GRGTEST(002967) 东吴证券·2025-04-25 12:13Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - In Q1 2025, the company achieved a revenue of 620 million yuan, representing a year-on-year growth of 5%, with a net profit attributable to the parent company of 4.82 million yuan, up 303% year-on-year. The growth is considered stable despite Q1 being a traditional off-season for detection services [2] - The company's gross profit margin in Q1 2025 was 38.7%, unchanged year-on-year, while the net profit margin improved to 0.08%, indicating stable profitability. The expense ratio increased by 2.5 percentage points year-on-year to 43.2% [3] - The company is a leading state-owned measurement and testing entity, with a strong brand reputation and advanced technology. The management's strategic shift towards focusing on physical testing services aligned with national industrial strategies is expected to drive future growth [4] Summary by Sections Financial Performance - For 2023A, total revenue is projected at 2,889 million yuan, with a year-on-year growth of 10.94%. The net profit attributable to the parent company is forecasted at 199.39 million yuan, reflecting an 8.39% increase [1] - The company anticipates a revenue of 3,541 million yuan in 2025E, with a growth rate of 10.41%, and a net profit of 399.85 million yuan, indicating a 13.56% increase [1] Strategic Initiatives - The company plans to invest 330 million yuan in laboratory technology upgrades, with 290 million yuan allocated for equipment purchases, showcasing confidence in its transformation strategy [4] - The focus on profit-oriented management and cost control has led to a significant increase in per capita profit, which is expected to reach 54,000 yuan in 2024, a 71% year-on-year growth [4]