donghua test(300354) 光大证券·2025-04-26 06:43Investment 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].