ConST(300445) 华安证券·2025-05-19 11:59Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable performance, with a 2024 annual revenue of 575 million yuan, representing a year-on-year growth of 15.48%. The net profit attributable to shareholders reached 125 million yuan, up 23.07% year-on-year [5][8] - In Q1 2025, the company achieved a revenue of 111 million yuan, a year-on-year increase of 3.57%, while the net profit attributable to shareholders decreased by 12.39% to 22.18 million yuan [5] - The calibration testing products are evolving, and the digital platform business is providing growth momentum, with applications expanding into various sectors including biomedicine and new energy [6][7] Financial Performance Summary - The company forecasts revenues of 665 million yuan, 770 million yuan, and 892 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 158 million yuan, 187 million yuan, and 221 million yuan [8][11] - The projected EPS for 2025, 2026, and 2027 is 0.74 yuan, 0.88 yuan, and 1.04 yuan respectively, with a current P/E ratio of 23, 20, and 16 for the respective years [8][11] - The gross margin is expected to improve from 64.7% in 2024 to 69.5% in 2027, indicating enhanced profitability [11][12]