UNI-T(688628) 海通证券·2024-10-29 00:47Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 854 million yuan for the first three quarters of 2024, representing a year-on-year increase of 8.94%, and a net profit attributable to shareholders of 152 million yuan, up 15.00% year-on-year [3][4] - The company has shown strong growth in high-end testing instruments, with a significant product iteration [4] - The company plans to grant 2.1 million restricted shares to 240 core technical personnel, reflecting confidence in long-term performance growth [4] Financial Performance - For Q3 2024, the company achieved a revenue of 290 million yuan, a year-on-year increase of 21.21% and a quarter-on-quarter increase of 3.55% [3] - The gross profit margin for Q3 2024 was 44.99%, up 0.65 percentage points year-on-year [3] - The company’s operating expenses have increased, with sales, management, and R&D expense ratios at 9.40%, 6.39%, and 9.38% respectively [4] Earnings Forecast - Revenue projections for 2024-2026 are 1.139 billion yuan, 1.268 billion yuan, and 1.399 billion yuan respectively, with net profits of 203 million yuan, 250 million yuan, and 291 million yuan [5][6] - The expected EPS for 2024, 2025, and 2026 are 1.83 yuan, 2.20 yuan, and 2.57 yuan respectively [5][6] - The company is expected to maintain a gross margin of around 44.4% to 44.7% over the forecast period [6][11] Business Segmentation - General instruments are projected to grow at 7.10% annually from 2024 to 2026, with a gross margin of approximately 45% [7][9] - Testing instruments are expected to grow at rates of 26.69%, 23.60%, and 21.54% for the same period, with a gross margin around 43% [7][9] - Temperature and environmental testing instruments are forecasted to grow at about 10% annually, with a gross margin of approximately 43% [8][9] - Professional instruments are expected to see significant growth, with a forecasted increase of 32.60% in 2024 [9]