Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The recovery of the consumer electronics industry has driven a significant increase in market demand, with the company reporting a revenue of 194 million yuan in 2024, a year-on-year increase of 14.54%, and a net profit attributable to shareholders of 50.44 million yuan, up 30.46% year-on-year. In Q1 2025, the company achieved a revenue of 39 million yuan, a year-on-year increase of 23.84%, and a net profit of 10 million yuan, up 125.39% year-on-year [2] - The growth in performance is attributed to the implementation of national consumption promotion and stability policies, alongside a notable recovery in the consumer electronics sector driven by technological innovation and market demand. The sales of electronic measurement instruments have significantly increased [2][3] - The company has optimized its operational, sales, and profit models, enhancing cost control across the entire process. In 2024, the sales, management, R&D, and financial expense ratios were 8.02%, 8.90%, 16.17%, and -0.80%, respectively, showing improvements compared to the previous year [2] Revenue and Profitability - The component parameter testing instruments and safety wire testing instruments have shown steady growth, contributing nearly 70% of total revenue. The revenue from component parameter testing instruments is expected to increase by 14.80% to 88 million yuan in 2024, while safety wire testing instruments are projected to grow by 15.71% to 44 million yuan [3] - The company has successfully developed a series of new instruments focused on the analysis and testing of new energy charging and storage products, enhancing its market share and core competitiveness [3] - The company has introduced seven new products in 2024, including battery pack internal resistance testing systems and modular wiring harness testing systems, entering small-scale production [4] Financial Forecasts - The company has adjusted its net profit forecasts for 2025 and 2026 to 62 million yuan and 75 million yuan, respectively, with a new forecast for 2027 set at 91 million yuan. The corresponding latest P/E ratios are 66.26, 54.45, and 45.00 [4] - The company is expected to benefit from the rising consumption capacity in emerging markets and the acceleration of digitalization [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The recovery of the consumer electronics industry has driven a significant increase in market demand, with the company reporting a revenue of 194 million yuan in 2024, a year-on-year increase of 14.54%, and a net profit attributable to shareholders of 50.44 million yuan, up 30.46% year-on-year [2] - In Q1 2025, the company achieved a revenue of 39 million yuan, representing a year-on-year growth of 23.84%, and a net profit attributable to shareholders of 10 million yuan, which is a remarkable increase of 125.39% year-on-year [2] - The growth in performance is attributed to the implementation of national consumption promotion and stability policies, alongside a notable recovery in the consumer electronics sector driven by technological innovation and market demand [2][3] Revenue and Profitability - The company's revenue forecast for 2024 is 194 million yuan, with a projected growth rate of 14.54%, and for 2025, the revenue is expected to reach 241 million yuan, reflecting a growth rate of 24.03% [11] - The net profit attributable to shareholders is forecasted to be 50.44 million yuan in 2024 and 61.90 million yuan in 2025, with respective growth rates of 30.46% and 22.72% [11] - The company has optimized its operational, sales, and profitability models, leading to a sales net profit margin increase of 3.16 percentage points to 25.95% despite a slight decline in gross margin [2][3] Product Performance - The component parameter testing instruments and safety wire testing instruments have shown steady growth, contributing nearly 70% of total revenue [3] - The revenue from component parameter testing instruments is expected to grow by 14.80% to 88 million yuan in 2024, while safety wire testing instruments are projected to grow by 15.71% to 44 million yuan [3] - The company has successfully developed new instruments focusing on the analysis and testing of new energy charging and storage products, enhancing its market share and core competitiveness [3][4] Technological Advancements - The company has continuously optimized its product structure and introduced new products with core competitiveness, moving towards the mid-to-high-end market [4] - In 2024, the company plans to launch seven new products, including battery pack internal resistance testing systems and modular wiring harness testing systems, which are currently in small batch production [4] - The company has relocated to a new factory with a production capacity of 65,000 sets of intelligent electronic measuring instruments per year, effectively overcoming production capacity bottlenecks [4] Financial Forecasts - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 62 million yuan and 75 million yuan respectively, with a new forecast for 2027 set at 91 million yuan [4] - The corresponding price-to-earnings ratios are projected to be 66.26, 54.45, and 45.00 for 2025, 2026, and 2027 respectively, indicating the company's long-term growth potential [4]