EMTEK(300938) 浙商证券·2025-03-07 07:35Investment Rating - The report maintains a "Buy" rating for the company [6] Core Viewpoints - The company is a leading third-party testing service provider in China, focusing on automotive research and testing, electronic product testing, and testing equipment manufacturing. It is exploring a new TIC model by establishing a robotics subsidiary and leveraging AI technology [9][10] - The collaboration with Wali Technology aims to integrate advanced robotics into the testing service industry, enhancing operational efficiency and reducing costs [10][12] - The company is expected to see significant performance growth driven by new capacity releases and the integration of AI and robotics into its service offerings [10][12] Financial Summary - The company’s projected revenue for 2024-2026 is estimated at 737 million, 876 million, and 1,028 million yuan, respectively, with year-on-year growth rates of 8%, 19%, and 17% [5] - The net profit attributable to the parent company is forecasted to be 178 million, 223 million, and 286 million yuan for the same period, reflecting growth rates of 9%, 25%, and 28% [5][10] - The estimated PE ratios for 2024, 2025, and 2026 are 28, 23, and 18 times, respectively, with a target price of 41.44 yuan based on a 30 times PE for 2025 [3][10]