STI(300416) 国盛证券·2024-04-25 06:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.10 RMB per share [24] - The current PE ratio is 17.2X for 2024E, 13.3X for 2025E, and 11.5X for 2026E [4] Core Views - The company is a leader in the environmental and reliability testing field, with a strong presence in both domestic and international laboratory construction [3] - The company's dual business model of "testing equipment + testing services" is driving steady growth, with a focus on emerging sectors such as new energy, photovoltaics, and aerospace [3][22] - Revenue for 2024Q1 reached 442 million RMB, a 1.03% YoY increase, while net profit attributable to shareholders was 42 million RMB, a 4.86% YoY decrease [22] - The company is expected to achieve revenue of 2.68 billion RMB in 2024, with a YoY growth of 26.6%, and net profit attributable to shareholders of 417 million RMB, a 32.7% YoY increase [23] Financial Performance Revenue and Profit - Revenue for 2022A was 1.805 billion RMB, increasing to 2.117 billion RMB in 2023A, and is projected to reach 2.68 billion RMB in 2024E [4] - Net profit attributable to shareholders grew from 270 million RMB in 2022A to 314 million RMB in 2023A, with a forecast of 417 million RMB in 2024E [4] - EPS is expected to rise from 0.53 RMB in 2022A to 0.82 RMB in 2024E [4] Profitability - Gross margin remained stable at around 45.5% to 46.7% from 2022A to 2026E [6] - Net margin improved from 15.0% in 2022A to 16.5% in 2025E [6] - ROE is projected to increase from 13.0% in 2022A to 16.0% in 2025E [4] Balance Sheet and Cash Flow - Total assets grew from 4.279 billion RMB in 2022A to 4.850 billion RMB in 2023A, with a forecast of 6.169 billion RMB in 2024E [6] - Operating cash flow was 468 million RMB in 2022A, decreasing to 370 million RMB in 2023A, but is expected to recover to 623 million RMB in 2025E [6] - Capital expenditures were 352 million RMB in 2022A, increasing to 613 million RMB in 2023A, but are projected to decrease to 250 million RMB in 2024E [6] Industry and Market Position - The company is expanding its presence in high-growth sectors such as new energy, photovoltaics, power communications, aerospace, and energy storage [3] - It is strengthening its domestic and international laboratory network to enhance scale and sustainability [3] - The company's focus on R&D and digital transformation is expected to drive long-term growth [14] Valuation and Outlook - The company's valuation metrics are favorable, with a declining PE ratio from 26.6X in 2022A to 11.5X in 2026E [4] - The EV/EBITDA ratio is expected to decrease from 14.3X in 2022A to 7.3X in 2026E, indicating improving valuation attractiveness [6] - The report projects strong revenue and profit growth through 2026, driven by the company's strategic focus on high-growth industries and operational efficiency [23]