STI(300416) 国盛证券·2025-04-16 01:21Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company reported a 2024 annual revenue of 2.026 billion yuan, a decrease of 4.31% year-on-year, and a net profit attributable to shareholders of 229 million yuan, down 27% year-on-year. However, Q4 showed signs of recovery with a revenue increase of 4.93% year-on-year [1]. - The company has a comprehensive testing capability across the entire industry chain, with both equipment and services driving growth. The report highlights the company's resilience and long-term development potential in the testing industry [3]. - The company is expected to see a gradual recovery in downstream demand starting this year, with projected revenues for 2025-2027 of 2.358 billion, 2.711 billion, and 3.077 billion yuan, respectively, reflecting growth rates of 16.4%, 15.0%, and 13.5% [4]. Financial Summary - The company's 2024 expense ratio increased to 28.94%, up 2.57 percentage points year-on-year, with a gross margin of 44.54%, down 1.06 percentage points year-on-year. This indicates a slight decline in profitability amid intensified market competition [2]. - The projected earnings per share (EPS) for 2025-2027 are 0.61, 0.75, and 0.89 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 27.3, 22.1, and 18.6 [5][4]. - The company’s net asset return (ROE) is expected to improve from 8.7% in 2024 to 12.6% in 2027, indicating a positive trend in profitability [5].