GRGTEST(002967) 申万宏源·2024-12-03 12:30Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance relative to the market [6][8]. Core Insights - The company announced a share repurchase plan, demonstrating confidence in its future development and value recognition. As of November 29, 2024, the company had repurchased shares worth 360 million yuan, accounting for approximately 3.61% of its total share capital [6][7]. - The management has undergone a restructuring, and a stock incentive plan has been introduced, which is expected to enhance operational efficiency. The company reported a revenue of 816 million yuan in Q3 2024, a year-on-year increase of 11.4%, and a net profit of 109 million yuan, up 50.2% year-on-year [7][8]. - The company is focusing on market expansion in key sectors such as special industries, automotive, integrated circuits, and data science, leading to stable order growth [7]. Financial Summary - For the fiscal year 2024, the company is projected to achieve total revenue of 3.34 billion yuan, with a year-on-year growth rate of 15.7%. The net profit is expected to reach 297 million yuan, reflecting a growth rate of 48.9% [9][12]. - The gross profit margin for Q3 2024 was reported at 48.91%, an increase of 5.40 percentage points year-on-year, indicating improved profitability [7][9]. - The earnings per share (EPS) for 2024 is estimated at 0.52 yuan, with projected PE ratios of 33, 25, and 19 for the years 2024, 2025, and 2026 respectively [8][9].