Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price between 10% and 20% compared to the benchmark index over the next six months [2][5]. Core Insights - The company is currently in a rapid development phase, expanding its laboratory capabilities and establishing subsidiaries in various cities, which is expected to enhance its service capacity and drive future performance [11]. - The company reported a revenue of 300 million to 350 million yuan for 2023, with a significant decline in net profit, projected between -34 million and -48 million yuan, primarily due to increased operational costs and ongoing losses in its electric assembly business [4][30]. - Profit forecasts for 2024 and 2025 indicate a substantial recovery, with expected net profits of 73.49 million yuan and 123.79 million yuan, representing year-on-year growth rates of 309% and 68%, respectively [5][39]. Financial Summary - Revenue projections show a growth trajectory from 340 million yuan in 2023 to 717 million yuan by 2025, with corresponding growth rates of 11.78%, 41.57%, and 49.05% [6][39]. - The company's EBITDA is expected to recover from a negative 36.65 million yuan in 2023 to 185.42 million yuan in 2025, indicating improved operational efficiency [6][39]. - The asset-liability ratio is projected to increase from 11.7% in 2022 to 20.8% in 2025, reflecting a gradual increase in leverage as the company expands [7][39].
检测能力持续提升，看好长期发展