[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 东华测试(300354)公司点评报告 2025 年 04 月 30 日 [Table_Title]营收稳步增长，Q1 表现亮眼 ——东华测试 2024 年度报告及 2025 年一季报点评 [Table_Summary] 事件： 公司发布 2024 年度报告：2024 年公司实现营收 5.02 亿元，同比增长 32.79%；实现归母净利润 1.22 亿元，同比增长 38.90%；实现扣非归母净 利润 1.20 亿元，同比增长 41.50%。其中第四季度公司实现收入 1.48 亿元， 同比增长 104.03%，实现归母净利润 0.23 亿元，同比增长 321.57%。 公司发布 2025 年一季度报告：25Q1 公司实现营收 1.09 亿元，同增 4.25%； 归母/扣非归母净利润分别为 0.29/0.28 亿元，同比分别变动 5.64%/4.05%。 结构力学系统稳健增长，电化学工作站低基数下实现高增 2024 年公司结构力学性能测试分析系统、电化学工作站、结构安全在线监 测及防务装备 PHM 系统、基于人工智能的设备智能维保管理平台分 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total operating revenue of 502 million yuan in 2024, representing a year-on-year growth of 32.79%, and a net profit attributable to shareholders of 122 million yuan, up 38.90% year-on-year [4][5] - The company's core business competitiveness continues to strengthen, with the structural mechanics performance testing system generating revenue of 301 million yuan in 2024, accounting for 60.01% of total revenue, and growing by 35.79% year-on-year [5] - The company is focusing on high-reliability sensor products and has made advancements in the robotics field, with the development of a six-component torque sensor for various applications [6] Financial Performance Summary - In 2024, the company achieved a gross profit margin of 66.37%, which increased by 0.90 percentage points compared to 2023, and a net profit margin of 24.10%, also up by 0.90 percentage points [5] - For Q1 2025, the company reported a revenue of 109 million yuan, a growth of 4.25%, and a net profit of 29 million yuan, up 5.64% [4] - The company forecasts revenues of 658 million yuan, 855 million yuan, and 1.11 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 170 million yuan, 228 million yuan, and 302 million yuan for the same years [7][10] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.23 yuan, 1.65 yuan, and 2.18 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 32, 24, and 18 [7][10] - The company maintains a strong return on equity (ROE) forecast, expected to reach 19.2% in 2025 and 23.0% in 2027 [10][14]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Views - The company benefits from accelerated domestic substitution, leading to significant growth in the humanoid robot sector, which is expected to continue [3]. - In 2024, the company achieved a revenue of 502 million yuan, a year-on-year increase of 32.79%, and a net profit attributable to shareholders of 122 million yuan, up 38.90% [1][2]. - The company plans to distribute a cash dividend of 1.77 yuan per 10 shares to all shareholders [1]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 109 million yuan, a 4.25% increase year-on-year, and a net profit of 29 million yuan, up 5.64% [1]. - The main business segment, the mechanical performance testing analysis system, generated 301 million yuan in revenue, reflecting a 35.79% growth with a gross margin of 66.50% [2]. - The electrochemical workstation business saw revenue of 88 million yuan, a 52.26% increase, with a gross margin of 67.89% [2]. - Research and development expenses rose to 61 million yuan in 2024, a 49.40% increase, representing 12.22% of total revenue [2]. Profitability and Valuation - The report projects net profits for 2025 and 2026 to be 202 million yuan and 243 million yuan, respectively, with an additional forecast for 2027 at 299 million yuan [3][4]. - The earnings per share (EPS) are expected to be 1.46, 1.76, and 2.16 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 27x, 22x, and 18x [3][4]. Market Position and Future Outlook - The company is increasing its investment in sensor technology, developing high-performance sensors that can replace imports, thus breaking the monopoly of foreign technologies [3]. - The six-dimensional force sensor technology is in small-batch trial production, with applications in industrial robots, humanoid robots, aerospace, automotive, electronics, and medical fields, indicating potential growth in the humanoid robot sector [3].

