GRGTEST(002967) 东吴证券·2024-10-22 02:30Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Views - The company has announced a loan of 299 million yuan for stock repurchase, which is expected to enhance confidence and liquidity [2][3]. - The implementation of stock repurchase policies is supported by a new regulatory framework allowing for 300 billion yuan in repurchase loans, which is anticipated to stabilize valuations and boost market confidence [3]. - Management changes and the implementation of an employee stock incentive plan are expected to drive strategic transformation and improve operational efficiency [4]. Financial Forecasts and Valuation - The company’s total revenue is projected to grow from 2,889 million yuan in 2023 to 4,130 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 13.06% [1][10]. - The net profit attributable to the parent company is expected to increase from 199.39 million yuan in 2023 to 465.93 million yuan in 2026, with a significant growth rate of 35.48% in 2024 [1][10]. - The earnings per share (EPS) is forecasted to rise from 0.34 yuan in 2023 to 0.80 yuan in 2026, indicating a positive trend in profitability [1][10]. - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 36, 27, and 21 for the years 2024, 2025, and 2026 respectively [4][11].