STI(SZ:300416) EBSCN·2026-03-29 11:09Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Insights - The company achieved a revenue of 2.248 billion yuan in 2025, representing a year-on-year increase of 10.97%. The net profit attributable to shareholders reached 257 million yuan, up 12.22% year-on-year [1]. - In Q4 2025, the company reported a revenue of 716 million yuan, a year-on-year increase of 15.54% and a quarter-on-quarter increase of 32.30%. The net profit attributable to shareholders for the same quarter was 101 million yuan, reflecting a year-on-year growth of 21.18% and a quarter-on-quarter growth of 154.36% [2]. - The aerospace sector generated 426 million yuan in revenue for the year, marking a significant year-on-year growth of 43.20% with a gross margin of 51.75% [3]. - The integrated circuit segment saw a revenue increase of 23.72% year-on-year, driven by technological advancements and increased demand for testing services [3]. Summary by Relevant Sections Financial Performance - In 2025, the company reported total revenue of 2.248 billion yuan, with a net profit of 257 million yuan and a non-recurring net profit of 246 million yuan, showing growth rates of 10.97%, 12.22%, and 18.60% respectively [1]. - The sales gross margin and net margin for 2025 were 41.76% and 12.63%, down 2.78 percentage points and 0.77 percentage points year-on-year [2]. Business Segments - The company’s revenue from testing equipment, environmental reliability testing services, and integrated circuit verification and analysis services in 2025 were 674 million yuan, 1.106 billion yuan, and 357 million yuan respectively, with year-on-year growth rates of 8.28%, 9.57%, and 23.72% [2]. - The aerospace sector is identified as a key growth area, with the company expanding its testing equipment and services to meet the needs of aerospace clients [3]. Profitability and Valuation - The report forecasts a decline in net profit predictions for 2026 and 2027 by 18% and 20% to 311 million yuan and 370 million yuan respectively, while introducing a new forecast for 2028 at 453 million yuan [4]. - The estimated earnings per share (EPS) for 2026, 2027, and 2028 are projected to be 0.61 yuan, 0.73 yuan, and 0.89 yuan respectively [4].