UNI-T(SH:688628) Guoxin Securities·2025-05-09 01:25Investment Rating - The investment rating for the company is "Outperform the Market" [5][6]. Core Views - The company is experiencing steady revenue growth, with a projected 10.81% increase in revenue for 2024, reaching 1.13 billion yuan, and a 13.64% increase in net profit, amounting to 183 million yuan [2][5]. - The company's strategy focuses on the high-end and specialized instrument sectors, which is expected to drive further growth and improve product structure [5][6]. - Despite a strong performance in 2024, the first quarter of 2025 shows a slight profit pressure due to increased depreciation from the Vietnam factory and high R&D expenses [4][5]. Financial Performance Summary - For 2024, the company achieved a gross margin of 45.16% and a net margin of 15.85%, reflecting improvements of 1.84 and 0.33 percentage points year-on-year, respectively [3][4]. - The revenue breakdown by business segments for 2024 includes: - Testing Instruments: Revenue of 155 million yuan, up 14.62%, with a gross margin of 42.56% [3]. - General Instruments: Revenue of 660 million yuan, up 8.33%, with a gross margin of 46.02% [3]. - Specialized Instruments: Revenue of 92 million yuan, up 72.94%, with a gross margin of 50.82% [3]. - Temperature and Environmental Testing Instruments: Revenue of 219 million yuan, down 0.21%, with a gross margin of 42.34% [3]. - The company forecasts net profits of 228 million yuan, 274 million yuan, and 314 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 17, 15, and 13 [5][6].