GRGTEST(SZ:002967) Changjiang Securities·2025-07-11 14:15Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve revenue of 1.45-1.50 billion yuan in the first half of 2025, representing a year-on-year increase of 7.91%-11.63%. The net profit attributable to the parent company is forecasted to be 95-100 million yuan, reflecting a year-on-year growth of 19.2%-25.5% [2][6]. - In Q2 2025, the company anticipates revenue of 832-882 million yuan, with a year-on-year increase of 10.1%-16.7%, and a net profit attributable to the parent company of 90-95 million yuan, showing a year-on-year growth of 14.9%-21.2% [2][6]. - The company has seen a significant increase in orders related to technological innovation, particularly in strategic sectors such as special industries, automotive, integrated circuits, and data science [12]. Summary by Sections Financial Performance - The company achieved a net profit margin of approximately 6.6% in the first half of 2025, an increase of about 0.7 percentage points year-on-year. For Q2, the net profit margin is estimated at around 10.8%, up by approximately 0.4 percentage points year-on-year [12]. - The company has maintained a research and development expense ratio of around 10% over the past few years, positioning itself favorably in various emerging industries [12]. Management Changes - A new management team was established at the end of 2023, focusing on a younger and more professional board. The company is implementing refined management practices and enhancing net profit assessments [12]. - The company has initiated a stock incentive plan and has conducted share buybacks amounting to approximately 390 million yuan, alongside a record cash dividend of about 224 million yuan [12]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 3.57 billion yuan, 3.98 billion yuan, and 4.45 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.3%, 11.6%, and 11.8% [12]. - The net profit attributable to the parent company is expected to reach 423 million yuan, 512 million yuan, and 625 million yuan for the same years, with growth rates of 20.0%, 21.2%, and 22.1% respectively [12].