Financial Performance - In 2024, the company achieved a revenue of 502 million CNY, representing a year-on-year growth of 32.79% [2] - The net profit attributable to the parent company was 122 million CNY, with a year-on-year increase of 38.90% [2] Seasonal and Client Impact - The company's performance experiences seasonal fluctuations due to its primary clients being research institutions, universities, and large enterprise R&D departments [3] - Accounts receivable are generally healthy, with some delays in payment cycles influenced by client budgets and approval processes; however, the risk of bad debts is considered manageable [3] Market and Product Insights - Current tariff policy changes have a limited direct impact on the company's operations, as it maintains strong competitiveness in the market [3] - The electrochemical sector is experiencing robust growth, driven by favorable policies and the trend towards domestic substitution; primary clients include universities and research institutions [3][5] Future Growth Drivers - The company is recognized as a leading provider of structural mechanics performance research and electrochemical workstation solutions, with a strong brand image and a solid customer base developed over 30 years [5] - Future demand for the company's products is expected to rise due to policies favoring domestic substitution and self-sufficiency, prompting the company to optimize product performance and expand application scenarios [5]

Investment Rating - The report assigns an "Accumulate" rating to the company, marking its first coverage [1]. Core Insights - The company has shown steady growth in its core business, particularly in structural mechanics testing and electrochemical workstation solutions, with a significant increase in revenue and profitability expected in the coming years [5][6]. - The company is strategically positioning itself in the humanoid robot sensor market, with promising prospects for its six-dimensional force sensors currently in small-batch trial production [6]. Financial Performance Summary - **Revenue Forecasts**: - 2023A: 378.19 million - 2024A: 502.22 million (32.79% YoY growth) - 2025E: 660.69 million - 2026E: 871.60 million - 2027E: 1,150.16 million [5][8] - **Net Profit Forecasts**: - 2023A: 87.75 million - 2024A: 121.88 million (38.90% YoY growth) - 2025E: 171.59 million - 2026E: 229.48 million - 2027E: 303.69 million [5][8] - **Earnings Per Share (EPS)**: - 2023A: 0.63 - 2024A: 0.88 - 2025E: 1.24 - 2026E: 1.66 - 2027E: 2.20 [5][8] - **Valuation Ratios**: - P/E ratios are projected to decrease from 62.77 in 2023A to 18.14 in 2027E, indicating improving valuation as earnings grow [5][8]. Business Segment Performance - The core business of structural mechanics testing generated 3.01 billion in revenue for 2024, accounting for 60.01% of total revenue, with a gross margin of 66.50% [6]. - The electrochemical workstation segment saw a revenue increase of 52.26% YoY, contributing 17.62% to total revenue with a gross margin of 67.89% [6]. Strategic Outlook - The company is focusing on the humanoid robot sensor market, leveraging its technological expertise to capture emerging opportunities in various sectors including industrial robotics, aerospace, automotive, electronics, and healthcare [6].

证券代码：300354 证券简称：东华测试 公告编号：2025-022 经中国证券监督管理委员会"证监许可[2012]1053号"文核准，江苏东华测 试技术股份有限公司（以下简称"公司"）于2012年9月首次向社会公开发行人 民币普通股（A股）股票11,090,000股，每股发行价格为人民币20.31元，募集资 金总额为225,237,900.00元，扣除发行费用30,164,274.86元后实际募集资金净 额为195,073,625.14元。北京兴华会计师事务所有限责任公司已于2012年9月13 日对公司首次公开发行股票并在创业板上市的资金到位情况进行了审验，并出具 了"(2012)京会兴验字第01020189号"《验资报告》。 公司前次募集资金到账时间距今已超过五个会计年度，最近五个会计年度公 司不存在通过配股、增发、可转换公司债券等方式募集资金的情况。鉴于以上情 况，公司本次向特定对象发行股票无需编制前次募集资金使用情况报告，亦无须 聘请会计师事务所对前次募集资金使用情况出具鉴证报告。 特此公告。 江苏东华测试技术股份有限公司 董事会 2025年4月24日 江苏东华测试技术股份有限公司 关于无需编制前次 ...

