GRGTEST(SZ:002967) Guoxin Securities·2025-09-01 09:46Investment Rating - The investment rating for the company is "Outperform the Market" [6][21]. Core Views - The company reported a year-on-year revenue growth of 10.01% and a net profit growth of 22.11% for the first half of 2025, driven by the new productivity business [1][3]. - The new productivity business has become a significant growth engine, with emerging industry orders accounting for 80% of total orders in the first half of the year [3]. - The company plans to raise up to 1.3 billion yuan through a private placement to invest in strategic industries, including testing platforms for aviation equipment and next-generation AI chips [3]. Financial Performance - In the first half of 2025, the company achieved a revenue of 1.478 billion yuan and a net profit of 97 million yuan, with a gross margin of 43.36% and a net margin of 6.25%, both showing improvements year-on-year [1][10]. - The company maintained a high R&D investment of 180 million yuan, representing about 12% of its revenue [3][19]. - The projected net profits for the company from 2025 to 2027 are estimated to be 400 million yuan, 459 million yuan, and 535 million yuan, respectively [3][19]. Business Segments - The revenue from reliability and environmental testing reached 374 million yuan, growing by 17.68%, focusing on large customer development [2]. - Integrated circuit testing and analysis revenue was 130 million yuan, with a growth of 17.64%, expanding into third-generation semiconductor testing [2]. - The data science analysis and evaluation segment saw a significant increase in revenue by 47.07%, becoming the fastest-growing area [2].