UNI-T(688628) 国元证券·2025-03-10 00:14Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a revenue of 1.13 billion yuan in 2024, representing a year-on-year growth of 10.80%. The net profit attributable to the parent company was 186 million yuan, with a growth of 15.02% year-on-year [1][4]. - The company is focusing on high-end, specialized, and international strategies, which have significantly contributed to its revenue growth. The domestic market showed strong performance with a 20.70% increase in main business revenue [2][4]. - The company has successfully launched several innovative products and established long-term collaborations with 83 universities, enhancing its talent cultivation platform [3]. Financial Performance - The company is projected to achieve revenues of 1.13 billion yuan, 1.27 billion yuan, and 1.44 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit for the same years is expected to be 186 million yuan, 211 million yuan, and 242 million yuan [4][8]. - The company's return on equity (ROE) is forecasted to increase from 15.01% in 2024 to 16.40% in 2026 [10]. - The earnings per share (EPS) is expected to grow from 1.67 yuan in 2024 to 2.17 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 23.15 to 17.77 [4][10]. Product Development and Market Strategy - The company has a broad product line and continues to innovate, with several new high-end testing instruments launched in late 2024 [3]. - The company emphasizes technology innovation as a core driver, with R&D expenses increasing by 13.63% year-on-year [2][3]. - The successful execution of high-end, specialized, and international strategies has led to significant growth in both domestic and international markets [2][4].