GRGTEST(002967) 长江证券·2025-03-30 07:14Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 3.207 billion yuan for 2024, representing a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 352 million yuan, up 76.6% year-on-year, with actual performance close to the upper limit of the forecast range [2][6] - The revenue growth rate improved quarterly throughout 2024, with new industry revenue accounting for over 80%, and core business orders experiencing rapid growth [2][6] - The net profit margin for the year was approximately 11.0%, an increase of 4.1 percentage points year-on-year, indicating initial effects of cost reduction and efficiency enhancement [2][6] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.047 billion yuan, a year-on-year increase of 13.1%, and a net profit of 163 million yuan, up 145.2% year-on-year [6] - The company has established over 30 comprehensive testing bases and has a laboratory area of over 300,000 square meters, completing a nationwide layout [13] - The revenue growth rates for each quarter in 2024 were 7.8%, 10.2%, 11.4%, and 13.1% respectively, showing a consistent upward trend [13] Business Segments - Revenue from reliability and environmental testing reached 779 million yuan, up 17.5% year-on-year; electromagnetic compatibility revenue was 362 million yuan, up 10.2%; integrated circuit testing and analysis revenue was 256 million yuan, up 26.3%; and data science analysis and evaluation revenue was 120 million yuan, up 28.9% [13] - Other business segments showed slight pressure, with calibration revenue at 745 million yuan, up 3.8%; life sciences revenue at 498 million yuan, up 2.7%; and EHS evaluation service revenue at 181 million yuan, up 2.6% [13] Profitability and Management - The company’s profitability improved significantly in 2024 due to business structure optimization and strict cost control measures [13] - A new management team was established at the end of 2023, focusing on refined management and profit assessment [13] - The company completed a share repurchase of approximately 390 million yuan and distributed a total cash dividend of about 224 million yuan, marking the largest dividend since its listing [13] Future Outlook - Revenue forecasts for 2025-2027 are 3.583 billion yuan, 4.017 billion yuan, and 4.463 billion yuan, with year-on-year growth rates of 11.7%, 12.1%, and 11.1% respectively [13] - Expected net profits for the same period are 440 million yuan, 549 million yuan, and 656 million yuan, with corresponding growth rates of 25.1%, 24.7%, and 19.5% [13]