STI(300416) Guotai Junan Securities·2024-03-30 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.48 yuan, while the current price is 14.50 yuan [2][4]. Core Views - The company's testing equipment and environmental testing services are steadily growing, with integrated circuit testing expected to gradually recover from short-term pressure. The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 0.76, 0.95, and 1.13 yuan respectively [1][2][4]. Financial Performance - The company reported a revenue of 2.117 billion yuan for 2023, representing a year-on-year increase of 17.26%. The net profit attributable to shareholders was 314 million yuan, up 16.44% year-on-year [1][22]. - In Q4 2023, the company achieved a revenue of 590 million yuan, which is an 8.24% increase year-on-year and a 5.77% increase quarter-on-quarter [1][22]. Segment Performance - Testing equipment revenue reached 753 million yuan in 2023, a 23.00% increase year-on-year, driven by demand from the new energy sector and testing institutions [1][22]. - Environmental testing services generated 1.003 billion yuan in revenue, up 19.45% year-on-year, with continued investments in new energy, energy storage, aerospace, wireless communication, and medical devices [1][22]. - Integrated circuit testing revenue was 257 million yuan, reflecting a modest year-on-year growth of 2.34%, impacted by increased operational costs due to rapid expansion of equipment capacity and talent reserves [1][22]. Capacity Expansion and Future Outlook - The company is actively expanding its application fields and accelerating capacity layout, with projects in new energy and wireless communication expected to be operational in the second half of 2024 [1][22]. - The financial forecasts indicate a steady growth trajectory, with projected revenues of 2.592 billion yuan in 2024, 3.133 billion yuan in 2025, and 3.737 billion yuan in 2026 [22].