GRGTEST(002967) 国信证券·2025-05-13 04:25Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][7]. Core Viewpoints - The company has signed a share investment intention letter with Zhongke Zhiyi, enhancing its defense industry business layout. This acquisition is expected to extend the company's capabilities in military equipment testing and evaluation, thereby improving its market competitiveness [3][5][18]. - The company is transitioning from a broad industry focus to a deeper specialization, aiming to build a one-stop service capability around strategic industries, including measurement, research, testing, certification, and tool development [3][18]. - The company is well-positioned to benefit from trends in technological innovation and domestic substitution, maintaining a leading position in measurement calibration, reliability and environmental testing, and electromagnetic compatibility testing [4][18]. Financial Projections - The projected net profit for the company from 2025 to 2027 is expected to be 400 million, 459 million, and 535 million yuan, respectively, corresponding to PE ratios of 26, 23, and 20 times [4][22]. - The revenue for Zhongke Zhiyi from 2022 to 2024 is projected to be 56 million, 60 million, and 59 million yuan, with year-on-year changes of +33.29%, +7.27%, and -2.75% [8][22]. - The gross profit margin for Zhongke Zhiyi is expected to be 56%, 59%, and 58% for the years 2022 to 2024, while the net profit margin is projected to decline from 19% to 13% over the same period [16][22].