STI(300416) 国泰海通证券·2025-04-10 11:17Investment Rating - The investment rating for the company is "Accumulate" [1][16]. Core Views - The company's performance in 2024 is expected to meet market expectations, with short-term pressure on testing equipment, while environmental testing services and integrated circuit testing are expected to maintain steady growth. Orders in special industries are anticipated to improve in 2025, and integrated circuit testing is expected to accelerate [3][9]. Financial Summary - For 2023, the company reported a revenue of 2,117 million yuan, with a year-on-year growth of 17.3%. In 2024, revenue is projected to decline to 2,026 million yuan, a decrease of 4.3%. The net profit attributable to the parent company is expected to drop to 229 million yuan in 2024, down 27.0% from the previous year. The earnings per share (EPS) for 2024 is estimated at 0.45 yuan [7][10]. - The company’s revenue for the fourth quarter of 2024 is expected to be 6.19 billion yuan, showing a year-on-year increase of 4.93% and a quarter-on-quarter increase of 26.60% [9]. - The company’s net profit for the fourth quarter of 2024 is projected to be 0.83 billion yuan, reflecting a year-on-year decrease of 11.64% but a significant quarter-on-quarter increase of 90.10% [9]. Product Performance - In 2024, revenue from testing equipment is expected to be 6.23 billion yuan, a decrease of 17.25% year-on-year, primarily due to weakened capital expenditure demand from special industry clients and intensified competition in the downstream market. Environmental reliability testing services are projected to generate 10.09 billion yuan, a slight increase of 0.64% year-on-year. Integrated circuit verification and analysis services are expected to achieve 2.88 billion yuan, a year-on-year growth of 12.33% [9][10]. Future Outlook - In 2025, the company anticipates an improvement in orders from special industries, supported by a projected defense budget of 1.81 trillion yuan, which is a year-on-year increase of 7.2%. The demand for equipment sales and environmental testing services is expected to improve as special industries enter a phase of accelerated order release [9][10].