证券代码：300354 证券简称：东华测试 江苏东华测试技术股份有限公司 2025年度向特定对象发行A股股票 预案 二〇二五年四月 江苏东华测试技术股份有限公司 2025年度向特定对象发行A股股票预案 公司声明 1、本公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不 存在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性、完整性 和及时性承担个别和连带的法律责任。 2、本预案按照《上市公司证券发行注册管理办法》等要求编制。 3、本次发行完成后，公司经营与收益的变化，由公司自行负责；因本次发 行引致的投资风险，由投资者自行负责。 4、本预案是公司董事会对本次发行的说明，任何与之相反的声明均属不实 陈述。 5、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 6、本预案所述事项并不代表审批机关对于本次发行相关事项的实质性判断、 确认或批准，本预案所述本次发行相关事项的生效和完成尚待公司股东会审议通 过、深圳证券交易所审核通过并经中国证监会作出同意注册决定。 1 江苏东华测试技术股份有限公司 2025年度向特定对象发行A股股票预案 特别提示 本部分所述词语或简称与本 ...

证券代码：300354 证券简称：东华测试 公告编号：2025-024 江苏东华测试技术股份有限公司 关于2025年度向特定对象发行A股股票摊薄即期回报、填补 措施及相关主体承诺的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏东华测试技术股份有限公司（以下简称"公司"）于2025年4月24日召 开第六届董事会第五次会议、第六届监事会第五次会议，审议通过了公司2025 年度向特定对象发行股票（以下简称"本次发行"）的相关议案。本次发行完成 后，预计短期内公司基本每股收益、稀释每股收益将可能出现一定程度的下降， 公司短期内即期回报会出现一定程度摊薄。请广大投资者注意投资风险。 根据国务院办公厅发布的《国务院办公厅关于进一步加强资本市场中小投资 者合法权益保护工作的意见》、中国证券监督管理委员会（以下简称"中国证监 会"）《关于首发及再融资、重大资产重组摊薄即期回报有关事项的指导意见》 等文件的有关规定，公司就本次发行对即期回报摊薄的影响进行了分析并提出了 具体的填补回报措施，相关主体对公司填补回报措施能够得到切实履行作出了承 诺，具体如下： 一、本次发 ...

证券代码：300354 证券简称：东华测试 公告编号：2025-023 江苏东华测试技术股份有限公司 关于最近五年被证券监管部门和证券交易所 采取监管措施或处罚及整改情况的公告 二、公司最近五年被证券监管部门和交易所采取监管措施的情况 （一）2024 年被证券监管部门、交易所采取行政监管措施的情况 2024 年 8 月 2 日，深圳证券交易所出具《关于对江苏东华测试技术股份有 限公司的监管函》（创业板监管函〔2024〕第 120 号）（以下简称"《监管函》"）， 公司业绩预告披露的预计2023年度净利润与2023年年报披露的经审计净利润存 在较大差异且未及时修正，违反了《创业板股票上市规则（2023 年 8 月修订）》 第 1.4 条、第 5.1.1 条、第 6.2.1 条、第 6.2.5 条的规定。 深圳证券交易所要求公司董事会充分重视上述问题，吸取教训，及时整改， 杜绝上述问题的再次发生。 1 （二）整改情况 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏东华测试技术股份有限公司（以下简称"公司"）自创业板上市以来， 严格按照《中华人民共和国公司法》 ...

证券代码：300354 证券简称：东华测试 公告编号：2025-019 江苏东华测试技术股份有限公司 关于 2025 年度向特定对象发行 A 股股票预案披露的 特此公告。 江苏东华测试技术股份有限公司 董事会 2025年4月24日 提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 该预案披露事项不代表审批机关对于本次发行相关事项的实质性判断、确认 或批准，预案所述本次发行相关事项的生效和完成尚待公司股东会审议通过、深 圳证券交易所审核通过，并经中国证监会同意注册。敬请广大投资者注意投资风 险。 江苏东华测试技术股份有限公司（以下简称"公司"）于2025年4月24日召 开第六届董事会第五次会议、第六届监事会第五次会议，审议通过了公司2025 年度向特定对象发行A股股票（以下简称"本次发行"）的相关议案。《江苏东 华测试技术股份有限公司2025年度向特定对象发行A股股票预案》（以下简称"预 案"）及相关文件于2025年4月24日在中国证券监督管理委员会（以下简称"中 国 证 监 会 " ） 指 定 的 创 业 板 信 息 披 露 网 站 巨 潮 资 讯 ...