STI(300416) Tebon Securities·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for Su Shi Testing (300416.SZ) [3][9] Core Views - The company achieved a revenue of 2.117 billion yuan in 2023, representing a year-on-year growth of 17.26%, and a net profit of 314 million yuan, up 16.44% year-on-year [2][9] - The company is expanding its service network and enhancing testing capabilities, with new laboratories established in various locations, including Guizhou and Mianyang, and plans for an overseas laboratory in Thailand [7][8] - The report highlights the growth potential in emerging industries, particularly in environmental reliability, integrated circuit verification, and aerospace, driven by government support for general aviation and third-party testing [8] Financial Performance Summary - In 2023, the company generated revenue from various segments: environmental testing equipment (753 million yuan), environmental testing services (1.003 billion yuan), and integrated circuits (257 million yuan), with respective year-on-year growth rates of 23%, 19.45%, and 2.34% [6] - The overall gross margin for the company was 45.6%, a decrease of 1.06 percentage points year-on-year, with segment gross margins of 32.8%, 58.8%, and 43.3% [6] - The company expects revenue to reach 2.655 billion yuan in 2024, with a projected growth of 25.4%, and net profit to be 401 million yuan, reflecting a 27.5% increase [9][12]