STI(300416) 新浪财经·2025-04-17 00:41Core Viewpoint - The company experienced a decline in revenue and net profit in 2024, attributed to fluctuations in downstream industry demand and rising operational costs during capacity expansion [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.03 billion, a year-on-year decrease of 4.3%, and a net profit attributable to shareholders of 229 million, down 27% [1]. - The company's gross profit margin was 44.5%, a decline of 1.1 percentage points year-on-year [1]. Downstream Industry Analysis - The top three industries contributing to the company's revenue are electronics and electrical appliances (40.3%), scientific research and testing institutions (18.0%), and aerospace (14.7%) [2]. - Revenue and gross margin in the top three industries showed declines: electronics and electrical appliances revenue decreased by 7.1% and gross margin by 4.2 percentage points; scientific research and testing institutions saw a revenue drop of 11.5% and a gross margin increase of 7.2 percentage points; aerospace experienced a revenue increase of 10.9% but a gross margin decline of 5.7 percentage points [2]. Product Performance - Revenue from testing equipment in 2024 was 620 million, down 17.3%, with a gross margin of 29.4%, a decrease of 2.7 percentage points [2]. - Environmental reliability testing services generated revenue of 1.01 billion, a slight increase of 0.6%, with a gross margin of 57.0%, down 1.8 percentage points [2]. - Integrated circuit verification and analysis services achieved revenue of 290 million, up 12.3%, with a gross margin of 40.0%, down 3.6 percentage points [2]. Strategic Focus - The company is deepening its focus in niche areas such as new energy, energy storage, aerospace, mobile communication, power equipment, and medical devices, enhancing its laboratory testing capabilities [3]. - The company is actively building sales channels through promotional events and technical seminars to better match customer needs and improve service quality [3]. Future Outlook - Revenue projections for 2025-2027 are estimated at 2.1 billion, 2.2 billion, and 2.3 billion respectively, with net profits of 300 million, 370 million, and 420 million, corresponding to price-to-earnings ratios of 28, 23, and 20 times [3]. - The company maintains a "buy" rating, anticipating that special industry orders will gradually materialize in 2025 [3].